Common Mistakes Made While Start Any Business In UAE - PowerPoint PPT Presentation

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Common Mistakes Made While Start Any Business In UAE

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United Arab Emirates (UAE) is one of the most trader-friendly destinations in the world. It is an attractive location for a company set up with a host of business advantages and cost-effective Company formation packages. UAE is a country with an abundance of opportunities and choices for international companies and people trying to set up their company or business. The United Arab Emirates (UAE) has been a welcoming corporate market for numerous businesses. As an entrepreneur starting any business in UAE, there are specific variable to consider. But many investors or traders end up with common mistakes made while starting any business in UAE. – PowerPoint PPT presentation

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Date added: 29 August 2020
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Title: Common Mistakes Made While Start Any Business In UAE


1
START ANY BUSINESS
2
Introduction
United Arab Emirates (UAE) is one of the most
trader-friendly destinations in the world. It is
an attractive location for a company set up with
a host of business advantages and cost-effective
Company formation packages. UAE is a country with
an abundance of opportunities and choices for
international companies and people trying to set
up their company or business. The United Arab
Emirates (UAE) has been a welcoming corporate
market for numerous businesses. As an
entrepreneur starting any business in UAE, there
are specific variable to consider. But many
investors or traders end up with common mistakes
made while starting any business in UAE.
3
Introduction
In recent years, most of the managerial entities
have appeared in the UAE that offers their
expertise and services for developing businesses.
The adequate options of business activities,
banking, technology infrastructure, government
policies and logistic support is offering the
needed ecosystem for the businesses to prosper in
the United Arab Emirates (UAE). To a successful
continued business operation and trouble-free
company formation in the area avoid making these
mistakes.
4
Here Are Some Common Mistakes Made While Start
Any Business In UAE
1. Having Wrong Business License And Structure 2.
Not Learning About Business Laws Of Country 3.
Offence Of Employment Agreements 4. Irregular
Legal Agreements With Local Sponsor 5. Not
Registering Intellectual Property 6. Lack Of
Agreements Or Signing Avoided Contracts 7.
Choosing The Wrong Jurisdiction
5
Having Wrong Business License And Structure
The first and foremost step to lead a concept to
achievement is starting any business or company
and getting a business license. In UAE, all
business activity requires a license issued by
the suitable regulatory authority. The United
Arab Emirates offers numerous embodiment choices
to traders exploring starting any businesses. The
future of the company depends on choosing the
right parameters for the continued business
operation. Selecting the wrong license and
structure can subject one to penalties and
blacklisting of the company.
6
Not Learning About Business Laws Of Country
When it comes to setting up a new business and
company, it is also essential to pay attention to
the business laws of the country. You must
properly learn about the business law whether you
have been across the country or went there for
the first time. If you do not know enough about
the business law of the UAE, then it is the best
ideas to consult with any business setup service
provider in the UAE. They help the traders and
entrepreneurs to set up a new business or company
smoothly.
7
Offence Of Employment Agreements
While working for a company, a person is not
legally allowed to open a business in the United
Arab Emirates (UAE) except the employer has
offered a No Objection Certificate (NOC). Along
with this in the UAE, new businesses have to be
compliant with employment laws. At any instance,
the employer are not permitted to employ
individuals with the Visit Visa. All employees
need a valid work permit and employment visa.
8
Irregular Legal Agreements With Local Sponsor
To set up a new company or business in UAE, the
traders or investors must look for a local UAE
sponsor or partner. There are two kinds of
sponsorships, such as corporate sponsorship and
local sponsorship. The corporate sponsorship will
offer you 100 ownership, and a local sponsor
will hold a 51 share in your business or
company. While choosing a local sponsor or
partner for your company all partnership clauses,
ownership terms, other management must be
comprised in writing as it will protect you
conflict regarding the shares and the easy
functioning of the business.
9
Not Registering Intellectual Property
In the current economy, intellectual property is
likely one of the most valuable untouchable
assets a business or company can have. The
traders and investors are so concentrated on
goods development that they forget about
registering their intellectual propertyone of
the biggest mistakes that the company hire the
web or application developers without any
security.
10
Lack Of Agreements Or Signing Avoided Contracts
Most of the business or companies are frequent
setup on trust and verbal contracts. Although in
case of any future conflict, it becomes hard and
challenging to prove the statements. So it is
essential to do all the legal work properly while
you are planning to set up a company or business
in the UAE. The most reliable and legally bound
form of contact written form and never believe in
a verbal contract.
11
Choosing The Wrong Jurisdiction
It is one of the most common mistakes made while
starting any business in UAE. To set up a
business in UAE choose the right jurisdiction as
per your business activities. The mistake in
selecting a free economic zone in the United Arab
Emirates (UAE) encompasses issues with the setup
of the business. In UAE there are many
independent jurisdictions, each of which has a
particular characteristic set conducted to
specific businesses. Start any business in UAE
may hold several challenges and issues. But
running a business smoothly, it is essential
to avoid these common mistakes made while
starting any business in UAE.
12
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