Considerations When Establishing Your Own Business
A lot of investors have decided to set up their own business due to the plenty of advantages provided within a certain location. For instance, the city where you are eyeing to establish your business may have a lot of free enterprise system along with international infrastructures as well as facilities.
Or perhaps you think such place is the perfect business location because of cheap energy supply, competitively priced import duties and freight charges, as well as accessible sea and airports. Investors also would want to establish their businesses in a location where it has additional perks such as the lack of personal income, corporate and capital taxation along with full repatriation of capital and profits.
One of the very first things you must consider is if foreign investors are allowed to be majority shareholders of a business. There are countries which only allow a maximum of 49% share within a business with the majority going to a local. With this, you need to locate a local partner, be it an individual or business, which would help you in getting the needed paper work required for starting your business.
In order for to protect your interests, and to give you local legal advice, it is also advisable that you must employ the services of a lawyer. This is actually very important and beneficial knowing that you have a partner that has majority control over the business, even if without contributing capital.
Another thing to take into consideration when setting up a business abroad is to locate the ideal business model by determining if you must set it up as a general partnership, as joint venture, or as a limited liability company. Your choice of legal structure for your business might be influenced by the fact that the Department of Economic Development has several capital requirements for every business model and for more help contact us setting up a business in dubai
After which, you need to rent a space for your office. You must remember that the DED will not allow “virtual offices” and will require businesses to have an actual physical office.
Indeed, your business’ successful entry into another country depends on locating a trusted and reliable partner. A very efficient partner can certainly assist you breeze past barriers while giving you solutions to company formation as well as introducing you to significant and trusted contacts.
We would like to welcome back our favorite golfing son, or, as we call him ‘the Darling of Dubai’,” announces David Spencer, CEO of Jumeirah Golf Estates, to a large media gathering. “Greg’s not due back for another week but I’m sure we’ll see him very soon,” he jokes. Then again, this might just turn out to be true. Next to his Florida base the Middle East, and Dubai in particular, is Greg Norman’s second home.
The ‘Great White Shark’, former world number one and now head of a multi-million dollar global business empire, tells me in his constantly enthusiastic tone that he has visited the emirate “countless times” since he announced he was adding his name and unique design skills to a trio of golf courses.
“Trust me mate,” he exclaims in his subtle Aussie twang, and letting go of his girlfriend and former US tennis starlet Chris Evert for a second. “Building a golf course in the sand is hard work.”
Visiting Dubai in 1994 for one of the Desert Classic’s early years as an international championship venue, the Shark hit some great balls and made some great scores, all under par, but while he completed his final round he also spotted something others didn’t – “this place was about to explode,” he tells me. Now he is seen as one of Dubai’s expatriate pioneers, helping it rise from the desert into the region’s most colossal business centre. But was this just a stroke of luck, or a large slice of visionary business genius?
From everything golf-related sold through Great White Shark Enterprises to his 20 year-old and 60-completed course design business; a turf company; his own extensive range of Shark emblazoned clothing; Greg Norman Grille (a luxurious harbourside restaurant in Sydney); Australian Prime, a Wagyu and premium beef producer; his own production company; and SkyShades, a shading business that produces roof and sun protection covering and that promotes skin cancer prevention, he has done the lot, and more.
The concentric circles, however, have once again worked their magic with Norman recently launching his own luxury interior design business in Dubai entitled Rosewood by Greg Norman alongside Italian designers B&B Italia and local partner Mohi-din bin Hendi. However, he refuses to be drawn on whether he would ever set up a permanent business or even home in the emirate. In many ways, he adds, he has already been a permanent resident.