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Business Consultancy

How To Find The Ideal Free Zone For Your Company Setup In UAE?

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How to Find the Ideal Free Zone for Your Company Setup in UAE?  Establishing a business in a free zone is an ideal option for foreign investors to have full control over their business and receive considerable tax exemptions. However, there are around 50 free zones in UAE and selecting one is a cumbersome task. Through this article, we would like to clear things for you so you can choose the best one for your business. Determine the type of business activity for your business Every free zone has its own set of specific activities that are allowed to be performed within the jurisdiction. The more activities you choose, the more your license will cost. One way to avoid this is by choosing several activities within one activity group and from the same license type, so you don’t have to pay any additional fees. Select the facility type your business may require A business will have many facility requirements depending upon its business activities. If your business requires meeting with clients regularly or you are planning to hire employees, it is better to opt for an office. Take into consideration the availability of these facilities as some free zones don’t offer them. Also, make note that a company registered within the free zone is only allowed to have a facility within the UAE Free Zone where it is registered. Select a free zone depending on the amount of capital you wish to invest For registering a company in the UAE, you are supposed to deposit a share capital amount which varies in each free zone. Free zone Company registration cost is another key aspect to consider. Check the licensing requirements Every free zone in the UAE has its own type of business licenses. There are three license types available in free zones such as trading license, professional license and service license. Some free zones also offer additional licenses based on the activities of the company. Check the exact requirements before selecting a free zone. Check the reputation of free zones with local banks It is better to seek the guidance of a business setup expert who can assist you in opening a corporate account in an established bank in the UAE. Every free zone has different procedures, requirements and licensing costs. Considering the complexities involved, it would be wise to seek the advice of company formation experts for a smooth process. We at Corpin Consultants have a successful track record of handling the company formation process in free zones. Contact us today to know more.[/vc_column_text][/vc_column][/vc_row]

Business Consultancy

All You Need To Know About Manufacturing Company Formation In RAKEZ

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All You Need To Know About Manufacturing Company Formation In RAKEZ Ras Al Khaimah Economic Zone (RAKEZ) is one of the reputed business and industrial hubs in the United Arab Emirates. Established by the government of Ras Al Khaimah, it provides customizable solutions to free zone and non-free zone businesses including world class facilities, wide-ranging licenses, and visa facilitation services. RAKEZ’s main agenda is to make business formation in UAE easy and in full compliance with the rules and regulations of the country. It is home to over 14,000 companies, spanning 100 countries and 50 industries. Steps for forming an Industrial/Manufacturing company in RAKEZ A: Identifying the business activity The first step in the RAKEZ Industrial/Manufacturing company setup process is to identify your business activity. A detailed list of permitted activities can be found on the RAKEZ website. B: Preparing and submitting detailed business plan Here is a business plan template for a manufacturing company Executive summary It should describe the business in general, the problem that it solves, the target market, and financial highlights. Products to be manufactured/fabricated/assembled Details of final products that would be produced as a result of the process. Machinery Details Raw Material Details Electricity Requirement of Machinery Process flow of Manufacturing/Fabrication/Assembling Total Space Requirement Total Electricity Requirement Total Manpower Requirement Total Water Requirement Waste Management and Pollution Control Details Basic Floor Plan detailing raw material storage, production area, final product storage, dispatch, and office area/administration area. Any special requirement such as installing a furnace, chimney, etc. Any special requirement for the warehouse premises. Details of any goods that will be stored out of the warehouse premises. For Technical/Production Engineering/Assembly/Fabrication, details of the personnel with qualifications need to be submitted. C: Name and initial approval Choose your company name. Also, check if it is available for registration. Here’s a list of documents required for completing the application process: A duly filled application form A copy of your passport Process flow chart Machinery details  D: Obtaining Special approval from external departments Certain activities may be subject to approval from external authorities such as Environmental Protection Department Authority (EPDA) and Civil Defence. EPDA approval includes UAE pass registration for the shareholder/manager of the company, submitting the online application, warehouse inspection by authority, appointing EPDA approved consultant to do a detailed study based on the activity, warehouse location and materials used for manufacturing, submitting the study report to EPDA, making payment and obtaining final approval. Civil Defence approval includes submitting the warehouse plan to concerned authority, warehouse inspection, and  final approval. E: Preparing & signing lease agreement and Memorandum & Articles of Association Lease Agreement: Lease Agreement is an agreement between the authority and a licensee for a lease of a premises. Memorandum & Article of Association: These will explain how the company will be run, governed, and owned by the members. Every company should have a memorandum & Article of association in place in a standard format containing the following information: Company name Date of incorporation Type of company Act under which the company is registered Names and signatures of all shareholders Capital of the company etc. Directors’ powers, responsibilities, decision making, appointment and removal, indemnity and insurance Shares, distribution of shares and Dividends Capitalization of profits Shareholders General meetings Voting Rights F: Final Licensing from RAKEZ After submitting the documents and making the payment, RAKEZ will issue your license. You will receive an official welcome email and it will contain the electronic copy of your license along with other company formation-related documents. G: Obtaining Customs Code for import and export Companies deciding to import or export goods in/from RAKEZ are required to register within RAKEZ Customs Department and acquire a code for clearance of goods. Speak to our manufacturing company setup experts today to know about all cost-effective company formation packages in RAKEZ.

Business Consultancy

How Can Your Company Benefit from Outsourcing PRO Services?

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How Can Your Company Benefit from Outsourcing PRO Services? Nowadays many companies are looking out for ways to manage their businesses systematically and cost-effectively. Outsourcing PRO services is a great step to make that possible. It covers the management of all legal obligations thereby permitting business owners to focus better on the other operational departments. Listed below are a few benefits you can enjoy by outsourcing your PRO services: Minimizes the cost of hiring an inhouse administrative and PRO professional When you consider the salary and gratuity expenses of in-house administrative and PRO teams, it is better to outsource these services to a business consultant. This will not only help save money but also you will have access to a large resource team with multiple PROs and experts. They have extensive experience in dealing with government entities and have a sound understanding of all rules and regulations. They stay updated on the latest changes in rules and above all, they know how to get things done. Saves your time Quite often even a simple visa  or permit procedure can take longer than expected. By outsourcing your PR processes, your time can be significantly saved by obtaining all necessary permits, staff visas and other corporate and licensing documentation. Avoid unwanted penalties A professional PRO service provider will make sure all your processes are completed before the date of expiry or deadlines. They will provide you timely reminders for corporate licensing and documentation renewals, so that your company can avoid all unwanted penalties and other consequences. Permits you to focus better on your core business Outsourcing your PRO requirements allows you to focus better on your core business activity and invest the money saved on admin costs into developing more business. Corpin Consultants offer efficient PRO Services in the mainland and free zones of the UAE. We have a dedicated team of PROs with extensive knowledge in legal obligations and strong relationships with government authorities. They will get all your documents approved in time hence avoiding delays in getting your business setup in Dubai. Contact us at +971 55 843 2911 or ek@corpinconsultants.com  to know more.

Business Consultancy

Guidelines For Starting An Import And Export Business In the UAE

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Guidelines For Starting An Import And Export Business In the UAE The strategic location, easy connectivity between the east and west, zero corporate tax, and investor-friendly government makes UAE a favourable destination for setting up such a business. How to start an import and export company in the UAE? 1. Apply for a trade license Before starting an import or export company, one must obtain a trade license from the Department of Economic Development (DED)to register the company in the mainland. Listed below are a few requirements for obtaining an import and export license: Trade name choices- You must provide minimum 3 trade name choices for the business. Nature of the business activity. Passport copies of all shareholders. UAE residence visa copies of partners (both local and foreign national). Copy of entry stamp if the partner is on visit visa. Emirates ID of local sponsor. 2. Obtain initial approval from DED It is essential to obtain this initial approval to make sure you will not face any objections from the government in the future. 3. Signing of MOA or LSA All partners and sponsors should be physically present at the time of signing the Memorandum of Association or Local Service Agreement. Due to the current pandemic situation, all these processes can be done electronically. 4. Rent a warehouse or location For operating an import/export business based out of the UAE, it is necessary to have a physical office and warehouse to stack imports/exports. A company needs to submit the rental agreement or tenancy contract details for getting the import/export codes and customs clearance. 5. Obtain all essential approvals Get all additional approvals depending on the nature of your business activity. 6. Make the payment After paying the fees and a payment voucher will be issued to you. 7. Collect the trade license The trade license can be collected from any of the DED centers or by visiting the official website of DED. 8. Customs Registration After receiving the trade license, you need to register your import or export company with the Customs department. By doing so you will receive a unique customs code, which needs to be submitted every time your company ships goods and commodities. If you need any guidance on import and export company formation in the UAE, the well- experienced team of Corpin Consultants can help you out. Contact us at +971 55 843 2911 or ek@corpinconsultants.com to know more about our services.

Business Consultancy

The Ultimate Guide to Setting Up a Medical Equipment Trading Company in Dubai

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The Ultimate Guide to Setting Up A Medical Equipment Trading Company in Dubai The current COVID-19 pandemic situation has turned to be an eye-opener for realizing the importance of healthcare in a country’s development. Therefore, the UAE government is striving hard to build a world-class healthcare system for improving the quality of life for its population. As a part of this reformative movement, the country is establishing many super specialty hospitals with the most advanced medical equipment. This opens up a great scope of medical equipment trading company in Dubai. Before setting up your medical equipment business, it is mandatory to obtain a commercial license from the Department of Economic Development (DED) for registering your business in Dubai mainland. Foreign nationals can register their businesses only as Limited Liability Companies (LLC). For starting an LLC in Dubai, it is essential to have a local sponsor with 51% ownership. Documentation Requirements for Starting A Medical Equipment Trading Company in Dubai For registering your medical equipment trading company in Dubai, it is necessary to submit the following to DED: Trade Name Choices: Minimum 3 name choices for the company. Business Activity: Mention the type of business activity. The main business activities for medical equipment trading company are: Medical, Surgical Articles, and Requisites Trading Medical, Surgical Equipment, and Instruments Trading Passport copy of all shareholders. Entry stamp or visa page if a partner is on Visit Visa or Residence Visa for a partner residing in the UAE. Emirates ID of the Local Sponsor. List of Activities Permitted for Importing Medical Equipment under DED Medical, Surgical Articles, and Requisites Trading Instruments and medical apparatuses used for the treatment of specific diseases can be imported under this activity license. For example, hearing aids, pulse regulators, medical shoes, etc. Medical, Surgical Equipment, and Instruments Trading Imports and reselling of instruments and equipment used in hospitals and clinics are classified under this business activity. These include equipment used for diagnosis, physiotherapy, and rehabilitation and blood preservation. Application Process for Starting A Medical Equipment Trading Company Obtain Initial Approval from DED — It is mandatory for every business owner to get this approval. Get Trade Name Approval from DED — The DED should approve any of the three trade name choices submitted. Preparing and signing the Memorandum of Association (MOA) — the Local Sponsor and at least one partner, if not all, must be present during the process. Due to the current pandemic situation with travel restrictions, signing of MOA is performed electronically. Rent a physical office or desk facility — A Dubai mainland company is supposed to have a physical office location. Submit the tenancy contract. Get all additional approvals, if any. Steps Involved in the Import of Medical Equipment in the UAE Step 1: Select the appropriate business activity related to nature of the business. Then, register with the customs to get the import/export code for shipping the medical devices into the country. Step 2: Register the Medical Products with the Ministry of Health The company’s medical products must be registered with the Ministry of Health in Dubai. Concerned health authorities must approve the right business activities and medical products before selling them in the UAE. Step 3: Working with a Local Distribution or Commercial Agent The company can assign local distribution agents or commercial agents who are registered with the Ministry of Health for carrying out imports and distribution of medical products in Dubai. If you are planning to set up a medical equipment trading company in Dubai, Corpin Consultants can assist you from start to end. Contact us to know more.

Blogs, Business Consultancy

How to Get an Instant Trade License in Dubai?

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How to Get an Instant Trade License in Dubai Dubai is considered as one of the best destinations for establishing a new business or expanding the operations of an existing foreign business. The strategic location and investor-friendly environment of this Emirate attract millions of investors every year. According to the ‘2018 Top FDI Performers Report’ by FDI Intelligence, Dubai ranked no. 1 globally in terms of foreign investment. It is mandatory for every business to obtain a trade license before setting up a company in Dubai. Instant trade license facility was introduced in Dubai by UAE Government for economy boost. What is An Instant Trade License? Trade license also referred to as a commercial license is issued by the Department of Economic Development (DED) in Dubai. It is required for carrying out commercial activities such as import and export of goods, sale of goods and services. Professionals offering services in a specific industry are also supposed to obtain this license. From July 2017, the UAE Government has introduced the facility of instant trade license in Dubai for boosting the country’s economy. This will help entrepreneurs to obtain their trade license in just five minutes. Advantages of obtaining an Instant Trade License Easy and Fast to obtain when compared to a general trade license that takes up to 5 working days. Instant trade license can be issued in just 5-10 minutes. Less paperwork. One can start business activities immediately after obtaining an instant trade license. Trade name registration is non-mandatory for the first year of operation. Memorandum of Association and Rent contract for the first year is not required at the time of applying. It can be submitted at the time of license renewal. Online or In-person application.  Who all are eligible for an Instant Trade License in Dubai? Limited Liability Company Single Person LLC Sole Proprietorship Civil Company Documents required for obtaining Instant Trade License If you are applying through the DED’s e-channel portal: Original ID for creating an account, for those who do not have a UAE Pass ID, they are supposed to create one before applying. If applying through service centres, smart lounges, or happiness lounges: Passport copies of all license parties (partners and managers) UAE visit visa copy of foreign partners, If not having a residence visa A copy of residence visa and NOC from the current sponsor A copy of your visa When you apply for an instant trade license, it requires a sound knowledge of the process and should be free from errors. If you are finding the process complex, it is recommended to seek help from a reliable company formation expert. Corpin Consultants can assist you in obtaining an instant trade license in Dubai. Contact us at +971 55 843 2911 or ek@corpinconsultants.com to know more.

Business Consultancy

Key Factors To Consider When Choosing A Business Consultant

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Key Factors To Consider When Choosing A Business Consultant Dubai, known to be the ‘City of Gold’ is the best place to kickstart your entrepreneurial journey. International exposure and investor-friendly environment are the two major factors that drive entrepreneurs to set up their dream business in this city. However, when it comes to understanding the business setup process, many budding entrepreneurs face a tough time. The reason behind it is that no person can be an expert in every aspect of business. Many business owners have realized this already, in fact, if you look past, seeking guidance has enabled several businesses to take the right direction. For instance, during the initial stages of Facebook, even Mark Zuckerberg took assistance from Sean Parker who played a pivotal role in transforming Facebook from a college project into a real company. This shows the importance of hiring a business consultant to get clarity and direction in your startup journey. Here are certain key factors to consider when choosing a business consultant: 1.Knowledge A business consultant should have a profound knowledge of the company’s strengths and weaknesses, as well as current and foreseeable problems, only then, they can ensure a better future for your business. A consultant will find the right opportunities by identifying problems in the first phase. Later, they come up with strategies and develop an action plan for achieving business goals. 2.Experience Reviewing the past track records with previous businesses is a great way to analyze a consultant’s expertise. The more experienced a consultant is, the best guidance you will receive from them. If they have already served many organizations previously, they can offer a ready-made solution which worked for them in the past. If not, they will still know where to start, and which path can be better. 3.Communication Skills A good consultant can clearly convey their message and ideas to the people they work with. They are the ones who come up with the right questions to resolve all crucial business management issues facing your business. They should understand your needs and offer prompt guidance. 4.Trust and Integrity Trust and integrity is vital to any business relationship. When you work with a business consultant, you will be sharing your company’s confidential information and business strategy with them. Therefore, honesty is a crucial factor worth considering, indulge in a long conversation with the consultant as much as you can and derive to a conclusion accordingly If you are looking for a business consultant in Dubai, Corpin Consultants is a trustworthy partner you can always rely upon. We offer a wide range of services including selecting the right jurisdiction, acquiring the essential licenses, legal documentation and other startup consulting services. For a free consultation, contact ek@corpinconsultants.com or +971 55 843 2911.

Business Consultancy

Know More About Dual License Office Permit- Application, Renewal, and Termination Process

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Know More About Dual License Office Permit- Application, Renewal, and Termination Process A new dual license office permit may allow DMCC member companies with a DED branch/subsidiary / a company to operate from their JLT offices. This permit is valid for one year and help business owners to save the cost of leasing another office for the DED license. How to apply for a new Dual License Office Permit? Visit the DMCC portal and fill the application form to ‘Apply for ‘New Dual License Office Permit’ Upload the necessary documents and make the payment. Once approved by the DMCCA, Step will return to the company submitted the SR to upload the ‘Sub- lease contract’ Documents Required Ejari Certificate Title Deed Sub-lease contract Certificate of Incumbency for branches, subsidiaries, and joint ventures Request Letter Undertaking letter NOC from the landlord DED license How to Renew Dual Office License Permit? Fill the application form available in the DMCC portal entitled ‘Apply for renew dual office license permit’ after putting the existing permit number that needs to be renewed. Upload the necessary documents and make the payment. Documents Required Ejari Certificate Certificate Of Incumbency for branches, subsidiaries, and joint ventures NOC from the landlord Sub-lease contract DED License How to Terminate Dual License Office Permit? Fill the application form entitled’ Apply for Terminate Dual License Office Permit from the DMCC portal after putting the existing permit number. Upload the essential documents and submit the SR. Document Required An Official Request Letter on DMCC company letterhead signed by the authorized signatory mentioning the reason for termination. This is the perfect time to set up your business in the UAE’s most wanted free zone ’DMCC’. Corpin Consultants offer flat 50% discount on company formation. Also, enjoy a safe and hassle-free online setup process. So what are you waiting for? Talk to our experts today! Call us at +971 55 843 2911 or email at ek@corpinconsultants.com

Business Consultancy

7 Positive Changes Brought by COVID-19

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7 Positive Changes Brought by COVID-19 The entire world is now grieving for a common cause, COVID-19, one of the deadliest pandemics in history. Day after day, our anxiety levels are going up when the sad news of rising death toll and unprecedented stay-at-home orders floods in. However, there are still many silver linings beyond this frightening global pandemic, which are worth considering. Here are 7 positive changes that COVID-19 has brought in: 1. Developing A Hand Hygiene Habit For years, health officials were emphasizing the effectiveness of hand washing in keeping diseases at bay. However, many people neglected it, but now with the rising awareness of novel coronavirus, all are frequently washing their hands. Several studies report that a new behavior can automatically turn into a habit within a timeframe. 2. Spending Quality Time with Family The lockdown in the wake of coronavirus has turned to be a blessing in disguise for many. This much-needed slowdown has given many a chance to reset their lives. Though many are working from home, they are able to spend quality time with family, which was not that possible before due to busy work schedules. Family members are actively participating in household chores leading to equality and greater bonding. 3. Given Us a Chance to Revisit Old Hobbies and Declutter Homes This self-isolation period has given many people plenty of time to revisit their long-lost hobbies or start new ones. People across the globe got an opportunity to perform their long-time pending task, decluttering unwanted stuff from home. 4. Made us Realize the Value of Healthcare Workers and Investing In Healthcare COVID-19 has taught us the value of healthcare workers, they are the real life heroes who work at the front lines of this pandemic day and night. This global pandemic crisis has also taught every nation the importance in investing in healthcare system and staying prepared for any future emergencies. 5. Encouraging Work from Home Culture Before there was a notion that ‘real work’ only occurs within the four walls of an office, but now this trend has changed. Of course, not every job can be done at home, but working from home allow companies to save costs on office space, equipment, and electricity. Working from home also provides great relief from commuting challenges and improve the mental wellbeing of employees. 6. Taught Us An Important Lesson- Coexistence The coronavirus has taught humans an important lesson, coexistence. Since humans began retreating from the public spaces in the fear of coronavirus, nature has begun reclaiming its space. For example, dolphins have returned to the Italian coast, thanks to the missing cruise ships! The water in Venice canals are clearer than ever and visited by Swans due the absence of gondolas. 7. Less air Pollution and Road Accidents With flights grounded, factories shut, and roads empty, the air has become cleaner like never before. Highly air polluted cities such as Bangkok, Delhi, Beijing, São Paulo and Bogotá have all reported an unprecedented decline in pollution. Also, road accidents account for 3,424 deaths daily or two deaths per minute globally but coronavirus lockdown orders have led to a significant reduction in these numbers.

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