Why Knowing About Corporate Law is Must If You Are Starting a Business in Dubaiby Tony Maalouli Legal Consultant
Corporate law or business law can be defined as rules and regulations that govern the commercial trades and processes in a specific jurisdiction.
Dubai has created a niche for itself in the last decade or so, becoming a commercial and economical hub, not just prominent in the Middle-East region but on a greater level globally. The country has made huge progress and prosperity in the economical sector and has been highly welcoming from trade and business investment for foreigners. This also comes along with a specific set of corporate laws and commercial rules which provide a healthy and flourishing platform to the businesses. The vision of the country’s leadership is amazing and healthy and the laws are at par with international standards providing the right platform for established and as well as new businesses.
Financial and Business Zones
What has made Dubai so stand out in its economical set-up process is the creation of different financial and business zones specific to certain business categories. This allows for managing the infrastructure accordingly and the implementation of the rules and laws smooth and in accordance to keep the investors interest in priority while creating an ethical foundation.
Corporate Law in Dubai
While many would relate law in Dubai region to be strict, the basic reality is that the laws are very welcoming and have been created and designed to provide scalable opportunities for all while staying in the precise boundary. If you are starting a business in Dubai, or are looking to expand your current business to the Middle-East with a commercial set-up in Dubai, it would help to consult a professional corporate law firm in Dubai to get a clear and detailed picture about the rules and regulations pertaining to the specific zone and business category.
You have to keep updated with the regulations and laws related to economy, investment and trade when starting a venture in Dubai. The commercial licenses are obtained by the Department of Economic Development of the related Emirate.
In the latest business law amendment of 2015, the general categories of businesses defined (under Commercial Companies of Law) are:
- Joint Venture Company
- Limited Liability Company
- General Partnership Company
- Private Joint Stock Company
- Public Joint Stock Company
- Partnerships (for UAE nationals only)
When you are looking to set-up a business in Dubai, there is a structured process and step-by-step process, along with certain rules that must be abided by the investors. Therefore, it becomes highly important that you consult a professional corporate law firm in Dubai to establish your business in a proper and right way, in accordance to the regulations and conditions.
Created on Feb 1st 2019 00:35. Viewed 566 times.
No comment, be the first to comment.