Business Setup In Dubai | Help For Events That Will Frustrate You
Business setup in Dubai: Bank related, legal company registration documentation issues, jurisdiction requirement changes
Business setup in Dubai: Varal fee for troubleshooting during new company registration is US$ 685 or AED 2,500
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A typical company registration, from the time your payment is received to the time the business license is received, is around 35 to 40 days. And this is after keeping track, troubleshooting and following up with the concerned authorities.
The bank account opening function can start only after the business license has been received.
There are 3 major areas which require constant contact and problem resolution during the new company registration process. These areas also cause delays.
1. Bank
a. After the bank application forms have been filled out and signed in front of the bank representative, they are sent to the bank’s compliance department who normally raise other questions.
b. Explanatory questions about the business are raised.
c. Other supplementary questions are often asked.
d. Questions may be raised about bank references.
e. All of these must be answered and resolved before the account is opened.
Wouldn’t you like to have someone who can do this for you? How much time and effort would it cost for you to do this on your own?
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2. Legal documents
a. Issues arise in the wording or content of
i. Power Of Attorneys.
ii. Board of Director’s resolutions.
iii. Acceptance of attestation or notarization of documents.
iv. Any changes in documentation required by the jurisdiction or other authorities.
v. Problems related to the document submission procedure.
b. These must be resolved quickly so the process can move forward
This is one of the skills you need to hire going forward. Someone to handle the immediate issues at local level.
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3. Jurisdictional issues
a. Jurisdictions do not like coordinating from a distance and want face to face resolution.
b. Emails or phone calls don’t help.
c. Personal visits are essential, which may take up the whole day.
d. Sometimes multiple visits are required.
Would you have the time and patience to do this yourself? Spend 4 weeks in Dubai. Pay hotel bills. Take taxis to the jurisdiction which could be 120 Kms away.
Or would you rather just pay someone a small fee to take care of this for you? And spend this time on running your current business?
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