Dubai has a remarkably diverse business environment, encouraging businesses of nearly all sectors, such as real estate, finance, transportation, packaging, consultancy, technology, etc, to prosper. Most of these businesses are owned by families that contribute and significantly impact the economy of Dubai. In this blog by Next Generation Corporate Services, the Best Business Setup Company in Dubai, we will learn why family businesses are a significant part of Dubai and how we will help you set up and manage your family business in Dubai.
Family Business in Dubai | Definition and Business Setup
Family business is a category of business in which members of a single or extended family own the majority of shares. The top-level management including board of directors and decision-making powers are mostly kept within the family members. According to the reports, nearly 90% of private sector companies in Dubai are owned by families. Moreover, Family businesses employ over 70% of the private workforce of Dubai, contributing 40% to the GPD.
If you own a family business or are planning to set up your family business, then Dubai should be your first choice, as not only the economy is well-suitable for family businesses, but the government timely introduces policies, training programs, and subsidies for the family business in Dubai.
To receive the full benefits of these policies and programs, you need Business Setup Advisors like at Next Generation Corporate Services, who are not only capable of identifying the correct business setup process for your family business but can also provide consultation related to market research, corporate tax, residence visas, and anything business related in Dubai.
The Best Way to Set Up a Family Business in Dubai
Setting up a family business in Dubai requires extra attention, cautiousness, and strategic planning as the incorporating member is not a single person but a family. Proper appropriation of shares, responsibilities, and roles should be the first priority. Families should also prepare a well-documented succession plan to avoid future complexities.
The best way to proceed is to consult the Best Business Setup Company in Dubai, Next Generation Corporate Services, we will guide and assist you in preparing all the crucial family business documents and help you set up your business with our professional corporate services. Here’s the overview of how we help you in setting up and managing your family business in Dubai:
- Market Research Services: Understanding the Dubai market, identifying opportunities for your family business, analysing your competitors, and developing a competitive strategy.
- Business Plan: Helping you define your business goals and objectives, developing a roadmap, outlining your financial projections, and securing funding.
- Legal Structure: Choosing the right business structure for your family business, considering factors such as ownership, liability, and taxation.
- Documentation: Preparation of all necessary documentation, including trade licenses, visas, and bank account opening documents. Ensuring that all of your documentation is compliant with Dubai laws and regulations.
- Registration: Submitting your documentation to the relevant authorities and registering your business.
- License/Permit/Approvals: Identifying the required licenses, permits, and approvals for your family business and assisting you in obtaining them from the relevant authorities.
- Bank Account: Helping you open a bank account for your family business and deposit the required startup capital. Assisting you in setting up and managing your bank account.
- Visa: Applying for visas for yourself and your family members and assisting you with visa processing and immigration formalities.
- Business Operations: Providing support with day-to-day business operations and assisting you in complying with Dubai laws and regulations.
- Other Services: Providing a range of professional corporate service advisory, such as company secretarial services, legal services, and translation services, and helping you with any other business needs your business may require.
To know more about our services or have any business-related queries, book a consultation call today or reach out to us at info@nxtg.ae.
Setup Your Family Business in Dubai With Next Generation Corporate Services Today
If you consult the Best Business Setup Company in Dubai, Next Generation Corporate Services, your family business setup process will be handled efficiently. We have a team of qualified Business Setup Advisors who are well-versed in the business incorporation and management field in Dubai. Consulting them will not only disperse your business-related doubts but also give you a clear understanding of the whole process and help you set up your business in Dubai. Contact us today and get a step closer to owning a business in Dubai!
