Business Setup – All you need to know
Business setup services involve providing guidance and support to entrepreneurs and businesses who are looking to establish a new business or expand an existing one. Let’s take a closer look at what setting up your business entails. It all begins with a spark, having an innovative idea to establish or expand a business; but it still needs manifestation. From this point, the entrepreneur stands facing a lot of choices. What legal structure, ownership, or operations to choose? Here comes the role of the business setup firm. It helps entrepreneurs and investors set up their businesses right from incorporation, registration, and licensing, to establishing their office space and facilitating the formation of the company. Business setup services typically include everything from registering a new company with the right authorities, obtaining the necessary licenses and permits, setting up a corporate bank account, finding office space, and supporting HR, Insurance, and other ancillary services.
The choice of a company setup depends on various factors, among them the location of the business, and whether it’s a Freezone or Mainland. The Mainland is an area where businesses operate under the general regulations of the country. It gives local ownership requirements and full access to local markets; it may take up to 10 days to set up. Mainland setup can be across any of the 7 Emirates. A free zone is a reserved area within a country where businesses can operate. These zones are designed to attract foreign investment since they provide full foreign ownership and tax benefits, can be done fully remotely, and within 5 business days.
The process of starting a new business can be extremely complicated, especially in a new country. Business setup firms can help entrepreneurs navigate this complex process by providing expert advice and support at each step of the process. The first step would be company registration; the company setup takes care of all the legal and administrative papers of registering a new company, like filing the necessary paperwork and obtaining approvals. Another step would be the location; business setups also help in selecting a location by studying the market to align the location with the business’s customer base, competition, and industry trends.
Business setup firms can help explain which license is most suitable for your type of business; for example, when looking to start a business like contracting & building works a commercial license would be required. A professional license is given to service-related companies such as consultancy agencies, and accounting & audit firms. An industrial license is issued to companies involved in any kind of manufacturing or industrial activity. A tourism license is mainly for travel agencies & tourism companies for tour-related activities like tour guiding, travel packages, or transportation services for tourists. As part of this process, a business owner would have to select what activities are required to be part of the license to operate legally. In most cases, more than one activity may be selected.
Visa processing is another aspect to look out for. If an entrepreneur is not a resident of the country where they want to start their business, they are more likely to need a visa to live, work, and conduct business. The business setup helps with the visa application process and ensures that all necessary documents are in order. Some entrepreneurs apply for the Golden Visa residency program, which is an investment program offered to foreign individuals who make a significant contribution or financial investments in the host country.
A business setup company can help international businesses and expanding companies open a corporate bank account, which is necessary for business transactions, paying salaries, and taxes. It can also assist in market research and analysis by gathering data on the competition, industry, and market strategies so businesses and entrepreneurs can have a clearer market overview to develop a business plan. It can also provide support for other ancillary services like recruitment, staff insurance and company accounting, among other services.
Entrepreneurs, small business owners, international companies, or businesses setting up in new geography may all require business setup services for valuable support and guidance to success. The services offered help entrepreneurs navigate the complex process of starting a new business. They may vary depending on the license & activity, jurisdiction, visa application, tax and financial services, and other ancillary services the company may need. Fluidmeet has and continues to support business owners in their business setup requirements, from consultation to the actual setup of your company, to all ancillary services required to support the running of the business.