UAE has quickly climbed the ranks to become the top in the world for a stable economy with Dubai leading business in the Middle East. Dubai’s liberal economic policy, low corporate taxes, easy trade accessibility, and an excellent infrastructure are just a few of the reasons people in business and entrepreneurs find Dubai the best choice to start a new location.
Dubai has three areas for setting up your business. Dubai’s Mainland is a popular spot for soon-to-be business owners. Real estate, tourism, and finance-related firms are among the most popular and successful business. Dubai’s Free Zones are another big draw for entrepreneurs.
The Free Zones provide 100 percent ownership to international trade, zero percent personal or business tax benefits, exemption from import and sales tax, and complete repatriation of profits. Then there is the Dubai Offshore. This area is perfect for business owners that want to conduct international trade.
Do you think setting up a business in UAE would be right for you?
The full process of setting up a company is pretty straightforward in Dubai. If you have all the legal documents ready and approvals you need, you could have your new business setup in about a week!
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Before learning about the steps and processes involved in setting up a business in Dubai, It is essential to understand the three main zones present in Dubai and their difference. The main internal business zones available in Dubai, UAE are Freezones, Mainland, LLC, and Offshore.
All complete business setup process in Dubai, UAE, is divided into these three internal zones, based on the business activities, taxation, feasibility, business requirements, and other commercial actions of a company. A thorough understanding of these internal zones is crucial for setting up a company in Dubai or the other seven emirates.
Practical and Important Tips to Consider Before Entering UAE Business Market-
Create a Basic and Initial Plan
Do an In-depth Research of UAE Business Market.
Create a Business Plan Accordingly
Understand the investment Involved in Setting Up a Business in the UAE market
Determine the Most Suitable Internal Zone for Doing Business
Get a Good Understanding About the Business Laws and Regulations Of UAE
find Reliable Local Partners
Get a Good Understand About the Local Culture of Dubai
Most important, hire a Business Setup Consultant for Running a Successful and Hassle-Free Business In Dubai.
How to Setup Your Dream Business In Dubai, UAE?
Here is a step by step procedure/ Tips that will guide you through the complete process of business setup in Dubai , UAE.
Step 1: Determine the Type of Business
First, make sure what type of business you want to setup because this will pave the way for many deciding factors like your business license. You can get three types of business licenses in Dubai – professional, commercial, and industrial. You should also be sure about the type of business you will be operating in case you need any further approvals from the government like food and jewellery trading, legal consultancy, etc. Knowing your business type will also help you determine where your company will be located because Dubai’s Free Zones, Mainland, and Offshore will require certain business operations with various regulations, rules, and approvals.
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Step 2: Finalize the Name of Business / Company
The trade name is the most crucial step in setting up a business in Dubai. The trade name should match the type of operations and services your company will offer or represent the business nature. There are specific fees for trade name registration and renewal. You can read about all the rules regarding trade name registration on the Dubai Economic Departments’ official website.
Step 3: Get Your Legal Work Done
After finalizing the name and type of business, the next step is to submit this information to the relevant government body with all the required documents. If your company is operating in any of the Free Zones, it will require additional paperwork like the business plan documents and NOC letter. The legal paperwork will depend upon the type of business and location. Since each Free Zone has a different set of rules and regulations, you can check on that particular official website before going for legal work.
Step 4: Finalize the Office Premises
Once you are done with the legal formalities, it would be great to start looking at office premises and make a list based on the cost, atmosphere, internet services, and other amenities. There are some zones where you will get complete assistance in selecting the right office premises for your business.
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Step 5: Get Your License
Your business license will be relying on the type of business you will have. You can apply three types of licenses for – commercial license (for LLC’s), professional license, and industrial license. Your business license will be granted as soon as your application is approved.
Step 6: Opening a Bank Account
After all, the legal and licensing work is complete, and you are all set to start a business in Dubai, the next step is to open a corporate bank account. UAE is host to various local banks and foreign banks to make a choice. You can select a bank on your own or get a local sponsor or agent to help you find the right bank for your business.
Step 7: Getting Your Visa
The last and the final step for setting up a business in Dubai is to get your Visa. Apart from filing your Visa, you can also apply for the Visa of your family members, workers, etc.
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Different areas have rules for Visas, like in Dubai’s Free Zones, so be sure to read about the various terms and regulations for getting Visas in the area you plan to do business.
While these steps give you an overview of the procedures and steps it takes to set up a Dubai company, it is recommended that you hire a business setup consultant to guide you through the business setup process.
Manvendra Chaudhary, with over 5 years of professional experience as CEO of Unique News and Megalent Marketing, shares insights on life, business, and health for your success.
The founder and CEO of Bombay Shaving Company Shantanu Deshpande took to LinkedIn and shared a picture from the topper’s newspaper advertisement.
In the caption, he wrote
“It was shocking to see the amount of hate targeted at a teenage girl who had topped an exam because of her facial hair. Our simple message to this amazing young woman with such a bright future. Love to see my team ooze class. No opportunistic sales, QR codes, nothing. Just a heartfelt message to a fellow Bae.”
The caption further reads,
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“Dear Prachi, they’re trolling your hair today, they’ll applaud your AIR tomorrow.”
It was the advertisement’s closing statement that fueled controversy and drew backlash from the public.
It stated,
“We hope you never get bullied into using our razor.”
Netizens’ Reactions
The post went viral within hours of its posting. Many netizens called it “disgusting” and “absurd.”
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One user wrote,
“This is a collective failure of your team. Hope they read each and every comment and reflect. Did no one in the team notice this problem? How disconnected are they from reality? This will leave a deeper scar on the girl than anything else, and I will always remember your brand for being an opportunist.”
While another commented, “Insensitive.”
“This is terrible, a huge mistake you made. This is bullying this woman on another, bigger level,”
wrote another.
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“Classless and in poor taste… You don’t deserve more attention than this,”
one commented.
What the CEO Has to Say?
Shantanu Deshpande described his caption as a small token of support for Prachi, and thus defended the ad.
His efforts to clear the air were in vain, as many netizens still found the company’s response via the ad lacking sensitivity.
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Bombay Shaving Company’s intention was to extend support for the topper. However, it ultimately led to more criticism and enhanced controversy.
Recently, the class 10th and 12th results were published by the Uttar Pradesh Madhyamik Shiksha Parishad. Prachi Nigam scored 591/600 marks and topped Class 10. She revealed that her aim is to crack the IIT-JEE and become an engineer.
Gerber and Perrigo Face New Lawsuit Over ‘Store-Brand’ Infant Formula Pricing; All Pending Toxic Baby Food Cases Consolidated into New Class Action MDL
Infant formula makers Gerber and Perrigo have been hit with a class-action lawsuit, which accuses the companies of artificially creating a shortage and jacking up prices for “store-brand” formula sold at Walmart, Walgreens, and other retailers.
The lawsuit was filed on Monday in federal court in Alexandria, Virginia. It accuses Perrigo of violating antitrust laws by collaborating with Gerber to prevent competitors from entering the market for store-brand formula.
Perrigo, one of the nation’s largest suppliers of store-brand formula, sells its products under retail labels at prices lower than similar branded products. However, the lawsuit alleges that Gerber, by granting Perrigo the first right of refusal to Gerber’s excess formula supply, which could have been sold to other competitors, is engaging in practices that stifle competition.
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The lawsuit claims that through this arrangement, Gerber agreed to keep its excess formula out of the store-brand market, thereby gaining a share of Perrigo’s profits. The lawsuit was filed by four residents of California, Illinois, Michigan, and Pennsylvania, who will represent millions of customers who have purchased store-brand baby formula. The lawsuit does not name formula retailers as defendants. It asks the court to intervene and end the anticompetitive deals between Perrigo and Gerber and seeks more than $5 million in monetary damages.
This lawsuit is similar to another case filed in Brooklyn federal court by a potential store-brand competitor, P&L Development. Gerber and Perrigo requested the dismissal of that case, which was denied by the judge in February. The companies involved in the lawsuit claimed they compete fairly with other infant formula manufacturers, including those of store-brand formulas. The lawsuit also cited the squeezing out of P&L Development from the store-brand market, which has led to higher prices.
Gerber is also facing numerous lawsuits accusing its brands of baby food of containing dangerously high levels of toxic heavy metals, such as lead, arsenic, and mercury. These heavy metals are extremely toxic, even for adults, and can have catastrophic consequences on developing children, leading to health complications and neurological damage. Conditions such as ADHD and autism may be linked to consuming these toxic baby foods.
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On April 11, 2024, all the lawsuits pertaining to toxic baby foods, which had been filed at different times in various courts, were consolidated into a new class action MDL in the Northern District of California and assigned to Judge Jacqueline Scott Corley. Besides Gerber, other baby food manufacturers like Beech-Nut and Campbell Soup Co. have also been named as defendants.
The legal wrangling between the crypto sector and the SEC, or the Securities and Exchange Commission, is getting uglier, with ConsenSys, a major protagonist of the Ethereum Blockchain, filing a lawsuit against the regulatory body in a Texas federal court. This legal action seeks an intervention to ward off a looming SEC lawsuit against the company regarding features of its popular MetaMask wallet. The lawsuit also seeks the court’s help in deciding once and for all the vexed question of whether Ethereum’s digital token, Ether, is not a security. The legal uncertainty hangs heavily on the crypto sector and puts a question mark on its very existence.
In an exhaustive 34-page legal filing, ConsenSys states that the SEC’s endeavor to exert control over Ethereum is both illegal and a threat to blockchain technology.
The complaint states,
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“The SEC’s unlawful seizure of authority over ETH would spell disaster for the Ethereum network, and for ConsenSys. Every holder of ETH, including ConsenSys, would fear violating the securities laws if he or she were to transfer ETH on the network. This would bring the use of the Ethereum blockchain in the United States to a halt, crippling one of the internet’s greatest innovations.”
The lawsuit also alleges that SEC Chairman Gary Gensler has embarked on an aggressive enforcement policy directed at the big players in the crypto sector like Coinbase and Uniswap. The lawsuit particularly points out a campaign that involved a deluge of subpoenas asking firms and developers for documents related to their dealings with the nonprofit Ethereum Foundation, which supports the blockchain’s development.
The crypto sector is up in arms against Gensler’s tactics and has contended that the SEC has never provided clear rules meant for the distinct features of blockchain technology. However, Gensler negates this argument, saying that the existing securities laws are clear and sufficient, and that the crypto industry refuses to comply with them.
Gensler’s actions are full of contradictions since, in the past, the SEC had maintained that blockchain’s tokens, like Bitcoin, are not securities and hence beyond its purview. A senior official in 2018 had stated that Ethereum has reached a state where it is adequately decentralized, and further, the agency also gave the green signal for the launch of Ethereum futures trading—an implicit acknowledgement that Ether is a commodity. However, at present, Gensler is using a recent feature of Ethereum, known as staking, as grounds for the recent legal campaign.
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The lawsuit was filed after the SEC issued a Wells Notice, which is akin to a formal letter warning that the agency intends to sue a firm and could lead to a settlement later. The SEC charged ConsenSys that MetaMask was operating as an unlicensed broker-dealer. MetaMask offered users a means to stake Ethereum on their behalf. Staking was a feature introduced in September 2022 on the Blockchain as a replacement for the energy-intensive mining process. The process involves a system of validators who pledge collateral to become trusted validators.
The SEC objects to the process of staking, which has changed Ethereum from a commodity into a security. ConsenSys founder Joe Lubin has called this account of the SEC “preposterous”.
Lubin said,
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“The act of staking is really just posting a security bond so you can get paid to contribute labor and resources to help operate the Ethereum protocol. Now they’re trying to turn that into some sort of investment contract.”
Lubin also stated that the SEC’s actions will lead to a halt in the growth of the crypto sector and blockchain technology as a whole. Lubin feels that the SEC seeks to block pending applications by companies to launch spot ETFs for Ethereum, following the huge popularity of Bitcoin ETFs. The SEC is in fact trying to regulate a technology on its merits and it will only stifle innovation.
