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Business Consultancy

A Step By Step Guide for Setting Up A Restaurant Business in Dubai

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A Step By Step Guide for Setting Up a Restaurant Business in Dubai Starting up a restaurant in a place like Dubai is a lucrative business idea as this destination attracts approximately 4.7 million tourist visits every year. The industry is further going to flourish in the upcoming days with the advent of Expo 2020. Therefore if you are planning to set up a restaurant business in Dubai, this is the right time. Here is a step by step guide given below: Identifying a local sponsor If you are planning to set up your restaurant business in the Dubai mainland, it is mandatory to have a local sponsor. A local sponsor is a UAE national who acts as a representative for all government-related paperwork and approvals. It is essential to find an educated, reliable, and trustworthy local sponsor. Applying for the trade license Before starting a restaurant business in Dubai, one needs to obtain a trade license issued by the  Department of Economic Development (DED). Before applying for the trade license, one must first select a trade name and then file with the DED for initial approval. Selecting a strategic location The next step is selecting an ideal location. You need to decide where you want to set up your business-mainland, free-zone, or offshore. Choose the location based on these crucial factors such as visibility, accessibility, customer base, affordability, and proximity to suppliers. Also, confirm with the Municipality of Dubai whether the restaurant business activity is permitted in that selected area and obtain a no-objection certificate. Special approvals Food License:  Soon after receiving the trade license, you need to procure a food license for receiving the construction plan of your restaurant. A food license is issued by the Food Safety Department in Dubai and it is mandatory to follow the food code for ensuring food safety right from the production to the distribution stage. One needs to also obtain other selective permits such as Ramadan Permit, Liquor Permit, Pork Permit, and Delivery Permit.  Submitting the kitchen layout After getting the initial approval, you need to submit the kitchen layout to the Food Safety Department.  Drafting a memorandum of association The next step is making an LLC memorandum of association. This is a commonly agreed set of clauses between the shareholders. Both the ex-pat and local sponsor need to sign this contract in front of the Dubai court official notary public. Issue of License This contract will be submitted to the DED along with initial approval. After the successful completion of all processes, your restaurant license will be issued. If you are planning to set up a restaurant business in Dubai, Corpin Consultants can make the entire process less tedious for you. We have a team of experts who will guide you in every step with continued commitment. Contact us at +971 55 843 2911 or info@corpinconsultants.com for a free consultation.

Business setup in UAE, Business Setup in ADGM, Corpin Consultants
Business Setup

Setting Up An SPV in the ADGM

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Setting Up An SPV in the ADGM The Abu Dhabi Global Market (ADGM) has been serving us as a major ecosystem for many ambitious organizations handling banking, insurance, wealth management, asset management, and capital market activities. Recently the ADGM has implemented a cost-effective and flexible SPV system, which is attracting a significant number of investors in the UAE and MENA region. Special Purpose Vehicles (SPVs) are passive holding companies established with the agenda of isolating financial and legal risk by guaranteeing certain assets and liabilities. These companies can be set up as subsidiaries, projects or joint venture vehicles so any assets related to a transaction are exposed to the liabilities associated with that transaction.  Major Attractions for setting up a Special Purpose Vehicle (SPV) in the ADGM No attestations Corporate documents do not require any attestation and there is no need for filing audited financial statements. Shelf SPVs are permitted ADGM enables the setup of shelf SPVs wherein a business, law firm or corporate service provider needs ready SPVs for a transaction. No restrictions on the nationality of ownership and share capital There are no restrictions on the nationality of shareholders and minimum share capital. Apart from that there are no mandatory requirements for the maximum number of shares or shareholders; just one shareholder and a director are required. No physical office space required SPVs can keep the address of an agent, existing or holding company, or virtual office. This may reduce set-up costs. Uses of SPV Securitisation An originating party can offer security for loans by creating an SPV that purchases assets by issuing debt, secured on the underlying assets. Real Estate Investment Can be used for acquiring title to real property and limit recourse of mortgage lenders based on the location of the asset. In some jurisdictions, the sale of the SPV’s shares can reduce taxes and transaction fees. Asset Transfer Can be used for transferring assets along with material agreements. Risk Sharing Joint ventures can form project-based companies and allow equal sharing of risks between both partners. Raising Capital Can be used for raising capital, with creditworthiness determined by the collateral of the SPV Intellectual Property Can be used for separating Intellectual Property into a different structure with less liabilities, increased funds and signing license agreements with third parties. If you have any questions or need any assistance for setting up an SPV in the ADGM, get in touch with us at +971558432911 or ek@corpinconsultants.com.

Blogs

6 New Year’s Resolutions For Businesses Success in 2020

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6 New Year’s Resolutions For Businesses Success in 2020 New Year is the time for new hopes and resolutions. You may have already made up your mind to get back in shape, travel more, or spend quality time with the family. However, resolutions are not just restricted to personal life, it is essential to set apart some impactful resolutions for your business as well. Here are 10 powerful resolutions to build a better and brighter future for your business in 2020: 1. Delegation is the key When you own a business,  quite often you end up wearing many hats and at times, this makes you feel exhausted or eats up a tremendous amount of time. If you wish to maintain a healthy work-life balance, try delegating the work to someone else or automate the process for a change. By doing this, you can improve your physical, mental, and emotional wellbeing. 2. Improve your digital footprint If you wish to stand out from your competitors, it’s essential to maintain a strong online presence. It can also help acquire more customers and build better conversion rates. When it comes to business promotion, focus on quality rather than quantity. Create a marketing plan and follow it religiously. Focus on search engine optimization, get press coverage, utilize quora effectively, share videos or post stories with clickable URLs on social media profiles. 3. Drop what’s not working and move on If a product, a marketing technique, or partnership is not working for you, it’s necessary to bid goodbye. Do not waste your money, time or energy anymore behind it. You never know something better may turn up. 4. Manage your cash flow wisely Trying to run a business without managing cash flow is like building a house of cards. It plays a major role in your future spending decisions and determines the direction of your business. Plan and monitor your cash flow by acquiring financial skills or getting expert guidance. Reduce your outgoing expenses, sell any unused assets, monitor stock levels, and build a cash reserve for emergencies. 5. Perform weekly business planning Business planning is a vital step that helps you know where you stand and allow you to have a clear hold on your business. Set apart a day every week to review your strategies so you will come to know what worked and whatnot. 6.Attend networking events Approach networking events with a clear strategy for turning it to be a successful experience. Attend events that’s big in your industry and connect with like-minded people. Try to collect at least 10 business cards and send follow up emails the next day. When you enter this new decade, commit to something you always say you’ll do but always fail to start. It’s the right time to take that first step now.  In fact, we’re here to help you make them happen in 2020. To know more about business setup services contact +971558432911 or email at ek@corpinconsultants.com.

visa rule UAE, UAE visa, Corpin Consultants
Business Consultancy

The Latest UAE Visa Rule: Six Month Stay Extended for 5-Year Tourist Visa Holders

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The Latest UAE Visa Rule: Six Month Stay Extended for 5-Year Tourist Visa Holders On January 6, 2020, the UAE government has announced a 6-month extension for all five-year tourist visa holders visiting the country. This decision was made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai during the first Cabinet meeting of the year on Monday. Sheikh Mohammed affirmed that this new rule is aimed at consolidating the UAE’s status as a global tourist destination. Currently, the country attracts 21 million visitors every year. “The year 2020 will be different because it is the year of preparation for the next 50, the year in which we design the future of the emirates,” his highness mentioned on Twitter. Previously the tourist visa validity was thirty days or ninety days for single or multiple entries. The new five-year validity tourist visa will allow visitors to stay for up to six months on every entry within the span of five-year validity. However, the terms and conditions will remain the same for all types of tourist visas. This crucial initiative comes in conjunction with the preparations to host Expo 2020 Dubai, the much-awaited global event organised by the UAE. The decision will further boost the tourism sector which is a key pillar of the country’s economy. Meanwhile, Ali Mohammed Bin Hammad Al Shamsi, Chairman of the Federal Authority for Identity and Citizenship made a statement that the Federal Authority for Identity and Citizenship has been assigned for implementing this new decision. He also emphasized the active role of the UAE government in implementing laws and regulations for strengthening its global position and boosting the tourism sector. He concluded by affirming that the UAE is a state of law and justice. Right now, more than 200 nationalities reside in harmony, love, and tolerance. For any visa-related services, never hesitate to contact us at +971558432911 or email at ek@corpinconsultants.com

News

Dubai Economy Grew 2.1% in the first half of 2019

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Dubai Economy Grew 2.1% in the first half of 2019 According to recent data published by the Dubai Statistics Centre(DSC), the Dubai economy grew up to 2.1 per cent in the first half of 2019. Arif Al Muhairi, Executive Director of the DSC stated that the flexibility of Dubai’s economy and its business structure helped the country retain its economic growth, in spite of the regional and global economy slowdown. He also mentioned that the wholesale and retail sector plays a significant role in the overall growth of the local economy. Dubai’s strong infrastructure also promote the growth of its re-export business and bilateral trade. Al Muhairi further quoted that the trade sector achieved an exponential growth of 3.3% backed by higher external trade, and higher re-exports by 3 per cent to cross Dh210 billion in the first half of 2019. The wholesale and retail sector, which contributes 25.5 per cent to Dubai’s GDP crossed 3.3 per cent YoY, while external trade grew by 17.7 per cent to reach Dh76 billion. The transport and storage sector flourished up to 6.2 per cent. This sector plays a crucial role in Dubai’s economy as it is closely related to all other economic sectors. The hospitality and restaurant sector, which contributed 5.1 per cent to GDP, grew 2.7 per cent. According to the data by the Department of Tourism and Commerce Marketing, total visitors to Dubai in the first half of 2019 reached 8.4 million, a 3.2 per cent growth compared to the same time in 2018. Manufacturing activity, which contributed 9.5% to Dubai’s GDP, grew by 0.3 per cent in the first six months of 2019, compared to the same period in 2018. Real estate activity also grew by 2.1 per cent in the first half of 2019 compared to the same time in 2018 and contributed nearly 7.4 per cent to the total GDP. Apart from that, mining, construction, professional activities, administrative services, public administration, education, health, arts, entertainment, household, and other service activities grew 2 per cent YoY, with a joined contribution of 23 per cent to Dubai’s GDP. At the same time, agriculture, electricity, gas, water, waste management, insurance, finance, information and communication activities declined by 1.4 per cent. YoY. Al Muhairi said that these sectors contributed 17 per cent to the total GDP. This decline had a slight impact on the overall growth of the economy. Corpin Consultants is one of the most reliable business setup consultants in Dubai with a team of experienced professionals having profound knowledge about the country’s regulations and documentation requirements. To know more about our services, call us at +971 55 843 2911 or drop an email at info@corpinconsultants.com.

family visa provider dubai, business setup UAE, Corpin Consultants
Business Consultancy

Checklist to Apply for a Family Visa in the UAE

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Checklist to Apply for A Family Visa in The UAE According to the latest data published by the UN, more than 80 per cent of the UAE population constitutes of foreign nationals. The rapidly progressing business environment in the country offers a promising future for them. In order to accommodate such a diverse foreign population, the UAE government are providing family visas for employees and investors. An expatriate resident in the UAE is eligible for a family sponsorship only if he has a monthly salary of Dh4,000 or Dh3,000 plus accommodation. If he wishes to sponsor his parents, he needs to have a monthly income of Dh20,000. If you are planning to apply for a family visa in the UAE, here is a checklist to consider: 1. Make your documents ready A legally translated and attested marriage certificate Original and attested birth certificate copies of children Valid passport copies of family members( valid for at least 6 months) Passport-sized photographs with white background (ears, forehead,& chin clearly visible) A copy of your registered tenancy contract 2. Visit an Amer centre Once your documents are ready, visit the nearest Amer centre with your original Emirates ID or visit www.amer247.com to apply for an e-visa. Once the process is initiated, you will receive an e-visa in your registered email address within 48 hours. After receiving the e-visa, you can apply for your family’s residence visa in 3 ways: If your family is not in the UAE, a normal e-visa will be issued for entering the country If they are already in the country, either on a visit visa or an old residence visa, you may need to exit the country and reenter with the e-visa. You can also place a request at the Amer centre for change of visa without exit. From the typing services desk get a medical test application and Emirates ID application. 3. Perform the medical test Visit your nearest Dubai Health Authority (DHA)medical fitness centre with the form and perform the medical test. Once the medical results are published, you will be notified via email. 4. Get the Emirates ID Visit a Federal Authority for Identity and Citizenship centre with the following documents: Emirates ID application of family members Your original Emirates ID Photographs of family members Submit the Emirates ID application and complete the biometrics process. 5. Get a health insurance Health insurance is mandatory for all who apply for a resident visa in the UAE. 6. Get the visa stamped The last step is to get your visa stamped on the passport. For that, you need to visit the Amer centre with the following documents: Medical fitness report Emirates ID application Original passport of the family members Health insurance documents Your (sponsor’s) original Emirates ID After applying for the passport stamping, you will receive a call from authorized courier service for the collection of passport. Once the stamping is complete, it will be delivered to you through the same courier service. For Abu Dhabi and other Emirates also, the visa application procedure is almost the same. Here the entry permit or e-visa is referred to as tasheera. You can apply for it either by visiting a typing centre or online. Visit https://echannels.moi.gov.ae and select the ‘Individual Services’ option. After entering your email address, you will receive an email with a registration link. Receive the tasheera within two working days after submission. Corpin Consultants is a renowned business setup consultants in Dubai with a successful track record of offering top-notch visa, PRO, and bank account opening services. If you wish to have a free consultation, call +971 55 843 2911 or drop an email at info@corpinconsultants.com.

RAK Business setup

ADGM and RAK ICC Signed An Agreement to Strengthen Their Cooperation

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ADGM and RAK ICC Signed An Agreement to Strengthen Their Cooperation The Registration Authority of Abu Dhabi Global Market (ADGM) and Ras Al Khaimah International Corporate Centre (RAK ICC) have recently signed an agreement for the smooth operation of business activities between Abu Dhabi and Ras Al Khaimah jurisdictions. Through the agreement, ADGM and RAK ICC aim to share expertise, facilitate business activities within their respective jurisdictions and assist each other in the continuous development and implementation of best practices. This smart initiative will also advance the legislative, procedural and information technology frameworks in both jurisdictions. The parties will also exchange information on public events and assist each other for welcoming delegates and carrying out registration activities. This valuable agreement was signed by Mr. Dhaher bin Dhahr Al Mheiri, CEO of ADGM Registration Authority and Dr. Sameer Al Ansari, CEO of RAK ICC. Mr. Dhaher bin Dhahr Al Mheiri, quoted: “We are pleased to enter into this agreement with RAK ICC to provide our partners with valuable business opportunities while reinforcing the vision of the UAE’s wise leadership. We continually collaborate with government entities to provide our entities with a robust pathway to conducting business across the UAE while advocating for increased inter-Emirate cooperation. This agreement is in line with our objectives as an international financial centre and is key to enhancing our entities’ exposure to various jurisdictions. We are confident that this agreement will be mutually beneficial to both our registered entities and the UAE’s business and economic repute.” Dr. Sameer Al Ansari mentioned: “We have always been keen on developing relationships with other authorities that will help us deliver the best services and products to our clients. Our partnership with ADGM is founded on a common goal of continuously enhancing all areas across our respective jurisdictions to be on par with international standards, from systems and processes to technology and rules and regulations.” If you are planning to set up your dream business venture in Abu Dhabi or Ras Al Khaimah jurisdictions, Corpin Consultants can assist you in every step of company setup such as registration, license procurement and renewal, bank account opening, documentation, visa services, etc. To know more about our services, call +971 55 843 2911 or info@corpinconsultants.com

free zone business setup, Mainland business setup, Corpin business setup consultant
Business Setup

Free Zone Business Setup or Mainland Business Setup- Which One You Should Opt?

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Free Zone Business Setup or Mainland Business Setup – Which one you should opt? Are you an aspiring entrepreneur planning to set up your dream business in the UAE? While performing research, you may often come across these two terms, mainland business setup and free zone business setup. These are two different business jurisdictions with their advantages and disadvantages. You need to choose one depending on the nature of your business. This article will help you understand the major differences between a mainland company and a free zone company in the UAE. Ownership Structure : Foreign investors who wish to set up a business in the UAE mainland should mandatorily have a local partner or a national service agent. Out of 100% shares, 51% of shares must be held by the local partner and only 49% of shares will be allotted to the expat partner. However, for service businesses such as consultancy, an expat partner will receive 100 % ownership. A local sponsor will act like an agent but does not own any shares of the company. For a free zone business setup in the UAE, there is no such restriction. A foreign investor can get 100% ownership regardless of the type of activity, commercial or professional. Scope of doing business in Dubai : A mainland company is allowed to perform business activities throughout the UAE market as well as outside the UAE. A free zone registered company can do business only within the respective free zone and outside the UAE. Office Space : All mainland companies must have at least 200 sq. ft of physical office space. (can be even leased out on an annual basis). A free zone company does not require a physical workspace. It may or may not have offices depending on the nature of work. Nowadays, there are even flexi desk and virtual office facility for free zone companies. Visa Facility : Mainland companies do not have any limitations for the issuance of visas for their employees. Ministry of Labor issues an E-quota to each mainland company that shows their eligibility for visa acquisition. It can be enhanced further if more employees need to be recruited. The eligibility of visa majorly depends upon the office space and the nature of the business activity. The more space you have, the more visas you can apply for. However, outdoor sales staff, PRO’s and drivers are not eligible for this facility. For free zone companies, only two to three visas are offered under the smart office package. In case if you require more visas, you need to lease out a bigger office space. Government Approvals : A mainland company needs approvals from standard government authorities such as DED (Department of Economic Development), DM (Dubai Municipality), Ministry of Labor (MOL), Department of Naturalization and Residency affairs of Ministry of interiors or Immigration (MOI). Also for medical or food license requirements, approval is required from Dubai Health Authority and Food Department of Municipality respectively. Free zone companies generally do not require any government approvals unless there is a specific activity that requires approval. When you seek advice from a trusted business setup consultant, your company formation becomes less tedious and fast. Corpin Consultants is one of the most sought-after company formation consultants in Dubai with a team of experienced professionals who will guide you in every step of the process. If you wish to set up your business in the mainland or free zones in the UAE, feel free to contact us at +971 55 843 2911 or info@corpinconsultants.com.

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