Starting a Business
There are three major considerations to be made by those thinking of starting a business in Dubai:
1. You must have a good knowledge of the region.
2. The law requires that you have a local partner who holds the majority interest. The local partner, be it a company or an individual, doesn’t need to contribute to the start-up investment or participate financially at all.
3. When the business is registered, you must show the Ministry of Commerce that you have a substantial sum of money to invest.
An experienced lawyer will guide you through the registration complexities and his help will be vital in protecting your interests. This applies whether you’re opening a modest shop or a major enterprise. An alternative to starting a new business is to buy a going concern, which is a more straightforward process, as it doesn’t involve lodging capital, obtaining sponsorship or registration.
Dubai jobs offer more than the promise of a higher paycheck. The reasons why people are choosing to move to Dubai is that it offers a better quality of life, good employment prospects. All this is combined to provide one of the best working environments and lifestyle choices available in the world today.
A big attraction for all the people considering the United Arab Emirates, or specifically Dubai, as their destination is the fact that there are no personal taxes to paid from whatever income supplied to you through employment
Some of the fastest growing industries in the United Arab Emirates (and especially Dubai) are telecommunication, information technology, construction, engineering, oil and gas, media, and medicine. All these professions provide their employees with high disposable incomes. If you really want to squeeze the last drop out of that non-taxable income then it might better if you seek employment among the financial service providers which are an industry in itself.
People who live in Dubai can take the advantages that are offered by the world of offshore investment. This will result in your tax-free income to go to work on other investments that will yield even more money after a while. These activities however require careful advice and regular services provided by financial brokerages that can inform you of available investment opportunities. The number of such advisers who can really make your money grow is limited and hence there is always a high demand for investment bankers and financial advisers in Dubai.
In the United Arab Emirates and Dubai, all financial brokerages need to be properly licensed in order to operate legally. As a result of this strict licensing procedure the number of such brokerages is very limited. This obviously puts a cap on the number of positions that can be available in this industry and what is more these positions will rapidly be filled up by locals leaving little chance for foreign applicants.
Nevertheless, if you are a hard working person with determination and confidence then Dubai is certainly a destination worth considering.
Real estate and construction now directly employ an estimated 20% of Dubai’s workforce. Employment in a large number of related sectors such as sales, design and finance has also grown. This has had a knock on effect on demand for service sector jobs aimed at catering to Dubai’s growing professional class.
A tremendous real estate boom which is underway in the United Arab Emirates (UAE) and Dubai has brought in large numbers of foreign workers to do the work. Some 10 million foreign workers are employed in the country. Dozens of skyscrapers are going up thanks to the legions of workers from India, Pakistan and Bangladesh. Men without a formal education and with little hope for employment back home come to the Gulf to earn 200 dollars US a month to feed and clothe their families. Usually, half of their salaries goes for their own meager survival-rice, tea, sugar-in cramped quarters where six live to a room.
Salaries in Dubai are usually similar to or greater than those paid in western countries.
But because the region has no personal taxation, net income is usually much greater, which is one of the major attractions of working in Dubai. In addition to their salary, contract workers are awarded an ‘indemnity’ at the end of the contract period. The indemnity is usually based on basic salary excluding any bonuses. The indemnity can be a significant amount of money if you’ve been working in Dubai for a long time, and many people manage either to accumulate a reasonable financial cushion or to live the high life. If you’re clever and disciplined, you should be able to do some of both. The indemnity has nothing to do with insurance but is an end-of-contract bonus which is required by law to be paid to expatriate workers as a sort of ‘thank-you’ for being of service to the state.
