Month: September 2022

How to form your company in Dubai free zone?

You name it, Dubai has it. Or if it doesn’t have it, it’s building it!

Want to grow your business like Dubai’s economy? Then register your company in Dubai free zone, simple as that! Dubai has more than 30 fully functional free zones to choose from, a huge number, right?

Why Dubai free zone?

  1. Exemptions on imports and exports custom duties
  2. Multi-cultural population and world-class infrastructure
  3. Free repatriation of profits
  4. No control over foreign currency exchange
  5. No tax on personal & corporate income with special tax fee status
  6. VAT stands at the rate of just 5%
  7. Easy and quick company registration
  8. No need for local sponsorship meaning, a fully foreign-owned company is permitted

For setting up your company in Dubai free zones, the investor has to:

  1. Decide the structure of the company or type of business that the investor wants to start,
  2. Fix the name of the company according to the boundaries set by law,
  3. Obtain the following licenses as per the requirement of the business:
  4. General trading licenses;
  5. Trading licenses;
  6. Industrial licenses;
  7. National industrial licenses,
  8. Service licenses, hire the best corporate lawyer in Dubai for obtaining these licenses without any hassle.
  9. Apply for a visa and look for the perfect office space for your business.
  10. Open a corporate bank account.

Conclusion

With assistance from the best corporate lawyers in Dubai, set up your business in one of the free zones of Dubai in a smooth manner. Provide us with some documents and information, and we will take care of the rest! Contact us at info@bsb.legal or call us at +97150 8014003.

Importance Of Partnership Agreement for Small Business Owners

“Alone we can do so little; together we can do so much.” — Helen Keller.

Partnership with the right person can have an incredible impact on your business success and a partnership agreement in place can save you from being doomed. In the present-day scenario, it becomes an essential requirement to have a partnership agreement or a partnership deep spelling out the rights, liabilities, and other important terms between the partners to avoid any bitter and adverse litigation in the future. Since faith and trust are the hallmarks of a successful partnership, all businesses, especially small business owners, must have an agreement in place.

In this article, we are going to discuss the importance of a partnership agreement for small businesses with the help of our Business Setup Lawyers In UAE.

What is a partnership agreement?

It’s a written agreement between two or more individuals who are associated with the control and management of the company. Hire the Contract Law for assistance in drafting such a crucial document.

Why do you need it? 

Small businesses have limited resources and a lot of their capital is at stake when entering into a new partnership. If this risk can be lowered by having a legally binding contract then, why not get it in writing! The agreement can keep the partners of small businesses on the same page and help resolve any potential disputes in a cost-effective manner.

Our top lawyers give the following reasons for drawing up a partnership agreement:

  1. It determines the roles and responsibilities of the partners.
  2. It determines the objectives of the company and enhances the credibility of your business.
  3. It establishes voting rights and the decision-making process.
  4. It fixes the liability of the partners.
  5. It specifies dispute resolution methods.
  6. It can avoid ambiguity and legal conflicts between partners.
  7. It can include a pre-emptive rights clause.
  8. It outlines the financial management and control of the company.
  9. It keeps unpleasant dissolution at bay.
  10. It decides the profit-sharing ratio and the capital contribution.
  11. It provides the procedure for an easy exit from and entry into the partnership.

Conclusion

Above all, this document provides certainty to the relationship between partners. BSB legal Consultants, the best law firm in UAE, provides a range of legal drafting services including assistance in drafting a perfect partnership agreement. Retain an experienced lawyer, contact us at info@bsb.legal or call us at +97150 8014003.