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Planning on setting up your own business? With an open trade and economy, the UAE offers investors an attractive climate to engage in a lucrative venture.
To begin with, identify your business activity, get a company name approval, and obtain the necessary licences and permits from the concerned authorities. If your business leans on international trading (export and import), keep in mind that the import and export business in Dubai follows stringent government regulations and standards.
Firms involved in such business need to register with the Dubai Customs, which has an online system called Mirsal 2. Therefore, all goods imported to and exported from the emirate must be cleared by Customs, which has a list of prohibited goods.
Dubai Customs has also tied up with Jafza and DP World to come up with the online portal Dubai Trade, which provides businesses a guide on setting up an import and export firm in the emirate.
Among the required documents for exporting/importing items are import/export declaration of goods, commercial sales invoice, packing list, bill of lading, letters of credit, authorisation letters from local and foreign firms, and permits and licences of trade activities.
Exciting as it may be, it will not hurt if you consult a business setup firm or a legal professional to guide you through the process of establishing your business.
• Import and export firms must enlist with Customs
• Investors may access Dubai Trade for setup guide
• They may also hire a legal professional to aid them
Source: Alfred Ocianas, Special to Classifieds
The writer is a freelancer