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How to buy a ready-made business in Dubai, UAE
Starting a business in the United Arab Emirates attracts many foreign entrepreneurs who want to minimise the cost of running it and reduce the tax burden. Instead of starting a new company and organising their business from scratch, some prefer to buy a ready-made business. There are advantages and disadvantages to such a decision, which you should know about in advance. You should realise that a ready-made company is often sold not because it is unprofitable or bankrupt, although this does happen. Therefore, it is important to thoroughly check all aspects of the existing company.
The decision to buy a ready-made company has advantages such as:
There is no need to understand all the intricacies of the United Arab Emirates legislation regarding the opening of a new company by a foreign investor, the nuances of the registration procedure and licensing process, which will help to avoid technical difficulties and delays in registration
Saving time on the search for employees and business partners and on the development of the client base - all this remains from the previous owner
Quick profit thanks to the already established company
Good chances of getting a quick bank loan, provided you buy an offshore or local company with an unblemished reputation and good credit history
To establish a successful business in the United Arab Emirates by purchasing a ready-made, operating company, you need to:
- Check the documentation and financial position of the company to be acquired. It is worth obtaining a bank statement confirming the legal turnover of funds.
- Study the customer and supplier bases to make sure they meet your expectations and requirements.
- Request a business plan from the owners of the organisation and review the development strategy. Make adjustments if necessary.
- Ensure employees are legally employed and review signed employment contracts.
- Familiarise yourself with the terms and conditions of office and business space leases to plan further cooperation or search for a new location.
- Check if the company has any additional financial obligations or debts.
- Officially reincorporate the company with the new founder. Here it is important to make changes to the Memorandum and Articles of Association, as well as change the trade name of the organisation and add activities to the licence.
Openbiz team will help you to start your own business or buy an existing business. Our experts will assess the financial situation of the company, check labour agreements, audit the bank account and prepare all the necessary documents for the re-registration of the company in a short period of time. Sign up for a free consultation and find out how to buy a ready-made business in Dubai.
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