Establishing a business is anything
but cakewalk and more so for an entrepreneur. After you are done with the
process of choosing a structure for your business and company incorporation, you must not sit idle if you have big dreams
for your company. There are a lot of things that you need to do before you
finally kick-start your business.
So what are the things that you
need to do if you have recently incorporated your own company? Here is a to-do
list that you need to check off!
1.
Getting a
Tax Registration Number
Be it a corporation or an LLC or a
sole proprietorship – every business entity needs its Tax RegistrationNumber or
the TRN to operate in Dubai and other parts of the Emirates. It is through this
unique number that the UAE government tracks your business's activities. So
right after forming an LLC, this should be your priority. But why is this
number so significant? Without the number, you won’t be able to file your
business’s tax returns.
2.
Obtain business
licenses
After company incorporation of your business, you must apply for the
necessary licenses that you would require in the course of running your
business. You also need to keep track of all the offices that you need to visit
to apply for the permits.
3.
Meet with
a tax advisor
Before you start operations of your
business, I would suggest that you get an appointment with a tax advisor to
gain a better understanding of all the taxes that you need to file. An advisor
would also be able to help you choose the correct tax and VAT schemes.
4.
Open a
business bank account
Once the formalities for company
formation are duly done, you need to get your documents to open a bank account
for your business. As this can be a complicated process, you can hire an agent
who offers business setup services.
The agent can do the needful and open an account which you can use solely for
the financial transactions of your company.
5.
Protect
your name with a trademark
Before company incorporation, you have given a name to your company,
right? So your next step after formation should be to get your company name
trademarked so that no one can infringe on it and use the name elsewhere.
With the above simple steps, you
will be able to keep your business legally protected for years to come so that
you can proceed with your business without any hindrances. Just tick off
these five tasks, and your company will achieve the height it deserves.
