The Role of International Law Firms in Dubai’s Business Growth

The United Arab Emirates is fast becoming the epicenter of global business, and Dubai is an integral part of this phenomenon. Dubai’s transformation into a global economic hub is directly related to the presence of international law firms that have an experience in corporate and business law. These firms form a strategic partner to businesses helping them thrive in the UAE market, even if the business is unfamiliar with the laws of the United Arab Emirates. 

What role does law firms play in the business world? 

1) Expertise on International and local laws

Dubai is a welcoming market to global entities, evidenced by the large amount of foreign direct investment that the emirate witnesses each year. However, Dubai has strict compliances in place to protect these investments, and promote best practices among businesses. Foreign companies may be unfamiliar with the UAE laws and freezone regulations. International law firms can provide the much-needed support to these foreign entities that are looking to establish a presence in the middle east. 

2)Advice on company structures

Due to the availability of various options when establishing a business in Dubai, a law firm can provide advice on the right option that will be most beneficial to the entity. Dubai offers entities to establish themselves in either the freezone or in the mainland and each option brings its own merits. Additionally, businesses may choose to establish itself as a limited liability company, sole proprietorship etc. 

3)Handling cross border transactions

  Law firms can help you handle complex cross border transactions for your business. This may include mergers and acquisitions, or joint ventures and short term or long term partnerships. International law firms in particular, possess the network and capabilities to manage due diligence, valuations and negotiations that are required to carry out these types of transactions. 

4)Advising and handling regulatory and compliance requirements

Compliance laws help protect the public interest and safety, ensure fair competition, and safeguard the rights of individuals and stakeholders involved in a corporate establishment. However, as different jurisdictions have different compliance laws, businesses may struggle to navigate through these requirements. A law firm can help businesses handle these compliance requirements. 

The UAE government has also issued strict laws against money laundering and terrorism profiteering in adherence to international standards. International firms ensure that their clients are aware of these regulations and are in strict compliance of the same. 

Conclusion

International law firms lend strength to Dubai’s long success as a global business environment. They help in safeguarding foreign investments, lending credibility to the Dubai dream, and enabling effective financial and corporate structuring.