Business startups have always met with lots of encouragement in Dubai. It’s no wonder that Dubai is attracting the eye of business investors from the time it started to show economic stability to the international markets.
The current market trends in Dubai offer many opportunities for foreign investors to tap into imports and export of commodities, as well as taking advantage of the growing tourist traffic of the city for an almost limitless potential clients and customers coming your way.
You need to get acquainted with the various facts related with a business startup in Dubai and evade the problems mostly encountered while launching a profitable enterprise in the UAE.
Here are the 5 things you need to DO in a business startup in Dubai
- DO – Select an Emirati sponsor or a UAE national for local business startup
First of all, get acquainted with all the required facts that are associated with a business startup in Dubai and avoid the problems while launching a profitable business in the UAE.
There are immense business opportunities available in Dubai, as well as in the other Emirates of UAE. In case, if you really want to start a business which allows you to exploit the immense potential of Dubai then you will mostly want to setup an LLC in Dubai.
A UAE national will be taken as a 51% partner; he is also called a local sponsor. A local company gives the freedom to locate the business anywhere in the city. This becomes a boon for a business startup in Dubai since it lends you the best choice of locations that suits your budget.
Also, a sponsor must be paid a yearly fee which can be negotiated between both the parties. Hence it is important to develop a great rapport with your sponsor so that they are always ready to help you in ironing out any issues you may face along the way with authorities.
- DO – Select a Free Zone, If you wish to own your own 100% of business
Bear in mind that the only those company startups in UAE can choose not to have a UAE national acting as your partner is to ensure that your business set is located in one of the Free Zones. This is not realistic for companies that must be in the city markets like restaurants and retail stores.
Also, companies that have a work arrangement with the government will have to be registered with a local sponsor.
Not to mention the fact that the rentals in a FTZ (Free trade zone) district might be high than your budget.
For a small business set-up in Dubai, the Free Zones offer three great advantages
- 100% full ownership
- Speedy startup for the business
- A Duty Free customs boundary
There are more advantages to forming a company in a Dubai Free Zone.
- DO – Select a location that optimizes convenience, suitability and costs
Selection of a location for your business is a very important step towards planning a business startup in Dubai. Even if you are setting up a profit-focused company in the city, it wouldn’t do you greater good despite the growing economy if your customers are unable to reach you.
You will need to set up your company in an area that is most profitable or most convenient to your business. A great location in the perfect city can be selected either for a shop or an office depends on the type of product or service that you are dealing with.
If in case you are planning a Free Zone company, then you must make the selection based on the criterion of distance, costs and if it’s suitable for your product, business model, and the trade requirements.
It is important to conclude a tenancy contract. If you’re planning to start a small-scale business, then basic facilities like space, storage and telecommunication within the organization is the basic concern that must also be taken into consideration. Other services accessible within the commercial property may vary greatly.
- DO – Confirm your Visa eligibility and requirement
For any business startup in the UAE, a visa that permits both the owner and the employees to live in UAE is critical to run the business.
Visas are allowed for almost all the businesses. However, their number varies depending on a variety of criteria such as the nature of business, office size and the category of the employee or of the investor.
If in case your business set up in Dubai happens to be a local company then you will definitely need to work with your sponsor to get your visas, at least for the first time.
Getting a business visa application in Dubai is not as strict as it is made out to be since the system of the government is quite open to foreign investors who are planning to set up their shop in the city — with the motto being “Any business is good business”.
However, you need to ensure that a sponsor applies a visa for you as your investor of your business startup.
Besides your passport and other legal prerequisites, a letter is needed from your sponsor to highlight theirs and your personal information with the reason for the visa application, and the other information before processing them.
Subsequently, if your sponsor allows to give you the authority, then you may be allowed to apply for the visas of your employees.
- DO – Hire a business consultant to take you through the process of business startup
By hiring a business advisory firm for registering your business startup may be one of the best options. These consultants will not just hold your hand right through the entire setup process but they will also actually help you to register the company for you. They will even help you with opening your bank account, arranging an auditor, taking care of your renewals and offer you with the nominee services. You may even find their proficiency in dealing with the local government bureaucracies and with Free Zone Authorities that would be of immense help in planning and itemizing your business set up costs.
In many cases, these firms even offer a team of experts to help you plan out your company registration right from scratch — and this includes the strategies that you need to follow in order to effortlessly set up your business, itemizing the potential costs, offering licensing, location options and coming up with solutions for potential business hurdles and so on.
They will even take care of all the necessary requirements to help you to have your business registered legally with minimal interventions from your end.
For business start ups, financing is usually not available. If you are not in a position to pay for the start-up costs, then perhaps you must wait before taking this step.
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