Tips for Setting up a Business in the UAE

Dubai is one of the most favorable business hubs around the globe. In a recent survey, Dubai has the representation of more than 50% of well renowned international companies. It included a total of 101 international companies. The survey was carried out to know how many international companies are operating its business from Dubai, Bangkok, and Moscow. Because of its favorable business conditions, it ranked first among the two. Below is an easy step by step guide for starting a business setup in Dubai

Plan Your Business

The first step is to plan the nature of your business. A detailed planning is required, For instance, what kind of products or services you are offering? How much investment you want to make? What strategies will you adopt to compete for or in the market? Below are few other important factors to be considered.

• Number of employees
  
• Office space required
  
• analyzing the success factors
  
• knowing the market
  
• Devising Marketing strategy
  

Selecting the license type

This is a very important step. You need to choose between three types of licenses to operate from Dubai. The license will be issued according to the nature of your business activity. Three categories include, commercial license, industrial license and professional license. For opening a local company, you need a local sponsor who will own 51% of your company. You can own 100% of the business in Dubai by registering in one of the Free Zones.

Find the right sponsor

You need a sponsor for registering a local company in Dubai. There are three types of sponsors available to choose from. The first type includes people, who will just sign the documents so that you could proceed the registration yourself. The second type includes government functionaries, who are capable to provide help when you are stuck but they charge a high fee. The third type of sponsors includes well - established brand names. Their fee is higher. You can take advantage of their brand name.

Hiring a professional business consultant

Do you know there are more than 2,000 activity licenses with more than 28 business jurisdictions to choose from? Few business zones don’t offer certain business activities. Do you know the right type of license and location for your business? To make the right choice, it is recommended to seek professional help. There are several experienced business consultants in Dubai that can help you through the process. This is a quick way to register your company and start the operations.

Every entrepreneur would love to make it a fine start and ensure that he/she get hands on success during each and every move that has been intended or taken by him/her. In complex markets like UAE, such tasks may get into complicated zone even before one realizes the situation.

Introduction:

Going for a new venture in one of the world’s most promising markets like UAE is always an exciting experience. The chic and elite nature associated with markets here plays a key role in deriving the attention of entrepreneurs from all over the globe.

Dubai is the present and possibly future as well, for the businesses. It has made a huge impact and image all around the world in the last couple of decades. Previously it was a barren desert land, but now it has become a well-established territory where hundreds of businesses are functioning right now. No one would have thought it to become as important business sector, as it is right now.

Dubai has evolved comparatively from an unknown position to a multicultural region at a remarkable speed around Gulf. The city is situated in the heart of a fast developing metropolitan. Such an extraordinary growth and noticeable position is helpful for the productivity of both existing and new business entities.

In most cases when an entrepreneur is about to setup a new venture there are many highly critical tasks that are overlooked by them deliberately with a thought that they will be dealt with at some later point in time.

This is where things go totally in the opposite directions, especially when one has opted to launch the new venture in highly promising yet very complex and fast pace markets of UAE. Things changes here in minutes, a business doing good may be not even present in the market in the next few minutes if its management has failed to comply with what was expected from them.

A business plan is the first thing to start a business setup. Whether you are going to establish a small, medium-sized or a big enterprise, the business plan holds the key importance in getting things started. If you have got a sound and effective plan, then you are going to flourish certainly.

Modern trends for business in developed countries like UAE opt for smarter and authentic shortcuts. There is nothing cheeky about it, the idea is to save time and focus on the growth factor. This enables entrepreneurs to define and follow paths that can help them in taking over the leader from their competitors.

Transforming into a business centre at UAE is an impressive activity even more than its current architecture. The government as well has been appeared to be a key supporter of technology environment of the country. That’s why they are administering friendly policies and affordable business taxation for everyone.

Dubai Chamber of Commerce has issued a report that all of the existing entrepreneurs have launched around 16,198 businesses in 2014. While a recent survey on business setup in UAE  is showing 18-20% increase in businesses in the past few years.

Based on all those available opportunities discussed above, this is the favourable time for foreigners to locate there with a business idea. However, Here we have a few points worth consideration for foreign investors as well. They are: