Dubai is a highly preferred place where you can start your own business. Both business opportunities and facilities make it an ideal place to open a business. A lot of investors want to start a business here. But what are the things to keep in mind before setting up a business in Dubai, in this blog we mentioned those important aspects. The amazing fact behind this process is that avoids the need to pay any personal and corporate taxes.
Dubai provides businesses a large growth trajectory because of its unique policies of liberalization. Dubai is a diversified market which is located in the prosperous regions of the world. It has an open market trading environment with no hidden trade barriers, controls, and quotas.
Why Set Up a Business in Dubai
During the last 3 decades, Dubai has grown at great speed and shifted from an oil-exporting economy to an innovation-led business economy. Dubai has become the first choice of all business owners and overseas investors. There are multiple reasons for this choice.
Primarily, Dubai allures overseas investment due to its strategic location and business-friendly government policies. These are the two biggest driving forces behind business owners wanting to set up their business in Dubai. Furthermore, an open economy and sector-oriented free zones compel entrepreneurs to invest their fortune and set up a company in Dubai.
If you are planning to start a business in Dubai, you should know these important things as they will influence your decision.
1. Plan of Idea
Every great idea begins with a plan and a willingness to bite the bullet and take risks. Although, giving up on the stagnant life and embarking on a journey of struggle is not for the faint-hearted. For this, you need to understand what may be in store for you. What exactly you are looking for, what are your expectations about your business idea. Before starting anything, draw up a strategy about the planning and development you want to drive in your company.
2. Business Framework, Model, Architecture
Dubai harbors a lot of businesses and startups in various industries. This can make you think that every business idea can work smoothly, but it usually needs a lot of work in the background. This background work understands the business atmosphere as you go about your enterprise. It involves charting the business model, structure, and architecture.
3. Ensure Your Business Marketing Plan Includes Your Customer Base
Business Set up in Dubai is not enough. To make sure that it goes a long way, you require to access the right customers and audience for your service or product. It demands a precise business marketing plan that involves the customer base. It means you must have all your research on the customer base you are targeting before setting up a company in Dubai. This would need you to cover your advertising budget, PR planning, and other marketing activities through the right channels.
4. Location Best Suited to Your Business
Based on the business type you require to select a business location for your business setup in Dubai. If you are making a plan to enter the local market, you will need a mainland business. If you are looking for business outside the UAE, then the free zone is more suitable.
5. Choose Sponsorship
Finding a UAE citizen as a sponsor, you can trust and depend on can be an excruciating task. But one thing to consider is whether every business will need a sponsor. Based on the type of your business, it depends on whether you will need sponsorship. A local sponsor is mandatory for mainland business setup. But with free zones, this is not necessary.
6. The Naming of Your Company and Paperwork
The next step is naming your company. Naming the company comes with some guidelines as well. Some of these involve that your company name should not involve the name of God. It shouldn’t offend any religious or social sentiments; it should not start with global, international, or Middle East, in other guidelines. Naming the company and getting it recognized with the appropriate documentation is the next step. However, this is not a very hectic task, all documentation has been completed in the right order to make sure that it is accomplished without any trouble.
7. Finding an Office Space
You would come to many websites providing office spaces for business setup in Dubai. Although with the increasing number of businesses in Dubai, finding the ideal workspace cannot be easy, you need to remember various factors like connectivity to the ports, demography, customer access, reach to skilled labor, and so on. The availability of office spaces is a concern and a business setup company in Dubai provides complete packages to help you to establish a business in Dubai and doing all of these tedious tasks for you.