7 Things to Know before Setting up Business in Dubai UAE
Now when we talk about areas of investment, the first investment is for securing the license which is required to do business in any jurisdiction. So here is the point where you can save a lot of investment by choosing right corporate structure needed in start and should contain flexibility for expanding business in future. By choosing right structure, saved investment can be utilized for marketing and branding strategies which are breathing tools for every business.
While choosing wrong type of license will increase cost because you might need to restructure or do a business with limited tools and limited market so choosing right type of jurisdictions is very important.
Below mentioned are the most important questions one should have clear answers before engaging into licensing / investment in order to choose right corporate structure/jurisdiction in order to do savings and playing smart.
- Target Audience/Target Market.
- Office Space requirement.
- Number of Employees required.
- Marketing Strategy.
- What are the milestones to identify, before expansion?
- How much financial savings you needed to diversify your investment into revenue making
- What kind of ammunition/Tools is required to fight with competition in market
Answers of above mentioned questions will let you understand your requirement that how much investment is needed and what kind of company you can incorporate to start the business with 3 basic kinds of corporate structures which are possible in UAE.
E.g. After research you realized that you need to have a company in the Mainland, Free Zone or Offshore Jurisdiction and then there are various Government Authorities such as Economic Department, Municipality, Ministry of Social Affairs, Civil Defense, KHDA, DHA, MOFA and many other departments in UAE with different fee for their approvals and different rules and regulations. Your first investment towards your business registration with a very basic license can be from AED 15,000 and go up to millions depending upon your activity and type of business you are entering into. It is advisable if you are planning to become an entrepreneur, better hire a professional business consultant / advisor to do your licensing / business registration. Hiring a business advisory to register your business startup Dubai may be an optional road for you to take; however, as a foreign investor you are strongly advised to engage the services of local business set up advisories like us. These consultants not only hold your hand right through the setting up process but also actually does the company set up for you.
This article is written by Mr. Mohib ur Rehman (Head – Sales Division) and continuation of last article named as “HOW TO START BUSINESS IN COMPETITIVE MARKET”
