Challenges Faced By New Entrepreneurs In Dubai

Issues Faced By New Business Owners In Dubai

Due to its diverse business opportunities, the UAE is well known for its strategic location. In addition, new entrepreneurs choose to operate businesses in the booming entrepreneurial landscape. They get easy access to legal frameworks with government support, which provides a favourable tax system that aligns with the business entrepreneurs' needs. All these advantages make Dubai an enticing location for business ventures. However, while many benefits provide the opportunity to set up a business in Dubai, these opportunities also present challenges that can be tackled only through professional business consulting firms. This blog intends to provide solutions to some common challenges new entrepreneurs face in Dubai.    

Let's explore some common challenges before starting a new business

1. Operating the legal procedure

Since business in Dubai is booming, it also presents diverse fields to do business in. It varies in the legal framework, including free zones, professional licenses, regulations, and business structure. Therefore, before setting up a business in Dubai, you must comprehend the legal challenges. For this, you may consult a professional business consulting firm. 

2. Choosing the right location for business 

When it comes to company formation in Dubai, many new businesses struggle with questions such as where they should operate their business and what the strategic location is for doing business. Thus, selecting the right location is of utmost priority for the business’s success. 

3. License and permit 

Obtaining a legitimate license and permit for the company's formation in Dubai is a constant struggle with longstanding legal procedures, which can probably delay the plans for setting up a business within a stipulated time. Therefore, you can completely skip this process by outsourcing this task to the best business consulting firm. Also, this will give you the chance to solemnly focus on your business objectives and success. 

4. Bank account setup

The authenticity of your business hinges on setting up the right corporate bank account, which determines whether your business is genuine. However, new businesses do not go along with the intricate process of all the paperwork, and they end up getting help from fraudulent mediators. Therefore, you can overcome these challenges again by using the services of a business consulting firm.  

5. Taxation process

To navigate the market easily, it is a must for every new business to fully comprehend the tax procedure. To abide by all the rules, new entrepreneurs must have in-depth knowledge and understanding of the UAE tax regulations. 

6. Visa and employment process

The visa process and hiring new employees require proper time and management work. Therefore, every new business must try to glean all the relevant information regarding labor law and visa requirements. 

7. Market research and process of business development

Making your business recognized in the market and doing all the essential processes alone is a tiresome process. Moreover, doing market research and understanding the consumer diaspora is quite challenging for every new business. This can hinder the process of developing an efficient business strategy. Thus, for a complete evaluation of the competition and to make a strategy that aligns with your business objectives, you must prefer the services of a business consulting firm. 

8. Cultural differences

Merely setting up a business is not sufficient for a new business entrepreneur because getting along with the business activities requires a proper understanding of cultural differences and Arabic customs. Therefore, to form a strong business relationship, you must deeply understand the local culture, cultural norms, and business etiquette.     

How can Flyingcolour Business Setup help you? 

Business setup in Dubai is a complex process that involves planning, a legal framework, and deep knowledge of the local market. Flyingcolour, as a leading business consulting firm, provides great market research and cultural knowledge. So to make your business journey smoother with fewer challenges and more success opportunities, trust Flyingcolour as your supportive companion. We are committed to assisting in the company formation in Dubai.  To learn more about how to overcome the challenges faced by new business owners, book a free consultation with one of the Flyingcolour team advisors. Please note that this article was published on  18/04/2024 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.