How to Start a Franchise Business in UAE
Start a Franchise Business in UAE
The franchise business UAE has been a famous choice for starting or running a business for many years. Most global brands, like Starbucks or McDonald’s, have used the franchise model in an effort to establish their presence throughout the world.
The United Arab Emirates has turned into a global business destination in order to establish commercial ventures in the UAE. Franchises of all shapes and sizes are already active in the heart of the UAE called Dubai, which allows their owners to increase profits and return on investment. Due to this fact, there are numerous people in this country who are desperate to start their best and Cheapest franchise in UAE.
If you are among those person who want to begin a franchise in the United Arab Emirates, then you must invest some time in this article. In this article, we will provide you with the steps to set up a franchise in the UAE and additionally explore the benefits that you can obtain with opening a franchise in the United Arab Emirates.
Advantages of establishing a franchise in UAE
You can get uncountable benefits with the help of starting a franchise in the United Arab Emirates. Here are the top benefits that you can get from starting the Best franchise in UAE:
- Thriving economy: The United Arab Emirates has a powerful economy because of its rich natural resources, like natural gas and petroleum, that they export to other countries. In addition, the UAE has a very high per-capita GDP and most significant average salaries.
- Business-friendly environment: The UAE provides entrepreneurs with a favourable environment for businesses with minimum bureaucracy and taxation that makes it attractive for business owners throughout the world.
- Ready to target market: The UAE is urban primarily because 80 per cent of the population lives in the cities. Dubai, Sharjah Al Ain, Abu Dhabi, and Ajman are the most populated cities in the United Arab Emirates.
Setting up a franchise business UAE could be a very remunerative decision because it will boost your market exposure to around 2.9 million people. Once you open your Franchise in the United Arab Emirates, you are required to adopt a good marketing strategy in an effort to take advantage of such a larger audience.
How do you set up a franchise business in UAE?
Opening a Franchise for commercial ventures in the UAE is not an easy task because it requires numerous steps. It is additionally crucial to understand each step in order to avoid any chances of mistakes. Here is the list of steps that you should follow in order to open a franchise business in the United Arab Emirates:
1. Research and Due Diligence
Conducting profound research is the first step that you are required to follow in order to start the Cheapest franchise in UAE because the franchise market of this country is as diversified as it is massive. While researching, you are required to look at the most profitable market and select the one that suits to your knowledge and expertise,
After finding the relevant industry, you have to select a brand in which you believe. After that, due diligence will be conducted, including seeking reviews and testimonials from franchisees. In addition to that, you are required to ask for a franchise disclosure document from the potential franchise.
2. Business Planning
After researching, you will have to create a detailed business plan because it is crucial in an effort to purchase or launch a franchise. The summary of the company’s operations, competitive analysis, target market, and core competencies are some elements that you should include in your business plan.
Apart from the business plan, you should additionally have a marketing, financing plan, and any possible option for funding. You ought to be aware of every risk included with your business and have a plan in an effort to manage it to preserve your investment.
3. Licensing and Registration
After creating a business plan, you have to dive into the license and registration process. In order to do so, you should determine whether you want to operate your business in the mainland or free zone. After that, you should apply for the appropriate trade and business licenses on the basis of your chosen location. However, you should gather documents, like passport copies, photographs, and more, in order to get these licenses.
4. Visa Application
In order to work in the UAE, you will need a visa. Flying Colour can help you to get this visa. As a business license holder, you are additionally able to sponsor other visas. The maximum number of visas depends on the scale of the company, your personal income for your dependent, and the type of configuration you selected.
5. Franchise Agreement
After getting the visa, you should sign a comprehensive franchise agreement with the franchisor. The agreement should cover cost, quality control, liability, profit sharing, and other elements. It would be best to involve a lawyer in order to draft the agreement.
6. Business Bank Account
In order to conduct your franchise business in UAE, you additionally need to open a corporate bank account in any bank in the UAE. Before choosing a financial institute, you should familiarize yourself with numerous financial institutes available in the United Arab Emirates. This is going to provide you with the ability to select the appropriate bank for your business.
The banking sector in the United Arab Emirates is popular and offers some of the most expertly tailored corporate banking services in the entire globe. These banks also maintain a high standard of confidentiality and honesty.
7. Launch and Operation
After completing all legalities in place, you are required to set up your franchise or commercial ventures in the UAE and begin the operation of your franchise business. However, it is very crucial in order to comply with the terms outlined in the agreement of the franchise.
How does Flying Colour help you?
Flying Colour comes with the ability to make your journey of setting up your franchise in the UAE more straightforward. We can provide you with valuable suggestions that can help you to set up your franchise in this country.
To learn more about How to Start a Franchise Business in UAE, book a free consultation with one of Flyingcolour team advisors, simply call +971 50 5585305 or send WhatsApp messages to +971 4 4542366. you can also drop an email to info (at) flyingcolour (dot) com.
*Please note that this article was published on 15/01/2024 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.
