The United Arab Emirates in a span of 40 Years has transformed itself into one of the world’s leading business hub. UAE has chosen to be an open economy not only to do business but also share ideas, inspirations and experiences. The country has grown as a global hub for financial services, logistics, hospitality and trade and is also steadily growing in various other sectors with Dubai being it’s crown Emirate.
To start or expand your business in Dubai there are certain steps you need to follow in order to achieve success. Some of them are analyzing the competition, understanding the risks and rewards, staying focused, keeping detailed records, providing great service and many more. Similarly there are certain mistakes which commonly happen to those who are starting newly here and one needs to avoid it!
Below are few mistakes to avoid before starting business in Dubai:
- First and foremost you should always make sure that you have enough capital to incorporate your business
Make sure you have access to capital. Not having enough funds could affect your business badly in the initial phase.
- Not Hiring a Consultant
Hiring a business consultant, especially with great local experience in the market is always a wise choice. The wrong choice of jurisdiction to do the business can affect your enterprise in the long run. This could be avoided if a right business setup consultant in Dubai is appointed.The license registration process may seem to be easy but once when you start the process on your own, it can take away your lot of time & energy, and in some cases, even money.
A right business setup consultant can save a lot of your time and effort and therefore hiring one is highly recommended.
- Not planning for future is a mistake that has to be avoided at any cost
Establishing a company based just on current needs and requirements could eventually result in the downfall of the company in near time. Unnecessary costs are incurred due to poor future planning. Always create a blueprint of business plan before moving ahead with all executions. Save all the time and money by keep this point in mind.
- Not Understanding the Laws and Regulation of the Country
This is a factor that could tremendously hurt the operations and existence of your business. Like all other countries, the United Arab Emirates (UAE) regularly updates the rules and regulations and to avoid fines it is wise to keep yourself updated. It is very important to also abide by them.
- Lack of trust among partners or other personnel in the company may affect the smooth functioning of business
Many business operations are done on the basis of trust and personal relationship between individuals. These relationships sometimes fail to anticipate the possibility of a misunderstanding or disagreement in the future. In order to avoid any sort of dispute it is always wise to keep the agreements in written form. Contract is always useful as this gives a conformation to the agreements and there isn’t any confusion in the future.
The above mentioned are few advises on avoiding mistakes to keep in mind while setting up a business in Dubai, UAE.
If you have any query related to starting a business in Dubai or anywhere across in the UAE then feel free to call us at +971 4 4542366 today for a quality consultation or please send inquiry to info[at]flyingcolour[dot]com. Flyingcolour Business Setup, VAT and Accounting Services is serving UAE from last 15 years and has put smile on 10,000+ ambitious entrepreneurs.