Planning to Setup Business
Overview:
There are 3 types of companies which you can setup in UAE. They are Mainland, Free Zone and Offshore. There are several differences between a mainland, free zone and offshore companies. The primary contrasts lie in the idea of ownership, degree of liability, contribution of UAE nationals as Part-owners or local service agent and nature of business and monetary advantages that can be reaped.
The various aspects that should be taken into consideration are as follows:
Conduct a Personal Evaluation
Research, research and research….
In all probability you have conceived a business setup thought, so now it’s a great opportunity to offset it with a little reality. You should maintain your business setup thought through an approval procedure before you go any further. In order for an independent venture to be effective, it must take care of an issue, satisfy a need or offer something the market needs.
As you investigate the market, a portion of the inquiries you should answer include:
- What will be the business activity? Is the business activity available for licensing?
- What kind of Product/Services you will be providing?
- Flexibility of doing business in UAE and Internationally?
- Number of visas you will require for your new business?
- Who will be the target audience/customer?
- Different organizations offering comparative items/benefits etc?
Above are the few inquiries, which help about a Investor beginning a business before they can start.
Make a Plan
A good business plan will be great to make your proposed business a reality. The Business plan will be a blueprint for your planning for business setup right from the start, through the establishment and eventually to your business growth. If you are planning to seek monetary help from an outside investor or a bank, then a comprehensive business plan is a must.
Plan Your Finances
Starting a new business requires an initial investment in order to cover the ongoing overhead expenses, employee salaries etc. before you start generating revenue and eventually profit. Start preparing a spreadsheet that estimates costs like business setup cost, permits, Government approvals, legal fees, insurances, visas, marketing / branding, office rent etc. It is essential to anticipate the ongoing expenses to keep your business going till the next annual renewal like electricity, utilities, office supplies, employee salaries etc.
Business Structure
You can choose a business structure as a Sole Proprietor, Partnership Firm, a Limited Liability Company (LLC> or a Branch. The Business Structure you choose impacts many factors like your business name, liability you owe, how you file your taxes etc. Depending on the nature of business, it is advisable to hire a business advisor to ensure that you are choosing the right structure for your business.
Selection and Registration of Business Name
Your business name plays a vital role in all aspects of your business. You also need to take care that the business name you choose is not currently in use or Trademarked. Your business name should reflect the activity of your company. Once you have finalized and registered your business name, you can also register your domain name, Trademark your name, etc.
<Finalize your Business Location
Finalizing office space of business is vital for the operation of your business, be it a shared or private office or a retail location. Some businesses may not need an office to operate per say and UAE licensing has the flexibility to accommodate that as well.
Flyingcolour Business Setup also has availability of Sustainability desk space, shared office and also business centers located in prime locations in Dubai namely Business Bay & Al Barsha
Registration & Licensing Permit
It is advisable to choose and hire a business setup services consultant in order to arrange the documentation related to the registration & licensing procedure for your business. You also need to know that certain business activities have additional External Authority approvals and permit requirements.
For example, restaurant setup have an approval from the Municipality, training centers have approval from Ministry of Education / KHDA, logistics business require permit from Customs Departments, Clinic/Hospital setup require Health Authority Approval etc. to name a few.
Setup an Accounting System
One of the most effective ways to run an efficient business is to have a proper accounting and book-keeping systems in place. Accounting and book-keeping helps you keep a proper inventory for overall expenses, manage your budget, file your VAT returns, Invoicing, etc.
Market Your Business
Once your office and license and permit are in place, you need to start promoting your business and attracting more your clients. You can start this by exploring various marketing ideas like, Social Media Marketing, Relationship building, Content marketing, etc.
Above are few steps which helps you setup a successful business. Following these steps do require dedication and work, but the end result will be worth it.
This blog post written by Ms. Ankita, Business advisor at Flyingcolour business Setup Service, emphasize in providing the best advisory and customer satisfaction to clients. Feel free to call today for a more detail on your queries. Please send inquiry to info[at]flyingcolour[dot]com or call +971 4 4542366
