Start Your Business in Dubai
Living the dream of myriad business aspirants, Dubai has carved its own niche in entrepreneurship, leadership, and success. For future entrepreneurs, stuck with the cardinal necessities in setting up a new business in Dubai
Here’s what you need to know while starting your business in Dubai:
- Finding a local sponsor for a localized business startup: Familiarity with a local sponsor is the most significant step to a new business establishment in Dubai. The rules sustain the fact that a UAE national will have a privileged share of 51%. Also, an annual fee must be paid as compensation for solving any legal issues that entail the assistance of the local sponsor.
- Finding a free zone to have a self-owned business: For aspirants desiring a self-owned business without the assistance of a local sponsor, they can have their business ventures with the Free zones. Although not suitable for B2C business models, Free Zones have a series of advantages like having a completely self-owned business, a bare minimum time for office establishment, and Duty-free customs. Simply, what more can an entrepreneur expect?
- Finding a location that fosters relevance in business operations, ease, and cost-effectiveness: An ideal business location must always match the reachability of the customers/ clients. That’s no different for a business set up in Dubai as well. For Free Zone companies, factors like costs, distance, product, business model, and its requirements shall prevail. For SME’s the most rudimentary necessities like storage, technologies, telecommunication must resemble the key accountabilities.
- Validation of Visa for eligibility: Encompassing the most substantial document for business set up in Dubai is a Visa. The accountabilities for the Visa application include the office size, business field, investor information, etc. For a business set up with a local sponsor, the latter shall assist in fulfilling the approval of the credentials. Even without a local sponsor, any other sponsor investing in the business must play a dominant role to fulfill the requirements of this phase. After the approval of the company Visa, the same must be processed for the employees working in the company.
- Getting in touch with a registration-based consulting company to facilitate the process of business startup: Taking the help of a business advisory establishment can be relentlessly helpful to legalize business operations. Be it for opening a bank account, renewals accounting, auditor arrangement, or even for nominee-based services, their adeptness, and connections with the local governments and the Free zones can help efficiently to invest efficiently in a startup. Mostly, these companies have stringent service planning techniques that steadily complete the business approval phases in a faster time coupled with a reasonable cost.
Dubai Land of Opportunities
To what started back in 1833 with merely 800 members of the BaniYas tribe settled in the mouth of a once impoverished Dubai, has today become a land of opportunities for expatriates across the world. Under the guiding light of the former ruler of Dubai, His Highness Sheikh Rashid Bin Saed Al Maktoum, Dubai had seen itself established as the Middle East’s quintessential hub for trading and exports. With the steady growth in private sectors like the Oil Industry, air-lines tourism etc. the world has been a witness to the commendable economic diversification in Dubai with a state-of-the-art infrastructure in education, health care and technologies.
Driven by an impeccable leadership, elite quality infrastructure, friendly environment, zero tax on corporate and personal income and lastly its low import duties, Dubai has had a meteoric rise towards enticing multitudinous foreign investors to its country. Like a dream come true for aspiring entrepreneurs, the land of Gulf remains the unrivaled business destination today!