Starting a New 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 one needs to know:
1. 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 the privileged share of 51%. Also, an annual fee must be paid as a compensation for solving any legal issues that entails the assistance of the local sponsor.
2. Finding a free zone to have a self-owned business: For aspirants desiring a self-owned business without an assistance of a local sponsor, 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 a entrepreneur expect!
3. 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, tele-communication must resemble the key accountabilities.
4. Validation of Visa for eligibility: Encompassing the most substantial document for business set up in Dubai is a Visa. The accountabilities for 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 on 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.
5. Getting in touch with a registration based consulting company to facilitate the process of business startup: Taking help of a business advisory establishment can be relentlessly helpful to legalize the 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 completes the business approval phases in faster time coupled with a reasonable cost.
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 establish as Middle East’s quintessential hub for trading and exports. With the steady growth in private sectors like the Oil Industry, air-lines and 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!
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Setting up a business in the UAE can be an overwhelming experience for the uninitiated but we can make this job truly easy for you. Talk to our expert consultants for free & decide the best course of action for yourself, today.