An expat’s guide for setting up a business in Dubai
The growing economy of Dubai offers many opportunities. After all, the city is one of the Middle East’s most cosmopolitan cities.
Current market developments in Dubai provide lots of good opportunities for foreign investors to take advantage of the city’s rising tourist traffic.
Dubai is also an appropriate base for launching your business and expanding to other countries in the Middle East and North Africa.
You need to get to know the different facts associated with start-ups in Dubai and avoid the most frequently encountered challenges when starting a profitable business in the United Arab Emirates.
If you’re a foreigner interested in investing and planning to start a company in idea, you’ll get a better idea of what to expect by getting familiar with the following:
Secure a business visa in Dubai
Since you’re going to be doing business in Dubai, you’ll have to apply for a multi-entry business visa. The first step in securing a business visa is to check with your country’s local UAE embassy.
There is a multiple entry visa program of 30 days and 90 days where one can enter and leave the UAE for 30-90 days at any time. For business officials, this is the most preferred type of visa. You can pick the category and fill out the form of the visa accordingly. There is no extension available for both types of visas.
Develop A Comprehensive Business Plan
When you have decided to set up a business overseas, expect that it will not be an easy process. In order to start your company, there several of preparations to be made and the first step that you have to do is to think ahead and plan thoroughly.
In your first steps towards starting your company in Dubai, a business plan is the most necessary part. Such plan contains all the details of your business that can answer several questions.
Once you write a business plan, you have to conduct deep research or you can employ the service of a company that executes feasibility analysis to help you analyze business opportunities, the likelihood of success, type of business, and so on.
You can proceed to write a detailed business plan once you have all the details. A business plan usually includes the following:
- Capital Investment amount
- Type of Business
- Potential location of the business
- Expected turnover
- Micro Details related to Investment
- Details of business, etc.
Choose The Most Appropriate Location That Optimizes Practicality And Efficiency
Another important step in planning a Dubai start-up is to decide the business’ most appropriate location. If you’re employees or clients can’t reach you, establishing a profit-based business in the city wouldn’t do you a lot of good despite the growing economy.
Find a work environment that is most beneficial for your business or most convenient for your business. You can select a location in the city based on the type of products or services your company offers.
If you’re planning to work in a Free Zone location, you’ll need to decide based on distance, price, and if it’s ideal for your company, business model, and business needs.
It is necessary to conclude a tenancy contract. If you want to set up a small-scale business then the basic facilities, such as telecommunications, storage, and rooms inside the office or building, are the basic concern that must be addressed as well. Keep in mind that other facilities on commercial property may vary considerably.
If You Want To Own Your Company 100%, Pick A Free Zone
If you don’t have a UAE national acting as your partner, please note that the only way to start a venture in UAE is to place your business in one of the Free Zones. For businesses that need to be in city centers like restaurants and retail stores, this is not suitable.
Free Zones provides three great benefits for start-up companies or businesses: 100% ownership, quick establishment, and duty-free customs boundary.
Registering Your Company In Dubai
To register a business in one of the free zones of Dubai, you must submit a detailed business plan to the authorities of the Dubai government.
The business plan must include the following:
- Overview of the business activity proposed
- Employee size and structure
- Investment amount
- Data concerning suppliers
- What can customers expect
- The rental contract
- A receipt of the deposit of the share capital
Before incorporation, the corporate bank account of a proposed business in Dubai should be opened to deposit the paid-up capital required.
The government will review your application for company registration. You must apply for the requisite licenses and permits after it has been approved by the authorities.
The type of licenses you need will vary depending on the type of business operation you are doing. The company registration is complete after you obtain the licenses needed.
Work With Company Formation Consultants in Dubai
You need experts to help you learn the fundamentals. To get a clearer view of how business works in Dubai, you need a deep insight from a professional and experienced advisor. In such a case, a business consultant or advisor will make things better.
The advisor will also assist you in the incorporation of your company by helping you smoothly navigate the steps needed. When it comes to permitting, insurance, office space, or meeting clients and investors, a company formation consultant in Dubai can offer the support you need.
It could be your best option to hire company formation consultants in Dubai to successfully set up your business in Dubai.
Not only will these experts help you through the setup process, but they will also register the business for you. They can also help you open a corporate bank account, hire an accountant, complete your renewals, and provide you with nominee services.
You can find their experience helpful when dealing with the bureaucracy of local government, Free Zone Authorities, and when organizing and sorting out your start-up costs.
In most scenarios, these companies offer a team of experts to organize the company’s registration from the ground up — this involves the plans you need to pursue and set up your business smoothly, identifying potential expenses, providing licensing and location choices, finding solutions to potential business challenges, and many more.
About The Author
Senat MEA Management Consultancy is a consulting company originating from the traditional trust business.
The team at Senat MEA Management Consultancy, offer a widespread range of corporate services to provide the best we can to our clients. Services include the set-up of companies, relocation of companies, corporate services, setting up bank accounts and immigration support as well as management consulting for professional and individual clients.
For more information, visit our website at http://www.senatmea-management.com