UAE is the one of the emerging markets in Middle East. It is not only an oil rich country but has so much more that will be more than enough to tempt you to start a business in UAE. Although UAE has seven Emirates but Dubai stands out amongst all others. It is one of the hottest shopping and travel destinations in the region. From its rapidly progressing real estate market to hosting Expo 2020, Dubai offers a variety of opportunities to entrepreneurs to spark the temptation to consider their business setup in Dubai. But if you are not familiar with regulations and procedures related to setting up a business in Dubai, so it can prove to be a headache for you. For this reason it is highly recommended for you to consider the following tips before setting up a business in Dubai.
Conduct thorough research on your business plan
For any startup, it is highly recommended to conduct thorough research about your business and its scope in the Dubai market. You are also advised to do SWOT analysis of your business plans keeping Dubai market and its trends in mind. If you are confident about your business idea, don’t waste anytime materializing it.
What ownership type suits best for your business needs?
Next thing that you will have to decide on is to determine that what are the needs of your business? And what type of ownership status suits best for it. In case your business requires to be registered in Dubai mainland, you will have to find a local partner for it. According to UAE law, an expat/foreigner cannot register a business without having a UAE national as 51% partner in the business. If you feel that you can run your business effectively from one of the many Free Zones in Dubai, so you can enjoy 100% ownership of your business without having a local partner involved. If you think you can successfully run it from anywhere in UAE so Fujairah free zone company setup is the best alternative available for you.
What license type fulfills your business requirements?
There are three different types of licenses (trading, commercial and professional license) available for businesses. Choose carefully based on your business nature and requirements.
Take on the services of a business consultancy
Good news is that there are a number of business consultants in Dubai who provide business setup services to keep you away from all the hassle.