Here is a complete guide for investors to start a dream business. Dubai has been considered a land of opportunities. This city rose from the sandy shores to towering heights in just a few years.
The city is an integral part of world business. With a focus to play a significant role in the digital future of the world. Therefore, it is not surprising that Dubai is like a magnet attracting investors from all over the world. Benefits range from an excellent infrastructure landscape, supportive investments, and flexible visa options. The tax-free corporate environment provides an incentive for innovative business setup in Dubai; 100% foreign ownership has placed UAE in 16th position in ease of doing business as per World Bank.
Steps for business setup in Dubai
1 Make the right company formation choice
One needs to make a sensible choice from the three types of company formation available in Dubai – Free zone, Mainland and Offshore. Studying the market, one is targeting, the geographical restrictions, and ownership limitations, and deciding the company formation helps. One can choose to hire specialists like Business Link UAE to guide through the procedure and legal requirements.
2 Choose the Right License
There are three types of licenses Industrial, Commercial and Professional licenses in Dubai. Depending on products or services and company objectives, the relevant type of business license is applied. It is an essential step as many rules and regulations vary for each type and may have implications on business operations.
3 Selecting a local sponsor
A crucial step to starting the business is selecting a reliable local sponsor of UAE nationality who could be a shareholder, holding a 51% share in the company, or a Local service Agent in case of Professional companies offer their services for an annual fee. A local sponsor or agent will be responsible for managing the official formalities on behalf of the company and Liaoning with the authorities saving the foreign from unnecessary procedural hassles.
4 Apply for the Right Visa
The most basic requirement for setting up and operating a business in the UAE is to get an investor visa. Apart from this, the Business owner will also require visas for their overseas employees. The number of visas granted by the authorities depends on the size of the office space for the business. Here, the local sponsor can be useful as he can take care of all the complicated visa application processes with the Ministry of labor.
Tie-up with a strategic partner
Though the Dubai market has plenty of potential, sometimes it can be challenging to break through. As a result, to develop a presence in the local market, one will need to collaborate with established players for a beneficial relationship. Business Link UAE, for example, has excellent contact with a variety of industries and in business corridors, and as part of the business set up, services can help tie up.
As a business owner, one must sign up with several government agencies and authorities in Dubai and ensure that the start-up is smooth and stable. All agencies provide the relevant services, and as such, one must be aware of the different kinds of fees required for business operations.
Once the research, planning, and feasibility studies are all completed, the next step is to enter the market with a strategy. There are several market entry strategies that you can opt for depending on the nature of the business. Also, in the age of digital marketing, it is a must to have an online presence, and having a company website would be beneficial.
There are different ways to start:
1 Branch Office or Representative office
Opening a representative or branch office to carry out company activities is a smart way to tap in. It allows one to take care of marketing, advertising, and branding and personalize the services to the local market.
2 Local partners
Another procedure to enter the Dubai market is to use the expertise and knowledge of the local sponsor or partner to take necessary steps that are beneficial to the company. The local UAE National is native to the market and knows it far better than the foreign partner.
3 Local distributors
Local distributors and vendors are significant players in accessing the UAE market. To distribute the business products/services, one can engage them as distributors or retailers.
About Business Link UAE
Business Link UAE is one of the most trusted business consultancies in the UAE since 1999. Business Link UAE provides cost-effective business consultancy services to its clients. Starting from setting up a business to license amendment, business liquidation, and operations.
Write to us firstname.lastname@example.org or call 00971556070118 to book an appointment with our agent for setting up your business in Dubai.