Opting for a new business setup in UAE is never easy – whether you’re a local or a foreigner. Considering the wide range of opportunities that the UAE has to offer, many people want to open a company in Dubai. There are two alternative locations for opening a new company in Dubai – mainland and free zones.
Business in the UAE has been booming over the years. You need to identify the right opportunity to bring a difference. Owing to the wide range of opportunities, Dubai has witnessed huge growth in businesses. One can enjoy a wide range of benefits in Dubai.
If you want to Set up a Company in Dubai, you will need to consider many factors.
Things to know before opting to open a company in Dubai
UAE has a wide range of opportunities to offer investors and entrepreneurs. If you are new here, you are likely to benefit from professionals guiding you. Within a very short time, UAE has become one of the commercial hubs across the globe. Many people even consider Dubai to be the 15th largest global commercial center.
If you want to opt to set up a company in Dubai, you need to align your plan and actions. One small mistake can lead to your entire application being canceled. Well, isn’t that a considerable risk for your business?
Here are some of the expected points to remember while you opt to open a company in Dubai:
When you plan to Set Up a Company in Dubai, you need to have realistic goals. It is always a good idea to take a leap of faith. Starting an entrepreneurial journey is never an easy thing to do.
Once you setup your goals, you need to identify your plan and how you want to proceed. You should be familiar with what you’re seeking. It would help if you had proper expectations from your business plan. However, at the same time, you shouldn’t have too many unrealistic expectations because it will hurt in the end.
Once you have your goals ready, you will need to structure the plan accordingly. Having a strategy is extremely careful before you start anything new.
Have a business model
Now that you have your goals ready, what is your business plan? No matter where you’re establishing your business in the world, you can never succeed without a model. When you opt to open a company in Dubai, you will need to develop a strong business plan.
Having a business plan is highly crucial for businesses of all sizes ranging from enterprises to startups. A business plan will help you get an idea about the manpower you will need in your organization.
Before you formulate your business plans, you will need to understand the business plan around the UAE. Furthermore, you also need to identify how you want to approach your plan. While preparing a business model, you will need to plan the foundation, model, and architecture of your business.
Where do you want to open a new company in Dubai?
Once you’re ready to do open a company in Dubai, you need to identify where you plan to establish the business. UAE is divided into parts- free zones and the mainland. Both these areas have specific benefits to serve. Before choosing a location, you need to identify where you want to establish the business.
When you choose the mainland, you will not have any restrictions about the business setup. However, you need to understand the company activity and budget before choosing the location. The free zones are usually located close to ports and airports. Therefore, if you have a trade and export business, it is always advisable to go for free zones.
Understand the UAE market
How would you survive in the UAE market if you don’t even know it? This is one of the most common questions entrepreneurs need to ask before opting for a new company in the UAE. No matter which industry you want to enter in the UAE, you need to have a strong clarity about the market.
When you work out of your comfort zone, you will face many challenges. However, when you understand the UAE market, you will differentiate it from your local market. Depending on the results you achieve, you can conduct the activities thoroughly.
Documentation is highly crucial for a new company set up in UAE. The Department of Economic Development is responsible for providing you with all the necessary documents. To receive the applicable documents from DED, you will need to submit the following documents
- Memorandum of Association
- License Application
- Business License Application
- Copy of your Visa
- Valid business documents.
Have a proper business marketing plan
The customers in Dubai are going to be different from your local market. Therefore, you must analyze their behavior to develop a strong marketing plan. Starting a business in the UAE is about providing the right services to the right customer.
While you understand the UAE market, you should also focus on understanding the customer base of the UAE. You should have a substantial advertising budget and PR strategies to reach the professionals at the right time.
Choose the legal structure of your business
You must define the legal structure of your business in the documents carefully. The legal structure of each business zone around the UAE significantly varies. The legal structure usually depends on the type of business you’re conducting.
Some of the types of commercial companies that you can set up here include:
- General partnership
- Foreign company branch
- Public joint-stock company
- Private shareholding company
- Sole proprietorship
- Limited Liability Company
Apply for a visa and name your company
The laws in UAE are very stringent. Therefore, when you opt for a company set up in UAE, you need to be extra careful with the company’s name. You can never choose a name that is offensive in any manner- be it religiously or against any person. Make sure to read the guidelines thoroughly to name the company.
Once you name the company, you will need to apply for a visa. Depending on the type of company set up in UAE, you will come across different options for visa setup. There is no maximum limit. Nonetheless, depending on the number of visas you apply for, you will need to apply for a larger office space.
Get an office space
Once you receive your business license for conducting business, you will also need to apply for office space. In the Mainland Company Setup, you will come across different options for setting up office space.
Third-party services usually offer office space services. It helps to get you everything you need. Nonetheless, when choosing an office space, you will need to consider different factors and services they provide. Make sure to check if they have any receptionist coverage or offer desk and internet connection.
Hire business consultants
If you are new to business setup in UAE, professional business consultants can be of great help. Working with a business consultant can ease the documentation process and help ensure that you’re making reasonable decisions within the company. They are likely to help you with business strategies and paperwork.
Now that a business consultant is so beneficial, why don’t you start looking for one? Well, look no further because your search ends here with Business Link UAE. With our professional services, we ensure to help businesses overcome almost all the challenges they face while setting up a company in the UAE. Contact us to know more.
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