Dubai, the crown jewel of the UAE, is fast becoming the much sought-after place to set up a new business in the Middle East. Dubai offers a flexible business environment, has as a liberal government and it fosters a culture of friendly competitiveness and coexistence. The process of business setup in Dubai has been simplified a lot and it has to do with its government’s effort to reduce its reliance on Oil.
However, it is not just the big brands rather it is the astounding growth of small businesses that have played a pivotal role in its massive economic success story.
However, running a profitable, productive and successful small business is easier said than done. One need to acquire different strategic skills and one should take into account these following points before setting up a business in Dubai –
Get to Know Your Business
The success of a small business organization depends on its idea, execution, a greater understanding of the local region and thorough analysis and research of the potential competitors in the market. However, you also need to figure out the USP of your organization. You must inform and educate your target audience about the uniqueness of your product or service.
Basic research starts with spending money on advertising hoarding and banners. You can also feature your product on social media platforms like Google, Facebook, Twitter etc to catch the attention of the people and to get their feed backs on the same.
Get a Local Partner
Starting a good business requires local partners and they can either be individuals or companies. They hold the majority of stake in the company and are not required to provide any financial contribution to the company. It is important for the company to set its goals and objectives and the partners can thus be compensated.
The Ministry of Commerce requires proof of investment once the company is registered. You need to manage your financial resources through a bank or other monetary means if you are a new entrant. The business can be taken to the next level once your idea starts getting a positive response from the targeted audience and once the financial viability of your venture is established. Business organizations in Dubai and UAE are established under its seven categories by UAE Commercial Companies Law and Federal Law.
Limited Liability Company is certainly one of the most popular forms of company structures among budding entrepreneurs as it offers extreme flexibility. You can form a company with just two people on board and the liability will be limited to your share investment in the company. There is also a minimum amount that you need to have for a LLC company formation in Dubai.
Professional firms require the limited number of staff to set it up and the government provides free zones and the companies can operate within it with the help of the distributor.
In case, you are finding it hard to deal with the complex task of setting up a small business in Dubai, you need to hire our business setup consultant Dubai.