Last updated on May 16, 2022
Open your own business can be a delightful time in your life. Because, every one in this world want to be their own boss. And every one wants to do freely what he wants; and as well as want to achieve what he can without any hurdle. So for starting your own business you need to select a best place; where you can run your business freely; as well as without any hurdle. Dubai is a city of trading and known globally for trading as well as finance. So before you start the process of business setup Dubai; you need to spend some time as well as money; to find out what are involve in a business setup Dubai.
Be the boss of your own is your dream; but to turn your dream in to a real business require a lot of time to think; as well as to plan in a right direction. Because run a small business is not just about work for your own. It involve your investment. You need to think like a boss as well as act like a boss; work like a labor; as well as plan like a planner. And to achieve all these thing you need a lot of skill; That is administration skills; industry knowledge, technical skills, finance and also a long term idea to grow.
Type of Business Setup Dubai
As you already plan to be the boss of your own; and are going for business setup Dubai. So it is time to tell you about the main type of business setup in Dubai. There are three core options. That is, business setup in Dubai mainland; off shore business setup and business setup Dubai free zone. If we select one of these options for any of our client; we have to consider the following facts.
Business setup in Dubai Mainland
This type of a business is register with DED. At this time let me tell you that business setup in Dubai mainland is a tax free; as well as allow full authority to run your business in your own stile. As per UAE rule business setup Dubai require a local sponsor or local services agent. Local sponsor will hold a shore of 51%; and the remaining 49% will be divide among the expats partner. The number of partner will be from 2 to 50. This type of a business will allow you to bid for govt projects; as well as you can trade in a local market.
Free zone business setup Dubai
Business setup Dubai free zone is another best option for starting business; because in free zone an expats partner are allow to hold 100% of share. The most important thing about free trade zone is that; sponsor is not requiring in free trade zone. The only limitation of free zone is that it can not trade in UAE directly; that is outside of that free zone. Free trade zone business is not allows bidding in any gov’t project. This type of a business is best for those who is in services; as well as who want to trade internationally.
The third option of business setup Dubai is off shore one; it is a business which is run outside of the residence jurisdiction. It is normally use for international trading.
business setup in Dubai
Now it is time to say something about the basic of business setup in Dubai. In this part we will focus on that whether you truly understand; that what are involve in the process of business setup in Dubai; and also we will focus that whether you are ready for self employment. So start asking yourself these important as well as complex questions:
- What do I need to know before jumping to start a business?
- What kind of business should I start?
- Do I know the whole process of business setup in Dubai?
- What kind of expertise do I need to start a business?
- Do I Know my business structure and type?
- What are my list of goals and objectives?
- How do I select a business name?
- What is my expected income which my business will generate?
- What are the merit as well as demerit of starting my own business?
- Do I have a written Business plan?
If your answer to all these questions is yes; then you are ready to go. If you have any doubt on any of these questions; then still you do not need to worry. Because we will help you in the whole process.
DBC will guide you to select best modal suitable to your business. We know what activity is allow in which zone. DBC will analyze your business requirement and will build a business structure for you. We can guide you to select your business operational area (Free trade zone or Main land).
what we offer for business setup in UAE
- DBC can offer solution on legal issue; that is, advise on a legalizing business setup in uae.
- We make the corporate documents such as MOA; Articles of Association, partnership agreement, share holder agreement; agency agreement as well as other legal documents.
- We can assist you in business setup in uae; that is to launch a branch of your foreign as well as a local company; representative office as well as subsidiaries.
- If you require a local sponsor; then we can help you in finding a trust worthy Local sponsor. That is with a good reputation for your business setup in uae.
- We advise on very cost effective and modified business model; that is to meet the basic requirement of our client.
What skills do I need to set up a business
Bigger is not always better; Dubai is small state of emirates but know as state of business or business hub. Setup business in Dubai can be a challenging task; and require a lot of skills as well as knowledge of the market and competitors; rules as well as regulations of the country. Business setup in Dubai demands a range of skills including:
- A management skills
- Sales as well as promotion skills
- A strong market analyzing skills
- Risk management Skills
- Industrial expertise
- Technical knowledge of business
- Finance skills.
Looking to all the above skill it look like a very risky task; to set up a company by your own. But our team of dubai business setup have all the above mention skills; and expertise to advise our client on a best suitable structure to their business. Business setup consultants in dubai will not only minimize your risk of incorporation; but also save your time.
Important Facts You Must Know
First of all in the first place; Dubai business setup is very profitable as well as rewarding. It is also a good venture mainly if you are a foreign investor. Being an expat you would need a local partner. That is for business setup in Dubai; if you are looking to setup your business in main land market. In this venture you are allow to take only 49% of share. And your Local partner will hold 51% of shares in the business. So you need to see all option before taking one.
And last thing which I want to say is that there is no room for weaker player; to survive in Dubai. And play in a competitive market. So before you start, you must guarantee that you play by the rules; or else you will lose your money. But if you play with a rule; you have a chance to make good returns from business setup in Dubai. You just need to follow the right channel; in other word we can say that you need to be in the right path. Here are some important steps you need to keep in mind for Dubai business setup.
Write Your Business Plan
First thing which you need to focus is a business plan. We can define business plan as the guide line for your business life cycle. But the question is that why we need a business plan. The answer is simple and clear; that is investing in a foreign country is a risky task; so you would need a proper plan to start and run your business. As a matter of fact, your business plan will not just serve the purpose of providing guide line for you. But also it is the part of your business setup. You also need to submit your business plan to the regional governing body. That is for approval before you can get a business license to operate.
Conduct Your Feasibility Studies
This is also a main thing to focus on. It is not the part of the set up process. But equally important as other thing. Because business in Dubai is open to people from all over the world. Which make Dubai a competitive zone? So, it is an important step for you to conduct your own feasibility studies; you must have a good knowledge of the market; if you aim for high profits. Just ensure that you conduct your market survey; and as well as you know the key point of your business. And you also have study your competitors and design strategies to lunch your business; that is in a competitive market that will help you to survive as an investor in Dubai.
Find a local Sponsor
Local sponsor is a main thing to focus on while going for Local business setup in dubai. You need to find a loyal local sponsor or partner. As a foreigner investor you must be careful to select a local partner. UAE law allow local partner to hold 51% of the share. But you do not need to worry about the local sponsor; because we also provide a local sponsor. But if you are going with your own sponsor then be careful. You need to inspect various local partners before making your choice. The rule of thumb for selecting local; is to go through business setup consultants as they have very loyal local sponsor.
Free trade zone
Free trade zone is also a key fact in business setup in Dubai. There are several free trade zones in Dubai; which encourage foreign investors to start business in Dubai. Dubai free trade zone offer a lot of benefit to expat to start business. Free trade zone are free from import as well as export duties; also free from all kind of taxes. Also there is no restriction on the transfer of capital in free trade zone. And the most important thing about free trade zone is that; in free trade zone foreign investor are allow to have 100% ownership; and there is no need of local sponsor.
Raise the Required Startup Capital
Dubai DED remove the paid up capital. But it is still exist in free trade zone of dubai for business setup in Dubai. You will require to show the authority of the region that you have the amount in your account. The amount ranges between $10,000 and $50,000 and this is subject the review by the different fee zones in Dubai.
Register Your Business
You are likely to have fulfill certain requirements. That is before going to the ministry of commerce in Dubai; or to any free zone authority to register your business. If you are not clear about what to do. You can consult business consultants in Dubai. Who are specialize in helping foreign investors to register their business in Dubai.
Promote Your Business
If you are able to start business setup in Dubai successfully. Then you would have to promote your business through all the accessible platforms. For example if you open a hotel business in Dubai. Then you should take benefit of tourist magazines, local newspaper; and as well as relevant online medium to advertise your hotel.
Business setup in Dubai would be one of the best achievements you may have achieve, if you follow these tips. Be sure to stay present by always exploring ways to boost your business and business skills for the better.