10 Things You Should Know about Starting a Business in Dubai
When it comes to business you need to make sure that you have the right location. Dubai has gradually managed to free its economy and provide more option to the services industry and companies rather than being dependent on oil industry. Today, Dubai is attracting not only real estate owners, but business owners from around the world to have their corporate branches in Dubai that allows them to handle their business in the Middle East efficiently. However, starting a business in Dubai is by no means an easy task and there are certain things that you need to keep in mind before you start your business in Dubai.
1. Selecting the Right Location
The most important thing that you have to keep in mind is the location of your business in Dubai. When you are setting up profit-based enterprise in Dubai you need to ensure that you have an office close to your customers and clients that can help you reach them easily and similarly also allow your customers reach your office whenever they want. You can research and find out about the best locations that you can find for your business in Dubai.
2. Get Your Business Visas
It is very important that you have the right business visa that allows you to handle and start your business in Dubai. Hence, you will have to make sure that all your visa related papers are completed that can allow you to start your business smoothly without any interruptions.
3. Find a Right Business Consultant
If you are new to Dubai you will need a business consultant that can guide you in the right direction whenever you are lost. Hiring a business advisory firm can offer you better support while registering your business startup in Dubai.
4. Register Your Business Legally
Whether you are taking help of business consultant or not, you have to ensure that you register your business startup in a legal way to avoid unnecessary penalties and legal issues later on. You have to be clear about documentation that is required and speak to government authorities if you have cleared all the registering procedures.
5. Keep Your Finances Ready
When you are setting up business in Dubai you also have to keep your finances ready because there are not many banks that can provide you with the financial support that you need, at least initially.
6. Select Free Zone for 100% Ownership
If you want to start a business with 100% ownership you will need to look out for Dubai Free Zone location that can help you to start your business without taking a local UAE national acting as your partner. While Dubai Free Zone offers 100% ownership, speedy startup and Duty Free customs boundary the real estate prices here are high. You can look out for firms that offer Free Zone Business setup services to you.
7. Find a Local Sponsor
If you are not willing to pay more for your business location you will need to search a local sponsor who should be a UAE national and must have 51% partnership in the company.
8. Make a Legal Written Sponsor Agreement
When you have found a legal sponsor for your business startup make sure that you go ahead with legal written agreement for security reasons.
9. Open a Local Bank Account
It is always recommended that you also open up your business bank account in Dubai based on the reputation, features and the charges that you will have to pay for the banking services.
10. Choose Your License Category Wisely
When you register your business in Dubai you have to make sure that you choose your license category wisely that can allow your business to do handle more activities.
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