How to Set Up a Business in Dubai

The UAE has seen rapid development and growth in the last few decades, and it’s no wonder why. With beautiful weather and relatively low taxes, it’s an ideal place to build a business. To get started setting up your business in Dubai, you should familiarize yourself with the different types of businesses available there, the resources that are available to help you set up your business, and the laws that apply to your type of business. You can start by reading this comprehensive guide on how to set up a business in Dubai.

1) Getting Yourself Legally Ready

First, you’ll need to decide if you want your business registered as an LLC or sole proprietorship. Most new businesses start out as sole proprietorships, but you can easily change that status later on. If you plan on having employees, then you’ll need certain legal documents (and will likely be required by law) to incorporate; however, freelancers and sole proprietors don’t require these same protections.

2) Registering your LLC

As of 2018, businesses registered as LLCs will no longer be required to pay corporate taxes. This means that your business can begin working and making money right away. To register your LLC, you’ll need an address and at least one member on your board of directors (typically yourself). All documents required for registration must be translated into Arabic, which you can do online by uploading them onto translation services like Smartling or Google Translate and paying through PayPal or credit card.

3) Choosing Where to Live

If you’re setting up your business within another company, then you may have little say over where it’s based. That said, if you do have any input, consider where your potential customers are located. A good idea is to base yourself somewhere that’s central so that your target audience can travel easily to reach you. For example, businesses set up in London needn’t worry about much else as they will be surrounded by much of their clientele.

4) Finding Accommodation

Research and choose an office space that works well for your company’s needs. Most entrepreneurs begin by renting office space, but it may be wise to purchase instead if you plan on growing your business significantly or planning on moving into larger premises down the road. A short-term lease is also fine if you don’t expect to expand too quickly, but bear in mind that longer leases can be better value for money.

5) Choose your Office Space Wisely

When you’re first starting out, your office doesn’t have to be large. There are many reasonably priced options available for small businesses including workspaces, co-working spaces and telecommuting jobs that allow you to set up shop anywhere with an internet connection. Narrow down these choices by determining what space you need based on how many employees you will eventually hire and how much physical space you need.

6) Finding Staff

Now that you have your perfect idea, it’s time to get some help. And that means hiring staff for your new business—but how do you know who to choose? If you already have experience managing others, you’ll likely know what traits are necessary. But if not, check out these seven things every great business leader needs.

7) Opening Bank Accounts

If you’re doing business abroad, it may be difficult to find a U.S.-based bank that can offer international banking services, or at least not without paying hefty fees. To get around these issues, you may want to open an account with one of our favorite banks: American Express OPEN. The company has partnered with banks all over the world and offers direct deposit and check-writing services that allow its customers to transfer money internationally easily and cheaply.

Conclusion

First off, congratulations! You’ve come up with an idea that you think has merit and is worth pursuing. Don’t rush into anything—there are many facets of starting your own business, so it’s important to take your time when choosing exactly what direction you want to go. We recommend reading through these tips again once you’ve decided on an idea, or when you feel like you need help with another aspect of running your own company.