How to Start a Business

“Dubai” means money. What more remains to be said about a place that has a name that reflects of its ludicrous business potential. Being a business hub due to its strategic location and financial stability, Dubai offers easy access to 1.5 billion consumer markets that are located in West Asia, Australia, Eastern Europe and the neighboring Middle Eastern countries.

Dubai’s image in the international markets is commendable

This owes to the fact that Dubai has established its image and reputation as a vibrant and diverse destination that offers high hospitality and business growth opportunities. Over the years, more people in business are considering setting up a business in Dubai. This is because of Dubai’s exponential growth in financial market and business services. Trade and tourism goings-on have played a vast role in the fuelling of Dubai’s emergence as a global hub. According to IMF’s implication, UAE’s economy will beat that of UK, Germany, US, Singapore and Hong Kong over 2015-2020.

Reasons to why Dubai is the best place to start your business

• Dubai is one of the top destinations for businesspeople and investors in the whole of Middle East.
• The government of Dubai supports small businesses as well as large corporations.
• Business opportunities are available not only to the citizens of United Arab Emirates but foreign traders and expats as well.
• Foreign investors are encouraged as they provide a massive boost to the economy of the country.
• Simple rules and regulations in Dubai mean that setting up a business is easy and straightforward
• Free trade zones in Dubai provide you better opportunities for your trade
• Except for oil, tobacco, and banking, none of the businesses in Dubai are heavily taxed. It is almost non-existent, making it more profitable for the businessmen.
• Strict laws are implemented all over the UAE and Dubai is no less. Such strict laws reduce the chances of fraudulent dealings.
• Dubai is a multicultural city, and you will have no hardship in settling in. This transition is made easy by the fact that you will find people of all nationalities there.
• Unlike most Muslim states, Dubai allows non-Muslims to invest into the country’s businesses.
• Dubai’s tourist attractions will ensure a gigantic footfall to your business
• In Dubai, investors are granted incentives and the procedural guideline for setting up a business.

Company setup Plan (Info-graphic)

What will you need to do to set up your business?

If you are reading this, there is a 99% chance you are a foreigner who wishes to invest in Dubai. Remember, you need to know the rules of the trade to win the trade. Being a foreigner, you need to do twice the amount of background check and homework before proceeding with your business.

Following are a few tips and tricks that might prove to be helpful in establishing your business in Dubai:

1. Whenever you wish to set up a business in a foreign land, you must learn their customs and norms firsthand. You need to have a sound knowledge of Dubai if you wish to maximize your profits in the region. You must be aware of all the marketing trends, know about all your competitors and design strategies that will allow a smooth business setup for you.
2. Investing assets into a business itself are a tricky business, and if this investment were to be into a foreign land, then the danger signals are sure to be set at high. A viable business plan is needed that will not only guide you but also attract more potential foreign shareholders.
3. As Dubai abides by strict rules, you will have to formulate and submit your intentions of business to the governing body of Dubai before you will be allowed to be setting up a business in Dubai. You will need a business license by this governing body to be able to operate your business in Dubai.
4. According to Dubai’s rules and regulations, a foreign investor requires by law to have a local business partner. This partner has to be someone who is a UAE citizen or owner of a local company in Dubai. This partner will have a majority of the share in the business. Finding this partner is very important to you. The right person could make or break your business.

It is understandable that setting up a business in a foreign land is very risky and most of the foreign investors are quite concerned about their assets. However, businesses are always tricky and remember that you are investing in a goldmine while setting up a business in Dubai.