Start Business in Dubai
World Bank and the International Finance Corporation reported in 2014 that the UAE has been ranked #1 in the GCC region for starting a business and compared to other countries in the region, is considered “easy”. It isn’t hard to believe considering the economic climate of the country and the many advancements the country has made in various sectors such as technology, communication and transportation.
But easy? That may be an overstatement. Considering the many challenges business owners have reported facing when acquiring their licenses. In the report, some of the parameters researched were; the number of Procedures (steps) in the process, the amount of time taken to acquire the license (days), the cost of the license and the amount of minimum share capital required.
How to Start a Business?
Getting started is the first step. Every good business requires a comprehensive business plan that outlines exactly what the business hopes to accomplish, how they intend to complete the tasks and how their investors will turn over a profit. This can also prove to be most challenging for many prospective business owners.
You may already have an idea of what you want to do. However, for a better understanding, you need to research the market in your particular industry and figure out who your competition is. You want to know what makes them successful and how you plan to do better than them. In simple words, it means you get ideas and you build from them. Once you have a business plan drawn up and you understand what it takes to be successful, your next step is to apply for the license.
Applying for a License
This is the step where things tend to get tricky in the UAE: how do you know which license is the best for your business? Do you need an LLC License or a Free Zone License? Do you even know the difference?
An LLC License is obtained from the DED Mainland and requires an Emirate sponsor who will have 51% ownership of your company. With an LLC License, you are able to do business anywhere in the UAE. A Free Zone license is obtained from one of the 38 free zones in the UAE and gives you 100% ownership of your company and eliminates the need for a local sponsor. When you have a free zone license though, you are required to only operate your business within the particular free zone that holds your license. However through using a local distributor to deliver your goods, you can operate outside your free zone.
Once you determine what type of license is best for your business, the fun part begins – you apply for the license. If you have done this process before on your own, you know that completing this process can be very tedious and stressful. It often involves multiple trips to government offices, being told different information by two different people within the same organization, finding out that rules or laws changed overnight, waiting in long lines and sometimes being issued the wrong license due to a communication error somewhere along the way. This is to show you why you may be better off getting our professional help in setting up a business in Dubai.
Getting Our Help
The reasons for contracting with a Business Setup Consultancy are very clear: they know what they are doing. They can recommend the best option for your business based on the activity you wish to undertake.
There are many benefits when choosing to have a Consultancy assist you in acquiring your license and one of the biggest is that they complete mostly all of the paperwork for you. Many Consultancies offer a PRO (Public Relations Officer) service and these trained individuals work tirelessly within the government offices and spend their days waiting in queues to submit your documentation to obtain your license. If necessary, they make multiple trips to these offices, saving you time and saving you from the headache. Even when it comes time for you to actually sign for your license, the PRO will take you to the appropriate office, guide you through the process and show you exactly where to go and what to do.
A Business Setup Consultancy is beneficial to you because they know the rules and regulations of each jurisdiction, they know the paperwork required, they know the timeline for each step and they can even assist you in obtaining Residence Visas under the company name. Most importantly, they have done this before!
With the recent announcement that Dubai will host the 2020 World Expo, now is the best time to start a business in Dubai and invest in your future. Many businesses are already starting to form in response to the impending Expo and getting a head start on the rest of the world.
As the city advances in technology, there will be a great need for IT Companies/Consultants, Web Designers and Graphic Designers. With all of these new businesses forming, many of them will need business solutions such as Accounting Services, Business Management or Marketing Management. As tourism begins to increase over the next few years, setting up a restaurant will become increasingly popular as businesses look to capitalize on the increased population. To sum it up, there are many opportunities arising as a result of the Expo and consequently there are more chances for business ownerships. With the right plan and the bright future of Dubai to look forward to, there is no reason why you shouldn’t be successful in setting up a business.
For more information on how to setup your business, don’t hesitate to contact us or email us firstname.lastname@example.org today.
Written by Business Setup Consultants
Business Setup Consultants provide a genuine 'customer focused' experience for it's clients. YOUR premier business setup provider or company setup provider in Dubai, Ajman Free Zone, Hamriyah Free Zone, Dubai Multi Commodities Centre (DMCC) and RAKIA.
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