Dubai is one of the most business-friendly destinations in the world. However, there are many important factors that must be taken into consideration while setting up a business in Dubai. Right from choosing a location to ensuring proper licensing, a business needs to take many important decisions.
Counted among one of the most business-friendly places in the world, Dubai is an excellent destination to set up a new business. Equipped with world-class infrastructure, Dubai provides the perfect environment to all types of businesses. Dubai’s strategic location between East and West is another important factor that makes it an ideal place to start a new business.
Despite the huge popularity of Dubai as a major business destination, companies face many challenges and obstacles that can make the setup of a business very difficult. Every business needs the right guidance and assistance to establish itself successfully in Dubai.
Here are five important things that businesses need to keep in mind-
1. Research
Planning and research is the first step. Starting the business setup process without proper planning will only result in losses. It is important to do adequate research and make a business plan. This will significantly reduce the chances of losses.
2. Location
Selecting the right location is of paramount importance. The location will depend on a number of factors including the nature of the business. If a business wants to cater only to the international market, finding a space in a free zone is a good idea. On the other hand, if a business wants to trade directly with the UAE market, it should search for a location outside free zones.
3. Licensing
Business licensing is one of the most important aspects of Dubai business formation that shouldn’t be ignored. Getting the necessary licenses will go a long way when it comes to helping a business avoid any hassles in future. Licensing will allow a business to carry out specific activities. Some licensing authorities will expand and others will limit the scope of activities of a business.
4. Office Space
Apart from the rent, there are many important factors that must be kept in mind while choosing an office space. If a business is licensed in a free zone, it can’t rent an onshore office. Similarly, onshore companies that are licensed with the Department of Economic Development (DED) cannot hire a space in a free zone.
5. Local Partner
Every foreign business operating outside of a free zone in Dubai requires a local partner (an individual or a company). This local partner will hold a minimum of 51% shares of the company. So, if you’re planning to establish an onshore company, finding a local partner is one of the most important steps that you need to take.
Remembering the above-mentioned tips will make the business setup process easier for you. However, it is important to understand that the process of setting up a business in Dubai can be complex. Availing the services of a reliable Dubai company setup consultant will go a long way when it comes to making things easier for you. Dubai business setup consultants are equipped with the knowledge and resources required to establish a business successfully in Dubai. Right from finding a local partner to handling legal issues, these consultants provide a wide range of services that can help a business successfully establish itself in Dubai.
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