Dubai is a highly developed, ultramodern city in the UAE that links east and west. It is considered one of the best environments for starting and running a business.
Its economy has grown a lot – from relying on oil (which now forms a meagre 1 percent of its GDP) to becoming home to thousands of businesses every year.
In time, Dubai quickly developed into a prime choice as headquarters for many businesses that it could just very well be the start-up capital of the world. Case in point: The city has issued more than 15,000 new business licences in the first quarter of 2021 – 19 percent higher than in 2020.
Still, if you wish to make it big in the city, you’ll need a lot more than just a Dubai brand identity to get your business rolling.
Starting a business can be a complex matter, but with sufficient and correct knowledge and some help from professionals, things could be easier. With that said, here are the top three expert tips you should know when starting a business in Dubai:
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Every venture needs thorough preparation to work, and company formation is no exception.
There are mountains of information you need to dig through and digest. But where to begin?
Experts recommend having a good look at the statistics first to learn what works, what doesn’t, and what adjustments you need to make for your business to thrive. This information can also be gathered through market research and analysis.
Besides that, you also need to understand what exactly you’re getting into before diving headfirst into the venture. Learn some of the critical characteristics of the Dubai market and business scene to make a sound decision.
Business formation comes with several challenges, which can be overcome with the right amount of knowledge and effort in preparation. One of them is defining your company.
Determining the type of company you plan to establish is not just about choosing an industry, mind you. You also need to select a type of licence and jurisdiction for your company registration that will suit your business’s nature.
The first thing you need to get when starting a business in Dubai, besides your passport and personal documents, is a business licence. The process involves acquiring approvals from the local government through the Department of Economic Development in Dubai (DED).
You’ll also need to complete a set of requirements, which includes:
Take note that you’ll need to submit other company formation papers from other UAE agencies that are applicable to the specific line of business you’ll be taking.
Business licences are industry-specific and will be based on the company’s structure and the business activities you intend to perform.
Business licences in Dubai mainly come in four types:
Take note that the suitability of licences differs for every business. You’ll have to take factors into account when making the decision.
You also need to select a business jurisdiction where your company will be established. For this matter, you’ll need to consider a number of important things, such as:
One thing you need to know about the UAE is that every jurisdiction has its own unique set of advantages as well as governing rules and restrictions. You need to review them before finalising the decision.
Below are the three main jurisdictions you’ll have to choose from:
Establishing a business is not as simple as it sounds, though the UAE government has made it so that business owners have the least amount of trouble when setting up their firms in Dubai.
Still, there remain several challenges with the company formation proceedings that some entrepreneurs end up spending too much time, effort, and money on the endeavour. Because of lack of experience in the task, they end up struggling with administrative matters and get distracted from what they originally came to do: establishing the company.
Fortunately, many business formation agencies can help make things easier. You can avoid any time-consuming and expensive mistakes by seeking help from those most familiar with the processes and scene.
Some companies also offer a few other services that go beyond company formation, such as:
Businesses in Dubai come in different shapes and sizes, but they all have one thing in common: They were built from the ground up and established according to the laws of the land. You can do the same and even make the path easier to walk through by following the best pieces of advice experts have to offer.
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