There are multiple benefits of starting a business setup in Dubai. However, it’s quite a complicated process to start your business there. But, with the following steps, you can easily set up your business in Dubai. So, follow these guidelines and enjoy the perks of Dubai’s profitable market:
Choose a local sponsor
You need to know the facts about starting a business in Dubai to avoid problems. Several problems can come up when starting a business in the UAE. There are many business opportunities in Dubai and the other Emirates of UAE as well. But if you really want to start a business setup in Dubai, register an LLC business in Dubai.
A local “sponsor,” a UAE citizen, must make up 51% of the business. A local company gives a business the freedom to be in any part of the city. This is great for a new business starting up in Dubai. It gives you the best choice of places to fit your budget.
Choose a Free Zone if you want to fully own your business.
Freezone is the only way to start a business in Dubai without a local sponsor. This doesn’t work for businesses like restaurants and stores that need to be in cities. Also, businesses that work with the government have to register with a local sponsor.
Not to mention that buying or renting in a Free Trade Zone area might be too expensive for your budget.
Free zones have three significant benefits for a new business.
- One hundred per cent ownership
- Duty-free customs boundary quick start-up.
- Additionally, open a corporate bank account in Dubai so you can make multiple transactions and cashless money transfers.
Choose a place that meets your needs
When starting a business in Dubai, figuring out the best place for the business is another critical step. For a minute, ignore the fact that the economy is getting better. Still, it wouldn’t do you much good to a company formation in Dubai if your customers or clients can’t find you.
You need to set up your business in a place that is best for it in terms of making money or being easy to get to. You can choose a shop or office located in the correct city based on how well-known the product or service is in that city.
If you want to start a free zone business, you should choose one based on how far away it is. Secondly, how much will it cost, and how well will it fit your product, business model, and trade needs?
A rental agreement must be made. To start a small business, you need basic things like phones, storage, and space inside the building. The commercial property can offer a wide range of other services. So, a company formation in Dubai requires a handsome checklist to fill.
Make sure you are eligible for and need a visa
You need a visa that lets you and your employees live there. Their number varies based on specific things. For example, the size of the office, the type of business, employee, or investor. Starting as a local company, you must work with your sponsor to get your visas. Most people think applying for a business visa in Dubai is more complicated than it is. This is because the bureaucracy is open to foreign investors who want to shop in the city.
In addition to your passport and other legal requirements, you also need a letter from your sponsor with personal information. If your sponsor agrees to give you the power, you may be able to apply for your employees’ visas. But first, you need a letter from your sponsor.
Hire a registration agent
Hiring a business advisory firm to register your new business might be best. These consultants will help you set up and register the business for you. Furthermore, they will help you open a bank account. Also, they assist you in finding an auditor, take care of your renewals, and give you nominee services.
They have a good knowledge of how to deal with the local government and the free zone authorities. As a result, you will get help to plan and estimate the costs of starting a business.
Moreover, they will take care of all the necessary steps to help you get your business legally registered. Most businesses that are just starting out can’t get financing. If you can’t afford the start-up costs, you might want to wait to take this step.
Starting a business setup in Dubai is similar to a dream come true. But you have to consider the difficulties of processing as well, at the same time. These processes can get very lengthy at times. But with the right consultancy agency, you can start your business in a few weeks.