Dubai is known as one of the most active business hubs across the world. It has one of the world’s most diverse and competitive markets. While it initially began strengthening its economy through the oil industry, it has now significantly reduced its reliance and shifted to a trading economy. Currently having an international organization count in tens of thousands, it is safe to say that business in Dubai is booming. So if you are an entrepreneur with your business ideas ready for inception, there is no place like Dubai to begin your enterprise.
It is important however that before you embark on this adventure, you conduct the necessary research. The following are four research areas to get you started on setting up your start up.
Importance of choosing the right business activity
- Activity: Because Dubai is a competitive space, it is necessary for every buddying entrepreneur to study and assess which particular business and model to apply. This process requires a look into market trends, codes and regulations, specific requirements for a particular enterprise and even availability of assistance in the form of grants, for example. One of the most significant grant to have is a license that permits you establish your enterprise.
- Type of Organization: There are various types of business organizations in Dubai, so it is essential that you identify which kind you are setting up. Some examples include sole proprietorship, joint ventures, public or private shareholding and general partnership companies to name a few. Each type has its specific set of requirements that you have to adhere to. Once this is done, you can further specify the nature of the business by deciding whether it will be an offshore company, a local LLC or a free zone company in Dubai.
- Zone: In Dubai it is very important to be mindful of the particular zone that you are setting your business in Dubai. While there are some areas in which it is required by law that 51% of your business is to be owned by the government, there is the option of setting up shop in a free zone. Here, you can not only have a number of benefits such as tax breaks and much lesser regulation, but also the possibility of owning your business in Dubai 100%.
- Location: This largely depends on the kind of business you are running and the level of growth or traffic you are expecting. A successful company is one where space is not an issue, so it is recommended that in your initial stages you be prepared to move headquarters if it is required. It is also important to pick a location that suits your other business needs, such as customer accessibility and travel. So be picky in order to get a firm start to your business in Dubai.
So there you have it. You now have a list to get you started on your start up research in Dubai.
In order to get additional information, you will need to check into the mainland business setup Dubai, which you can do so by clicking on this link. Here you can find all the information you may require, even specific guidance from business setup consultants Dubai.
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