Dubai is rapidly growing into a major global attraction for businesses and investors. Regardless of their industry or their products and services everyone wants to come to Dubai to set up business as this is the kind of market which gives returns. It is filled with a multi-cultural population that has diverse needs and wants and they have the money to fulfill their needs. Whether you are selling products or services Dubai has the customer base to purchase any product whether it is cheap or the most expensive in the world.
Moreover, the government and monetary agencies in Dubai have created an economic environment that promotes businesses and ensures that investors have a safe market in which they can invest. Dubai is offering several investor-friendly schemes to attract the attention of businessmen. Whether you want to start a large company or a small one, Dubai is the place to be.
This article will cover some basic steps about what you need to do to get started with a business in Dubai.
Find A UAE National To Sponsor Your Business
Having a locally registered LLC organization is the best way to take full advantage of Dubai’s investor’s friendly market. However, getting a local LLC is only possible if there is a local UAE national who has a 51% or more partnership in the venture. This UAE national who will be a member of your company is known as the sponsor. The sponsor is paid an annual fee and can help along with the way when setting up your firm, as there are several registration and operation requirements which can only be fulfilled by a local national.
If You Want 100% Ownership
In the case that you want to have complete ownership of your enterprise then you will have to set up your business in the Dubai Economic Free zone. There are several free zones in Dubai however starting a business there is not cheap but it does offer some very good benefits. It should also be noted that the free zone is not an ideal location for every kind of business and there are specific businesses that can successfully operate there.
The three main advantages that you can enjoy with a business in a free zone:
- Very fast startup
- Complete ownership
- Duty-free customs boundary
- Choose The Right Location
Dubai is divided into two main sections one is the free zone area and the other is the mainland. However, even within these two areas, you need to find the best possible location for your particular business.
If you need a lot of walk-in customers then look for a place with a lot of foot traffic. As with any other place, there are certain markets and localities which are known for particular goods and services, try finding a spot which suits your product or service.
Keep an eye out for the right kind of building, store, or space. Make sure it has all the amenities you need and the necessary facilities. Getting the right location will also play an important role in getting licensing and permits to operate.
Visa And Paperwork
Make sure you have all your paperwork sorted when you are applying for the visa and make sure you are applying for the right kind of visa which will permit you to conduct business in Dubai. For the first time, most people do take the assistance of a local sponsor to apply for the visa, this is a good route to choose though if you want to take a different route you can do that, make sure you research and know how to go about getting the visa.
As with any other place, there are several other steps such as opening bank accounts, getting permits, getting renewals, and other business processes. If you are not knowledgeable about all these matters it may be a good idea to consider getting a business consultant who can help you for the first time around. Later on, you can do it yourself once you understand all the things you need to do.
There is no problem with doing it yourself as long as you know what you are doing.