Dubai, the commercial capital of the United Arab Emirates, has been true to its earned title-innovation in desert paradise, and with time, has witnessed startup movement progressively enter its borders. The idea of stepping foot in a place where the most diversified startups are present is an extremely enticing idea.
Starting a business or launching a company in Dubai is an approachable concept as there are no tax return liabilities. If you are thinking of starting a business in Dubai, then here are 6 easy tips that will make your startup life easier in Dubai:
- Before venturing into the investor-friendly market of Dubai, it is important to understand the difference betweenMainland, Freezone, and Offshore. The entire business setup followed in Dubai is divided into these three internal zones that are established based on commercial actions of the company, business requirements, taxation & feasibility, and the company’s ownership status. Understanding of these three zones will help you decide the commercial standing of your own company in Dubai or any other UAE city.
- Understanding the cost involved in setting up a business in Dubai: In case you have an investment in place, then the costs involved in setting up business won’t be an issue. But in case you have to fund your paperwork, then it is advised to be prepared, as there are few Governmental fees and operational costs involved. Government certifications, business licenses, trade name registrations, immigration, and visa, are few legalities that can cost a heavy amount of money. Without investment, funding paperwork can become a challenge. You can also connect with agencies present in Dubai, who can connect you with sponsors, but for that, your business plan needs to be financially rewarding and promising.
- Chose your company name:It should be noted that the UAE has a strict naming convention, so before submitting your company name, make sure that it conforms. Names that refer to Allah, include any offensive language, or relate to any religious group are strictly prohibited. There are several business set-up experts in Dubai who can assist you in starting a business in Dubai.Opting out for external assistance will help you save plenty of your valuable time, that can be invested in further processes.
- Know your licensing stages and Finalize your Incorporation paperwork: It is no doubt that UAE is very particular about its legalities and paperwork. Before submitting your company name, make sure you have your business plan ready, shareholders details, passports, NOC or No Objection Certificate and any other additional details, at immediate reach. There is a heavy fine attached to late submissions of important documentation. With your submissions complete, you will be informed about your licensing stage. The UAE Government issues you your license once all the submission process is completed and verified.
- Understand your business and network:After furnishing all the paperwork, it is important to understand your business connectivity and outreach possibilities in UAE. Time is precious, and with only registration done, you have the authority to take benefit frominbound or outbound opportunities. Meanwhile, you should also be aware of the fact that Dubai is a rigid-culture city and embraces cultural policies within their business as well. You should understand your target market well and what all cultural boundaries are present, so as you can connect with the clients easily and faithfully.
- Open a Bank Account and keep tracks of your renewal dates: Just when your paperwork is returned, the next step would be to open a bank account as you have the documentation required to open a bank account. You can choose from local as well as international banks like Emirates NBD, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, CitiBank, HSBC, and Barclays. The best way to decide which bank to choose is to contact their Helpdesk as they will assist you with the most flexible options which are best suited to you and your company’s interest. CitiBank is the most preferred bank in Dubai for international transactions as their services are fast and have easy customer service.
Final Words: Setting up a business in Dubai might appear to be challenging and fast, but it is the policies and legalities that make it easier for Startups to derive the best benefits from the UAE market. Understand your standing, cultural boundaries, follow the rules, and you can start reaping revenue from the city where there are enormous commercial prospects and endless innovative business scope.
Once you’re all done with your business set up, you will need to look for a space to operate in and Bayut.com offers plenty of options to choose from!
“Determination, strategy, and vision for the future are our real resources in the quest for excellence and success.” Sheikh Mohammed bin Rashid Al Maktoum.
Bio: Sophie is a writer, content manager and property investment enthusiast. After sparking an interest in real estate at a young age, she built a property investment portfolio by an age when most people are still saving for their first house. She loves to share the knowledge and insights she gained along the way with others seeking to get into property investment.