If you’ve been paying attention, chances are you’ve been seeing more and more people starting companies in Dubai. Whether you live in Dubai or you plan to move there, running your own business can be extremely rewarding. And if you decide to give entrepreneurship a go, you should first make sure you know how to get your new Dubai-based business off the ground. That being said, we came up with 5 tips that are guaranteed to help.
Choose the type of business first
The first thing you need to do when starting a business in Dubai is think about what type of business you’d like to run. This is so because different types of businesses require different licenses. When trying to figure out what you’d like to do, you need to bear in mind that there are certain industries that require further approvals from governmental departments. This includes industries such as jewelry and veterinary, as well as legal consultancy. Once you choose the type of business you want to start, you should do further research on how to enter that specific industry in Dubai.
Make sure you have the money
No matter what kind of business you’re starting, it takes a lot of money to do it correctly. But besides this, the UAE government will require you to show proof of financial investment. If you’re new in Dubai, this means you need to have financial resources that don’t come from local support. Ideally, you should have some money in your bank account. In the UAE, there are seven basic business categories and depending on the category you’re in, there are different financial requirements you need to meet.
Register your business
We already talked about how the type of your business can determine how easily you can get your business license in Dubai. Due to so much paperwork, you should look to register your business as quickly as possible and focus on other aspects of starting your business. To do this, you might want to turn to experts in Dubai company registration as they’ll know exactly what you need to do to be able to put up that “open for business” sign. If you’re struggling to choose the right business structure for your company, they should be able to help you with that as well.
Find a local sponsor
In order to be able to run your Dubai-based company, you need to connect with a local company. The way this works is that the local company controls 51% of your business, and in exchange you get a chance to locate your business anywhere in the city. This can be quite helpful, especially when it comes to finances as you’ll be able to choose a more affordable location. Just don’t forget that your local sponsor needs to be paid a yearly fee that can be negotiated. Another big plus is that your sponsor will be able to help you with any problems you might have with local authorities.
Confirm your visa eligibility
If you don’t live in the UAE, you need a visa that allows you and your employees to be based in the UAE and run your business. It needs to be noted that the number of visas your business can get depends on everything from your office size to the nature of your business. Once you find a local sponsor for your company, they should be able to help you when it comes to obtaining visas. Getting a business visa in Dubai isn’t as difficult as you might believe as the government is looking to encourage foreign investors to start businesses in the UAE.
Starting a business in Dubai can turn out to be a really lucrative idea. Just make sure you get everything right from day one and you’ll give your new business a fair chance to succeed.