If you’ve been paying attention, you probably already know how popular Dubai is among entrepreneurs. The capital of UAE is also known as the “City of Gold” and it’s a perfect place for you to start a business. In case you’ve already decided to do this, chances are you’re wondering how to start a business in Dubai. Here’s everything you need to have in mind in order to kick start your Dubai-based business.
Know What You Want to Do
One of the most important things you need to know before starting a business in Dubai is that there are certain laws and regulations you need to follow. For example, if you want to start a veterinary business in Dubai, you first need special approval before you can start operating. With the most rules and regulations being closely related to the industry you’re in, it’s critical that you first think about what you plan to do. Once you figure it out, it’s time to do some market research and ensure there’s enough place for your business. It’s important to check all the regulations before you start investing money into your idea.
Have Money on Your Corporate Account
Starting a business in Dubai takes a lot of money. Not only do you need to spend a lot in order to rent an office and pay for supplies, but you also need to have enough money on your corporate account. The money that you have on your account serves as a means to ensure the authorities that you’re able to finance your business and keep it afloat. If you think you don’t have enough right now, you can always apply for a loan quickly and with ease. Bear in mind that you need even more than you think since it’s up to you to cover your company’s expenses, especially during its early days.
Register Your Company
Obviously, if you want to run a business in Dubai, you first need to register it. The process isn’t as complicated as some people might believe. It can be quite simple really. However, it’s still recommended that you have Dubai company registration professionals get the job done for you. What’s great is that the company you turn to can even provide you with a free consultation and help you learn everything you need to know about registering your business in Dubai. This is guaranteed to help minimize the risk involved and get your business off to a great start.
Find a Local Sponsor
What makes the process of starting a business in Dubai unique is the fact that you need a local sponsor if you want to succeed. By partnering up with a local company and having them be in control of 51% of your company, you get a chance to start your business at any location you want. Fail to come up with an agreement with a sponsor and you’ll only be able to base your business in certain areas of the city. The problem with these areas is that they’re a lot more expensive. Do some research online before you start your business and look for potential local sponsors your business can connect with.
As you’ve probably imagined, it takes visas if you want to run a successful business in Dubai. Not only do you need one in order to launch a company, but each of your employees needs it as well. Luckily, due to the fact that the UAE government is looking to bring in even more entrepreneurs, obtaining your visas shouldn’t be tough. It’s recommended that you contact local authorities and check how many visas your company can get. This number depends on your company’s size and the industry the business is in. Having your local sponsor help you out with visas can help save time and energy.
To Sum Up
With the way UAE are popular at the moment, more and more new entrepreneurs are expected to base their businesses in Dubai. The five tips covered in this post should help you plan everything and start operating as quickly as possible.