With one of the fastest growing economies in the world, Dubai is a great place for starting a business. Not only is it a great opportunity to advance in your entrepreneurial career but your chances of making a lot of money are really high, too. Still, starting a business in Dubai isn’t the same as starting a business in the US or Australia. So, before you get underway, you might want to take a look at our 5 things you should know about starting a business in Dubai.
You need a carefully-planned business idea
As mentioned above, Dubai is the perfect place for launching a new business. Many people have realized this and the number of companies in Dubai keeps increasing. This means that if you want to succeed, you need a good business idea. It’s very important that you come up with it way before you start investing in your idea because there are certain laws and regulations for every industry. Knowing what it takes to start a business you like is the first step towards becoming a Dubai-based entrepreneur. For instance, all new legal consultancy businesses in Dubai require a special approval and you’ll need it if that’s the industry you want to enter.
Having enough money on your account is a must
Getting your business off the ground is expensive no matter where you want to do it and obtaining finances early is critical. However, acquiring funding for your business is even more important when starting a business in Dubai. The reason behind this is that the government in Dubai requires you to have a proof that you’ll be able to fund your business. Open a new corporate bank account and transfer all the money you plan to use for your new business to it. Figure out your startup cost and make sure you have enough to show them that you’re financially ready to take on running a business.
Registering your business early is a good idea
The next important thing you need to do when starting a business in Dubai is register your company. Obviously, you can’t start operating until you do this and it’s recommended that you get the job done as early as possible. There’s always a lot of documentation that needs to be completed when starting a company and doing it early will leave you with more time to put into buying equipment and hiring employees. Luckily, there are Dubai company registration experts and turning to them is your safest bet. They’ll help you register your business and choose the right business structure.
Operating without a sponsor is expensive
The unique thing about starting a business in Dubai is that you can’t do it yourself. In order to be able to register your business, you need to get a local sponsor who’ll assist with running your business. The way it all works is that they become the majority owner of your company and ensure you can operate just anywhere in Dubai. A powerful sponsor is a great weapon to have when it comes to officialdom. Without a local sponsor, you’d only be able to start your business in certain areas that tend to be way more expensive.
Business owners and employees need visas
If you want to operate in UAE, both you and your employees need visas. The good news is, obtaining employment visas in Dubai isn’t as tough as some people think. The government in UAE wants to attract entrepreneurs from abroad and there’s no reason why you and your team members wouldn’t be able to get the visa. Still, don’t forget that the number of visas your business will be entitled to depends on your industry and the size of your organization. With the amount of paperwork involved, it’s recommended that you have your local sponsor work on obtaining visas for your company.
A large number of entrepreneurs who decide to start a business in Dubai prosper and if you put enough effort into it, you should be able to do it as well. The city looks amazing and there’s no doubt you’ll have fun living and working in it.