Dubai is a great place for anyone looking to start their own business. Not only that the UAE has been ranked 14th on the list of the happiest countries in the world but it also has one of the lowest crime rates in the entire world. Dubai is also known as the “City of Gold” and it’s no surprise more and more people choose it as the place to start their entrepreneurial career in. If you’ve decided to do the same, it’s a good idea to prepare yourself and ensure your new business has a chance to succeed. With that said, here’s everything you should know before starting a business in Dubai.
You need to know what you want to do
One of the first things when starting your own company is a business idea. However, this is even more important for those who opt to start a Dubai-based business. The real reason for this is that there are a number of rules and regulations for those wishing to start a business in Dubai and most of them depend on the industry you want to enter. For instance, if you plan to enter the veterinary industry, there are special licenses you need to obtain before you start. Coming up with a business idea on time is also a smart thing to do as it allows you to conduct market research and ensure starting your new business can pay off.
Having a local sponsor is a must
What many people don’t know is that in order to start a business in Dubai, you have to connect with a local company and make them your local sponsor. The role of your sponsor is to help you settle in and allow you to operate in any part of Dubai you want. Without one, you’d be confined to certain areas where costs tend to get much higher. It’s also important to mention that your local sponsor has to be in control of 51% of your business for this to work. So, get online and start searching for the perfect local sponsor for your business and don’t just go for the first option available.
You can get a lot of help when registering your business
Just like everywhere else, every company needs to be registered in order to be able to operate. The process of registration differs in every country and can take a lot of time. Luckily, due to how popular Dubai is among entrepreneurs, there are experts who can help you when it comes to registering your business. Since you don’t want anything to go wrong when registering your business, it’s a much safer option to have them get the job done for you. Moreover, you can turn to business consultants who know everything about setting up a business in Dubai and can provide you with any info you need.
Obtaining visas is easy
In order to be able to work in Dubai, both you and your employees need to obtain visas. This may seem like a daunting task but you’ll be happy to hear that getting your visas should be a breeze. The government in the UAE is looking to attract as many foreign entrepreneurs as they can which makes obtaining visas extremely easy. Still, there’s a limited number of visas your business can get and it depends on the size of your business and the industry you’re in. It’s recommended to start working on obtaining your visas way before it’s time to actually move to Dubai.
There’s got to be money on your corporate account
You probably already know that starting a business requires a lot of money. This applies to those who want to operate in Dubai, maybe even more than it does to anyone else. This is the case because you don’t only need capital to fund your startup but there’s also got to be money on your corporate account. This money serves as evidence to the country that you’re financially capable of keeping your business afloat. Therefore, before you move to Dubai, think about the ways you can secure finances for your business. Consider bringing a business partner to Dubai with you or applying for a bank loan.
There’s no doubt Dubai is the perfect place to start your new business in. Have these things in mind and there should be nothing stopping you from succeeding and growing your business in no time.