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Get Free ConsultationThe Dubai Startup scene is no less than a stellar scene out of a futuristic movie. The catch today? Everyone wants a part in that screen time.
Just in the first 3 Quarters of 2024, the Dubai Chamber of Commerce recorded around more than 51,000 companies that joined as members, creating a year over year growth of about 4%. That is a huge positive for the economic scenario of Dubai.
In this blog, we’ve clubbed together some of the ways you can grow your startup scenario in Dubai. So, if you have been wondering about that for a while now, consider your prayers are answered- in the below portions of the blog.
A startup can be defined as a business in the initial phases on its inception that aims to disrupt or change the way something gets done, or build a product that quickly changes the market.
Often, startups aim at solving existing problems, and are quick to scale in niche markets. If your business idea falls into any of the above, welcome to the startup Dubai arena.
Why Dubai? Or well, why startup Dubai?
There are multiple benefits of beginning a business in the UAE; Dubai in particular, has some of the greatest attractions when it comes to business. From consumers, to investors, to a tax haven for businesses, Dubai has it all.
The positive environment reinforced by the department of economic development (DED) has ensured UAE a position in the top 20 of Ease of doing Business Index.
Let’s see a few reasons why choosing Dubai as your startup arena is a great idea:
The Department of Economic Development (DED), has a separate wing established for supporting startups- Dubai SME. In addition to this, Scale2Dubai and the Dubai Entrepreneurship Academy also aim at educating entrepreneurs and helping them scale their startup businesses.
This is a no brainer; Dubai is a tax haven for new businesses and/or entrepreneurs. With low taxes, entrepreneurs do not need to worry about taxes in the initial stages of entrepreneurship in Dubai.
Home to many free zones, Dubai can offer 100% business ownership to foreign nationals as well. This means that you do not need to bring in a foreign sponsor for setting up shop in Dubai!
With UAE’s multiple visa options, it will only make it easier for entrepreneurs to launch a business.
Let’s understand the startup scenario in Dubai, and how to grow your business in the same with an example of a Tech startup.
Suppose you have an idea about an app that can sift through the data on any biomedical device used by people, and identify any unusual signs that may be indicative of any disease or health issues. Now, this needs many approvals, a smooth app, perhaps integrated AI to predict such a thing.
How would you go about establishing and growing this startup? Here’s how:
Since such an app has a lot of sensitive data associated with the functioning, get experienced professionals from established consulting firms like CDA to guide you throughout tech-related startup regulations.
Choose a trade name, and a legal structure for your business at the initial level. Get your documents correctly reviewed, and then apply for an initial approval from the DED.
After getting an initial approval, you can go ahead with paying the required fees, and then acquiring the final approval. The fees usually vary depending on the type of business your startup will have.
Startups also need an office space to begin operations. Assess and lease or rent out a suitable space for operations.
When all is said and done, you can be ready to begin operations in Dubai, provided that you have roped in investors, clients, as well as the necessary approvals from the authoritative bodies.
These are the usual foundational steps for establishing your tech startup in the Dubai space. For more approvals pertaining to obtaining biomedical data, necessary consent forms will have to be signed by users, and approvals need to be issued by suitable entities.
Startup Dubai is currently one of the most lucrative spaces for the startup enthusiasts all over the world. And this scenario is only going to get more and more lucrative as time goes.
So, if you are wishing to tap into this space’s ripe potential, trust that you will be rewarded in the business space, amply.
The requirement of professional business set up consultants in Dubai is a crucial requirement. Especially in a market like Dubai. The professionals at CDA can facilitate your start up to get a smooth head start and move on a right track with strategic insights. Our team will provide with all the required assistance through out your start up journey
Drop a call at CDA, and let our best people help navigate the legalities of your business, while you focus on the core activities.