May 29, 2024
business setupbusiness setup company in dubai
Why choose Dubai to set up a business?
Entrepreneurship isn’t for the weak-hearted. But if you are one of the people who likes to live for risks and strategize takeovers over niche markets, you’d love to read this!
With the UAE’s business ambience growing steadily year after year, there is no better time than now to step into the Emirates’ market. In 2024, Dubai’s business climate index points for the first quarter increased from 144 points from the previous year to 168 points. This clearly indicates that there is a positive growth in the Dubai business market, which is full of hidden potential. It is safe to say that this might just be one of the best investments that you make. Before starting your business in Dubai get some idea about its demography through this blog
Nestled in a completely strategic location between the east and the west, Dubai allows direct access to the consumer market. If you are thinking of establishing your own business in Dubai, here’s what you should know.
Dubai: Design Your Success
There are entrepreneurs in almost every niche market today, competing and excelling, tending to their customers as well. If you, too, wish to be a part of that club, then below are a few things that you must absolutely know.
Always being said at the forefront of anything Dubai-related, but you know this is absolutely true. Dubai, one of the most thriving spots in the Middle East and the UAE, houses some of the best geographical advantages. Easy access to the airports, seaports and roadways seamless networking has made it one of the busiest business countries.
It doesn’t matter if you’re taking a flight from the East or the West in the world; it still serves you the best of the business world on a platter.
A lot of people may think that conducting business in Dubai might entail losing half of your profits to the tax entities, but that isn’t true. Unless your business niche is specific to the oil and gas industries, or other criteria as specified by the authorities, the businesses are charged only 9% corporate tax which is one of the minimum rates, if the businesses come under the eligible criteria. Other than corporate tax the only major tax prevailing in Dubai is the VAT.
The simple meaning is: take those profits and invest them back into the business.
In Dubai, over 40 free zones cater to various industries, with exemptions on import and export duties. If you are a foreign-based entrepreneur too, you’re allowed 100% ownership of your business. So now who’s winning?
It doesn’t matter if your business is in media, technology, or healthcare; you’ll be raking in those profits.
Strategy: Set It from The Ground Up
There’s no playing on the field without a solid strategy. So, while you’re still thinking of filing for the licences and registrations, you can also begin to strategize your entry into your niche market as well. Some tips to support are given below.
Consult professionals and more to streamline your business setup process from the ground up. Not only private consulting firms, but government agencies today are also dedicated to setting up your dream business in the Dubai Emirate.
With such streamlined business setup processes at your disposal, you might want to lean on that support and guidance throughout the initial stages of your business launch.
Technology has a massive impact on any kind of business today. So, when you think about the four processes that need to be done, think of the best way you can automate all of them.
One example would be to have a diverse portfolio of customers and their needs, acquired from existing customer surveys, ready at hand, so you can test out new market theories on those demographics every time you have a new product to launch.
- Get a diverse and talented workforce.
Your workforce will work towards your ambition. Look for people who are skilled as well as who think ahead of time. Dubai also offers streamlined visa processes for when talent is sourced from overseas.
While there may be initial bumps on the road, once you have assembled that dream team, the market is ready to be conquered by you!
- Imbibe into the culture of innovation.
Most businesses that survive and go into the long-playing field are always thinking ahead; that is how businesses stay relevant in the evolving times as well.
So, innovation isn’t just a fancy word when you are in business, because the more you innovate, the more chances there are of securing a separate, untouched spot in the niche market you’ve got.
Talking Beyond Business
Since your business might not be the only thing helping you thrive in the concrete desert of Dubai, let’s talk about a few other things that might appeal to you beyond just a marketplace.
Are you a fan of bright summer days and serene nights by the beach? If yes, then you might even wish to relocate permanently here.
A tropical desert city might just be a great push for you to stake out your own space in the market you prefer and maybe take it on a global scale with time.
The security and privacy for business, personal, and family life are unparalleled. So, if you’re on the fence about whether or not to relocate your entire family here, you might wish to consider this fact as well.
With the advent of digital technology, entrepreneurship, and media on the rise, it is imperative that there be more growth in the current market as well. Networking at social events is a good way to grow your connections and get to know others’ businesses as well.
Dubai’s social scenes are no short of a thrill when it comes to navigating business as well as personal social life, so do give the social scenes a shot.
The steps for setting up a business in Dubai
Getting your business set up in Dubai is one of the easiest tasks you can do. It takes nothing but some approval from the authorities and getting the licence issued by the DED. Below are the steps that you can follow to get your business setup in Dubai.
- Select the activity for your business: This step includes market research for the potential activity that you plan to start and getting all the information about its feasibility. It also includes the selection of the licence, which you have to get issued by the authorities.
- Selection of the location: Another step involves the selection of the location for the business in Dubai. The businesses can choose either mainland or freezones as per their requirements. To learn more about choosing the location for the business in Dubai, click here.
- Devise the MoA: The next step is the preparation of the Memorandum of Association, which includes all the information related to the operations of the business. It must be prepared in compliance with the regulations.
- Getting the necessary approvals: The businesses are then required to get a nod from the DED, which is the initial approval for starting the business in Dubai.
- Selecting and registering a trade name: The next step includes the selection of a trade name and getting it registered with the authorities.
- Arrange the physical office: The next vital step is to set up the office for your business in Dubai, which is one of the mandatory requisites before which the entity must apply for the trade licence.
- Get your business a bank account: After getting the licence issued, the business must get a bank account with any recognised bank in Dubai.
- For foreigners, an additional step of immigration must be taken.
Going through the steps might seem to be very hectic, which is not in reality. The businesses can sit back and think about their core operations, while business set-up professionals like CDA can provide them with 360-degree assistance to get their businesses set up in Dubai without much hustle.
Conclusion
Dubai is a major hotspot for people willing to go down the entrepreneurial route. With its perfect location, strategic planning and your hard work can make your business a major name in the niche market.
People planning to get down to business—pun intended—can thrive here amazingly, as well as avail and enjoy the benefits offered by the authorities. While the advantages and atmosphere seem lovely, it is also important to do your proper research to bootstrap that business idea soon!
CDA for all your business setup needs
Sometimes, business ideas need an external push and help. These can include locating potential investors for your businesses, informing you about the existing registration and licence rules, as well as any updated requirements along the same lines.
Consider outsourcing all of this work to CDA, your trusted business setup partner. For your initial days of strategizing, planning, registrations, and launch, trust CDA to handle the majority of the heavy lifting as well. Not only does this give you an edge, but the time you saved can be invested into the business hours as well.
If you’re really heading in that entrepreneurial direction, you know who to seek out now!
Read here to learn more about our business setup processes.
