As a visionary entrepreneur you need to start a business in Dubai as it has proven itself to be one of the massive hubs for small business, medium sized and even huge corporate firms. An ideal region and centrally located city that provides all the benefits required to an entrepreneur, has over millions of companies of different verticals. However, to open a company in Dubai is not as easy as it sounds especially when you are doing it on your own. Open a business with experts’ assistance can definitely make the business setup effortless.
The right kind of sponsorship for your business is the key to a smooth business. Whether you decide to setup a business in a free-zone or Dubai mainland, these experts have the tenacity in all kinds of businesses. If you want to explore how to start a business in Dubai, explore all the necessary requirements in this post and PATELS Documents Clearing Services can assist you and guide you during the process
Refine Your Business Idea
Before you take the plunge to start a business in Dubai, you must have a clear and unique. A vague business idea will not assist you in establishing your business goals. You should ensure that you clearly state the below mentioned aspects to refine the business idea that are as follows:
- Business venture beginning
- The target demographics
- Different types of products or services
- Availability or launch of the product/services
- Usage of the product/services Business Type and Jurisdiction
To start a business in Dubai, entrepreneurs can either start a free zone or mainland business setup. However, both of these options have a unique set of requirements and pros and cons. Based on what you require, who you want to trade with, what your products/services are, and where you would launch your business such as consultancy, trading, Project Management, Marketing consultancy, accounting and bookkeeping, restaurants, café, import export, clearing business or others, you can determine the kind of setup. Precisely, free zone business setup is the one in which you trade with international markets or outside of the UAE. Also, you can conveniently run activities in the designated zone. For instance, entrepreneurs have the leverage to deal with the other company in the same free zone. On the other hand, mainland business is the one that is established in the local market like trade within or outside the UAE.
Market Research
The next step after you have identified the business type is to do market research. In other words, this is the step that helps you identify the winning strategy. This is where business owners get to identify their target market. Once you research well on your industry before starting a company in Dubai, it will be easier for you to penetrate in it and come up with appropriate tactics and marketing strategies. Always ensure researching your market first and sorting out the hobbies, interests, likes and dislikes of your market before starting the business. Also, with this study, you will be able to identify the gap and fill it in with the most appropriate products and strategies.
Create a Business Plan
After you have done the market analysis, now is the time to prepare for the funds. The best way to get them is to invest in your business and by taking loan or credit from others. The latter can be possible only when you write a detailed business plan of your idea. Make sure that your plan includes the idea in detail, problem that the business is trying to resolve, pitch for the investors, the benefits for them, target audiences, marketing strategies, SWOT analysis, environmental analysis and complete financial projections. Once you prepare this plan, you will be able to get funds from potential investors so that you can start a business in Dubai smoothly.
Find a Business Name: Naming Rules, and Requirements in Dubai
One of the most challenging pieces of the start-up puzzle is selecting a brand name for your business. Considered as the brand identity of your business, the name assists your customers in remembering your entity. Your business name is a part of your entity that develops your brand identity and entire visual image. There are a few things that business owners must keep in mind while deciding a name. Here are the factors that entrepreneurs must consider:
- No contradictory name or activity
- Unreserved or non-copyrighted name
- No obscene or indecent word
- No God’s name or his divine attributes
Consult a Company Formation Specialist
After finalizing a name for your business, you should consult a credible local business setup company properly. These professionals are responsible for overseeing lead development, sales consultations and license application processes. They ensure establishing a company in an expert manner, fulfilling all the requirements right from the beginning. Whether business owners want a mainland or a free zone business setup established, these professionals are experienced in developing all..
Location Options in Mainland, Available Locations in Free zone
After consulting a specialist for your business, you will have to specifically decide in which jurisdiction you want to operate. Free zone is the one that trades in the international markets or outside of the UAE. Also, business owners operating in the free zone can deal with the companies in the same free zone. The perks you get when you start a business in Dubai free zone are quite a lot that lets you retain 100% of the ownership where you also do not need UAE national to appoint over your business.
On the other hand, if a business owner wants to setup their roots in mainland that means that they want to enter the local market and trade within UAE or outside the UAE. Those who want to provide services to the UAE can get exposure of several opportunities.
Physical or Virtual Office: [Ejari: Tenancy agreement]
Nowadays, businesses can be established in two ways, either physically or virtually. Business owners must decide about their business’s store if they want to operate physically. However, these days virtual or online firms are also making in millions in Dubai. Once business owners have decided how they want to operate, they will have to sign the contract, Ejari. The term means “my rent” in Arabic. This is a mandatory contract/agreement between the parties that is not limited to the initial rent contract registration. It involves a wide variety of services including registration, transfers, cancelations and termination of rental contract.
Finalize a legal form
It is one of the most important decisions in business owner’s company formation journey to decide the legal form or company structure. With the legal form, the business owners are able to form the structure for dealing with profits and losses and how one should organize their assets and resources. Entrepreneurs must ensure that they decide the form of the company initially only. This will assist the entrepreneurs in getting a company layout and apply them to their entity. Some of the famous legal forms include sole established, limited liability Company, local company branch, free zone Company, holding company, branch of foreign company, civil company and others.
Register Your Company in Dubai
Whether you are an established business owner having an entity in another country or are a struggling entrepreneur who wants to start a business in Dubai, you will have to know the basics. Dubai is a lucrative city where millions of business owners wish to expand their footprints. Middle East is the ever-growing hub that has over hundreds of benefits for the business owners that can assist them foster in future.
PATELS Documents Clearing Services is well known and trusted business setup and documents clearing services in the Dubai, UAE providing excellent services. Is there anything else we missed in this checklist? Let us know in the comments!