04 Mar Starting a Business in Dubai – 5 Tips and Warnings for Launching a Successful Business
Recent market trends in Dubai provide international investors with numerous opportunities to benefit from commodity imports and exports, As well as taking advantage of the growing tourist movement in the city for an endless number of customers and potential customers.
We seek in mastering to help our customers avoid everything that may stand in their way when establishing their companies.
Therefore, we have prepared a list of some aspects that an investor should be aware of when setting up a company.
Things you should do when establishing your company…
to start a local company, Find a local sponsor
The sponsor must be paid an annual fee that can be negotiated. To develop a relationship with your sponsor so that they are prepared to help you with any problems you may have with the authorities. Create a plan with your sponsor so that he or she is ready to help you out with any problems you might have.
Choose the location according to the nature of your business and your budget
Another important step in planning to start a business in Dubai is to select the most suitable locations for this business. Setting up a profit-based business in the city will not be of much use despite the development of the economy unless your clients can find you.
If you want to start a small business, You’ll need to think about things like telecommunications, storage, and space. Don’t worry , a team at Etqan can help you and provide the best options for your business.
Confirmation of visa eligibility and requirements
To start working in the UAE , obtaining a visa that allows you and your employees to live in the UAE is essential to launching your business.
Visas are allowed for almost all businesses of all kinds, However, their number varies according to a variety of criteria such as the size of the office, the nature of the business, or the category of employee or investor.
If your intending to set up a local company in Dubai is a local company and you are looking for an agent then you definitely need to work with your sponsor to get the visas you need for the first time at the very least
Applying for a work visa in (Dubai) is not as difficult as everyone thinks. Cooperate with Itqan and discover how easy this process is.
Hire a registry agent to help you through the company incorporation process
Hiring a business consulting firm to register your start-up business may be your best option. Itqan consultants will not only hold your hand during the onboarding process, They will also register your company on your behalf. They will help you set up a bank account , arrange for an auditor, renew your licenses, and provide nomination services.
Things to avoid when establishing your company …
Don’t make any plans based solely on theoretical information
Before you finalize your start-up plan, It is wise to confirm the validity of the information posted. Changing the rules in free zones as well as in the local economic development department for business registration. Do not proceed until you have confirmed your assumptions through a company formation advisor or by actually contacting the relevant authority. You may discover that some papers may be required, that some nationalities need special permissions, or that some requirements may be waived if you ask or negotiate.
Do n’t pick a license category without first verifying that it supports your business strategy
It is not difficult to come up with a corporate plan that does not require any changes in the UAE. It often requires a great deal of adjustment, Or at the very least, a great modification.
Make a wide range of possibilities and ensure that the license category you choose allows you to do all the actions that are likely to occur in your chosen business model.
Do not open a bank account until bank charges have been confirmed
Banks incur a variety of fees. For a financing process that relies on banks, These costs can exceed the cost of the company you start establishing. Requirements and costs should always be checked ahead of time. Do not choose a bank solely on the basis of its reputation.
Do not sign a bond from a local sponsor without a written legal agreement
Starting your business may need a lot of support in the beginning. Some services may be charged separately by the local sponsor. Do not initiate bail unless both parties agree on what each party expects from the other and a written contract has been drawn up and ratified in the local court. Don’t just rely on verbal communication.
Contact us today and get our consulting services for free to help you achieve all your plans and dreams!
Contact us today and get a free consultation to implement all your business plans!