Number #1: There are plenty of websites that can be accessed for guiding you to set your business in Dubai. But there is no person who can provide guidance until he or she has done it themselves. Telling someone is easy but it is much more appropriate to find a business owner who can provide you practical know-how of setting business.
Number #2: In order to set up a business, you need to make a big investment because paid-up capital requirements are necessary to trade free licenses and office space and amenities for which business owners have set Up a Business in Dubai in 8 Simple Steps to set aside an amount of almost AED 37,000 ($10,000) as annual costs, depending upon business nature.
Number #3: There are many companies in the UAE who had used personal loans and resources from family and friends for business startup. The banks in the country currently have a limited appetite for lending money to startups. Hence, it is necessary to prepare a good business plan to impress loan officers to approve your loan.
Number #4: The social media engagement has made it difficult for companies and it is forcing them to show their activities 24x7 otherwise some other competitor may grad the hype of similar business nature. The main hurdles are faced during the licensing and incorporation stages.
Number #5: UAE is considered as one of the most convenient locations that connect three continents and makes a good connectivity internationally. It is a home for expat professionals coming from more than 200 nations but finding a right team for your business can be a challenge especially for new business start-ups.
Step – 6: Premises
Once your legal forms and procedures are ready, it is suggested to shortlist some offices with cost expenditures and other necessary details. In free zones, you will be assisted to locate suitable premises that match your requirement along with necessary amenities like electricity, water, internet etc.
Step – 7: Employees
In the most legal form of setting up a business, you need to hire a manager to look into business operations and have him employed before business registration is approved.
Step – 8: Local support
For acquisition of business licenses, it is important to have a local sponsor, partner or agent. Having a local support eases business operations. In free zones, if a local support is present for the business then it turns quite effective for the company’s ongoing performance. But, it is not mandatory as Dubai supports every business activity irrespective of nationality.