Whether it’s a Dubai mainland business set up or elsewhere in the UAE, setting up a business is indeed a daunting and formidable task. There are a number of requirements to be fulfilled and many people would back out just from the sight of these pre-requisites. However, focusing on the ultimate rewards should be kept in mind. People who consider their long-term goals as more important meet successful at every level.
Let’s read some tips below while you plan to set up a business in the UAE:
1. Identify the business and its scope that you are going to establish. To yield more profits, you should search for the industries in demand. For instance in Dubai, the real estate, exports, nightclubs, job agencies, and childcare are the fields having vast business opportunities.
2. You should be well-informed about the ownership requirements in which 51% participation by UAE nationals is required of any established companies. However, business set up in UAE Free Zones such as Jebel Ali and Airport Free Zones are exempted from this rule. If you are considering getting into general partnerships, know that it is limited to UAE nationals only.
3. Secure your business license which is a requirement for any business. Dubai has three kinds of licenses; commercial licenses which cover all kinds of trading activities, professional licenses which cover professions, services, craftsmen, and artisans, and the third is the industrial license that covers all industrial work. Remember that there are licenses for certain categories and that too require the approval of specific authorities.
4. If you are not familiar to Arabic language, you need to hire someone who can negotiate for you in Arabic as in Dubai or most regions in the UAE, most transactions especially in government institutions take place in Arabic.
5. Hiring a professional consulting company is yet another wise decision to be made. Most foreign businessmen are not so familiar with the country’s rules and regulations and find it easier to hire a professional who knows it all. It is especially beneficial for beginners that these consulting companies at a certain amount, can work with all the requirements that may take a while to process.
Research well so that you can plan well. There are Free Zones in UAE to take advantage of; however, research about the rules and regulations governing these areas is a must.