There's nothing like being an entrepreneur and having your own wonderful business set up in Dubai, United Arab Emirates. Nevertheless, the thought of going through long approval processes and documentation makes many budding entrepreneurs skip the idea and look for a better alternative. In contrast to the limited few, there are others who stay adamant throughout the game and make all possible efforts to achieve the goal. And they walk with the crown!
If you wish to be like the chiefs who never lost hope, stayed calm and emerged victorious, then you can't afford to skip without reading the tips below:
Research & Target
Research and analyze the business or market you are going to establish. Depending upon the trends and business profitability, without forgetting your interest, put your best foot forward. However, the story doesn't end here. There's a long way to go.
In UAE, the ownership requirements are more detailed and complex, so you should be knowledgeable about this before starting the business. According to UAE law, 51% involvement by UAE nationals is required for any established companies except in certain circumstances like in some Free Zones such as Jebel Ali and Airport Free Zones. If you are considering general partnerships, know that this is limited to UAE nationals only.
A business license is a main requirement for any business. In Dubai, there are three kinds of licenses: Trading, Commercial & Professional. The commercial licenses cover all kinds of activities involving trading. On the other hand, professional licenses include professions, services, craftsmen, and artisans. No matter what you choose, you must remember that there are licenses for certain categories that require the approval of certain authorities.
Hire an Arabic speaker
It's always a good idea to hire someone who can negotiate for you in Arabic. The thing about Dubai or most of the emirates in UAE is that most transactions especially government institutions are done in Arabic. It would help you a lot to hire someone who can speak Arabic who can negotiate on your behalf.
Professional Consultancy Company
If your budget allows, hire a professional consulting company. Most foreign businessmen hire a professional consulting company who knows can help you get things sorted. They can work on all the documents preparation that may take a while, especially for the expatriates thinking of setting up a company in UAE. It's always good to be knowledgeable about what's happening with your competitors; that's where the importance of consultants come from.