Who knew that far away in the land of deserts, one will get to sow a seed and reap all the benefits of the fruit. Dubai is just the right place for you if you are a business person looking for opportunities to knock down. A key to accomplish a great and profitable business is a well-researched and fantastic idea. The very first step that one requires to take is think about the idea. The legal procedures are not much difficult. It would take about a week to get started with the business if all the legal steps are taken legitimately.
STEPS BEFORE LEGAL PROCEDURES
These are the steps that you should take or consider while thinking about setting up a business in Dubai. Before the legal formalities, you should ponder on these steps ad work on it. The steps are:-
Well, there are various number of business around. Dubai offers a wide variety to choose from. Select the type of business that you wish to do. This is a very crucial step as the type of business would determine the type of license that you will get and further all the operation would depend on the type of business that you go for.
One really important thing to keep in mind while setting up a business in Dubai is that you shouldn’t select a type which has already got a lot of competition because with the booming competition the restrictions to enter in that line will also increase on the other hand you also shouldn’t select something which has got very less to no competition as this indicates that the demand is very low. So you should operate between moderate competition in order to become successful.
Different free zones have different set of rules. After deciding the nature of the business, you will have to go through the legal form of the free zone area. You can check the zones from the official website.It is very crucial that you do not select something which involves a lot of legal formalities because it will attract a lot of government intervention which may hamper the flow of your business.
But if you are ready for all of those legal formalities and if your strategies and business plans are quite strong then there is nothing wrong for opting for a business which requires these legal formalities.
NAME OF THE COMPANY
It is very important to decide a suitable name that would tell the type of business you will do. It is very important that your company doesn’t read something irrelevant when read backwards, opting for a name which wins over the trusts of the emirates will prove to be very beneficial in the long term. So you should do a complete research before opting for a name.
The minimum capital required is stated in memorandum of association. One should take care of the stated amount. The minimum share capital needed for different companies are as follows:
Partnership Firm: 500,000 AED.
Public Joint Stock Company: 10,000,000 AED
Private joint Stock Company: 2,000,000 AED
Deciding the location of the office could be a weary step. Well, you get an assistance if the business is in any of the free zone areas. But you can always use the power of inconvenience as the competition will always be more in free zones so setting up in a non-free zone may also be a good idea if the planning to expand is strong and accurate.
Mostly you are required to have a manager before the legal procedure. But sometimes you can’t recruit people as per your own wish. Check the rules regarding this for you free zone area. Just like every business the power of a good employee cannot be understated as it will help in the long term growth of your organisation.
It is highly advisable and not mandatory to have an agent or manager who is local. Things would be easily managed if you get a help from any of the locals, as they will be more acquainted with the important rules and regulations to manage your business.
LEGAL STEPS TO BE TAKEN
These steps should be taken once you are headstrong about the business setup and are ready for the action. The steps are:-
KNOW THE AIR AROUND YOU
You should not even miss a single detail about the area you work in. Be well aware of the air that surrounds you. A good research on Dubai and the free zones is highly recommended. Prepare yourself to face the threats as well as profits. A good knowledge about the culture, religion and law would only be proved as a boon to you and your business.
Decide and take the action! If you want to go for a sole ownership, you can only do it in the free zone area. Select the zone and start working. If you are willing to work with a partner, the local person or the partner should have 51% ownership in the business. The choice solely lies in your hands.
To work in Dubai, you and your employees should have the visa of course. Though Dubai supports each and every business, but undue advantage should not be taken. Each thing should be done by strictly adhering to the laws and regulations there.
It is suggested that the registration process should be handled by a business advisory company. They would to do it professionally and simply. It’s better to delegate the work rather than making mistake and losing the opportunity. The paperwork should well be taken care of as well.
- BUSINESS CONSULTANT IN DUBAI
It would be great if you hire a business consultant or a local advisor in Dubai. You will face no hindrances in setting up of the business. You will get familiar with almost everything very quickly
To know more read: BEST CONSULTING COMPANIES IN DUBAI
A business requires funds to start. You should be well aware about the exchange process and rate. It would be beneficial if you open your account in any of the local banks there. You would get to enjoy a lot of services and would be familiar with the financial situation.
Want to know more about business opportunities in Dubai? Read More : BEST BUSINESS OPPORTUNITIES IN DUBAI IN 2020
Be very careful while planning and establishing the business. Take the risks and touch new horizons. Success and failure are a part of life. Take the chance and see till how far can your wings take you!