Whenever one hears about Dubai, it is common to always think about vacations, holidays, beautiful scenery, views, luxury accommodations, and the list is endless. After all, Dubai is home to one of the tallest buildings in the world, the Burj Khalifa.
Nonetheless, with all the excitement surrounding the city, it is evident that it creates so many opportunities for businesspersons and investors. I mean, to start a business in such an environment that attracts thousands of tourists on an annual basis, would be a dream come true for most people.
The truth is, starting a business here is not an issue. Its government is putting all the measures to ensure that foreigners get an easy time with their startups.
If you want to know how to start a business in this great city, here are a few pointers you should consider.
Before you begin any process, you have to look for visas for both you and your staff. They give you the freedom to work and live there, which is a plus because you will be on the right side of the law.
You must understand the type of business you want to do and analyse whether the government allows such companies. In some cases, you will have to rely on a local sponsor to get your visa.
Nonetheless, note that the process is not that difficult.
Look For A Local Sponsor
A local sponsor is a locally registered company or investor. Sponsors have up to 51 per cent stake in your company because they will be there when you are looking for a location and going through all the process required for registering your company.
Note, you have to sign an agreement with your sponsor before you start the business. However, it is always nice to create a good relationship with him or her.
They are beneficial especially when you want to move to a new location.
Register In Free Zones
Business, especially during a startup, can be a tricky situation for most people. Therefore, to include a sponsor in the company could deem expensive in regards to your budget. For that reason, Dubai provides free zones.
If you’re thinking about a freezone company formation in Dubai, you no longer need a sponsor. Also, it comes with numerous benefits such as having 100 per cent stake in your business, free transfer of funds among many other benefits.
Select A Suitable Location
From a business standpoint, I believe you understand the importance of selecting an appropriate place for your business. The premise should have enough space for your equipment, employee offices, and room for other company assets.
When considering location, also ensure that clients can reach you with ease. Do the math. If they cannot contact you quickly, they will have to look for alternatives.
Even when considering free zones, it should be your number one concern.
Employ A Registration Agent
Since you are new to Dubai, it can be a challenge to register your business. Primarily, you do not know the location of the registrar’s office. Therefore, you will require some help by hiring an agent.
The agent will help you register the company, take you through the entire process and will advise you when required. By the way, other than helping you to register your firm, these people can assist in choosing the right location and your license.
A word of caution for investors: Do everything it takes to protect your money. You do not want to hire someone who you do not trust, or even choose a location that is unsuitable for your business.