Setting up a new business requires careful considerations of a lot of different aspects. All these important things should be considered to avoid any harmful outcomes. Due to the growing market of Dubai, the setting up of new businesses in Dubai is always encouraged but you have to follow the rules and regulations. Apart from the citizens, the market of Dubai offers countless opportunities to the people of foreign countries as well to invest and set their new business in Dubai. Here are some important points that should be considered while setting up a business in Dubai:
1. Consider free zone if you want 100% ownership:
Keep that in mind that there is only one way through which you can have 100% ownership of your business and this one way is to have your business located in the free zone. However, the selection of this choice will depend on the nature of your business. If you are about to open up a new restaurant, it cannot be done in the free zone. Another point of the consideration is that the purchase and buying in the free zone can be a bit expensive but there are some advantages like speed in starting up the process, 100% ownership and customer’s boundaries without duty fee.
2. Choose the right local sponsor:
There are some laws that should be followed when it comes to setting up a business in Dubai. There are a lot of opportunities that allows you to invest and start the business but still if you have to start a business, you can also consider having a UAE national as a partner. He should be a partner in your business of about 51% which is why he will be considered as a local sponsor. In some situations, there is a specified fee that should be payed to the sponsor.
3. Select the location that best suits your requirements:
Selecting the most suitable location for your business in Dubai can be a tricky task. Your business cannot grow at a proper pace if your clients and customers are unable to reach you. Moreover, the selected location must result profitable for the nature of your business. If you are considering a free zone for your company, the selection must be based on the consideration of cost, distance and other suitable conditions for your product.
4. Consider the Visa requirement and eligibility:
For starting up a business, you need to consider the fact that you and your employees must have the permit to live and work in Dubai. Although the visas are provided for every type of business but the criteria may vary according to the size and the nature of your business. If you are setting up a local business, the visas will be worked with the help of your local sponsor.
These were the basic points you need to consider while setting up a new business in Dubai.