Starting businesses in Dubai is a great idea with some of the popular reasons such as the increase in the likelihood of finally getting out of the rat race, and becoming a major success. Setting up a business in Dubai can be one of your best decisions as you have greater control over your income and possibly reap big rewards.
The process of setting up a business empire includes continuous dedication, courage, and patience. The exposure to international markets for any business acts as a boon and enhance in building brand value. Dubai, one of the world’s most vibrant cities, has tailored itself to being a hub that promotes business growth. The emirate has also successfully established itself as a provider of a multitude of options ranging from lucrative business opportunities to offshore company formation.
If you are curious, which we know you are, some of the phases involved in starting a business in Dubai are as follows:
Also read: 9 Essential Steps to Start a Small Business
Phase 1: Conducting research or feasibility study
If you have already identified the business idea that you want to launch, you first need to conduct a feasibility study. Failing to research and backup your assumptions ultimately lead to business risks, which is why it is crucial to research, especially regarding the following:
- The need and demand of the market for your business idea
- Whether the target market will pay money for your solution
- Who your major competitors are
- The market and how their needs are met through your business idea
- The total cost and budget needed to setup the business
Phase 2: Evaluation of the business plan
A proper business plan is a road map towards its success and growth. A business plan will act as a guide to your business from start to end, which is the reason why it is a requirement for all new businesses. There are several different kinds of business plans which you can also review prior to setting up shop.
You may seek support and guidance from a business setup expert to set up a business plan. It is typically detailed with information that are necessary for when financial institutions evaluate and assess your eligibility for financing.
Phase 3: Planning the financing
To set up shop in Dubai, you may not need a ton for investment but there will always be necessary expenditure and you need to have the capability to cover costs before earn from the business.
List down the expenses that you foresee for your startup for your business including the cost required for keeping the business afloat for the following year.
Phase 4: Choosing a business structure
Businesses in Dubai can take different business structures or forms. Depending on your location and the type of business that will be set up, there are specific rules regarding how to set up a company. You can choose either limited liability company, sole proprietorship, or partnership. The form of the business that has been chosen affects several factors from the name of the company and the liability to filing taxes.
Depending on how complex the structure of the business is, we would suggest you heed the advice of a business setup expert to make sure that you are selecting the correct structure for your company.
Phase 5: Choosing and registering a trademark
The trademark of the business, which includes its name and/or logo, plays a crucial or important role in all the parts of running the business, so the trademark that you chose should be great and unique. Evaluate all of the implications, both positive and negative, as you are selecting from your choices for a trademark. The proper business name gives the Dubai Economic Development (DED) an idea about what the business does. Take note: you have to check with the relevant authorities about the permitted trade names and whether or not your chosen business name has already been registered.
Phase 6: Processing all the licenses and permits
Complete all the paperwork which is a part of business setup in Dubai. There are a variety of documents needed for business setup in UAE. The requirements to get the necessary licenses and permits will depend upon the type of business activity you’re starting and where you will conduct business.
Phase 7: Deciding on the place of business
The place where the business will take place is very important for operations, regardless of whether it is an office that is at your residence, a shared desk, private office space, or retailing. Once you get all the legal formalities done, you may decide on your business’ location. For setting up a business in Dubai free zones, you may take the help of free zone business setup experts.
Phase 8: Getting your team ready
After completing all the legal formalities, it’s time to hire employees. Make sure you have outlined the jobs that are to be filled and the responsibilities of every open position.
DON’T FORGET: Advertise your small business!
After completing all the phases, the next thing you should take care of is attracting all customers and clients. This can be conducted by creating a proper marketing strategy and advertising of your business. It is extremely necessary to check as many advertising ideas as you possibly can so you can make a decision on how to market your company efficiently and effectively.
You may be interested in: 10 Ideas for Small Business in UAE that You Should Know
Dubai Business Setup Experts
There are numerous opportunities for setting up a business, especially in Dubai and there is ample information shared by the local government to assist in the business setup process. If you want to learn more, you can also consult with a business setup expert.
Remember that there are many procedures to be followed that are associated with licensing and company registration. FAR Consultancy Middle East has business consultants that are veterans in the business set up in Dubai and they have helped many business owners start successfully in this region.
If you are interested, contact us today.