Known for its superior infrastructure, Dubai is one of the most developed cities in the world. It offers an ideal environment for all types of businesses. However, there are some important factors that must be taken into consideration while establishing a business in Dubai.
Counted among the world’s most influential cities, Dubai has emerged as an attractive destination for entrepreneurs. The city is known for its strategic location and world-class infrastructure. It is also a major international aviation centre and has some of the busiest ports in the world. However, it’s the business-friendly environment that sets Dubai apart from other major business destinations.
The government has worked towards creating favourable opportunities for entrepreneurs. The establishment of free zones was one such step in that direction. Jebel Ali Free Zone, the first free zone in Dubai, was established in 1985. Today, there are more than 20 free zones in Dubai. They are home to around 150,000 companies. Apart from offering numerous advantages, these free zones give businesses the infrastructure and transparency required to operate smoothly.
Be it free zone company, offshore company or limited liability company, there are several important factors that must be taken into consideration while establishing a business in Dubai. Here are some useful tips for entrepreneurs-
1. Understanding the Target Market
It is important for a new business in Dubai to clearly define its audience. It should have a clear idea who the target audience is. This will make it easier for the business to acquire a user base and face its competitors.
2. Local Sponsor
If a business desires 100% ownership and wants to establish a business without a local sponsor, it will have to choose a location in a free zone. However, if the business wants to exploit the local market, it will have to find a local partner who’ll own 51% shares of the company. A written agreement is a must while signing a sponsorship with a local sponsor. Relying on verbal agreements may not be a good idea. A written agreement will save you from a number of hassles later on.
3. Choosing the Right License Category
The license category must be chosen wisely. It has to be ensured that the license category is broad and covers all the activities of your business model. This will go a long way when it comes to avoiding future problems.
4. Hiring a Business Setup Consultant
There is no denying the fact that Dubai is one of most business-friendly places in the world. However, excessive red tape can hinder the progress of new businesses in Dubai. For this reason, it becomes essential to avail the services of Dubai business setup consultants. These consultants are equipped with the knowledge and understanding of the local market. This can go a long way when it comes to making it easier for a business to establish itself in Dubai.
Keeping the above-mentioned tips in mind, you can easily establish a new business in Dubai. The city offers tremendous opportunities to all types of businesses. It provides an ideal environment to small as well as large businesses. With the right guidance and knowledge provided by business consultants in Dubai, a business can make the most of these opportunities.
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