The Dubai government is quite generous with foreign investors and businessmen, who want to expand. They offer policies and regulations that work in the favor of prospective businessmen. It’s hard to resist the temptation of almost perfect conditions and not open a business in Dubai. If you decided to give it a try and started your research then you stumbled upon the right article. We are going to discuss the “hows” of starting a business in Dubai. So, let’s begin, shall we?
Eat, sleep, research
Whether you are establishing a new company in your town, in America or on planet Jupiter, you have to undergo this step. I know this sounds cliche but without thoroughly analyzing the market and your target, your business will fail. First things first, research the city especially if you are not from there, try to understand the needs of customers and how your product or service can satisfy them. Look at the laws and regulations, pay particular attention to taxes. In other words, know Dubai from A to Z.
Find a reliable partner
The government of Dubai requires the majority interest holder to be a local. Therefore, you need to find a trustworthy local partner who will own at least 51% of your business. Generally speaking, it’s for the paperwork because your partner does not have to be involved in the process of starting the business. Plus, you need to show the Ministry of Commerce that you have money to invest, the sum is between $10,000 to $50,000.
Pick an appropriate and descriptive name
For some reason, the Dubai government requires the name of your company to present the profile of your business. It couldn’t be your favorite color or the name of your son. If you want to finish setting up the business, the name needs to meet the criteria.
Once the nature of your business is clear and a part of the paperwork is either done or is in the process, you need to start hiring. But wait, Dubai won’t let you hire anyone right away. In some cases, you might have to hire a manager ready to work even before the final legal confirmation. Or you might be able to hire at all, just have contracts. Take a look at the official website of the government for more details.
There you go, you have an overall understanding of what to expect. Now you can go ahead and get started with finalizing the idea and gathering the necessary paperwork.