There are a variety of reasons why so many entrepreneurs from all over the world prefer to do business in Dubai/UAE.
The United Arab Emirates’ favorable tax policy, which imposes 0% on both personal and corporate incomes, is the main source of attraction. There’s also the UAE’s strategic location in the Middle East, which makes it an ideal hub for worldwide trade.
Starting a small business requires a lot of exercises to perform. In Dubai, there are numerous options for setting up a small business. However, there are a few crucial considerations to make before starting a small business in Dubai.
Steps you need to follow to start up a small business in Dubai
Here are the five steps that you need to follow before starting a small business in Dubai and these five steps will help you in company formation.
Sponsorship
Setting up a small business in Dubai is not an easy task. It is quite an expensive fair like obtaining various permits, renting out space, buying equipment, and marketing. To perform all these business activities, the proper amounts of funds are required. If you don’t have the necessary monetary expenses, consider teaming up with a like-minded partner or taking out a company loan. The majority of institutions in the city do not require collateral, offer flexible repayment schedules, and have straightforward documentation procedures.
Required documents
A trade license is an important document that is required to set up your small business in Dubai, which is issued by the DED (Department of Economic Development). Some other documents are also required to perform business operations.
Basic documents that are required while applying for a trade license:
- Business plan
- MOA (Memorandum of association)
- Emirates IDs
- Trade name reservation certificate
- Relevant government forms
- Passport copies
- Initial approval certificate
Finding a location for small business setup
While choosing your business location, keep all the factors in your mind that must fulfill your business operations. Some of the key features are the easy availability of public transit including bus, metro stations so that your employees and potential clients can travel easily, as well as convenience stores, and parking facilities. Furthermore, good interior design and a healthy work environment also adds more value to your office setup and attract more customers.
Marketing strategies
Advertising is a key element, to make your business noticeable. One needs to advertise himself on various platforms including digital and print mediums. In this fast-paced world of continuously expanding technology, having an in-house IT team would ensure your visibility. Because you may already have too much on your plate, partnering with a public relations firm that works with clients in the relevant area is a fantastic choice.
Hiring the right staff
Take your time finding the right personnel to manage your business operations because your recruiting decisions could make or break the project. Inquire not only about their previous experience, but also about how they interact with coworkers, large groups, and under pressure clients. You can hire a staffing firm to help you with this.
Given the investment and various considerations described above, the process of starting your own business may appear intimidating, but skilled advisors at Vault Bucks consultancy can assist you at every step of the way. Our team will provide guidance and assistance with both planning and the legalities necessary to launch a small business in Dubai.
