As the world around us changes gradually, more and more entrepreneurs are introducing new solutions that will shape the world of tomorrow. Behind the inspiring success stories are some basic steps that almost all innovative entrepreneurs follow to set up their business in Dubai. Here are some basics for starting a business to help you build and manage your business smoothly:
This step may sound useless to many people, but it’s a little more complicated than it sounds. The transition from dreaming of owning your own business to developing a viable business idea can be challenging. It requires thorough market research (analyzing the relevant market and target audience) and a lot of brainstorming (taking your idea and developing it) to develop your business proposition. Do you need the inspiration to come up with new ideas? Try this fantastic tool to generate ideas that have the potential to change the world.
As soon as your business idea is ready, create a business plan accordingly. It is a fundamental step as it will be the first comprehensive literature for your company. A business plan details your company’s mission, vision, values, services, products, business functions, customer service standards, expected revenue streams, and other vital points. If the task of writing a business plan seems daunting to you, use a tool like Live Plan to speed up your workflow until you have a system for making forecasts and presenting yourself to investors.
Look for Local Sponsors
Part of a business plan is to indicate your financing options, determining your following path. First, make a comprehensive list of all the funding sources you have access to. Find that your start-up capital or personal resources are insufficient. It would help if you looked for alternative ways to finance your project, including special funds, banks, financial institutions, partnerships, and other sources.
Make a Business Marketing Plan
You don’t need to hire a communications agency or social media expert today. However, it would help if you started thinking about your marketing plan. Identify your target group (gender, age, education level, income level, etc.) and analyze their profile: who are they? What are their needs and wants? These are their eating habits? What communication tools do you use most often? Decide which platform and communication channel is best for your service or product and see the details and potential costs.
Choose a Profitable Business Structure
A Limited Liability Company (LLC) is the law firm structure that small businesses and entrepreneurs feel the most when doing a company formation in Dubai as it offers operational flexibility. LLC companies can trade in UAE and GCC. In addition, you enjoy several advantages, including no minimum capital and no property ownership limits. Other legal entities permitted in Dubai are sole proprietorships, familiar law companies, private joint-stock companies, public joint-stock companies, branches and representative offices, and free zones.
Choose a Name and Register Your Business
Your company’s first official step is setting up a business setup in Dubai. In Dubai, you must choose a name that does not contain offensive words or religious, political or criminal references. In addition, your company name must match your type of business and be available for use. Once you have chosen a name, you must register it with the Department for Economic Development (DED). It protects your property rights and is essential in integrating your business.
Gather All the Required Legal Paperwork
There are never too many documents in a company file. In ADDITION it’s better to make sure you have everything in one batch than to have incomplete files that can slow down the process of starting your business. Here are some of the primary documents you will need to provide: a certificate of registration in your name, a copy of your passport and residency in the United Arab Emirates, a copy of a partnership or sponsorship agreement with a local agent or partner, and a certificate of registration of your company, among other companies. Remember that a business consultant on your side can help you organize paperwork and speed up all formal processes.
Find a Strategic Business Location
Keeping your business in the right place is as important as finding a business name. It represents your brand, but it also defines your company’s availability, connectivity, scale and business. In Dubai, In ADDITION you will never forget to find the perfect place. However, before you decide, you should know that while companies based in the Free Zone benefit from some tax breaks, they are not allowed to trade anywhere else in the UAE. On the other hand, Continental companies can operate anywhere, both locally and regionally, and benefit from more flexible visa regulations. In ADDITION Before choosing a location, find out about the advantages and disadvantages of each location and research your business model.
Get the Required Business License
Company formation in Dubai requires you to apply for a business license from the Department of Economic Development (DED). In ADDITION for a free zone business, your starting point is a free zone authority with jurisdiction over the zone in which you set up your business. A commercial license is your official business license. From the moment you receive it, your business becomes legal.