Don’t you get excited when you find a step-by-step guide on the topic that interests you? I know I do and I also know that you most certainly will like this one. Setting up a business is not an overnight task, it’s a result of hard work, careful research and correct steps implemented on time. Dubai attracts a lot of businessmen, whether it’s the friendly government or the glory of the city, it just pulls businessmen like a magnet. Not to get off of the rails, I present you 5 basic steps that will help you set up a business in Dubai.
1. Identify the type of your business
I do realize that this came off a little obvious but in Dubai, the type makes half of the decision. A branch, LLC, offshore, etc. there are too many types that you can choose from. This step is essential for licensing and further operation. Depending on the profile of your business, you might need to get approvals from governmental departments.
2. Find a partner if necessary
If you started your research on Dubai and how businesses work over there, you found out that if you’re a foreigner, the government requires you to have a local partner, who will own the majority of the business, unless it’s an offshore or in the Free Zone. It is not as bad as it sounds because a. There is a legal paperwork that guarantees the safety of your business and b. You’ll have someone, who knows Dubai and can help you out at the beginning.
3. Legalize your business
To elaborate on the previous point, you need to legalize everything. First of all, it’s mandatory and secondly, it is for your own good. Starting from the contract between your partner and you, finished with bank accounts, make sure everything is legal.
4. Hire your staff
And another obvious point. Of course, you are going to hire a staff, how else would your business operate? Well, hold your horses because Dubai has prepared something for you. The department of economic development might not allow you to hire employees but simply involve contractors. I don’t really know the reason behind this regulation, but you should definitely keep it in mind.
5. Be interesting
The last one is a general business advice. To start a successful business, you need to be interesting for the customers. The market is full of enterprises offering this and that service or product. If you want to stand out in the crowd, be interesting. Trust me, Dubai will appreciate it.