How to Start your own Business in Dubai

Starting your very own business in Dubai from scratch can be quite a journey. Sure there will be many obstacles in your path and the mind games you yourself unknowingly play in your head come with its own share of obstacles. However, as long as you stay true to a few aspects, your business setup is bound to be a success. Here is how you can go about with this.

Conduct an elaborate amount of research

You can even have enough of research when it comes to the market and the region. Make sure you take in and have a sound understanding of all the information you can get. Make sure you read up on the legal and tax requirements that govern setting up business in the UAE too. Know about the product, services and study the behavior of your target audience.

Search for a local sponsor

If you are thinking of a setting up business in the UAE, you need a local sponsor as a partner or service agent on agreed annual fixed remuneration charges. In commercial licensing its known as local sponsor and in professional licensing its called service agent. The sponsor / service agent can either be a company or an individual.

Look for free zone registration

If you do not wish to share ownership and managerial rights with the locals, you can conduct your business setup in any of the free zones, provided they entitle you as a 100% owner of the company. UAE has more than 40 free zones and offers 100% ownership of the business. They also offer 100% import and export tax exemption as well as 100% capital repatriation of capital and profits.

Draft the Memorandum of Association (MOA)

The MOA is a form of legal document that talks about the external activities of a business with different vendors, stakeholders and service providers. It outlines the complete details of a business, its physical address as well as name and activity. It also includes details such as the date of commencement and period of contract, amount of share capital and method of profits or losses distribution among other details. It is compulsory to form an MOA if you want to set up business in a free zone. To do this, you are also required to sign a local service agency agreement with a native person.

Find an easy to reach business location 

Where your business is located matters the most as does the nature of your business. After all, you are going to hold constant meetings with clients. You need to find a location within the city so that people (this includes clients, customers and employees) can reach you in a stress-free manner. Making sure your business is situated close to familiar locations or near transport services is a good idea.

Making sure your business setup plan goes as smoothly as possible ensures half the work is completed. All in all, as long as you stay true to these factors when opening your business, you can rest assured you are going to begin your ventures on a good, positive and promising note.

How to Start your own Business in Dubai

If you are thinking of a setting up business in the UAE, you need a local sponsor as a partner or service agent on agreed annual fixed remuneration charges. In commercial licensing its known as local sponsor and in professional licensing its called service agent. The sponsor / service agent can either be a company or an individual.