Establishing a business in a modern city like Dubai is not a hard job but keeping it in a competitive shape is what it takes the biggest effort. However, in order to write your success story, you need to follow a certain set of steps which ensure you have a top repute in the market. Every business depends heavily on its repute to make its mark in the market and build a loyal market share. When you’re operating your business in a competitive business hub like Dubai, things become even more demanding. The following tips would help you in taking the right start before you are well on your way to become a successful entrepreneur in the United Arab Emirates.
- The first and the foremost thing to start a business is to have a clear head about the type of business you’re going to have. Once you know the type of business, you would be able to pursue the right kind of license with the local authorities. It could be a professional, commercial, or industrial license, depending on the type of products or services you target to sell. Always keep in mind that certain business types like food trading, legal consultancy, etc. need additional approvals from various different governmental departments. The good news is that you can choose from over 2,100 business activities listed with the Department of Economic Development.
- Another good news is that if you do set up an offshore company in one of the over 20 free zones in Dubai and 45 free zones across the United Arab Emirates, you get an absolute right of ownership and you don’t need to share it with anyone if you don’t want to.
- Your type of business also determines the very makeup of your company. If you want to start a legal consultancy firm, you can’t start it as a sole proprietor. However, different free zones have different sets of rules, which can be further explored to find out what works the best for you and your business brainchild.
- It is always essential to have a catchy business name, which is an integral part of the legal procedure. A name that explains the nature of business always works the best.
- Almost all the businesses have a minimum share capital requirement but you don’t have to pay it during the process of setting up the company.
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