The decision to establish a company in the United Arab Emirates is a critical one for many businesses across the globe, due to a different culture and nature of laws in the country. However, the glam of Dubai and its claim as the regional trade hub sparks enough motivation and inspiration to the entrepreneurs to establish their company in either one of the more than 20 free zones or in the Mainland Dubai. Even after all the inspiration, one must know the various factors which can be critical for the health and future of your business in Dubai. The following bullets will let you know about what should find a place in your mind before you set up a company in the any of the seven states in the UAE.
- The first thing that you should ponder about is the nature of business and the type of products you want to sell in the United Arab Emirates. Once you’re decisive about the nature of your business and your core product(s), you would be able to look in the right direction for future steps. You can choose from the diverse fields of real estate, imports and exports, hospitality, recruitment agencies, human resources consultancy firms, education, healthcare facilities, insurance companies, third party administrators, nightclubs, and tourism companies. The choices are limitless when you’re up to establishing your business in Dubai.
- Many new entrepreneurs in Dubai, especially the ones hailing from the western hemisphere, are not fully aware of the local laws, regulations, and culture. This is why they mostly get caught in confusion, especially about the company’s ownership rules in the country. The thing that you should always keep in your mind is the fact that you can keep 100 percent ownership of your company if you decide to base it in any of the over 20 free zones across Dubai. However, if you want to set up a retail business outside the free zones of Dubai, you must find a local partner, who will own 51 percent stakes in your company. The best thing to do is to consult a local PRO service provider to streamline your business setup process.
- Obtaining a business license is the core step of founding your company in Dubai. You may opt for a trading license for selling goods and products or professional license for selling services, both of which must be approved from different regulatory authorities in Dubai.