Ready to open a company in Dubai ?
Over the years, Dubai has started to attract the eyes of individuals including investors and other business moguls across the world because of its rapid economic growth and the way business activities flow in the country. Creating a company in Dubai is one of the most important steps to take when you want to set up your own business, because Dubai offers lots of opportunities for foreign investors. With this development, you need to take into cognizance of various factors associated with business start up in Dubai in order to avoid problems that would bring set back in your business.
What to consider when creating a company in Dubai
1# Get a local sponsor
If you are planning to set up your own company in Dubai then you should seek the assistance of a local sponsor who would become a partner for your business by providing freedom for you to have the best choice of location in the city. You need a locally registered LLC business for this, and the sponsor is expected to be given a yearly fee based on your negotiations. It is important to know that having a cordial relationship with the sponsor would help you solve any problem that may arise in the cause of your business in Dubai. To avoid scam, you are advice to sign a legal written agreement with the local sponsor you are to work with.
2# Look for a free zone
If you are planning to own your business 100% without taking a Dubai national as a partner then you need to select a free zone. The problem of having a business in the free zone is that it may not be suited in the city markets, and purchase or rentals in the free market zone might cost you budget overrun. But the advantages of this surpass the disadvantage as you are eligible to have a full ownership of your business with speedy startup and free custom duty.
3# Select a suitable location
If you are aiming to start up a company that would yield you great profit, selecting a suitable location that would command conveniences and low cost of logistics is of great important. It would not be a good idea locating a company where customers can’t easily reach you. You should try and find a location in which your profit would be maximized.
4# Acquire a valid visa
For your own good, you need to confirm your visa eligibility and other legal requirements that guarantee your stay in Dubai. Your sponsor would play a vital role in this aspect; he would assist you in getting a visa and other necessary documents required to set up your business, by writing an application to the appropriate authority stating the reason for the application in order to let you operate your business successfully.
5# Seek the services of a business consultant to assist you in start-up
As a foreign investor trying to set up a company in Dubai, it is advisable for you to hire a business consultant from one of the available registered firm to guide you through the processes involve in starting up a business in Dubai. This consultant would help you to do the company set up for you and also to make a complete business plans that would help you in knowing the financial cost, and offer solutions to any hurdles that may arise in your business.
The main idea of this article is that if you are planning to create a company in Dubai, you should know about different companies status and decide which one t operate on. If you are planning to set up your own company with 100% ownership then you need the free zone to operate, on the other hand if you want to save up a little capital then you need local sponsor to work with in which he will have 51% of the company share. The most important thing is to ensure that you follow the legal procedure irrespective of the kind of business you are planning to be involved.