Starting a Business in Dubai: Now is the Right Time

Dubai has been catching the attention of business investors for years due to its economic stability and reputation in the international market. Moreover, the country’s low tax regime, advanced infrastructure, e-government system, business opportunities, and ease of company formation in Dubai surpass all expectations. Besides, the government itself encourages more business setups and provides everything an investor needs to commence a commercial project.

Covid- 19 pandemic brought in a lot of unprecedented circumstances for business owners in Dubai. And now that the city is returning back to normalcy, it’s the perfect time to create the kind of change required to heal the situation. So, if you are thinking to embark on your business journey to Dubai, UAE, then this is the right time to file any such plans for a startup of your own.

Reasons why you need to think about company formation in Dubai now

The major reasons for thousands of investors and business magnets to travel from all over the world to Dubai to establish their enterprises are -

• Full foreign ownership
• Revised laws to support start-ups, SMEs, and business ecosystem
• A larger pool of talent
• Business registration at lower costs
• Extensive investment opportunities
• Cost-effective marketing
• Changing customer preferences
• Better access to resources

Things to consider before the business setup in Dubai

With the increasing demand for innovative methods to work and obtain in-demand products, this could be the most excellent time for a business setup in Dubai. However, you need to look into certain key factors before proceeding with the company formation.

• Find out whether the business idea is in trend or marketable

During the coronavirus epidemic, it sort of became clear what is in demand and what is available in the market. As per the reports, there was a huge gap between the demand and supply of high-priority products and services. So, now that market is back on track, it’s the ideal time to think about creating a change and filling up these gaps. However, make sure to identify whether your business idea is fulfilling the right role in the present scenario as well as the unforeseen crisis that might occur in the future.

If you are indecisive about your business proposal, then reach out to the business setup consultants at Shuraa to learn about the current winning business strategy in trend and how you can bring your proposal to the market more efficiently.

• Check if you can refine the business idea to match the market demands

No matter if your business idea is big or small, if it doesn’t satisfy the new demand, consider making minor adjustments or a pivot to launch it successfully in the market. Moreover, if you are not ready for a launch yet, then it might be well worth putting in effort and time in extra research in order to find ways to modify and remodel your pre-designed business plan. Further, evaluate the capital required, funding, and resources available in hand, and also both immediate and non-immediate competition in the field. This will help you understand the economic circumstances and make the necessary amendment to your original idea. Once your business goes off the ground, find out the sustainability of your pivoted business idea through the responses of your potential investors and target audience. If it is workable, then you can revert to your original idea and launch your business effectively.

• Seek funding to start the new business

One of the most significant determining factors for a successful launch of your venture is the business capital and the capability to obtain funding. However, for newbie investors and entrepreneurs, it might be quite a challenge to start something with huge investments. Also, the continuing global crisis that is gradually pushing the world into an economic recession makes it even harder to find adequate funding for a business. But thanks to the UAE investment opportunities that categorize specific business sectors and business types that don’t require heavy investments. Moreover, the government itself is determined to start up the slowed-down wheel of the economy by granting incentive packages to new investors that are pumping their money into the UAE market. For instance, the Dubai Multi Commodities Center(DMCC), one of the best free zones in the emirate, has dropped its business setup cost by 50%.

You read also: How to Open LLC Company in Dubai?

• Look for proper talents to start off the business

Another deciding factor for the success of your venture in such unpredictable times is finding the right talent for your company. It is crucial to look for suitable employees, and inquire about their expectations and financial status, and the contribution they are prepared to make to the company. You can also seek freelancers who can equally distribute their time and talent with your company and others. Thus, you can follow this strategy for the initial phase. Later, you can offer them to join you full-time as a permanent employee.

Additionally, you can start your hunt through online job board websites or recruitment agencies by providing a detailed job description of the role and position you are seeking talent for.

• Take a pause if unsure about your choices

Keeping all the above points at rest, if you are uncertain about your business idea or you have a strong feeling that this is not the best time to execute it, then do not hesitate to take a pause. These unprecedented times would indeed pass and you will get another opportunity to start a business. So, utilize this time in reflecting, do more research, plan, and improve your business strategy and knowledge to increase its odds for success subsequently when it is ready to take off.

Fundamental reasons for business setup in Dubai

• Lower tax rates
• Dynamic economy
• High quality of life
• Lifetime business visa
• Unrestricted ownership
• Capital repatriation
• Customs charges exemption
• Largest financial center
• Quick registration of a corporate bank account
• Workspace facilities
• Flexible operational processes
• Sense of security
• Minimal risk of investments
• Easy to hire employees

A step-by-step guide to company formation in Dubai

• Choose an industry
• Select a location in Dubai
• Finalize a company name
• Complete the registration paperwork
• Submit an application for the license
• Open a business bank account
• Proceed with visa applications

Documentation requirement for company formation in Dubai

• Memorandum of Association and Articles of Association, notarized by legal authorities
• Passport copy of the company owner and the manager
• No Objection Letter from the sponsor
• Reference letter from the bank holding the personal accounts of each shareholder
• Business plan

Types of business setup in Dubai

• Mainland Company formation
• Free Zone Company formation
• Offshore Company formation

Get your business up and running at an affordable range with Shuraa!

With the recent amendments in their business laws and corporate policies, Dubai has set itself as the perfect base for business setup and there can't be a better time than now for a company formation in Dubai. The top-notch team of experts at Shuraa Business Setup can help you plan a layout and register it in the United Arab Emirates quickly and efficiently. Moreover, they provide error-free and hassle-free services that can help in transforming your business ideas into reality.

Hence, if you are eager to get your business off the ground and market it throughout the world, then Shuraa is there to help you at every phase. Call +971 44081900 to talk to one of the business setup advisors at Shuraa, or simply log on to www.shuraa.com to learn more about company formation options in Dubai.