Dubai is a place of many unexplored avenues bustling with the wealth of potential, intriguing mysteries, and untold business opportunities. It is a city that abounds with awe-inspiring skyscrapers built by the sturdy hands of enterprising individuals. Dubai has managed to create wealth out of nothing for itself and others.
Dubai has a well-regulated economy that offers a world-class infrastructure uniquely combined with a favorable operating environment for businesses to flourish. But Dubai is a noisy, complicated place with tremendous potential for making great wealth. Therefore, starting a business can be a tricky thing as you cannot afford to jump into the ocean without proper planning and professional guidance.
Yes, it is important to be imaginative but it is equally indispensable to maintain contact with ground realities. Thus, a well thought-out plan along a potent implementation strategy would ensure that your business would have a smooth, flawless takeoff in Dubai.
Mainland Business setup
Any mainland business entity will have to comply with the 51% ownership rule requirement which necessitates finding local support if the entity is holding a non-professional trading license. Professional services business entity will have to find a local service agent for setting up a business in mainland Dubai.
Free zone business setup
If a business concern wants full 100% ownership of its business, then starting up operations in the Free Zone is a readily available option.
Salient Features of Free Zones:
- You get full ownership of your business and exemption from 51% rule requirement.
- A Free Zone Entity can do business internationally by becoming a part of international trade loop.
- Zero corporate or income tax is levied on businesses here.
- Secrecy and confidentiality of businesses in Free Zone are never compromised.
- Only one individual can form a company here in Free Zone.
- Allowed to open up a bank account in Dubai.
- Lower overheads in terms of renewal charges.
- A Free Zone Entity can do many things at a time.
- Liquidation of a Free Zone Entity is easy and quick.
HOW-TO GUIDE FOR INCOPORATING A BUSINESS IN DUBAI
There are some important questions that you need to answer before diving head-first into the depth of whatever it is you want to achieve. You must ask yourself some very basic questions before you start a business.
- What it is that I really want to do?
- Do I know enough to feel absolutely confident about what I am about to do?
- What necessary information I must take into serious consideration before starting a business?
- Where and when I should begin?
- What kind of business should I get into?
- Is there is a match between my competencies and those that are required to do the kind of business I want to do?
- How much of accurate information have I about the place and procedures involved in getting a business on to its feet and off the ground?
- Can I fulfill the required procedural demands that my business idea needs for incorporation?
- How come my skill set and the one required for starting a business match up?
- What will be the most appropriate hierarchical structure for my business to compete & thrive?
- How the environment of Dubai is going to suit or ill-suit my business concern?
- Have I done a thorough analysis of my strengths and weakness?
- What does the map of opportunities and challenges tell me?
- What are my objectives and goals, both long term and short term?
- Where do I see myself 5 years from today?
- What will be the name of my business or how it will be registered?
- Do I know everything I need to know what I want to do?
- Most importantly, is my business going to make money for me?
A lot depends on how you answer these questions. If you can answer these questions with a clear mind, then you are on track to becoming a businessman. You are good to go. In case, you do feel some level of uncertainty while answering any of the questions above, then you need not worry because KWS-ME is here to help you out in achieving a clutter-free mind about what it is you will do with great confidence.
KWS-ME will help you choose the best place, the best plan, the best business model, and the best everything for your business in Dubai because we know what do and where to do it. We will help you choose the best business idea and also help you to manage it.
How KWS-ME Will Help You Start Your Business In Dubai:
KWS-ME offers a full spectrum of business support services to its clients in the UAE. We will provide you with legal help to legitimately incorporate your business in Dubai.
We will make a professional assessment of the feasibility of your business idea and its operational practicability. We will help you get your Memorandum of Association in order. We will make sure you are meeting the right people in Dubai both in government departments and other places. You will be given a proper run down of how things work in Dubai.
We will help you find a suitable place for your offices. If you are facing troubles finding a trustworthy local sponsor, then you need not worry because KWS-ME will help you find one.
Our vast experiences and deep insights put us in a strategically advantageous position to suggest to you the best business models you will need to get your business entity off to a blistering start.
Skills-set Needed To Start A Business in Dubai:
KWS-ME is in the business of making business happen for you. Businesses need certain skills and resources, technical and non-technical, financial and non-financial, in order to start making money. Here is a list of certain things which a business needs:
- Ability to Manage, Arrange, and Optimize Funds & Funding Options
- Management & Operational Skills
- Products/Services/Ideas To Satisfy Met or Unmet Needs
- Trade Management
- Marketing & Advertising Skills
- Accounting Skills
- Risk Management
- Mechanical Staff and Technicians or Technical Skills
- Specialized People For Specialized Tasks
- Market Research Skills
KWS-ME has a highly competent team of professionals who are masters in the above-mentioned services that your business needs.
Dos & Don’ts of Business in Dubai
Dubai’s unwaveringly steady economic environment is strategically and creatively designed to support all kinds of business activities and international trade. Businesses can make some real wampum by exploiting the truly exciting business opportunities available to them. As exhilarating as it sounds, impetuously jumping into the foray is not advisable. In order to start a business, a person of foreign origin who is away from the place called Dubai must be careful as to where he is going to put his foot. First things first, as somebody looking to do business in Dubai, you must find a local sponsor for your business who is going to hold 51% of the share of your company. In order to succeed in Dubai, you will need the local support by your side.
Here is a list of things you should be careful about when you are planning to do business in Dubai lest you might fall and lose all your money.
Be Thorough With Your Plan for Business in Dubai:
Surely, setting up a business in Dubai is an engagingly tempting idea because nobody wants to miss out on the opportunity to rake in some serious moolahs. Readiness and preparedness won’t just do it. You have to have a carefully drawn-up business plan which takes into account all the things directly or indirectly impacting the viability of your business both in the short run and long run. Your product should be the one that can be marketed. You should have an idea that can be sold to the local sponsor. And none of that comes easy. Remember, there is no free lunch in this world.
“There is no excellent beauty that has not some strangeness in proportion,” Francis Bacon. Dubai is that beautiful for investment but do your research first. Don’t come out here unprepared.
Prepare a Financial Feasibility Report
You need to know what you want to do. You need to know your target audience. You need to know how you are going to influence the TG positively in order to create a reliable stream of revenues. You need to know where the money is going to come from, how it will be spent, and how it will be used to make more money for your business. At the end of the day, your receipts should exceed your expenditures. You need to know what your ROI is. If that is not the case, your ROI is weak and your overheads have gone into an overrun, then you should not be gung-ho about starting a business in Dubai. Make sure your financial feasibility report is in order and quoting you all the right numbers.
Find a Local UAE National as Your Sponsor
According to the UAE law, a business coming into the UAE must find a local investor who is going to hold 51% of the paid-up capital of the business entity. Finding a reliable local sponsor or neighborhood support is absolutely essential for starting a business in Dubai. It is better advised to come into contact with business support service providers like KWS-ME who have the relevant experience and expertise to help you find the right partner for your business. Trust the expert opinion.
Free Zone Entity
There are Free Zone Areas established in Dubai where investors are allowed complete exemption from the 51% requirement rule. An investor can own %100 of his company. There is no restriction on the movement of capital in whatever currency form within the bounds of the Free Zone. There are no taxes; no corporate taxes, no income taxes.
Start Flexing Your Financial Muscle
As an investor you have to show your financial viability to the Dubai Department of Economic Development that you can arrange the required funds in order to kick start a business. You have to show that the required sum of money for the starting capital is available in your bank account, though you can withdraw it later on once the assessment of your financial health is done.
No Time to Lose: Start Promoting Your Business Today
Dubai is a competitive market. If people are unaware of your product or service that you are offering or planning to offer, then how are you going to make money because if people don’t know about your product, then they are not buying it. And you end up losing money. Therefore, it is imperative for you to have a plan ready for the promotion of your brand or business or whatever it is that you want to do, so that you can start making money instantly. There are lots of promotional channels available that can help you advertise and promote your product. There is no point losing time. Get on with the promotion of your brand. The promotional channels can help your product become more visible and grab more views. This will ultimately translate into sales and profits.
Get your Business Incorporated ASAP
You cannot start doing business in Dubai without getting your business registered whether you are an offshore company, mainland company, or free zone company. You have to get the required approvals from the government departments. No circumlocution, no equivocation, no tergiversation, no beating around the bush, you have to get the business registered before you can install your money-making idea in Dubai. There are no two ways about it. Therefore, it is very much advisable to seek advice from a company or just leave it to the professionals who can help you get your company incorporated seamlessly.
KWS-ME is here to help you do just that in the most professional manner possible. We will get things done for your business because your business is our utmost concern.