How to Become an Entrepreneur in DubaiKWS Admin
Dubai is amongst the best place in the world to start a business. It attracts entrepreneurs from around the globe because of its central location that ensures year around traffic from East and West. Renowned multi-national companies come to Dubai in order to expand their business for operating in Middle East and African region with the help of world class infrastructure and communications network of Dubai as well as constructive environment provided by its government which assists business develop and grow in every step of the way.
With the economy growing sharply, Dubai aims to be entrepreneurial capital of the world. Dubai will host upcoming World Expo 2020 which will provide thousands of employment*
and business opportunities. Along with this, Dubai has also initiated its plan of becoming smartest city by 2020, thus opening its doors for creativity and technological innovation.
The cherry on top is the diverse population of Dubai which comprises of more than 85% as expatriates. Government is working very hard to devise and implement those strategies which will serve different communities to live in harmony in Dubai. Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has recently allocated $544 million in order to help innovators and entrepreneurs for their funding in businesses in Dubai.
These measures show how welcoming Dubai is to foreigners and businessmen alike and help them turn their ideas into reality. However, you should keep in mind that if you are new in this city and looking to start a business in Dubai, you may face hurdles due to lack of knowledge. This is why we have narrated few crucial points which you must go through before initiating your business endeavor.
Decide What Are You Going To Offer?
The first step in becoming an entrepreneur in Dubai is to decide what product or service you want to offer. You may offer an existing product which will result in fierce competition for you with other companies or you can go for niche product or service which is not readily available in Dubai market. The best way is to go through market research first. Our business agents at KWSME can greatly assist you with the market research which will help you identify your product or service definitively in Dubai.
Come Up With A Strong Business Plan
A strong business plan is the foundation of your business setup in Dubai. When you plan to undertake your business on an existing competitive market, you need a sound and viable business plan that takes into account each and every single detail extensively.
Our company formation agents at KWSME specialize in business setup procedures. We can prepare a sound business model for you that takes into account extraordinary detail.
Funds For Business Startup
You should decide what will be source of fund for your business in Dubai. You can look into venture capital funds for this purpose. Various banks in UAE provide business loans for new business startups. In order to get more info on how to get business loan in Dubai, read here.
Determine The Business Type
Broadly speaking, if you are looking to setup a business in Dubai you have two options to determine business type; either Mainland Company or Free Zone Company. Formation of Mainland Company means to setup your business in Dubai mainland which will provide access to you to trade directly with Dubai market and across UAE. It will however restrict your ownership to 49% as Dubai mainland companies require a mandatory presence of UAE national who will own 51% of foreign business.
Formation of Free Zone Company in Dubai mean to setup a your business in one of Dubai free zone (special economic zone) that provides special benefits to foreign entrepreneurs such as complete ownership, no tax, complete repatriation of profits and many more. Read more about Benefits of Free Zone Company here.
You will also have to decide about the type of legal structure you want to adopt for your business. We have elaborated them in detail in our blog here.
Determine The License Type
Your business license depends upon the type of business activity. Generally, there are three types of business license,
- Commercial license: for trading activities
- Industrial license: for manufacturing or industrial activities
- Professional license: for service providers and professionals
You have to get your business license from Department of Economic Development (DED). For your ease, our experts at KWSME will do all the required work to get business license for you. Also keep in mind that there are further approvals from various government departments depending upon your business activity. KWSME will happily perform all those tasks to acquire those approvals on your behalf.
Determine The Cost Of Business
The cost of your business depends upon the amount of work and the area where you plan to launch your business operations. You must determine cost of business startup which will give you an overall idea of how much budget you have and how much funds you require more.
Our financial specialists in KWSME specialize in assessing the cost that business need in order to have a successful start in Dubai. Contact our agents today to get a general idea of business start-up cost in Dubai.
Time required to setup a business
Depending upon the jurisdiction whether Dubai main or free zone, it usually take about 7 to 10 days for business startup in Dubai.
You should get to know the documents required for your registration of business in Dubai. The setup process is very simple and usually your business is up and running in no time.
Contact our experts at KWSME for our company formation services. We have been proudly serving our clients in their successful business setup in Dubai for more than 10 years.