Congratulations, you’re off to a good start. Learning the Dubai specific do’s and don’ts of setting up a business will assist the decision-making process. Do’s are classic, everyone shares tips and practices that helped them to succeed, yet mistakes are not less important. As a matter of fact, negatives stick to people’s minds better than positive statements. Therefore, in this article, we will cover both sides of the coin. Let’s start with the list of things, we recommend you to do.
- Get a local sponsor as soon as possible – you will avoid a lot of inconveniences if you have someone who will walk side by side with you and give you directions along the way. Don’t take the leap of faith, ask questions to professionals before jumping to conclusions. Besides the UAE requires a local to be the shareholder of more than half of the business. So, want it or not, you’ll need a partner and there is no reason why he shouldn’t be your sponsor.
- Free zones – speaking of 51%, there are the so-called Free Zones where you are the only owner of your business. However, Free Zones have limits, for instance, government related businesses can’t be in a Free Zone. Plus, the costs of holding a business in a Free Zone are much higher.
- Make sure you’re eligible for Visa – the UAE requires you to hold a visa during your stay. Before going any further, consult with the embassy or consulate of the UAE in your country to confirm your eligibility. Otherwise, you are going to face a huge disappointment.
- Don’t try to tackle registration alone – it’s not something to save money on. Hire local specialists, who will walk you through the entire process without additional stress. They know the laws and regulations better than you and they will get your service licensed properly.
- Don’t forget about legal aspects – you can easily get lost in the glory of Dubai and be overwhelmed with the idea of being a businessman. Keep your emotions at bay for a while, don’t do anything unless it has a legal agreement, especially when making a deal with a sponsor.
- Don’t think of it as a challenge – I guarantee you frustration and anxiety if you forget to enjoy the procedures. If you’re a foreigner then have fun, it’s a new culture. If you’re a local then get excited, you’re starting your own business.