updated - June 22, 2021 Tuesday EDT
Looking to start a new business? You should be. The way the economy is going, one can't afford to rely on others to make a living. You never know when a company will collapse. That's why your safest bet is to take your destiny into your own hands and start a business all on your own. Today, we're going to discuss why starting a business in Dubai is such a good idea.
But that's not the only thing we're going to talk about. Other points of discussion, include:
Why it's a good time to start a business in Dubai
What to do in order to start your company in Dubai
Why having business consultants is essential
Without further ado, let's go...
Why is Dubai so good for opening a firm? Because their economy mainly depends on small businesses to stay afloat. It has been like that for the last few decades or so. In Dubai, SMEs represent a staggering 99% of all establishments in the emirate.
Small companies also contribute almost half of Dubai's overall gross domestic product, according to a report by Dubai SME, an agency created to monitor and report on the economy.
Furthermore, recent research indicates that small and mid-sized businesses employ around 50% of the entire workforce in Dubai. That's why most government officials support small businesses and encourage more people to start their own companies.
Dubai has free trade zones where companies that operate in them are exempt from a number of taxes. We're talking about the Value Added Tax, Income Tax, and even Customs. Not to mention that business owners in free zones have complete ownership of their business.
However, that's not the entire picture. Even though now's the perfect time and place to launch a business, it doesn't mean that doing so is easy. Don't get us wrong, it's not complicated. There are five steps you need to take in order to launch a business in Dubai, including:
Determining the type of legal entity
Selecting a name for your business
Applying for a business license
Finding and renting an office space
Getting pre-approvals and registering
For a person born and raised in Dubai, all of this extremely easy. However, for a foreigner, the entire process isn't so seamless. That's why many people living outside Dubai tend to work with business consultants to help them launch their business.
From the numbers, you can clearly see that Dubai is not only a good destination for small businesses, but that it's also a good time to run your own business there. Now, let's see why hiring business setup consultants in Dubai is such a good idea.
1. Knowing the Business Landscape of the UAE
Even if you launched several successful businesses before, it doesn't matter. In the United Arab Emirates, you're still a beginner. You don't know the first thing about the laws or the cultural norms in the country. Local knowledge is what you need. By hiring a consultant that has helped hundreds of people launch businesses, you'll a person that knows the inner working of the state.
2. Building Meaningful Connections in a Foreign Country
Building the right connections with the right people at the right moment can take a long, long time if you don't know anyone in Dubai. Most people don't even know where to meet potential business partners and investors. A good consultant knows the community and will help you get in touch with just the right people.
3. Conquering the Language Barrier in Dubai
Even though there are numerous languages spoken in the region, in Dubai, Arabic is still the main language. It's used both casually and for business purposes. While a good number of people speak English, some simply don't. That's why it's always good to have a local person that could translate anything at any given moment.
4. Saving a Lot of Time and Money in the Process
While it's possible to start a business without any help, why do it? To prove a point? Aren't you starting a business to make profit, first and foremost? You don't want to learn through trial and error. You want results and you want them fast. Get the right consultant, and you'll be able to focus on things your good at without spending too much time and resources to keep everything under control.
There you have it! Now you know that business setup consultants can save you a lot of time, effort, and not to mention money by helping you create and launch a business from scratch. They will give you a good foundation to profit from Dubai's current economy. Contact a business setup consultant now and building your business from the ground up, today.
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