Dubai is dream land for businesses due to the economic diversity and the easy tax laws it imposes on all the business owners and industrialists who wish to set up businesses in the country. Since Dubai is among the leading nations who are economically stable, therefore, they provide a lucrative chance for all the individuals who have the flair of entrepreneurship to establish their business venture in UAE.
Current market trends in Dubai offers sufficient opportunities for both national and international investors to tap into the Dubai market to not only benefit from the growing number of inhabitants in the country but to also benefit from the increasing tourist traffic of the city. To start your very own venture you need to get acquainted with various facts associated with the way of doing business in Dubai and to avoid any inconveniences that might happen in the process. To educate the entrepreneurs on how can they build a successful business venture in Dubai and run it for profitability, Dubai Monsters, a leading website design agency in Dubai, brings to you these do’s and dont’s of doing business in the UAE region.
Some do’s and dont’s for startups in Dubai
Select a local website design agency for your online presence
Online presence is important. The shift of users towards the internet for research and transactional purposes have lit-up the need of acquiring a professional website for your business that will also serve as an online representative of you on the internet, always. Not only can a customer be able to grab fetch necessary information from your website but also, they will be able to make online purchases if you have enabled the mechanism on your website. For acquiring a corporate website design, get in touch with a local website design service that not only does professional work but in affordable charges.
Select a free-zone to fully own your business
Bear in mind that the only way to run a startup successfully in Dubai, without taking a Dubai national acting as your partner is to locate your business in one of the free zones. This idea, however, is not suitable for businesses that are based on public dealing structure, like that of a restaurant or an apparel outlet, etc. also bear in mind that purchase in the free trade zone district can be more than the budget you have set for the purpose.
Here are the advantages that a free trade zone in Dubai offers to business owners:
Duty-Free customs boundary.
Select a location that optimizes suitability and convenience
Another important step in planning a startup in Dubai is to determine the most appropriate location for your business venture. Setting up a profit-based enterprise in the city wouldn’t do you much good despite the growing economy if you’re customers or clients can’t reach you. If you are planning a Free Zone company then you must make the selection based upon the criteria of distance, costs and if it is suitable for your product, business model, and trade requirements.
Do not finalize a location before physical inspection
Often the published information for a free zone gives a wide choice of offices to the business owners. The actual availability keeps changing. A business startup normally looks for the cheapest option. It is probable that when you physically go for the registration of the company, you may find that only certain office sizes are available. This will throw your budget into dismay. It may be too late to change your free zone then, or it may happen that certain offices allow only 1 visa, that too only for investor and not for the employees. So, do not proceed until all aspects of the office are confirmed.
Do not open a bank account without confirming the bank charges
Banks levy varying charges. For startups, these can amount to a substantial sum for a bank dependent operation. Always confirm the requirements and charges beforehand. Choosing a bank only on its reputation is a plain negligence any budding business owner could do.
Do not sign a sponsorship with local sponsor without a written legal agreement
Your business startup may need a lot of financial support, at least in its initial years. A local sponsor may want to charge separately for some services. Do not go ahead with sponsorship until both sides have agreed on what to expect from each other and a written agreement is drawn up and attested in the local court. Do not rely only on verbal understanding.
In the end, I only want to mention that these do’s and dont’s of owning a startup in Dubai are the important ones but do not complete the entire picture of things to avoid when it comes to owning an entrepreneurial venture in UAE. To be sure on every aspect of owning a self-business, agents are there to help you out. Get in touch with one or ask your local website design agency in setting up one for you.