Widely acknowledged for its business-friendly environment and policies, Dubai has surfaced as a magnet for businesses and entrepreneurs all over the map. Dubai offers numerous unchallenged benefits for the people who wish to live and work here as well as foreign entrepreneurs wishing to setup a business in Dubai. The rapid acceleration of the city fueled by magnificent infrastructure, tax-free environment, exceptional strategic location for trade and availability of numerous free zones with investor-friendly policies make it a city that is booming with opportunities.
But while the upward trajectory of Dubai may seem unstoppable, this doesn’t mean that doing business in this part of the world is without its challenges. You have to be cautious about certain pitfalls and overcome a few obstacles that lie ahead of you.
Let’s just quickly take a look at some of those challenges you need to overcome.
- Knowledge of business nitty gritties – Though it can be a bit overwhelming at first, it’s important to know everything about corporate regulations, licensing, visa regulations, markets, regional specifics, etc. This will help you avert potential problems that you may face if you are not well-prepared. In order to avoid any unwanted situation you can approach professional business consultants or a document clearing companies in Dubai.
- Finding a Suitable UAE Partner – Broadly speaking, if you are an investor, there are three options for you to start a business in Dubai; either form Mainland Company or Free Zone Company or Offshore Company. Forming a Mainland company needs the mandatory presence of a UAE national as a local partner who will have a share of 51% in the company. In a sense, it is quite challenging to find a local sponsor who will own the majority of your business and provide you with the freedom to operate your business on your terms.
- Costs Planning– If you think that having an overview of all the major costs and expenses is enough, you are making a serious mistake. Setting up a local business may require extra approvals and permits which add to the initial Business setup cost in Dubai mainland. Moreover, it can require certain additional time, and such time can also cost you extra money.
- Details of the UAE Job Market- In case you are looking to hire some employees for your business, you must know that the UAE market has certain specifics. These include the obligation of a company to provide visas to its employees and the fact that employees cannot start work until they receive this permit. Once you are through with the core points, which are rather modest, you will not face any dilemma.
- Familiarizing with the Cultural Values – Before you commence the process of setting up business in Dubai the cultural system has to be taken into account. Dubai has a balanced dedication towards forward thinking and modernization while maintaining its strong Islamic heritage which can be challenging for foreigners who have no knowledge of local norms and traditions. It’s important to acknowledge and respect Islamic values during business interactions, whilst doing business here.
Summing up, the UAE offers you a highly conducive environment for business and entrepreneurial activities and the Dubai workforce is dedicated, passionate, bright and hardworking. Just one of the many reasons why it is one of the greatest places in the world to do business.