The pandemic has forced many business entities to discontinue their business activities, resulting in losing jobs considerably.
Dubai, one of the globally targeted highest tourist destinations, has also faced adverse effects to a great extent.
It is pretty admittable that most businesses shut doors, yet, there are various means through which a business investor can still carry out the operations remotely at ease.
Are you wondering what business to start? Well, one of the booming businesses that are in demand right now is online or freelancing.
Yes, you heard it right! This treatise will outline the essentials that are to required to follow to start a business in Dubai.
Foreigners Starting a Business Activity in Dubai
Dubai is a multi-cultured ground that has gained the attention of people globally. Today, the zone has a broader scope where foreigners enter as an employee and become employers. So yes, apart from the global business investors investing in Dubai, many employees working in different organizations have levelled up themselves by being an employer.
Today, starting a business in Dubai has become an easy process as the government eases the rules and regulations for the foreign investors to step in and invest in the same.
How to Start a Business in Dubai?
To proceed ahead with the incorporation process, an investor has to follow the below-mentioned steps accordingly:
1.Be Clear Regarding the Business Activity
For a business owner, it is essential to be very clear regarding the focused business activity. Being clear about the ground level helps to build an empire in a much smoother way.
Alternatively, knowing about the same will also help you to understand the market in a much better way.
As stated earlier, online businesses have been growing exponentially post-pandemic, so make sure to outline the activities accordingly.
2.Join Hands with an Expert
Understanding the laws of a foreign nation is not easy. When a business investor plans to start a business in any country, it is smart to take the guidance of an expert as the legal proceedings will be carried out at ease.
3.Select a Business Zone
In the next move, you need to be clear regarding the business zone you will use to incorporate your business.
4.Select a Business Name
Up next, you need to decide on a trading name for your business. While doing so, make sure to get a confirmation regarding the availability of the domain name.
Ensure that the selected business name doesn’t sound offensive or matches any competitor existing in the market.
5.Finalize the Corporate Structure
A corporate structure is nothing but the skeleton of a business entity. The design gets fixed on the availability of the initial investment and the total number of shareholders. Here’s a guide on the types of business entities in the UAE.
6.Obtain the Required License
A business license is a legal document that allows the business entity to conduct business operations without any obstacle. In Dubai, different business licenses get issued by the relevant government authorities.
7.Pay the Relevant Fees
Pay the relevant fees that to complete the company incorporation process accordingly.
8.Open a Bank Account
A corporate bank account is a must for any business, irrespective of the size and industry. Moreover, holding a separate corporate bank account helps a company manage the finances accordingly and clarify the growth status.
Here’s a guide on the Corporate Bank Account Opening in Dubai which will help you understand the bank account opening process accordingly.
9.Clear the Visa Processes
When you step foreign country to start a business, dealing with the visa process is something that you can’t skip.
In Dubai, the business investors need to get an investor visa, whereas the employees are given the employment visa from the employer’s end.
10.Hire the Right Talent
Ensure that once the ground level of your business stands firm, make sure to hire the right person for the right job.
Investing in Dubai is one of the smart moves that you can proceed ahead with to earn and make a profitable move.
However, before you take your first step of investing your hard-earned money, we recommend you to speak to our experts so that you can make the best utilization of your finances.
At Business Setup Worldwide, we understand the core process that gets involved while setting up a business in Dubai.
Our experts can assist you with customized solutions at an affordable cost. To know more, feel free to contact us today-we’d be glad to assist!