Is setting up a business in Dubai the most trending thing now? The answer is yes, and this article will give you insight into why. Dubai has been booming for the past decade and it’s not stopping anytime soon. One of the main reasons that people are moving to Dubai is because they want to start their own business and be self-employed.
This blog post includes: Why people move to Dubai, what type of work opportunities there are available in Dubai, when should you set up your startup company in Dubai, how much does it cost to set up a company in Dubai, what kind of documents do I need for my business plan?
Why people move to Dubai
Dubai is a melting pot of cultures, nationalities, and languages. People from all over the world migrate to Dubai for many different reasons.
There are so many work opportunities in Dubai that it’s easy to find full-time employment with benefits if you don’t want to start your own Business setup in Dubai freezone. Setting up a company is a more lucrative and time-efficient route to take once you’ve decided that you want to work for yourself.
Types of business opportunities in Dubai
There are so many different types of jobs available all over the UAE. From banking, engineering, accounting, marketing, human resource management, customer service…the list goes on and on! The type of work that you specialize in will determine where there are job opportunities for you.
You should consider the following when looking for work: How much money do I want to make? What type of work do I enjoy doing? Where can I find employment that suits my skills and interests? Dubai has so much to offer because it is an international hub for business.
When should you set up your startup company in Dubai
You should consider setting up a shop in Dubai if you want to make more money, have access to freebies including healthcare, and not pay income tax for the first few years. The best time is definitely NOW because Dubai’s economy continues to grow at a steady pace despite what is happening in the news regarding the economy and oil.
How much does it cost to set up a company in Dubai?
The costs of setting up a business vary depending on what kind of startup you want to make and where you want to register your company. You can probably expect to pay anywhere from AED20,000-AED50,000 to register a sole-proprietorship, but that cost will certainly climb for incorporation and other legal work.
What kind of documents do I need for my business plan?
When you start applying online to firms to help you with your company registration process, they’ll ask you to fill out a detailed questionnaire about what type of business you want to start, what your business plan is, and other questions aimed at identifying potential red flags.
You’ll also need to attach copies of your passport and Emirates ID, as well as a letter from another person who lives in Dubai vouching for you. That last part is important because it tells the government that someone can vouch for your character.
Once you have your documents in order, head over to the Ministry of Economy website and apply for a license. Be patient because it can take up to 60 days for them to process your request.
The best way to find out what type of company you should start is by doing research on whether or not there are consumers for that service or product you want to sell. Is there a demand for your business?
If you can answer “yes” to that question, then the next step is to find out what your competitors are offering and how much it costs them. Then figure out if you can undercut their prices or offer something better at a higher price point. If you have an innovative idea, then it might be better to design a new business model and enter an untapped market.
You should do all of this in the comfort of your own home and on your own time before you make the move to Dubai otherwise you’ll find yourself struggling when it’s time to launch your business.
Once you’ve done all that research, you can look for a business partner and incorporate your startup company.
Do I need a business partner?
The short answer is yes if you want to set up a successful, reputable business. If you’re thinking that will be difficult because of cultural or language barriers, then think again! There are many different websites that connect people who might be looking for someone to partner up with.
Here are some websites that will help you find a business partner: Listed Me Emirate Xchange GBS Dubai
How long does the registration process take?
Once you have your license, then it’s time to apply for the trade license. This part of the process usually takes anywhere from 15-20 days. Once you’ve submitted your trade license, you can finally apply for commercial registration. That process usually takes 60 to 90 days.
During this time, prepare your company’s opening day! You should create an official business card and other marketing materials like leaflets or flyers (in both English and Arabic). If you want to be featured in the directory of the Chamber of Commerce, then you’ll need to submit a copy of your commercial registration and license.
Once you’ve done all that, head over to this website and register your company with them: Dubai Chamber
It’s also good to get in touch with the Department of Economic Development (DED) early on so they can guide you to the proper authorities and advise you on how to move forward.
The best time to start your business is NOW! There has never been a better time than now because of the UAE’s startup initiative: “Startup Dubai.”
Here are some quick links that will help you get started: Register your company with DED Get in touch with Dubai Silicon Oasis Authority Register your company with the Chamber of Commerce Apply for a license from the Department of Economic Development. Follow The Ministry of Economy on Facebook Follow The Ministry of Economy on Twitter.