Doing business in the UAE in recent times is proving a wise decision. Many entrepreneurs want to venture into the thriving market of Dubai in 2023. As it is not easy for foreign investors, so they can hire business setup consultants for this purpose.
If you meticulously research the business environment in the UAE, you get familiar with the legalities of the procedure. You set definite business goals undergoing a deep thought process and internal/external discussions. By following a systematic approach you can have an up and running business in Dubai.
The United Arab Emirates is a diversified economy with global connections to start your business. Especially, Dubai is providing chances of growing business to new companies. Launching a business in Dubai is the most friendly option for investors.
Factors to consider before starting your business
Sometimes, new business people find it difficult to cope up with the location, capital, and legal process of Dubai. It requires different business strategies in terms of economic jurisdiction, while going through this entire process alone is quite challenging. Here comes the importance of hiring professional business experts who guide you throughout your journey.
In case, you’re setting-up your company from scratch, they provide advice on how to have a smooth start-up process. They can help you with this, as they know the laws and regulations, and the potential challenges you might face. Here are some factors to think upon while beginning your business during 2024.
- If you want to set up a mainland company you need to look for a local sponsor.
- For free zone companies look for the cheap license registration process.
- To set up offshore company registration, research about the type of visa eligibility.
- Know the laws and regulations for trade license registration.
There are other technical and crucial steps that you might not know. But a good consultant can suggest you accurate business strategies with plans according to your business idea to score on. A pro business setup advisor can only help you with the above option with the minimum cost you can bear.
Why do you need a business setup consultant in Dubai to set up your business?
Opening a business in Dubai is easier said than done, as it needs a business plan through 2024. This plan gives a clear understanding of the market conditions, and know-how about the type of licence your business requires. Therefore, it is better that you hire business setup consultants to handle all the intricacies of company formation in Dubai.
You must have a clear knowledge about the cost for forming business, different economic zones, and legal registration process. You’ll get a primary idea doing local market research, but for the advanced insights, you have to involve business advisors.
Reasons to hire business setup consultants in Dubai
These are the reasons depicting the need to hire business setup consultants to launch your company in Dubai amid 2024.
- Selecting the right business activity
- Comprehending the UAE business landscape
- Building industry connections
- Overcoming language barrier
- Saving time and money
Now, we take a brief look on these reasons.
Selecting the right business activity
The first step before starting a business in Dubai is the selection of the business activity your company will perform. It is a simple task, but sometimes due to the overwhelming options, a budding business owner can get confusion. Moreover, the business activities in Dubai are classified by the Department of Economic Development (DED).
This classification is done according to business activity, and it also states the scope and permissions for the business. The business consultants can help you by providing all the options regarding the business activity of your choosing. So, you can make an informed decision instead of making a hasty one that you will regret later.
Comprehending the UAE business landscape
Even if you are a pro when it comes to launching new businesses, it does not matter. A new region has new ways of doing business, with new laws to follow, and different cultural norms to observe. To get 100% ownership of your business in the UAE, you can explore the options of mainland or free zones.
However, these free zones come with their set of rules/stipulations on the type of businesses that can operate there. Mastering these local laws is time-consuming and can become a threat to your business in the worst case. If you have got a fantastic business idea, you want to have it up and running in record time. Nevertheless, this is where taking help from a business consultancy proves beneficial.
By hiring a business setup consultant, you will save your precious time, and get the most of your money. A little knowledge goes a long way, and with a little fortune it takes your business even further. By leaving all the complexities of company registration up to the professionals, you can focus on developing your business idea.
These experts guide you throughout the setup process, providing you impartial and practical advice regarding which free zone to choose. Also, business setup consultancies check minute details, such as whether your company name is according to the Dubai naming laws. To sum up, these consultants are your guide that ensure that your business setup is swiftly and rightly built.
Building industry connections
Just as mastering the ins and outs of your new business landscape can slow down the launch of your business. Similarly, building connections and getting to know the right people for guaranteeing stable growth of your business also takes time. Certain government departments, banks and insurance companies require guarantees from third parties and local sponsors that show you are trustworthy.
To build these connections, you have to approach the right person, then you speak to them and gain their trust. Of course, this does not happen overnight. One of the benefits of hiring a business setup consultants is they already have strong ties built within the community.
This strong relationship proves a great asset for you, particularly in the initial stages of business setup in Dubai. Seasoned business owners, as well as budding entrepreneurs, understand the value of introduction. Knowing who’s who of the local business community can significantly speed up the setup process.
It includes visa application, opening a corporate bank account, and company registration. The connections built during the setup process remain in contact after your business goes live. In short, the business setup consultants contacts become your network in Dubai.
Overcoming language barrier
Although, there are several languages spoken in the UAE, still Arabic reigns supreme. If English or Arabic is not your native language, then you may run into troubles while conducting business in Dubai. At first, this language barrier can seem like a small inconvenience.
But, it can give birth to unnecessary delays that can hinder the business setup process. Therefore, you must have a translator/interpreter with you at all times. It can fluently speak read and write in either Arabic or English.
These years, English has become widely popular in the UAE. Nevertheless, local culture and tradition is still followed and is preserved. Likewise, it is a sign of respect if you greet the locals in Dubai in Arabic.
Business associates in Dubai may even provide a translator or interpreter as part of their service. This translator will must be fluent in both Arabic and English. It acts as a bridge between you and the various agencies you need to speak with to establish a business.
Saving time and money
This is entirely possible that you can start your business without any help from experts. Through trial and error you can most certainly set up your own business. Nonetheless, it can easily turn into a tedious and time-consuming task that can drain your energy.
To conserve your energy and valuable time, it is vital that you hire business setup consultants. Because they can save you valuable time and money by executing the tasks efficiently. As they have done this countless times, therefore, it is just like a second nature to them.
7 benefits of hiring a business consultant in Dubai
Here are the advantages if you hire business setup consultants in Dubai for company incorporation within 2024.
- Knowledge about the Dubai economic zone
- Finding your local sponsor/business partner
- Good for startups and SMEs
- Understanding of business jurisdiction
- Help in legal formalities
- Smooth filing for a trademark
- Conducting market research
Next, we briefly look upon the rewards of business consultants.
Knowledge about the Dubai economic zone
Remember that Dubai’s economic zone provides you 3 types of zones to start your business — mainland, free zone, and offshore. If you choose a mainland company, your service area can expand inside and outside of Dubai. Under mainland business, you can set up an LLC company in Dubai. In addition, you can register a branch office in Dubai for the offshore business person.
For the free zone company, you get 100% ownership with zero taxation. Expats can trade their business in Dubai with multiple currency facilities. Bear in mind that these 3 types of zones belong to different regions of Dubai.
The cost of company formation also varies regarding the region. A business consultant can help you to choose which economic zone is perfect for you. After all, your business location and office space matter as well.
Finding your local sponsor/business partner
This is no longer mandatory to find a local sponsor in Dubai for most of the businesses. However, in some industry verticals, it is still a requirement to have local sponsors. Entrepreneurs who want to make it big from the get go, need business partners to join hands.
Sometimes, it is important to find a good service agent to help in running your business operations. Consider the banking partners, financial investors, or service agents; and the list goes on. Business advisors can assist in finding local partners for your company.
Good for startups and SMEs
Dubai is a place that welcomes all business ideas irrespective of their company size. Practically, startups & SMEs face problems in arranging money and managing time. Forming a business in the heart of the UAE is challenging for them.
Recruiting a personal consultant in-house may prove a big issue for the low-budget. So, subscribing to a business company is fruitful as they provide you the advice with a custom-made budget plan. For example, business ideas, legal paperwork, company formation, license application, etc.
Understanding of business jurisdiction
Operating a business in the UAE is easy and adaptable while you have the proper knowledge of the different jurisdictions. Out of the 50 free zones in the UAE, most of them are in Dubai. Every free trade zone allows diverse business activities.
Free zones have different laws, legal processes, trademark registration processes according to the jurisdiction. If companies don’t take all the laws carefully, this could prove a big risk such as penalties. However, a professional consultant can help you to understand the jurisdiction laws properly to avoid such kind of risk.
Help in legal formalities
Legal requirements mean registering your services, applying for a trade license to the Department of Economic Development. For issuance of a business license, you have to fulfill several processes. Business advisors help you to complete all the legal documentation and paperwork without any hassle.
Smooth filing for a trademark
Registration of your business trademark is the second most important step after registering your business. A trade is a symbol that reflects your business’s motto, identity, and services. According to the UAE trademark registration authority, your trademark acts as a safeguard for your company.
Also, a trademark reflects 100% ownership for a company. Expert business consultants know the legal process inside out for the trademark registration from the initial steps. So, they can help you to seamlessly go through this process.
Conducting market research
Dubai is greatly known for businesses such as travel & tourism, real estate, import/export, personal & beauty care services. Local business consultant knows the potential competitors of your business idea that you are going to pursue. Also, they are aware of the present conditions of the current Dubai market.
They help you to choose the budget of forming the business set-up with bare minimum budget. Furthermore, they enlighten you about the business risks you can face in the future if you make wrong decisions. In a nutshell, they give you a proper guidance about how to run your business smoothly.
Locals or foreigners who are starting a new business, can take advice from professionals in the UAE market. Business setup consultants provide you with a sound base that is ready to capitalize and profit from Dubai’s favourable economy. They help entrepreneurs with startup advice, knowledge on local laws and regulations, taxation, financing options, etc.
To setup your own Business in Dubai, consult with KWS Middle East now. Our impeccable business setup services take care of everything, so that you can focus on boosting your business. Make your Dubai team happen by choosing KWS-ME today.
About the author