Setting up a business in Dubai isn’t a walk in the park. There are plenty of requirements that you need to fulfill and strict rules that need to be followed if you don’t wish to land into legal trouble. Believe it or not, but there are countless people out there who simply back out of the process at the last minute just because they find the procedure to be rather overwhelming. If you are interested in getting started with establishing your business in Dubai, here are a few points for you to follow:
What type of business are you interested in?
For your business to be successful, it is extremely important for you to conduct ample research over the type of business that you wish to establish. It is best for you to consider areas of business that are currently in high demand. This will help you a great deal in yielding higher profits. A few businesses that have always been and currently are in high demand in Dubai are inclusive of real estate, night clubs, childcare and exports etc.
Learn about ownership requirements
Except for businesses established in the free zones, it is necessary for all businesses to acquire a local sponsor. The local sponsor basically owns 51% of the said business and takes guarantee of the business.
Get your licenses sorted out
If you wish to establish your business in the Emirate, it is necessary for you to acquire a proper trade license in Dubai for it. On the whole, these are basically commercial licenses that every businessman in the UAE has to acquire. You can even consider the acquisition of professional licenses meant specifically for services, artisans and craftsmen etc. However, the one thing that you need to bear in mind here is that there are specific licenses that can only be acquired once they are approved by certain authorities.
Get in touch with a consultant
Establishing your business in the UAE isn’t going to be easy, hence it is best for you to hire a consultant for it. As a foreigner, it might not be possible for you to acquire detailed information about local laws and rules, which is why once you have received your DMCC visa, you should proceed with hiring a consultant.