Starting a business in Dubai is one of the most preffered choice for Startups. As the world around us changes, more and more entrepreneurs are coming up with new ideas that will shape the world of the future. Behind the stories of success, there is a set of simple steps that most people who start new businesses follow.
The following are 10 things you need to know about starting a business:
1. Think up a business idea.
A lot of people think this step is simple, but it's not as easy as it sounds. Going from dreaming about owning your own business to actually coming up with a viable business idea could be difficult because it takes a lot of market research and brainstorming to figure out what your business is all about.
2. Make a business plan.
Afterward, write a good business plan. As the first-ever complete piece of literature about your company, this is a very important step. It's important because this is a very important step. You write down what your company is, what it does, how it works, how it makes money, and other important information in your business plan.
If writing a business plan seems like a lot of work, use tools like Live Plan to help speed up your work and get a system that will help you forecast and pitch to investors.
3. Find ways to get money.
This is part of the business plan, and it will help you figure out how to move forward. The first step is to make a list of all the financing options you have. If you decide that your initial capital or personal funds are not enough, you should look into other ways to get money for your project, like special funds, banks, financing institutions, partnerships, and more.
4. Make a simple marketing plan.
To get help with communication or with social media at this point, you don't need to hire someone else. It's still important for you to think about your marketing plan. Make sure you know who your target audience is (gender, age, education level, income level, etc.) and look at their profile: They don't know. What do they want and need? What do they do when they buy things? What kind of communication method do they use the most and use the most often?
Decide which communication platforms and channels are best for your business, and look into their details and costs.
5. Choose a legal way to run your business.
The Limited Liability Company (LLC) is the most common type of legal business structure for small businesses and entrepreneurs who want to start a business in Dubai because it gives them a lot of operational flexibility.
In the UAE and the GCC, LLC businesses can trade with each other. They also have a lot of advantages, like not having to have a lot of money and not having to limit how much real estate they own.
Sole proprietorships, Civil Companies, Private Shareholder Companies, Public Shareholding Companies, Branch & Representative Offices, and Free Zone Companies are some of the other legal business structures in the UAE that are used.
When you choose a business name, you need to register it with the government.
You're taking your company to the next level now. In Dubai, you have to pick a name that doesn't use offensive language or make references to religion, politics, or crime. Also, your business name must be relevant to your type of work and be available for you to use. Once you pick a name, you have to register it with the Department of Economic Development so that it can be used (DED). This protects your ownership rights and is a step that must be taken before you can start a business.
7. Gather the paperwork that you need to start a business before and after you do it.
Files for setting up a new business are never too many. Making sure you have everything in one deck is better than having a file that isn't complete, which could slow down the process of setting up your business.
In addition to these, you will need to send in copies of your passport and UAE residency, copies of any partnership or sponsorship agreements with a local agent or partner, and your company incorporation certificate, among other things.
Think about how having a business setup consultant on your side can help you get your paperwork in order and speed up all of the formal steps.
8. Find a place for your business.
Anchoring your business in the right place is just as important as coming up with a business name. It not only represents your company's brand, but it also shows how accessible, connected, reachable, and active your company is and how you can get in touch with people. In Dubai, you will never run out of places to go.
However, before you make a decision, you should know that even though businesses set up in free zones get tax breaks, they can't trade anywhere else in the UAE.
They can do business anywhere, both locally and regionally, as well as get more flexible visa rules. Make sure you know what each place has to offer and how your business works before you choose a place.
Online resources like Houza, Property Finder, and Bayut can help you look for commercial properties for rent in Dubai or anywhere else in the United Arab Emirates, such as in the United Arab Emirates itself.
9. Get a business licence.
If you want to start a business on the mainland of Dubai, you need to get a business licence from the Department of Economic Development (DED). Free Zone businesses will look to the authority that runs the zone where they're setting up shop as a guide. This is your official business permit. The business licence is what you need to start your own business. From the moment you get it, your business is legal.
10. Make sure your books are set up so that you can report tax.
For new businesses, it's very important to have an accountant who is well-versed in the field on board. However, your accountant will need to use specific software to manage all of your bookkeeping. Some of these accounting programmes are QuickBooks, Quicken, and others.
Make sure your accountant has all of your bank and credit card statements, as well as your lease agreement and receipts. This will make sure your numbers are correct from the start.
Want to make sure you get your business set up right from the start? Then read this.
Make use of our team's help! More than 60,000 people who want to start businesses in the United Arab Emirates have come to us since 2009. We help them do it right.
Use the form below to get in touch with us. Our team will help you right away and get your business up and running.
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Author : The Author is a technical content writer who has expertise in writing content regarding business |
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