The United Arab Emirates (UAE) is situated in the Middle East and borders the Gulf of Oman and the Persian Gulf. It has Oman and Saudi Arabia as its neighbour and is a point of transition for world crude oil. It has the second largest economy in the GCC (after Saudi Arabia) and is expected to grow by 4.2 % next year. UAE has been ranked 11th for the ease of doing business, by the World Bank.
If you plan to set up a business in the UAE, you need to know certain basic information regarding UAE which you will find below:
Current Business Scenario in the UAE
The UAE has a vibrant free economy, now greatly diversified into various industry sectors, apart from its oil & gas exports. Successful efforts have been made to diversify away from dependence on hydrocarbons and a solid industrial base has been created, together with a very strong services sector. The establishment of free zones has been an important feature of this diversification policy.
Over the last 2 decades, the diversification strategy of the UAE has developed many non-oil sectors which contribute close to 70% of GDP. Based on a vision of Dubai as a global business, logistics, media and leisure hub, Abu Dhabi’s Economic Vision 2030 sets a target for non-oil sectors to contribute at least 64% of Abu Dhabi’s GDP by 2030.
How to Run a Successful Business in the UAE?
UAE is a very attractive option for the budding business owners and entrepreneurs, but setting up and running a successful business can be a very tedious job. You can just follow the following steps and can be giving your best shot at successfully running a business:
1. Formulate a Business Plan
You need to draft a business plan that clearly states your visions, defines your targets, and set achievable deadlines for each milestone.
This means that you need to socialize with people and create a word of mouth which can lead to further future business prospects, partners etc. and will help to grow the business further.
3. Right Person for the Right Job
Hiring the correct talent will not only speed up the growth of the business but will also transform the business. The hiring of positive and talented employees encourages teamwork and promotes work culture.
4. Quality Output
The business entities which provide with the best quality offerings to the customers have a better chance at success. Word of mouth spreads quickly and plays a vital role in making you known as a reliable company.
5. Use Digitalization
According to a survey, people in UAE spend more than 5 hours on social media channels. Keeping this mind, it is necessary to build our presence in the digital sphere which would help us connect with many potential clients.
6. A Balance between Work and Personal Life
Running a successful business in UAE will take its toll on your health unless you find a healthy work-life relationship. Set aside time for yourself so that you can recharge your batteries and come back invigorated every day.
Now, this might lead you to ask…
Why Choose the UAE for Investment?
Incorporating a business in the UAE can turn out to be a very lucrative deal for foreign investors. From state-of-the-art infrastructure to ease of doing business, UAE checks all the boxes which an investor can think of while setting up the company. The advantages are enumerated below:
- Strategic, resource-rich location
- Social and political stability
- State of the art infrastructure
- No corporate tax
- Availability of free zones
- Ease of doing business
Thus, we can say that the UAE forms to be one of the best investment platforms for potential investors, both local and foreign. All you need to do is have a word with a business consultant not only to simply the incorporation process but also to sort the legal proceedings. We at Commitbiz aim to provide the same to our clients. Our business experts hold industry experience and are well informed with the needful proceedings. and will be delighted to help you out. In case of any other doubts or questions regarding company incorporation or business support, do contact us – we’d be glad to assist.
What are the different types of licenses to start a business in the UAE mainland?
Professional trade license
Industrial trade license
Commercial trade license
Do we need a local sponsor for setting up a company in UAE?
Yes, you do need a local sponsor in the mainland who should be a UAE national except for trading, manufacturing, packaging, and contracting
Why do people choose UAE for investment?
The people choose UAE because:
No Corporate Taxes
Availability of Free Zones
Social and Political Stability
Ease of Doing Business
State of the Art Infrastructure
Strategic, Resource-rich Location
Which approval is a must for the foreign investors even before the initial one?
An approval from the General Directorate of Residency and Foreigners’ Affairs.
What are the most useful type of insurance for the employees?
Personal accident insurance