To establish dream firms, investors are flocking into Dubai, as they realize the future it holds and the potential of the city. The maximum number of free zones are housed by the city in the whole of UAE.
The cost of setting up a new company in Dubai is one of the essential considerations. The direct tax-free nature of business zones is what attracts most to entrepreneurs in the Company setup in Dubai.
One can either set up an offshore company or a free zone company in Dubai. A free zone company in Dubai is wholly owned by the person who sets it up. There is no need for an agent or a sponsor to manage.
How To Setup A Company in Dubai?
It is essential to keep in mind that there are different rules and regulations, fees, and procedures involved with different free zones while establishing a company in Dubai. Many of these free zones need the business owners to have the at-least amount of funds if they are setting up a new entity in Dubai.
- Full ownership of the venture is allowed by Dubai for company formation and can be set up by a person. A bank account can also be opened by one person in this setup, and he/ she can also hold properties.
- Specialized knowledge is required for offshore company incorporation or registration in Dubai and even trademark registration. Today there are a host of business consultancy companies offering these expert services to assist one start a company in Dubai. Every aspect of business setup in Dubai is taken care of by these companies, including trademark registration, PRO services, accounting services to payroll services.
Business setup services can also help you draft various documents required for Company setup in Dubai. They even manage their submissions and handle different legalization. You are getting visas and work permits for your employees to providing partnerships in the case of an offshore company or a branch office. From getting various approvals needed from different ministries and departments and also set up your bank accounts, they help you with everything. All in all, company formation consultants make your Business Setup services in Dubai easy.
The Five Challenges Of Doing Business In Dubai
You shall get started with your business with your eyes on all the hurdles that may come ahead and also being aware of the opportunity this fantastic city provides.
So let's take a look at five common challenges that you have to be kept reminded of:
1. Getting Known
You cannot be in a hurry to generate business from day one. It is possible only when you meet and network with new people, i.e., it's most likely your first job to make yourself known. Your personality is the essential part of which you'll be judged on. It's a business culture in Dubai that people want to about you on a personal level before they form a business relationship. The culture of the city is very much ingrained with that. You need to put yourself in the right place and at the right time, and the connections will increase. This needn't be an unsettling prospect.
2. Keep The New Arrivals In Check
You can easily get swept up in a city like Dubai. A little time can be taken to gain some perspective towards their palpable excitement and manic work ethics that vibes through the town. While some can understand and find the high-energy approach and can handle things quite easily.
You need to find the work/life balance as fast as possible to adjust to Dubai's lifestyle. You shall ensure to set reasonable hours and take the time to understand the market environment.
3. Managing Money
Managing your money extends way beyond your business in a city like Dubai. Spending is the natural default position out here. Dubai is an incredible place in which consists of fantastic ways to spend your money: Fast cars, fine dining, fashion, art, watches, and plenty of other things that you can explore.
You shall take care of your business expenditure too. The cash-on splash is plenty - many highly desirable and impressive office spaces that you can rent.
4. Building An Organized Workflow
Large organizations with high workflow management are not uncommon to find. They have a formal system in place all the time. You often see businesses that have information split across several operations on the flipside, where they have accountancy software, patch-worked CRMs, Excel spreadsheets, and project management tools together as the business grows. However, keep these entrepreneurial skills in mind:
- Innovation and Communication
5. People management
Managing people is not unique to Dubai. There can be a considerable impact bearing on your success anywhere in the world if you know exactly how to manage your people. There are a few unique factors in Dubai. The most notable element is the level of diversity it has in most workforces across the emirate.
It was recently highlighted by a Gallup study that engaging and networking with people brings about great results. Organizations with high engagement and networking rates have 22 percent higher productivity, less absenteeism, and staff turnover.
Working with Commitbiz
Whatever your reasons for starting a business in Dubai – and whichever setup you choose – Commitbiz is on hand to help you with every step of the process from choosing a business activity and company name to registering with the relevant authorities, opening corporate bank accounts and processing visa applications.
We'll take care of all the heavy lifting for you. All that is usually required on your part is some necessary documentation – passport copies and the like – and a few hours of your time. In some cases, it may even be possible to register your business without visiting the UAE. Contact us today!