“If you cannot do great things, do small things in a great way.”-Napoleon Hill
Entrepreneurs are dreamers who hold the courage in their hearts of taking risks and convert their business ideas into realities. Be it as small as a needle or as humongous as a ship, the determination and willingness to drive your dream matter the most.
The United Arab Emirates is one of the solid profitable grounds known as an innovative ground that supports the business investors to give wings to their dreams.
However, the nation has specific rules and regulations that you should know before incorporating one. This guide will get a complete idea about the essentials that one must know before stepping in!
Why the United Arab Emirates?
This might be one of the essential questions that might have been boggling your mind. However, there’s no doubt that global entrepreneurs prefer to proceed with UAE as their ultimate investment choice.
One of the most common reasons for proceeding with the UAE is the personal tax exemption. Yes, you heard that right!
The UAE doesn’t impose any personal income tax on individuals. However, the VAT is implied on the business entities where the rate is fixed at 5%. Here’s more on the VAT for Businesses that will give you a clear idea of the proceedings to be followed.
Another driving parameter that drives the individuals to proceed with the same is because it acts as a bridge and allows investors to enter the international market.
The Small Businesses in the UAE
The small and medium-sized business industries in the UAE have undoubtedly dominated the market to a great extent.
As per research, the SMEs present in the nation contribute nearly 40% of the economy’s value and provide 42% of employment.
The contribution breakout of the SMEs in the UAE holds the following:
- Medium-sized firms – 17%
- Small firms- 14%
When it comes to the implementation, the entrepreneurs prefer to proceed ahead with the UAE free zones as it provides tax-free conditions to enterprises compared to the Mainland.
Best Small Business in UAE: Where to Focus?
By now, we have clearly understood that there is enormous potential in the ground of UAE to uplift the emerging industries.
A few of the small business opportunities that can be targeted for setup in the UAE involve:
- Home-cooked-food delivery
- Recruitment agency
- Online e-commerce store
- Childcare business
- Maid and cleaning service
- Flower shop
- Gift shop
Steps to Proceed Ahead with Small Business in UAE
Executing a business plan requires enormous dedication, strategies, and efforts to be followed sequentially.
1. Finalize the Business Activity
Since you have seen the different options that you can play with, decide which business segment you want to proceed with.
2. Join Hands with an Expert
Once you have finalized which business segment to proceed ahead with, you need to join hands with a business consultant who can give you a complete picture of the steps to be followed.
3. Enter into Discussion & Finalize the Trade Name
After selecting your guide, enter into an in-depth discussion so that both parties can be on the same page. At the same time, you need to make sure to decide the trade name of your business that will stand as the face of your business.
4. Understand the Market Practices
Understand the players in the market by analyzing their business moves, selling strategies, pricing policies etc. Then, fetch out the essential parameters that you think your business should have and map the presence of the same.
5. Submit the Documents for Approval
Figure out the set of documents that you need to present to the relevant authorities to get the business approvals. Once the documents get submitted, the government authority will scrutiny to check the authentication of the same.
6. Rectify if required, and Obtain the Incorporation Certificate
If the application gets rejected, try to understand the gap and rectify them. Upon approval, you can obtain the Certificate of Incorporation, which will allow you to carry out your business activities at ease.
Now that you know more about starting and running a small business in the UAE, you can figure out which one is right for your specific situation and goals.
The most important thing is making those decisions with the correct information, resources, and guidance. Sometimes it is best to seek professional assistance to help you figure out whether or not a particular business venture is worth the effort.
Commitbiz Management Consultants is one of the best consultants you can count on. Our top-notch experts are committed to offering the best professional services to global clients. For more information, contact us today-we’d be glad to assist!