Dubai is currently the most renowned city in the United Arab Emirates. It has become a popular travel destination. Dubai is known for its spectacular urban planning, luxury shopping, modern architecture and fun nightlife. It is also emerging as a major business hub in the Middle East and a popular tourist destination.
As well know, Dubai us emerging as a vigorously growing business hub, there are many strategic factors that have helped Dubai city appear as a business pivot. Some of them are –
- Geographic location – Dubai being situated between Europe and Asia makes it a convenient flight for trade between the east and west. In fact the proximity of Africa to Dubai makes Dubai more accessible to multiple markets.
- Modern infrastructure – Everyone is in awe about the modern, spectacular and world-class infrastructure that Dubai holds. Dubai’s airport, modern sea port, shopping malls, advanced telecommunications, extensive road networks, everything is consciously made, making Dubai and a superior business town.
- Work- friendly environment – The government of Dubai has implemented various policies and initiatives to attract more business such as free trade zone, 100% foreign ownership, tax free incentives, that lure people to work or do business and n Dubai.
- Free zones- Dubai has a multitude of free zones that provide businesses with 100% ownership, tax exemptions and custom duty benefits.
- Divergent economy – Dubai provides umpteen earning options because of its diverse economy like logistics, trade, finance, tourism, real estate.
- Standard of living – The city of Dubai offers quality life and a higher standard of living with excellent healthcare, recreational activities, education, making Dubai great city to live for the professionals.
- Government support – The government of Dubai prominently supports innovation and entrepreneurship.
- Superb connectivity – These factors collectively help Dubai to flourish and emerge as a global business hub. Dubai stands as a great hub for conferences, exhibitions and business events.
- Strategic initiatives – Dubai has launched strategic initiatives such as Dubai plan 2021 and Dubai Industrial strategy 2030 enhancing the sustainability, competitiveness and diversification of business in Dubai.
How To Open A Company In Dubai
- Decide your business – Choose the type of business and the company that you want to start and make sure it meets Dubai’s business regulatory laws.
- Business structure – Based on the needs and requirements of your business, choose a business strategy and structure.
- Business plan – Sketch a comprehensive and appropriate business plan keeping in mind your business goals, target market, financial and operational strategy.
- Company name – Select a unique and suitable name for your business that emphasizes on your business goals and guidelines.
- Business location – Choose a suitable location for your business operations according to the type of business to start.
- Business registration – You could register your business in a free zone or mainland Dubai. If setting up business in a free zone, research and choose a free zone that suits your business and then follow specific business process. If you opt for Mainland Dubai, choose a local sponsor or set up your company according to the Dubai Commercial Companies Law.
- Licenses and Permits – According to your business, you will need to obtain licenses and permits from relevant authorities.
- Corporate bank account – After getting your business registered, open a bank account yo Dubai to manage your company’s finances.
- Approvals – If you want to hire labors, you will have to undergo some vids and labor approvals.
- Business promotion – Develop a promotional and marketing strategy for your business to create awareness regarding your business and attract more customers.
- Seek professional advice – Always consult with local business lawyers, advisors and accountants who are already familiar with Dubai’s business environment. This would be very helpful for you understand the business in Dubai.
- Taxation and compliance – You need to understand the tax obligations for your business in Dubai. Ensure compliance with UAE VAT regulations if applicable.
- Networking – Networking is crucial to sustain and succeed your business in Dubai. Meet right people, connect with influential people so that your networking hells your business bloom. These networks also help you promote your business in Dubai.
Starting a business in Dubai could look like a lengthy process, but it would certainly be a great endeavor because of its strategic location, countless business opportunities and work friendly environment.
Remember and understand that starting a business in Dubai offers azure and unlimited opportunities and benefits essential to run a successful venture in am excellent business hub like Dubai.
