Across the MENA Region, Dubai has always been the center of trade, commerce, and tourism. A once vast sand land, Dubai has been attracting hundreds of thousands of investors and entrepreneurs for a tax-free harbor, with robust and friendly systems of governance.
An open city like Dubai is not spared from challenges when it comes to business and trade. Our team of experts have closely watched a large number of companies in Dubai and came up with a unique 4 step approach to help you run a business in Dubai successfully.
Step 1: Choosing the Right License Registration
United Arab Emirates offers two kinds of licensing: one is through inland company registration with the Dubai Economic Department (DED) in which companies are registered as Limited Liability Company (LLC), and the other is through Free Zone registration in which businesses get registered in Free Zone districts in the UAE.
Both licenses have advantages and disadvantages. Companies registered under LLC’s have to give 51% of their shares to a UAE National as sponsorship fee. It provides a wider market, but shareholdings restrain you in some decisions that you cannot make on your own. However, Free Zone registrations do not involve shareholders. You own your business 100%, but Free Zones are mostly located in themed locations which are somewhat challenging for the customers.
Sink into your expertise and choose whatever license meets your business needs.
Step 2: Business Plan & Legal Documentation
Assuming that you have already chosen the kind of license for your business, it is time to lay out your business plan. As the name suggests, business plan comprises your vision-mission statements, goals and objectives, significant financial overhead, resource planning and organization, and so on.
Legal documents should be completed for assurance and legality purposes. Gather all legal documents, contracts, and certificates.
Be as realistic as possible and detail your plans according to the dynamics and demands of the market.
Step 3: Marketing Support
It’s true that marketing your business is one way of letting people know that your business exists! After having been settled with all the preliminaries, now it’s time for your design and marketing team to come forward to customize and develop your assets efficiently.
It is the time of e-commerce. Build up your website for wider cause and accessibility. Create blogs and extend your business to all the available social media platforms such as Facebook, Google+, Linkedin, Youtube, Twitter, and Instagram, among others, for further exposures and marketing. It’s cheaper yet more effective and efficient. Everyone holds a smartphone; your business can get noticed in just a few clicks.
Step 4: Business Meetings
Setting up your trade in Dubai is relatively tight and challenging. For a broad range fields and industries, business meetings are significant to progress. When necessary, conduct research or market studies with potential business partners. Evaluation and discussion among people with the same mindsets will help you get better business deals. Join relevant conferences and seminars ads the ideas and knowledge they provide are worthy.