When people talk about Dubai, they talk about the beautiful buildings, hotels, the man made islands, careers, the nightlife, clubs and bars etc. They talk about the employment opportunities and the high salaries offered in Dubai. They talk that Dubai is the most sought after tourist hub of the world. But most people forget to mention that Dubai is a great place to start a business. There is a lot in store for an expatriate if he knows how to start a business in Dubai. Earlier setting up a business in Dubai was tough and expensive. But things have now dramatically changed.
Now free zones are set up specifically for the expatriates interested in starting a business in Dubai. If the expatriates set up their business in these free zones they do not need a local partner. These zones offer a lot of benefits, mainly no taxation on income. The Dubai government wants business development to occur in Dubai therefore it is making concessions and enacting favorable laws for the entrepreneur interested in doing business in Dubai. If one’s business idea is not as common in Dubai as of yet, the government will certainly go the extra length to accommodate that business as Dubai is aiming to diversify its economy as much as possible.
This is a changed scenario from the early years when a local partner was needed to set up own business in Dubai. One had to make that local partner a 51% owner on paper and had to pay him a cut of his monthly profits. It was a risk, one would have taken and was a part of business. But even with that sort of an arrangement, expatriates made fortunes by doing business here.
A license is needed from the government for all businesses, big or small. Depending on the business, a commercial, trading, industrial or professional services license is granted. Most business applicants are screened by the Economics Department. For medical and investment related businesses, there are special licensing authorities set up. A professional consultant may help you in completing all the formalities and liaise on your behalf with various government functionaries so that you are able to start a business in Dubai with considerable ease.
So, if you are planning to start a business in Dubai it is strongly recommended that you engage a professional to consult with the plans of setting up a business in Dubai. They don’t have to be very expensive and are more useful than the fees to be paid to them. There are many firms in Dubai particularly for this purpose. These firms will help to materialize ideas while staying in conformity with all the local laws, rules and regulations of Dubai. It is usually best to seek professional guidance when it comes to a new environment. Even by hiring someone else for it, take the initiative to learn. It is a good idea to hire a trustworthy business advisor because they are basically entrepreneurs who help other entrepreneurs. They will help to start a business in Dubai from cradle to grave (obtaining a license, establishing a location, employment, sourcing capital all the way to day to day operations).
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