Setting up a business in Dubai is almost a dream for everyone! Because of its booming economy and tax-friendly environment, this city is known as the land of possibilities and the perfect place to turn dreams into reality. Whether you’re a newbie entering the business landscape or a seasoned businessman looking to expand your presence, the role of business setup consultants is one that you can’t ignore. Here are the simple steps, as derived by a professional business setup in Dubai, that provide a roadmap for where to start.
#1 Define Your Business Idea
Follow Ikigai – Ikigai is the Japanese approach of discovering what you love, what you are good at, what the world needs, and what you can be paid for. Based on the outcome of this, determine and define your business idea. Research your niche, do proper competitor research, and draft a business plan that identifies the existing problem and provides solutions.
#2 Choose the Right Business Structure and Zone
Once you finalize your business idea, the next step is to decide on your business structure. From sole proprietorship, partnerships, to limited liability company, each has its own perks. Usually, businesses prefer to choose LLC company for its flexibility and protection. Then it comes to deciding mainland company formation or freezone UAE - understand the difference between Mainland and Freezone in the UAE. Consult with a business consultant in Dubai if required to pick the best that suits your business.
#3 Get Business Licenses and Permits
To run a business in Dubai legally, you need a license, depending on your activity. Issued by the Department of Economic Development, a business license acts as a legal ticket to operate inside the UAE. Applying for a trade license in Dubai is a straightforward process – all you need to do is submit your business plan, copyright copies, and other related documents. After the receipt of the business license, you can apply for your investor visa and the visas for your employees.
#4 Find Your Office Space to Operate
Location – This plays an important role in measuring the success of your business. Based on the nature of your business, choose the location wisely. For example, if you’re planning to start a restaurant business in Dubai, then choose a location that has a lot of foot traffic.
#5 Open a Business Bank Account in Dubai
The final step of business setup in Dubai is opening a corporate bank account. To open a bank account in the UAE, you’ll need a trade license, a copyright, and proof of address.
With this simple 5-step process, you are all set to open a company in Dubai. Going through the entire process without professional support is a bit daunting, so do your research and find the best business consultants in Dubai to set up your business successfully.