Investing in a foreign country is no easy task. To make your business successful you will have to learn about the current trends in the country, people’s general attitude towards your product or service and most importantly the laws that apply to you. Dubai has no end of opportunity for entrepreneurs, but to be successful you must do some careful planning initially.
Find a Good Registration Agent
The safest way to learn about the company formation JLT process is to hire a good registration agent. They will be able to guide you through the process, offer recommendations and give you advice on the paperwork that needs to be done. They will have a huge impact on you, so be careful to choose the right person.
Choosing the right location can make or break a business, especially at the beginning. The right location for you depends on many factors like your target market, budget or the availability of a local sponsor.
Find out the cities with the highest number of potential customers for you. Then try to find a spot that will be easily accessible to them. You will have better options in terms of location if you have a local sponsor. This means that your sponsor will own 51% of the business and you will have to pay the sponsor a certain amount as per your contract. This also means that the laws that apply to the business are the same as those that apply to a local company. If you use this method always have a legal document that clearly states all your agreements.
If you want to fully own your company then you can open your company as freezone company. There are several places that are maintained specially for this purpose, but these places may not always work in your favour. Note that if you want to work with the government this option is not available.
Calculate the Cost
Startup companies are not given financial aid in Dubai, so make sure you can cover all your costs. Apart from the capital investment you will have to think about salaries, rent, bank charges, taxes and tariffs you may incur. If you own your office you will have to pay for repairs as well, but if you rent a furnished serviced office you will only have to pay a fixed monthly charge.
Verify all the details before signing up
Always verify published data before you sign anything. The rules and regulations in the freezone and the Department of Economic Development is subject to change.
Visa and Licensing
Choose the proper visa category and a suitable licensing category. Consult your agency to find the options that don’t narrow the scope of your business too much.
In a nutshell, doing an extensive research initially and finding a knowledgeable registration agent is the key to opening a successful business in Dubai.