The prospect of starting a business in Dubai is definitely one that is attractive for so many investors but the process is not as simple as you may be tempted to believe. There are many things that have to be understood about how to start a business in Dubai and you need to basically remember everything that is written below.
Understanding The Region’s Strengths
For starters, it is really important that you know the region properly. An extensive research into the aimed business sector is vital. The business plan that you create needs to be viable, including market condition studies, analysis of competition and forecast results. Credible business plans automatically increase the possibility of attracting local support and even government support.
Local Partner Necessity
You need to be aware of the fact that according to the law, you need a local partner or a person that has most of the interest so that he can control the company. Local partners can be an individual or a company and does not necessarily need to financially participate. Partners can be remunerated in various ways. At the moment, the law is currently reviewed and may change in order to attract more foreign investments.
Necessary Investment Capital
As you register the business, you have to be able to prove that you can invest a large amount of money, rangingbetween$10,000 and $50,000, based on the state. This is basically seen a guarantee against possible liabilities. Money can be withdrawn a short period after though.
Local Knowledge Is Always Crucial
We are talking about a highly risky and complex process so it is really important to understand the fact that local knowledge will always be crucial. From the moment you decide to open a business in Dubai, you need to talk to an experienced lawyer. The experienced one is going to take you through all the complexities associated with the registration process. That is necessary since you want to protect your company.
Doing Business In Dubai
Arab businessmen are almost always polite but will bargain hard. It is important that you know everything about the contractual agreement you are faced with. Arabs are really good at finding loopholes and then taking advantage of them. However, in the vast majority of cases, the Arab businessman will meet all obligations in full. The entire business process is mostly friendly and pleasant but trust has to be built in order to have something that is long lasting.
Legal Obligations And Registration
Dubai corporate laws are quite similar to what you find in the western countries. A business can be run as private, limited liability and so on. However, local legal advice will help so that you can get through registration formalities. Foreigners usually want to utilize Arab or Western joint venture law companies to help them out.
A great way to increase the possibility of being approved for opening a company is to have a powerful employer or sponsor that would basically sponsor you. Generally speaking, if you are patient and polite, you will be able to drastically increase chances of success. This is because you can always look for advice. Arabs are helpful and friendly and will give you a hand if you are the same.