The investor-friendly environment in the UAE with a supportive government lures a high number of foreign entrepreneurs every year. Here’s all that you need to know about how you can set up your own business in the UAE.
In order to start a company, the entire business must be taken into consideration while calculating the business setup cost in Dubai. For foreign entities, setting up a company could get tedious and even tricky when it comes to finding a trustworthy local sponsor and having required funds. As an ex-pat entrepreneur, you must also understand the fiscal policies in the UAE as well as the currency exchange rates.
The UAE Department of Economic Development (DED) UAE has laid down several investor-friendly policies to support foreigners interested in conducting economic activities in the country. However, language might pose a problem when it comes to understanding the local rules and regulations. Thus, lack of guidance may unnecessarily burn a hole in your pocket.
Below are some of the smart ways you can start a Dubai business at a low cost:
- First, have a clear understanding of your business activity and conduct research on its feasibility in the UAE. This will help you set up company in a suitable location and at an appropriate time. This will save you from unnecessary expenses so that you can make the most of your business setup.
- When you start a business in the UAE, take it step-by-step. Being overly ambitious at the very beginning might not work in your favour. At first, do not appoint extra workforce or rent an office space which is out of your budget. Begin with the minimum resources to cover your initial costs.
- Begin the process of your company formation only when you are absolutely ready. Although the entire process takes only a few weeks, start once you are ready with the required funds, documents and partnerships in place, as postponements may incur unwanted fines.
- Gain an insight into the costs involved in legal works, approvals and documentation. Once you have properly understood exactly how much you require, you can proceed with the documentation work.
- You can make use of business centers and co-working office spaces available in Dubai instead of renting out an entire place at high cost. These business centers are technologically equipped and furnished allowing you to have a physical office at the lowest cost possible. These offices might range from 250 square feet and above. The business centers also include common conference rooms, pantries, reception area, receptionists as well as IT and admin staff members. If your budget is extremely low, you can also opt for a flexi desk – which is basically a desk space for yourself. Leasing a flexi desk allows you to establish a physical presence of your business as an office address is a must for setting up a company in the UAE.
- Taking business advice from experts, visiting business setup consultancies, and speaking with entrepreneurs can also help you save cost in terms of understanding the market and getting practical knowledge from the veterans while starting a company in the UAE.
- Get consultation and other services from professionals. Business setup advisors would also help you save a lot of money by suggesting you with the best possible options and the cheapest methods. UAE’s pioneer business setup company, Shuraa provides free consultation for entrepreneurs across the globe. If you would like to speak to them, WhatsApp on +971 507775554 or call +971 44081900. You can also drop an email to firstname.lastname@example.org