Dubai – the land of golden sands and golden opportunities has emerged as one of the most premier business destinations for businessmen from all over the globe. Infrastructure development, the rise of rapid urbanization, massive tourism, and luxury lifestyle verticals –there are myriad of options when it comes to business setup in Dubai. Come to the next level, and you have arts, crafts, culture, and geological landscapes that offer an incredible set of business opportunities that are still under wraps. So, as long as you have ideas, finances, and the right support, Dubai offers a promising and lucrative business setup opportunity.
Why choose Dubai as your business setup destination?
There are many strong reasons for choosing Dubai for business, such as:
- As of 2019, in Dubai, the ease of doing business is more than 81%.
- There are more than 40 free zones in Dubai, where the investors enjoy 100% foreign ownership rights.
- These free zones form a highly diverse and integrated hub of different types of businesses, which, in turn, again becomes a highly promising business opportunity in itself.
- The foreign investors can also start their businesses in the mainland areas as well.
- There is no income tax in the mainland and free zone areas. This plays a vital role in the promotion of businesses and the emergence of Dubai as the business capital of the world.
- The Department of Economic Development or DED has a pro-business sentiment and administers the implementation of the economic policy of the UAE government that favours the businesses.
- After having a glimpse into the business-oriented landscape of Dubai, let us move on to explore the other lucrative aspects of starting a new business in Dubai.
What makes Dubai different from the rest of the world?
1. Open Economy
When it comes to starting your own business, many countries have highly stringent regulations and taxation norms that put pressure on start-ups and new ventures right from the start. Such regulations also deter foreign investors from putting their money into new business prospects.
However, Dubai has an open economy and the government takes proper measures to tackle monopolies of all kinds. It works such that open and healthy market competition is promoted for thorough business development.
2. Manpower Availability and Cost
Dubai is highly favourable to the new businessmen when it comes to manpower. All types of manpower are easily available and highly affordable. Right now, Dubai is a mix of people from all strata of society and one can find educated human resources that can take on various roles in the management and operation of an organization with ease, and one can also find labour at affordable prices.
3. Low Crime Rates
Dubai has been a multi-cultural landscape for ages and lays stress on tolerance and mutual co-existence. The infrastructure development and in-general public sentiment are the other key factors behind the low crime rates. Law and order are followed by all like a duty and one can rest assured of the safety of his means, his assets, and himself. So, you can start your business and work on it as much as you want without worrying about anything.
4. Availability of the right support
Since Dubai has been a hub of foreign businessmen for ages, there is an ample number of offices and companies that offer all types of specialized business support, such as business or trade license in Dubai. From financial guidance to documentation, general licensing to specific licensing, and analytics to legal support – you can easily outsource your business operations or hire people to facilitate your business processes as you require. As all the reputed companies are working for decades, there is no language barrier and you can easily find English speaking people. Also, it is extremely easy to find translators and other linguistics’ specialists for all intents and purposes.
Now, let us move on to some of the pointers that you must keep in mind before setting up a business in Dubai.
Facts to Consider while setting-up a New Business in Dubai
1. Employee Visas are the responsibility of the Company
If you are bringing employees from your home country, you have to take responsibility for their visas and other international transit documents and other documentary proofs that might be relevant to your business and their stay.
2. Be open to the cultural differences
Your body language, dressing sense, eating habits, and cultural influences might vary greatly or slightly from the local residents. However, these days, there are so many foreigners that Dubai has become a cultural odyssey to the entire world. So, embrace openness and be mindful and accepting of all.
3. Working days
Dubai has Fridays OFF. Further, many companies also have Saturdays and Sundays OFF. So, plan your schedules accordingly.
4. Consultants are crucial
No matter what kind of business you have and what kind of business environment expertise you have, you must consult some reputed agencies and/or companies for licensing, leasing, documentation, and legal matters. They are well-versed people with the entire spectrum of regulations and laws laid down by the government. So, play safe and seek professional help for the best experiences.
Bonus Tip! Once you set up your business in UAE, you need to build an impressive presence and give exposure to your products and services. For that, you need to integrate effective Digital Marketing Strategies into their business blueprint. You can find a lot of digital marketing companies and social media marketing agencies in Dubai and UAE that can help you make your digital step visible to the online market and to build a strong foundation for your business. It’s definite that with the passing time, digital marketing is revolutionizing the traditional marketing methods paving the way for a new corporate brand marketing era. Be ready to Adapt quickly!
We hope this write-up proves useful for all our readers. For more suggestions and expert tips, please reach out to us in the comment section, and we will surely help.
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