Want to establish your business in the Emirate of Dubai? You can count on companies like GCC Filings which helps with company incorporation,
Want to establish your business in the Emirate of Dubai? You can count on companies like GCC Filings which helps with company incorporation, VAT registration, return filling, auditing, accounting and a lot more. Now, there are a few dos and don’ts that you should always bear in mind while conducting business in Dubai. Here’s taking a look at the following:
Forming your company in Dubai
Entrepreneurs should know that Dubai is a great place for starting a business. In the year 2015, for instance, Dubai city had 22,369 licenses issued as per the authority reports on business sector activities. Dubai offers a gateway to more than 1 billion customers taking into account the entire Middle East, Africa and Asia.
A local sponsor is a must
For setting up your company in Dubai, you should get hold of a suitable local sponsor, a UAE national, who will hold 51% stake in the business, allowing you to register as an LLC (limited liability company). Once you have your local sponsor, you can start operating anywhere in Dubai.
Do not rely on verbal assurances/agreements
Do not rely only on verbal assurances with your local sponsor. Get a legal agreement drafted between the local sponsor and your organization. Some sponsors may have extra charges for additional business services.
Select the business license with care
Choose your business license with a lot of care, i.e. you can select from commercial, professional and industrial licenses. There are different authorities for different types of licenses with varying fees and documents needed.
Do not go into business registration processes all alone
Don’t venture into business licensing and registration all alone; get VAT assistance in UAE from a company like GCC Filings for this purpose. A consultant will lower the time taken in the procedure and help you focus more on the core business operations instead of worrying about these aspects.
Keep doing your homework
You should keep doing homework in the UAE where the entire environment is dynamic and competition is intense. Researching on market trends, customer preferences, business segments and long-term blueprints will help you stay on top of the growth curve.
Do not forget the local culture and customs
Middle East residents are mostly welcoming and friendly. However, make sure that you avoid disparaging discussions or comments on any religious or other sensitive issues and avoid profanity by all means. Honor the local customs for achieving more success in your business.
Network wisely
You should keep on networking with people in your business circuit and outside it. Word of mouth recommendations and publicity will certainly benefit your business. Attend networking events, conferences, conventions and so on.
Obtain a suitable work visa
Based on your business activity and the duration, you will naturally need a work visa. Make sure to complete all necessary documentation. A business visa is easy to obtain if you spend a little time on the same.
Immerse yourself in the Emirate’s traditions
Make sure you immerse yourself in the charm and beauty of Dubai. The Emirate’s local traditions, culture and local cuisines are there for the taking along with the vibrant attractions, festivals and a lot more.
, return filling, auditing, accounting and a lot more. Now, there are a few dos and don’ts that you should always bear in mind while conducting business in Dubai. Here’s taking a look at the following: