There is ample scope for establishing a co-working business in Dubai which is the global hotbed for business, trade and commerce in the UAE. For guidance and help with company incorporation, UAE laws, VAT registration, VAT return filing, auditing, accounting and other necessary services, you can check out GCC Filings which is a total solution for businesses in any field.
Co-working spaces could be Dubai’s next big thing
Co-working spaces have transformed into a major business trend in Dubai. Here’s looking at the overall scope of the fast-growing market in this domain:
- Dubai is home to numerous small businesses, start-ups, private equity players and big venture capital entities.
- Co-working spaces can flexibly choose to function in mainland or free zones, depending upon the advantages provided.
- Dubai had 30+ start-ups in the year 2017 and the number has only grown with sizable foreign investments.
- Dubai functions as a gateway for the MENA region.
- UAE and Dubai are top places for investments in infrastructure and real estate.
- Dubai offers top-class connectivity, roads, seaports, airports and internet and mobile connectivity.
- The upcoming 2020 World Expo has sparked off sizable infrastructure development and the event will work as a catalyst en route towards creating more jobs, boosting the economy and drawing more investors and tourists to the Emirate.
How to establish a co-working space in Dubai
There are a few core steps that you need to be aware of in this regard:
- You should first register your business including the trade-name and company with the local authority.
- You should then lease or rent a commercial space for setting up your co-working business. Negotiate contract terms including exit terms, caution deposits and facilities provided among other parts.
- Get your entity registered for VAT. GCC Filings can help you out with the entire process. 5% VAT will be levied on rent that you charge from your tenants.
- Get interior designers and planners for finishing your co-working space and giving it a unique design.
- Set up your corporate bank account in a local bank or local branch of a global bank.
- Reach out to prospective clients with strategic advertising and promotion initiatives. You can count on several agencies in this regard.
These are the steps to be followed for establishing your co-working business in Dubai. The Emirate has ample provisions for swift and hassle-free establishment of businesses in Dubai along with offering multiple benefits as well.