UAE has emerged as a haven for investors from across the globe to try their luck and earn a fair return. It is proven to be one of the fast-developing economies now. Considering Dubai, we can see how this small space evolved as the connecting place for the business world and set up its economy in a modernized way over time.
Many enterprising businessmen are now focusing on Dubai to set up their business out there, and the country now offers many options for foreign investors to be attracted towards it. Even though there are licensing and registration needs with specific capital to start a business in Dubai, it offers a highly attractive and suitable environment for businesses to be attracted compared to many other regions and states.
As of late, UAE authorities have taken many steps to attract investors from across the globe to set up a business, even small business enterprises. The Dubai government also established authorities and took many initiatives to offer a boost to develop a promising small business setup in the UAE.
Kavan Choksi UAE tips on establishing a small business in Dubai
Finding a GCC resident as a local partner
Kavan Choksi UAE points out that it is necessary to have a local sponsor or a business partner to establish a business in UAE. This partner will own the majority share in your business and can also control it. This partner can be an individual resident or company based, and it is not mandatory that they need to have financial participation in the business. You have to make a clear agreement with the partner before starting the business to avoid any conflicts in the future. You can find various ways to deal with the partner’s need in terms of control and profit-sharing.
Proving financial viability
Once you meet the primary needs and register a business in UAE, you need to produce the proof of financial investment to the Ministry of Commerce. Here, rather than relying on local support, the investor must develop their own resources through a bank or other legal means. Once your concept is found successful from the market point of view, your business may get an immense boost. There are seven categories of companies to be registered in Dubai-UAE law.
There are also free zones in Dubai as the Dubai Airport Free zone and the Jebel Ali Free Zone. Companies operating at these zones can get four types of licenses: industry licenses, trading licenses, service licenses, local production licenses, etc.
As a growing economy with investment-friendly policies, there is no doubt that you can establish yourself in UAE if you have a winning business idea and professional support to operate successfully in this region. In order to establish a business in UAE, it is advisable to get the assistance of an authorized business consultant. Kavan Choksi UAE offers business and financial consulting for UAE businesses, which you can use to plan your investment in this region.