However, starting a new company in a new country is unchartered territory for most entrepreneurs and what may initially look like an additional cost can end up saving you money in reality.
"When I first came to Dubai from Sweden to start my business, I didn't know where to begin. As there are so many different options, unfamiliar legal terms and a lack of clarity on what comes next. In my business journey in Dubai, Creative Zone acted like a navigator compass in a forest; they helped me out with everything right from getting my business license to even helping me grow and promote my business"- Estelle Berglin, Global Influencer and owner of Swealife.
What do business setup advisors actually do?
A business can officially start operations once it has a license. Getting a license, though, is a multilayered process involving many government approvals, understanding & drafting legal documents, and dealing with many bureaucratic agencies. All these procedures and paperwork can be time-consuming and confusing, and business owners often make mistakes in selecting the jurisdiction, getting certain documents wrong, or simply not knowing what comes next. In this scenario, a business setup advisor saves you the time, trouble, and many times money that one might have to pay for not knowing the correct protocols.
We spoke to one of the most reputable company formation specialists, Creative Zone, to deeply understand how they help entrepreneurs set their foot into the country, get the business started, and grow it.
Assessing Business Set Up Cost
The most common question people want to know before starting off is how much will the entire setup process cost? There cannot be one standard cost, as cost entirely depends on one's business activity, jurisdiction, visa requirements, and many other factors.
There is a common assumption that certain jurisdictions cost lesser than the others, and often people select those zones without considering their business needs, target customers and future expansion plans. A business setup advisor gives you cost-effective options while keeping your current and future business needs in consideration. This is difficult for a new entrepreneur to know, who is not synced with the UAE's business landscape. In simple words, a business setup advisor can always give you a third option or a new approach you dint know existed.
Creative Zone has a cost calculator installed that gives an approximate cost and suitable packages for your company.
Approvals for Licenses
If you are a first-time entrepreneur, you have a million things to do before starting the business. A business setup consultancy takes off all the bureaucratic formalities, complicated paperwork, governmental approvals from your plate. This is, in fact, one of the most important reasons people choose to go to business setup advisors as they carry out the entire setup process on your behalf.
Opening Bank Accounts
A new business needs a lot more than just a license, and one of the trickiest things to do is open a corporate bank account. Before they even consider opening an account, companies have to submit an exhaustive list of documents like an office lease, MOA, business plan, share capital, legal structure, and other complex paperwork. Consequently, opening bank accounts is one of Creative Zone's most convenient and best-selling services. Their in-house concierge team prepares all documents and liaise with banks on your behalf. Taking care of your office space and Ejari is their co-working Downtown Dubai office space providing all amenities a young and modern company needs.
Selecting the Correct Legal Form and Jurisdiction
The company formation specialists can explain the difference between the various type of companies and which one is best suitable for their business. Selecting a jurisdiction is one of the most crucial decisions an entrepreneur has to make in the business's initial stages that play a major role in determining the future of the business. Therefore, one should choose the jurisdiction with precaution because opening a business cost less than closing it. You can choose between a Mainland, Free Zone, or offshore, but let your target audience and the market determine that.
Visas, Compliance, Office Space
A Business setup consultancy would also sort out employee and investor visas, medical fitness certificates, and Emirates ID. Creative Zone is the only existing business setup consultancy that offers tax and accounting, concierge, co-working spaces, insurance, legal, human resources, payment gateway, currency exchange, and even business development. Their one-of-kind business development model helps new organisations enter the UAE market and provide initial advice and support to set foot in the country successfully. The program is also ideal for entrepreneurs already in the country but needs help liaising with industry leaders and potential clients.
To set up your business with Creative Zone, write to setup@creativezone.ae or call at 800 LICENSE