What you need to know for business setup in Dubai - Key steps for success

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Published: Tue 6 Feb 2024, 5:47 PM

Something needs no introduction like Dubai's allure for entrepreneurs and investors. Its sparkling skyscrapers and international connectivity have magnetised the dreamers who carry the dream of a successful business setup in Dubai.

By Jayanta Das

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Business incorporation in Dubai demands a proper and well-designed business plan. So, set off your plane with a great business plan to step into the desert sands. Here is the road map to your success story.

Analyse the opportunity

First things first, analyse the best opportunity and check if the business decided by you has any scope in Dubai. To start the analysis, conduct thorough market research and understand the strategies of your competitors and the demand of your target audience.

Dubai offers you bountiful rewards that might help you launch your company and a kickstart to your dreams.

Navigating incorporations, visas, licensing and registrations

Dubai's government offers you a buffet of options and opportunities on the mainland. It offers full market access, and on the other hand, for freezone, it offers a wide range of opportunities in particular industries with many tax benefits.

Decide and choose your requirements wisely as per your business needs. While deciding, include choosing the appropriate business structure, visa requirements (depending on the size of your business), and activities you want to be involved in. If you feel tired of doing all these, seek professional assistance to navigate you through the licensing and registration process. Consider Commitbiz as your desert guide through the regulatory dunes.

Deciding the business name

As you already know, market research and deciding where to set up your business in Dubai are the major tasks, but there is something that also follows it, and that is selecting a business name. While deciding on a name, it is mandatory to adhere to governmental norms such as;

● Avoid using religious names.

● Avoid offensive names.

● If you want to choose a person’s name, include the full name of that person.

● A business name can be related to the business activity.

The name should be decided and registered before you apply for the license.

Standardise your business operations

Understand the legal regulations in Dubai before planning for a successful business setup in Dubai. The most important part is building a talented and strong team that can leverage Dubai's talent pool. UAE is at the forefront of digital transformation that can push your business further, so make use of it wisely.

It is also important to navigate the local customs and build a strong relationship with local business owners or vendors. Trust and personal connection can pave the way to success.

Financial planning

Dubai is known for its liberal and light tax regime, but as an entrepreneur, you should take that for granted or mistake it for financial anarchy. Make sure you have sound financial planning with proper accounting forecasting cash flow that adheres to the updated accounting regulations.

Accounts keeping plays a major role in business incorporation in Dubai. By keeping meticulous accounting records, you can attract investors by infusing trust in them. Even in the city of gold, sustainable success needs a bedrock or proper financial management.

Future of the business in Dubai

Dubai has an infectious entrepreneurial spirit which will help you climb the dunes of your dream of starting a new business venture. The view from the top can be breathtaking, so make sure to bring dedication to achieve success. Dubai has all the opportunities that can make your dream blossom into a flourishing reality. So buckle up; the ocean of opportunity on the desert sand is awaiting your footprints.

Jayanta Das is a business journalist.

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