April 30, 2017

Build a Dubai startup faster with these tips

Dubai’s skyline is not the only thing that attracts individuals of different nationalities to the country. Its fast-growing and promising economic status has turned it into a hotspot for new business ventures–whether you’re a local or a newcomer.

On top of that, having your own startup can guarantee financial stability if deemed successful, among other things. Are you thinking of becoming your own boss in the City of Gold?

It’s not as difficult as it seems. 

Below are some tips to help you start your own business in this wonderful city:

1. Expats should first look for a local partner to sponsor your business. The local partner has to be a UAE national, and he can be a single person or one whole company. This local partner will have 51% share of your business.

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Image courtesy of Knowlton International

2. You have the option to be the sole proprietor if you set up shop in the free zones.  Setting up a company in the free zones or free trade zones the advantage of tax exemptions and less restrictions.
Prepare to shell out more money, though, because renting an office space is usually higher in free zone areas.

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For tech startups, one of the blossoming free zones is Dubai Silicon Oasis, more specifically the Dubai Technology Entrepreneur Centre.

3. In order for your startup to succeed, choose the right location. A promising business is no use if it is nowhere near the market it wants to attract. Spend some time comparing your prospects, and choose the one that will result in most profit.

4. Another tip for expats is to ensure the eligibility of your visa. Double check if the length of your and your employers’ stay will give you enough time to build and run a business. You wouldn’t want to be sent home right before your opening, would you?

5. Consult a firm to help you with the registration process, especially if you’re a foreigner. Their expertise on local rules will ensure that your preparations won’t go to waste. Some of these firms can even help you plan your business–from costings right up to the location.

6. Prepare proof of ability to finance a business. The Ministry of Commerce will require you to show supporting documents once your startup is registered. Don’t get caught off-guard by showing up empty-handed. The show money can range from $10,000 to $50,000.

Are you a startup owner in Dubai or do you have additional tips you’d want to share? Let us know!