Business set up in UAE sounds really great. Building your own business empire needs you to unleash your potential of becoming a good entrepreneur. It takes hardwork, persistence, dedication and an attitude to never give up. If you are willing to set up a best business in UAE then Dubai would be good choice for you. Dubai is a vibrant city with full of life that offers several opportunities for different people so if you have any plans about starting a business in UAE then why not Dubai? Well you can also consider other Emirates as well…. it’s just up to you!
How to set up business in UAE
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The good news is UAE has reached 11th position from the 21st position in World Bank’s list of Ease of doing business; so it is heading towards the top 10. There are different factors that make UAE as a desired location to start a business including:
- Paying taxes
- Property registration
- Protection of minority investments
- Construction permits
There are different freezones in UAE making it attractive for the different business activities. Current market trends in UAE offers plenty of opportunities to the different investors for launching their enterprises. The government also encourages the new business activities and once you are done with the legal requirements then you can very easily start your own business. Before setting your business there are certain things that you must consider including:
Type of business
The type of your business provides the information about the required license. You need to define your business operations for acquiring the professional, commercial or the industrial licenses. While making the selection for the business activities like the food services, veterinary activities, legal consultancy etc you need to get further permissions from the other departments of the government as well. Have you already decided about the type of your business? Well it’s good if you have a basic idea in your mind.
There are certain legal requirements that must be fulfilled to start a business, the rules may vary according to the location and the type of the business. If you want to open a legal consultancy firm, then you can open it as a stand-alone company or the branch. Every free zone has different restrictions related to the structure of the company and it can be seen on the official websites of the different zones.
Select a location
Whether you want to start a business in Dubai or in any other Emirate of UAE, location matters a lot! Though starting a business would bring growth for the economy; but it would be of no use if you won’t be able to reach more customers and clients. We will suggest you to setup your business in the most profitable location. For instance you can start your office for a particular product in the area that is known specially for that product.
Select a local sponsor
You need to know that there are different opportunities that are available in UAE for the different business activities and if you really want to start a best business in UAE then you need to register your company. You would need a local sponsor who must be a UAE national with 51% share in the business. Any local company can be started from the desired location according to different rules and regulations. For a business startup in Dubai there are many opportunities as it can offer best choice of the location according to your budget.
Once you are done with the selection of the basic things then you need to apply for the visa permit. For business setup in UAE, you and your employees living in UAE would require visa to run the company.
Visas are usually allowed for all the businesses but the conditions may vary according to the type of the business, the size and the category of the investors. If you are planning to launch a local company then you would require to work with the sponsor for getting the visas. Usually business visa application in Dubai is not difficult as the government supports the different businesses and the investments in the country.
Your company name matters a lot in the legal processes. The name should be related to the nature of the business. There are exceptions for the branches of the companies.
For the initial approval it is needed to contact with the Department of Economic Development of the respective region for the registration purpose. You can visit their office or simply use the e-Services. Once you get the initial approval then it is needed to proceed for other formalities and the approvals depending upon the nature of the business. You can contact the Department of Economic Development located in:
- Abu Dhabi
- Ras Al Khaimah
How an employee can start a business?
If you are an employed person and still you want to run your own business in UAE then the most important thing is to obtain a No Objection Certification (NOC) from your company. Well this becomes problematic for most of the people and it is not necessary that every company would allow its employee to start a new business. Well this problem can be easily resolved if you start your business in the free zones. The good thing is there are five zones in UAE that won’t need the NOC and these are:
- Sharjah Media City (SHAMS) Free Zone
- Umm al-Quwain (UAQ) Free Trade Zone
- Fujairah Free Zone Authority
- Ajman Free Zone
- Creative City Fujairah
How to Obtain a NOC to Start a Business in UAE?
There are some steps that you must follow to get a NOC:
- You need to place a request using the Dubai Trade Portal
- Submission of all the documents that are needed
- Payment of the NOC issuance fee (AED 500)
- Getting an approval for NOC from the Department of Economic Development
After the approval of the NOC the document will be stored in the record of the company.
How to start a business in UAE without investment?
Investments are important for starting any business but many people think that their dreams would shatter due to lack of investment. It is a critical situation when you want to run your own business but your pockets are empty. This is quite frustrating but you can get yourself out of this situation by keeping yourself calm and with the correct advertising strategy. Promotions can solve your problem but you need to be very smart. First ensure that you have checked for all the investment funds you have. For the further development of your business you would need to return the profits to the market at the start and in this way you can get the momentum. When you start to focus on the opportunities and concentrating less about the finance then there the chances that you might find more open doors to success. Well there are some business ideas that you can start at a very low cost and these are:
Advertisement: Advertisement is something that is very common nowadays and you can easily start the different advertisement services from your home. For instance, advertising through social media could be cost effective and once you grow you can gradually have the whole setup.
Arts and Crafts: If you are creative and know how to craft attractive stuff then you can go for it. You can make customize mobile covers, diaries, jewelry boxes, small mats and other cool stuff and sell it from home.
Home based cooking: If you are a cooking expert then you can make snacks at your home and sell them. You can also make birthday cakes and other confectionary items and sell them in your neighborhood.
Photography: Photography is also a good option! Just take out your camera and click some good pictures. At the start you can work free so that people would hire you after looking your work. Once you have covered some events then you can easily charge a decent amount from the other side.
UAE is a really good place to start your business journey. You must keep yourself updated from the UAE Business news to know about the market trends and the recent policies. Do check for all the legal requirements and consult someone with good experience in business before starting your own. Read about the different inspiring stories of the different entrepreneurs to get some motivation, just be positive, focus on your goals and let your business flourish.
About The Author!
Sheikh Jabir is a blog writer and a content marketer at CV maker writing service in Dubai. He quite enjoys writing on new and innovative topics especially related to business and entrepreneurship. He has been writing for four years and his goal is to keep writing content that is engaging and helps people learn a new thing every time.