The Middle East is one of the fastest-growing markets in the world, making it an excellent opportunity for small business owners to start a new venture. As the home to some of the most historic cities in the world, there are many lucrative opportunities for tourism-related businesses. For those looking to pursue a formal career in this sector, gaining employment or founding your own firm can be made easier by becoming familiar with the business culture in the region.
The United Arab Emirates (UAE) has a thriving, open business environment offering entrepreneurs many opportunities to start their businesses. With its strong, diversified economy, and cultural tolerance, the UAE is considered one of the easiest places in the world to do business. Establish your business there becomes therefore quite easy.
The United Arab Emirates is one of the most progressive countries in the Middle East. It is known for having a high standard of living, a great infrastructure, and an incredible amount of potential for growth. The UAE has made it extremely easy to start or expand your business in this country.
However, starting a business is not a simple move. If you are planning to start a business in Dubai or UAE, here are a few things you can do to get started:
- Choose your product or service as well as a trade name.
- Register the business – There are two types of businesses you can register in UAE – Sole Proprietorship or Partnership Firm, which are the most popular forms of businesses in UAE. You can also choose to incorporate your business as a limited liability company (LLC).
- Decide on the location of your business establishment
- Hire staff and professionals if necessary
- Get the required licenses and permits from concerned authorities to operate the business legally in UAE
- Know the laws and regulations: to avoid any penalties and fines, it is important to study the country’s laws and regulations related to your business before starting off. For example, the Department of Economic Development (DED) website has all the information that could be useful for starting a new business in Dubai. For other emirates such as Sharjah, Ajman, Fujairah, Ras Al Khaimah, and Umm Al Quwain, they also have their own website.
- Find a local partner. Emirati partners are hard to find, but not when you approach them in the right way. Every entrepreneur knows that partnerships are essential for growth. You might have an idea that could revolutionize the world, but without someone else’s support, you’ll never get anywhere. It is important to know where to look for partners so you save time in starting your business.
- A “free zone” is a part of the UAE in which there are no taxes. These are the best locations in the world to do business and open an offshore company.
- Banks are key to financing businesses and now that many banks have introduced a range of new services, it means small businesses have more access to larger loans.
- It is a fact that accounting plays an important role in every business. And yet, many entrepreneurs are not totally clear about what accounting is all about or how to set up their accounting system. If you are one of them, do not worry! There are excellent accounting services available in UAE for you.