Dubai encompasses all the attributes which has managed it to bag the title of ‘The City of Gold’. Expatriates in Dubai form more than about 80% of the private sector work force. If you are about to start a business in Dubai you ought to consider the below mentioned factors –
1.Free Zone Model –
From among the 7 emirates of the U.A.E., Dubai was the first to establish the economic free zone model. If you start a business in Dubai in the free zone, you are entitled to a 100% ownership; else it would require an involvement of a local partner with 51% stake in your company.
2.Skills to the business in Dubai –
For most startups in entrepreneurship, the key skills are very vital for the business to survive. It is very unusual for a businessman to set up his business without the necessary skills; it fails to achieve the primary objective of a business. Instead you can think of teaming with a partner who would have the expertise in the realm.
3.A lot of time investment is mandatory –
A huge investment of your own time is required if you want to build a firm ground for your business. If you are not willing to go that extra mile and put in a few extra hours of work, you ought to reconsider the idea to start a business in Dubai.
4.It is surely going to cost a bomb! –
Capital investment is the heart of any business startup. If you are sitting on a huge bank of resources, then the startup is a definitely ‘go’ for you.
5.Market Research –
Get your market research done by finding answers to questions like –
6.Knowledge about the legal formalities –
When about to start a business in Dubai; get complete knowledge about the legal formalities. Whether for your kind of business startup would you require any license or other legal documents. If so, how can you procure them? Also make sure that your agreements and contracts are duly signed off and in place.
Venturing into a new business can be adventurous. How far it can be successful depends on your pre-preparations for the same.
Keep in mind the above factors and your first step into your endeavor could be a success!