Almost everyone, at some time, wants to open his own business. Dubai and the UAE in general are a very attractive and promising platform for starting you own business. This applies both to the opening of the new business, and to the transferring of the existing business into this country.
What to start with, when deciding to start a business in Dubai and choosing its type? First of all, you need to start a systematic homework. Of course there are stories of successful business, which was started absolutely spontaneously, but they are very rare. In most cases, the success of a business requires a system approach and taking into account all the important factors.
Besides, in tax and other costs on business, which is one of the most important components, Dubai provides the huge advantages in comparison with the majority of other countries of the world. In fact, Dubai offers a business with the complete absence of taxation, and also the social and other payments.
And while other countries periodically provide some certain benefits only for the certain types of business - both for new and already operating entities, in Dubai, UAE all types of business have a full range of benefits.
So what to start with? Everything is much easier if you already have a business. You need to decide what part of the business to transfer to Dubai or to consider Dubai as a new component of the business, in addition to the existing one, in a similar or related field.
If you are in the phase of starting a completely new business, then below there are the recommended steps as to its opening:
- First of all, you need to choose the type of the activity. Your choice should be based on your existing knowledge and experience. We are often, as a consulting company, asked what kind of business is reasonable to open in Dubai, and which one is the most profitable. Our answer is: any type of business can be both profitable or not, all depends on your efforts in the chosen activity. Only the aspect – clearly you should not choose the activities which do not have any demand.
- Assessment of the market: after selecting the type of activity, it is necessary to estimate the market, its demands and who are your main competitors, and also to analyze the price policy of the competitors and to consider whether you will be able to offer goods or services, which will be competitive in the market. And at the same time one should not strive just to offer the lowest price, as the customers choose products and services not only due to the price factor.
- Preparing of your business plan: after coping with the first two paragraphs as to your business in Dubai, you need to create your business plan – calculations of the expenses, necessary working capital, expected time which is required for return of investment and profitability of the business. Besides, it is strongly recommended to increase the expected costs at least by 50 percent. On the other side it is recommended to calculate the break-even time as conservative as possible. A significant number of started business could not grow and was closed not because the business idea was not good, but because of lack of funds.
- Starting the business: when opening a business in Dubai you must have the required amount of energy and determination. At various stages of starting and developing the business, you have to deal with different stages of both success and the whole set of difficulties. The main thing is not to give up the planned, but to move towards the goal. And of course, occasionally, to make some necessary correction in the original plan.
- Development and establishing contacts. Business is, to a great extent, the contacts and, of course, the constant promotion of your goods and services. You must have a clear plan for marketing. Besides, it is necessary to pay a particular attention to a large number of international exhibitions in various fields, which take place in Dubai, the UAE. Such exhibitions can become a great base for developing your business and getting new ideas.
As to the determining of the most appropriate company form for your business, you have the opportunity to contact our professional team of consultants, who have an extensive experience in the registration and administration of companies in the UAE for a variety of tasks. In addition, we also provide the full legal support for obtaining all the necessary licenses and permissions. However, as it was mentioned above, we can not advise the type of business for you to open, as it this only you, who can take such decision.