A business setup in Dubai or expansion requires determination, perseverance and much innovation. You have to spend hours building your business and turning it into a profitable one. But before you set up your business, one of the most crucial things you need is a favourable business environment. This way, you can ensure the smooth functioning of your business.
Dubai has acquired a position as one of the best business hubs in the world. Factors like ease of doing business, technological advancements, infrastructural developments and supportive governments can benefit your business. Increasingly, there’s scope for UK entrepreneurs in Dubai. So, if you want a business setup in Dubai, read on.
What Are the Benefits of Setting up a Business in Dubai?
A Dubai business setup can leverage a host of advantages to run efficiently. Some of the benefits of setting up a business in Dubai are as follows:
- The UAE ranked number one in the Global Entrepreneurship Monitor’s (GEM) Global Entrepreneurship Index 2022. Thus, a business setup in UAE can benefit from the encouraging environment for entrepreneurship in the country.
- Thanks to the UAE government’s forward-looking vision, UK businesses can conveniently operate in new economic sectors and use emerging technologies. The country is always highly eager to invest in new and upcoming technologies.
- With all procedures digitised, setting up a business needs almost no paperwork and consumes less time in Dubai.
- The UAE government keeps improving its economic policies and regulations so that the environment is more and more favourable for UK entrepreneurs. Moreover, it conducts various events for entrepreneurs to provide them with global exposure beneficial for their business.
- Free zones in Dubai allow UK entrepreneurs 100% tax exemption, 100% business ownership and 100% repatriation of business capital and profits earned.
- The UAE’s strategic location between Asia, Europe and Africa is highly beneficial for UK entrepreneurs, allowing them to explore many untapped markets. Thus, Dubai has emerged as one of the leading business hubs, especially for trade, logistics and tourism.
- Dubai has a talented workforce that tops globally in terms of business skills. Moreover, getting a UAE visa is even easier with new visa rules, making the job market more accommodating for foreign talents.
- Dubai is known for its world-class quality of infrastructure, transportation network, telecommunication and internet facilities, contributing to the success of existing UK businesses.
- Many reforms are being made for free zones to expedite the cargo movement from sea to air.
What Documents Do You Require to Set Up Your Business in Dubai?
Before starting the setup process, you’d want to make sure that nothing goes wrong during the entire process. Start with checking that you have the required document. Valid and accurate documentation can help reduce the duration of the business setup process. Some of the required documents are as follows:
- Copies of passports and visas
- Two passport-size photographs
- Entry visa and stamp pages
Moreover, the type of documents required depends on the business activity, company structure and business location. Our experts can assist you with the complete list of documents for your business.
How to Set up a Business in Dubai?
You may be eager to have a business setup in Dubai, but you might not know how to set up the same. Following is a step-by-step guide to starting your business in Dubai:
1. Choose a Business Activity
The UAE allows carrying out numerous business activities, from e-commerce solutions, travel and tourism, real estate agencies, consultancy services, beauty salons and many more. Evaluate your skills, experience and budget. Then, conduct market research to analyse the existing competition. Accordingly, choose an activity that you find the most feasible for a new business setup in Dubai.
2. Decide on Your Company’s Name
Your company’s name is as crucial as its function. A memorable company name can help your target customer find you, talk about you and recommend your services to others. Thus, list some easy but catchy company names for your business. Choose the one that you find the best. Also, keep a few as reserves in case of name unavailability.
Note: The UAE government has listed some naming conventions. Our professionals can help you with a company name that is available and legally permitted.
3. Select a Company Structure
A proper company structure ensures that responsibilities are clearly defined. Thus, pick an adequate company structure for your business setup. A UAE business setup could be a sole proprietorship, a Limited Liability Company (LLC) or a branch office.
4. Choose Your Business Location
Before you choose a location and an office space, consider factors like demographics of your customers, foot traffic, accessibility, amenities, infrastructure, and perhaps the image and history of the location. Also, as you’ll have to rent or lease your office space, take care of the budget.
5. Apply for the Licence
A business must have a licence in the UAE. Hence, a trade licence can get all legal aspects out of the way for your business. The UAE offers many types of licences to UK entrepreneurs, such as professional licence, commercial, industrial and so on. Choose a suitable licence, submit the required documents and pay the fees.
Your business activity might need additional approvals from various authorities. Shuraa UK branch experts can help you get the licence and permits for your business.
What Is the Cost of Setting up a Business in Dubai?
A business setup cost in Dubai depends on numerous factors such as the business activity, office space, lease/rent, licence type, furnishings and equipment, among many others. Thus, some business models need minimal setup costs. In contrast, others may need relatively more money to set up their operations in Dubai. Nonetheless, to give you an idea, the cost of setting up a business in Dubai starts from AED 20,000.
Our consultants can help you determine the exact cost of setting up your business in Dubai. They will also keep you updated with the entire process to maintain transparency. They’ll also ensure you don’t spend more than the required amount.
Start Your Business in Dubai With Shuraa
Shuraa UK branch experts can deliver everything you need to set up your business in Dubai. Our services extend through diverse aspects of the business setup process, assisting you with your company name and structure, helping you choose business locations, getting you the required business licence and approvals, and so on. We can even make customised business setup solutions for your business if it has specific requirements. Just get in touch with us!