Being an entrepreneur in Dubai is a daunting task not only globally but also in Dubai as the emirate has designed numerous company registration options causing a dilemma to choose the best suitable option offered in the mainland and the free zones in Dubai. But the question is when you can realize that you are prepared to take the plunge into entrepreneurship in Dubai. Walt Disney once said that “The way to get started is to quit talking and start doing.”
We can agree that Disney was addressing the very first push that everyone badly needs to turn themselves into an entrepreneur. However, before diving into the fascinating world of entrepreneurship in Dubai you must convince yourself that you were ready to take up the journey.
The following are the five signs that might help you realize that you are ready to set up a business in Dubai.
1. You Know If it’s the Right Time for Business Setup in Dubai
Yes, this is the first sign. You have been studying the UAE market for quite some time and maybe for years and you are also aware of the turns the market has taken. You must know where the pitfall is and where the opportunity lies. Consider the uncertainty brought into the global markets by the novel Coronavirus. If you have the real spirit of entrepreneurship within you, you would have already realized that where the opportunity for business success lies amid the pandemic. If you have realized that you have got the gumption to turn the crises into opportunities, that’s the first green flag for commencing the process of business setup in Dubai.
2. You have a Powerful Business Idea with you
Your idea is your brainchild, the fruition of months of years of research. You are sure it would be a game-changer if you could implement it. However, it could also happen that by the time you have decided to give shape to the idea, the conditions of the market changed due to unforeseen events (for example the COVID-19 pandemic). Now you need to analyze whether the idea is still relevant or not in the prevailing market conditions. If it is still significant, don’t sit back, just start the process of company formation in Dubai. If you are still not confident, then start studying the market and pick out the business opportunities in Dubai that are in demand and hold promise in the long term as well. E-commerce, Fintech, E-learning, Disinfectant manufacturing & trading, food delivery, etc. are some of the most profitable business opportunities in Dubai that you can consider for company formation.
3. You Have Secured Adequate Funding
Finding the money for funding your business in Dubai may appear to be a challenge for newbie entrepreneurs. However, if you ask any successful entrepreneur, they would testify that their struggle to secure finance was the most exciting part of their entrepreneurship journey. If you are seeking to fund your startup in Dubai, the options are plenty. The government and many other organizations have launched many programs to fund startups and small businesses in Dubai. Dubai SME and Dubai Startup Hub by Dubai Chamber have undertaken some commendable initiatives for funding SMEs and startups in Dubai.
4. You Know Where to Incorporate Your Company in Dubai
Now, you are inching closer to make your dream a reality by incorporating a company in Dubai. You have identified the business activity, secured the finances and now it’s time to decide where to register the company—mainland or free zone. This is a strategic decision as to the mainland and free zone company formation in Dubai involves different regulations, incorporation procedures, and entirely different benefits.
A mainland Limited Liability Company (LLC) requires a foreign entrepreneur to appoint a UAE national as a local sponsor who will own at least 51% shares in the company. In contrast, the free zone business setup in Dubai allows you to have 100% ownership. The LLC company formation in Dubai grants wider access to the entire UAE market while the free zones allow you to conduct business within the free zones or internationally. Having in-depth knowledge about the pros and cons of company formation in Dubai mainland and free zones is a powerful indication that you are now completely ready to start the business.
5. The decision to Hire Professional Assistance
Seeking the assistance of professional business setup consultants in Dubai would bring a positive impact on your efforts to start a business here. Business setup consultants are experienced professionals who can assist you in obtaining a trade license in Dubai much faster than you imagined as they possess sound knowledge in UAE laws and regulations. The regulations and the mandatory requirement for securing approvals for certain activities may prove to be a stumbling block if you go solo for setting up a business in Dubai. Seek professional help to get your company incorporated in Dubai without any delay.
Not Sure? Let Us Help You
The power to realize if you are ready to start a business is a key aspect of every entrepreneur’s life. This aspect becomes more critical when your favoured business setup destination is Dubai. The right moment to launch a business in Dubai strikes you when you have sensed the five signs that indicate that you are ready for the big move. However, you cannot go solo in your entrepreneurship journey in a dynamic city like Dubai especially when the local laws and regulations may prove confusing to you. This is where you need the assistance and guidance of reputed business setup consultants in Dubai such as Jitendra Business Consultants (JBC). JBC’s highly qualified business setup consultants assist you in suggesting whether the mainland or free zone is best for you. They are well-versed in laws such as labour laws and immigration laws and are adept in dealing with the authorities. By choosing JBC, you can fulfil your dream of entrepreneurship without any hassle.