People who have impressive assets on their account often decide to open a business outside their home country. If you look at a map of the world, it is the Emirates that attract their wealth and popularity. In order to carry out the plan, it is important to know how to open a business in Dubai.
Great opportunities
Each country has its own advantages for organizing a business, what is so attractive in the UAE?
- The most important and tempting is that there are no taxes in Dubai. In some countries, it is the presence of monthly payments that makes you abandon your plan. Just do not think that in the UAE the state remains out of work, since you will have to pay for certain licenses, visas, certificates, etc.
- Another attractive feature is a fairly simple accounting. This is directly related to the absence of taxes, since it will not be necessary to occupy with the distribution of income, expenses and similar problematic matters. In addition, there is no reporting and compilation of invoices for the state. And it will not be necessary to keep double-entry bookkeeping for laundering profits, which is common in our country.
- Doing business in Dubai involves simple financial controls. You have the opportunity to keep your records as you want, since you do this exclusively for yourself - to know how things are going in business.
- In the UAE there are offices of the most successful and global companies around the world. In addition, every year in Dubai there is a huge number of exhibitions in completely different industries, such as industry, construction, trade, etc. Given this, you will not need to worry about finding potential customers and partners.
These are just some of the benefits that you can get by opening a profitable business in the UAE. Dubai is a city that attracts entrepreneurs from all over the world.
The nuances of their work
The business in the Emirates - it sounds quite tempting, but still it is not so simple to organize it. Before you open a business in Dubai, you need to find a sponsor, because without it it will be very difficult. To do this, it is better to go to Dubai and talk with the locals.
In addition, you can immediately explore the market in the area you are interested in. Only a legally registered company and sponsor can become your sponsor. You will also need to agree on how the calculation will be done with him.
For example, it may be an annual payment depending on a particular rate or a percentage of profit. Useful advice - before you go on negotiations with the sponsor, meet with a local lawyer. Banks in the UAE, which can become sponsors or lenders, can also come to your aid.
The next thing you need to think about is getting a work visa, for which you need to have a certain qualification corresponding to future activities.
Important points
There are three main points that need to be considered in order to understand how to open a business in Dubai:
- It is very important to know the city and easily navigate the area. You need to conduct research on the market sector in which the activity will take place.
- You need to have a well-developed business plan that describes all the risks and possible problems.
- According to the legislation of the Emirates, you must have a partner - a local resident, in whose hands will be a controlling stake, and in fact he will control the business. By the way, he is not obliged to invest money in the enterprise, and you should give some percentage.
- After you register your business, you will need to prove to the Ministry of Commerce that you have the necessary financial capabilities to organize and implement your plan. On average, the amount varies from 10 to 50 thousand dollars. This money is the so-called loan return insurance. Do not think that the money will be wasted, as soon you will be able to pick it up.
State and business
Before starting a business in Dubai, you should find a trusted lawyer who either works in this city or is well versed in international law. It is needed regardless of the size of your enterprise, as there are also many swindlers in Dubai who earn good money on inexperienced businessmen. Local authorities favor new investors in the country. In addition, manufacturing and exports receive special assistance from the authorities.
In Dubai, there are such legal forms:
- limited partnership;
- limited partnership on deposits;
- general activity;
- UAC;
- CHAK;
- limited liability company.
Ready business in Dubai
This is a great alternative to starting a business from scratch. In this case, you will not need to prove your solvency, look for a sponsor, as well as register. If you decide to buy a ready-made enterprise, you only need to agree with the former owner and get ownership rights.
In this case, you need to take into account that there should be no flaws in the contract, since the Arabs may not use this to your advantage. In general, Arabs are responsible businessmen who comply with all laws and agreements. By the way, an interesting fact: local entrepreneurs very rarely say no. So always listen carefully to them, since expressions of the type “you need to think it over” will most likely mean that the transaction will not take place.
Features of emigrant workers
After you choose a company, you need to contact the Arab-British Chamber of Commerce, the Department of Commerce and Industry and the commercial departments of the country's embassy. It is very important to understand that emigrant workers who achieve what they want in their business are sufficiently qualified in their field, so if you cannot rank yourself as one of them, then it’s better not to try to implement your plan in this direction.
Knowledge is verified by organizations that issue work visas. Emigrants who resided in Western countries mainly receive good wages and hold high positions. It is also worth remembering that courtesy and patience are very important. Always respect your potential partners, sponsors, employers, etc.