Starting a new business is always exciting, but setting one up in a foreign country and city like Dubai is even more exhilarating. If you are thinking about this, then you have probably been presented with a great job opportunity and you know you can take your company to the top. However, before doing anything, you should get familiar with the laws and regulations as well as some things that can affect your business in Dubai.
The very first thing that you should know is that different kinds of companies can be founded in Dubai, according to the regulations, 51% of the business must be owned by the UAE and 49% by you i.e. the expat owner. If you don’t agree with this, you will not be able to get the mainland commercial license. Since there are more and more people interested in relocating and starting their businesses here, this is just a way for the country to protect its assets.
For example, if you want to start a car service company like TLT.ae i.e. you want to offer the people to opportunity to rent a car with driver in Dubai, then you will own 49% of the company, and the rest 51% will be in possession of UAE National partner/agent.
As you can imagine, the next step would be to find that partner. Since this agent will be the major shareholder of your company, you have to be careful when choosing this person. Find someone who is reliable and trustworthy, but what’s more important someone who has the same vision as you. Try to get to know them very well before signing a contract, learn about their education, professional experience, plans for the future, etc.
Furthermore, you should learn everything about visa requirements, capital requirements, and legal structure. There are four major legal structures in Dubai – Sole proprietorship, Civil company, Limited liability company (LLC), and a representative office or a Branch. In the mainland, there are Free zone establishments (FZE) and Free zone companies (FZC). All these types have different visa requirements and minimum capitals that have to be invested.
The next thing you should do is find a business location. This depends on the type of company you want to start, and it is also affected by the funds you have at your disposal. Again, if you want to start a “car with driver” service, then you should look for offices and building with a parking lot, somewhere where people will find you easily. On the other hand, if you are going to conduct most of your business online, then you can rent an office that isn’t located in the town center.
Once you have made all these decisions, it is time to name your company. It should be something that perfectly represents your trade but at the same time something unique that people will immediately associate with you.
Finally, don’t forget to learn as much as you can about the culture before moving to Dubai. It goes without saying that you should do thorough research of the business world, but you should also learn about the people since you have to find a way to easily blend in and start your new life.