Most expats are attracted by the relatively high non-taxable salaries in Dubai. However, the advantages of having your own business are also many, especially in a country, in which the economy is developing rapidly. Starting a business in Dubai is not easy, but this is applicable to any place in the world. Still, you should definitely find out more about this option, especially if you have been considering it.
As an expatriate, in order to become self-employed in Dubai or open a business, you must have a UAE sponsor. The sponsor can be a company or an individual. This is required by law. In some cases, the sponsor is called a business partner, but this is not a correct term. This is because this individual or entity is in no way obliged to invest in your business. In fact, they might not participate financially at all. Despite this, the sponsor must be remunerated in a way. Their remuneration might be a share of the profits or a flat fee paid annually or a combination of both.
It is up to you to find a Dubai sponsor and negotiate your business partnership with them. It is essential for you to work hard on this part, as a powerful sponsor can readily aid you for setting up your business and attracting clients. In general, registering a company in Dubai is not an easy and short process. You will have to provide various documents to different ministries. Your business might have to undergo inspections in order to receive a license. In this respect, a well connected and respected sponsor will certainly help you immensely. You should definitely use the services of an experienced lawyer as well. In addition, you have show that you have a certain amount of capital to register a company. This usually ranges between $10,000 and $50,000 for small and medium-sized businesses.
As long as you are prepared, the registration of your company should go smoothly. However, the legal requirements are not the only aspect you should consider. It is essential for you to research the local market and the existing competition. You should also calculate very carefully the costs of starting your business and estimate future profits with a great accuracy. A good business plan will get you a sponsor and investors and/or a loan from a bank more easily.
You should pay specific attention to the technical aspects of starting a business and to the initial set up costs. It is fairly easy to find office as well as business space for rent in Dubai. Still, the prices remain relatively high, despite the plunge from 2008 and 2009. In addition, you certainly get what you pay for. A well located office will certainly have a higher rent. You should not have a problem with getting the equipment you need. There are discounts when you buy electronics in bulk from major local stores. The prices online are also discounted. You can readily get second hand furniture of any kind to reduce some of your costs.