If you decide to start a new business in the United Arab Emirates, then without a detailed study of the market, its advantages and disadvantages, you should not act. With the help of business setup consultants in Dubai, we have prepared for you an algorithm for starting a business in this location.
Let’s take a closer look at this procedure.
Step-by-Step Instruction to Starting a Business
The algorithm for opening a new company looks like this:
- Choose a direction for your activity. There is no single answer to what is the most profitable business in Dubai. Any type of activity, from production to the tourism sector, can bring you good money if you put in enough effort.
- Study the market. First of all, you need to pay attention to your competitors, analyze their pricing policy and see whether you can compete with them if you offer your product or services at the same price. Notice: if you offer consumers a minimum price, this does not mean at all that your product or service will be in great demand. Customers are more attracted by a harmonious combination of price and quality.
- Decide if you want to open a local company (you will need to find a local sponsor for this) or if you want to remain the sole owner.
- If you do not want to share income with the local, then the only way for you is to choose a free economic zone. If you consider that there are several dozens of them in Dubai, then you will definitely be able to choose the right one for your activity.
- Make a business plan. It should pay special attention to start-up capital, the period that is needed for the company to become self-sustaining and start generating income. When calculating start-up capital, get ready for unplanned expenses and set a realistic time frame for promoting the business.
- Collect all the necessary paperwork to register a company, obtain a license, open a bank account.
- If you are going to conduct business specifically in Dubai, that is, you have chosen an onshore type of company, then you need to take care of such components as: office and other working premises, employees, equipment, etc. Think of everything, including stationery, and then starting a business in Dubai will be much easier.
- Develop a powerful marketing plan. The success of entrepreneurial activity directly depends on established contacts with customers and partners.
In order to go through all these steps without mistakes, you can contact Dynasty Business Advisor for help.
This company has been in the business consulting market in the UAE for many years and has helped hundreds of entrepreneurs. The company employs only experienced specialists who know all the intricacies of doing business in this region. With their help, you can avoid unnecessary problems when starting your business and bring it to a profitable level as quickly as possible.
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