25 Feb Why should you start business in Dubai as a foreigner?
While starting a business in Dubai one must go through a process that has been put in place by the country’s government. Among new investors, Dubai is a popular destination and it is not difficult to examine why Dubai is such a favored destination for both budding and existing investors.
Dubai has a more competitive market sales and adds to its attributes even its geographical position. It has a strategic geographical range, making it a conveniently accessible spot from several different locations.
The Dubai market has many opportunities for new entrants to fund business growth, ranging from incubators, hubs, and initiatives, and, on top of that, it has one of the most competitive tax structures in the world.
Listed above and many similar benefits from starting a company in Dubai will prove to be a changing game for budding investors. Also, the Dubai government has put in place several measures to help launch developers to realize their hopes of launching their companies in a thriving market like this.
The government of Dubai has initiated a global blockchain challenge over the past two to three years and has encouraged several start-ups to demonstrate their technologies that can potentially be applied in Dubai and thereby provide a tremendous opportunity.
While starting a business in Dubai one has to go through a process that has been put in place by the government of the country. The process that one needs to follow while opening a business in Dubai is as
To begin a business in Dubai, an investor has to follow a due process as established by the law of the country and go through many important steps such as
- Business activity -: Once an investor has made up his mind to start a business activity in Dubai, it should be clear in his mind as to what type of business activity is going to be started, as it will be easy for an investor to determine the process that needs to be followed and what all is allowed as per the rules of the department of economics. At the same time which location will prove to be beneficial can also be established?
- Mainland or Free Zone -: once the investor is clear about the type of business that is going to be set up, the next step in the process is to determine the location that will suit the setup. Accordingly, investors can decide to set up the business in the Free Zone or mainland Dubai whichever location can prove to be beneficial for the same, and take the business to next level.
- Company name -: once the nature and location of the business activity are determined it is time for an investor to choose the name of the company, as one has to stick to the naming conventions as being followed in Dubai.
- License Process -: After choosing a name for a business activity that is being planned to be set up it is time to start the process of procuring a license from the department of DED. The department will run a few checks on the investor so as to determine if all eligibility criteria are being fulfilled so that the process can be expedited.
- Visa process -: once the business activity is all set and is registered with the concerned department it is time for the investor to apply for a visa of the country.
- Bank account -: once all the process has been completed as per the guidelines of the country and business activity has been registered it is time for an investor to start the process of opening a banking account. Usually, for an investor, a corporate banking account is needed for running the business, which is quite a simple and easy process.
Starting your business in Dubai
The above process not only explains the different steps that need to be performed while setting up a business in Dubai but at the same time makes it evident that starting a business in Dubai is a very easy process once the due process has been followed and all the approvals from different departments have been taken.
Starting a business in Dubai not only provides a huge number of options to the investors but also provides a market that will not only help an investor to successfully run the business but at the same time will prove to a game-changer for the investor as the environment in the Dubai makes it easy for the investors to take their business to the next level and make the business set up popular among a large audience not only within the country but also among the international community.
Currently, Dubai provides one of the best markets for investors as the location has access to some of the prominent places of the world and that makes the business grow by leaps and bounds.
Moreover, the process of business setup is easy and friendly for the investors as the government in Dubai has made sure that the laws put in place are friendly to the investors and thereby attract huge investments in the business setup of Dubai.