Things to Know While Starting a Business in UAE

The benefits of starting a business in the UAE are many. Let us take a look at the perks of starting a business in the UAE:

• Business setup services

The initial setup costs in the UAE will include factors such as operational fees, government fees, location-based payments, tenancy agreements, business license fees, visa and immigration fees, etc. An understanding of the expenditures beforehand is extremely necessary and important before even initiating the business setup. It will help keep the present and future flow of business seamless and hassle free. Financial understanding is the first and foremost necessity that has to be acquired by business entrepreneurs.

• Regulations and Paperwork

The regulations and paperwork concerning the setting up of businesses can be very crucial for the setting up of businesses in UAE. UAE has been known for their articulate procedures and proceedings concerning the set up of business. With a well-defined structure of business, it can be quite difficult to set up fraudulent businesses in the UAE. Non-compliance with such documentation will not help in the smooth sailing of the business. Some of the rules and regulations to be followed:

• VAT registration
• Economic Substance Regulation
• Bank Account Registration
• Anti-Money Laundering Regulations
• Business and Trade Licenses

• Set up Location and Jurisdiction

The business entrepreneurs are given three locations to choose from. The business locations range from the mainland, freezone and offshore. The location that you choose has detrimental effects on the business line that you choose. If the business is inclined to sell their products or services within the local market, then it will be ideal to set up business on the mainland. Free zones are a lucrative option for businesses that are looking to expand their businesses through exports of their products and services. Offshore business locations are yet another innovative option. The business locations provide entrepreneurs with 100% ownership of the business. 

• Recruitment and Employment

Recruitment and employment procedures are the next step that business entrepreneurs have to have in mind before setting up their business. An in-depth study of the available talent pool for your requested line of business has to be done before setting up a business in UAE. If the ideal talent pool is not available in UAE, then the entrepreneur has to hire people from his home country or from outside the UAE. There are certain rules and regulations that suggest that employment opportunities have to be first offered to the locals and then to expats or immigrants. Applications have to be filed and sent to MHRE and GDRFA. If you are to set up your business in a free zone, then you have to deal with the relevant authority of the free zone. Make sure you follow all the relevant steps for setting up business in UAE. 

How to Choose the Best Consultant or Company That Provides Business Setup Services?

There are many well-established consulting companies in UAE that can help a new entrepreneur to set up their business. Choosing the right company for such services will contribute to an easy setup of the business in the UAE. Consider the below factors to choose the best consultant in UAE:

• List down your expectations from a consultant before you try selecting one for your business needs. Having an accurate idea of your requirements will make choosing the right consultant for your business set up in the UAE much easier. A good consultant should be able to provide newer perspectives and think outside the box when providing the best consultant advice. 
• Look for a consultant who has worked with businesses similar to those that engage in your business activity. Hiring a general consultant will not be helpful, as they will only be able to provide you with general business advice. They should be able to understand your target market, understand your demographic requirements, etc. 
• Make sure you retain the services of a consultant that can give you personal attention. Never go for someone who can’t give you full-fledged services. Check the credentials and qualifications of the consultants before hiring them for your needs, and be sure that you do not fall prey to fraudsters. 
• A good consultant will help you with references from their previous clients. This itself shows that they have confidence in the previous work they have conducted. Reports and analysis of previous clients are yet another way to confirm the credibility of their work. 

Why Choose StartBiz for Finding a Business Setup Consultant in UAE?

StartBiz has a very well-curated list of business setup consultants in UAE. StartBiz has taken an immense amount of consideration into account while enlisting the business consultants in UAE. Google reviews and other third-party reviews are also contemplated before listing them on the StarBiz website. The authenticity with which StarBiz gives its online directory services is why they are the best to look into while searching for business setup consultants in UAE.