- Dubai Tourism
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- Getting Around
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- Living in Dubai
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- Dubai Hotel Deals
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- Cheapest Hotels
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- Home Furniture
building a business in Dubai
Several factors make Dubai an ideal place for a business person. Dubai is
blessed with a booming economy and endless opportunities for business. Its
currency is secure and freely convertible. Import duties are as low as five
percent for almost all goods, and items imported for use in the free zones, food
stuffs, medicines, and agricultural products have no import duties. There is no
corporate tax and personal tax, and the financial risk of starting a business is
minimal. In addition to this, a lot of effort is being made to reduce the
paperwork involved in establishing a business in Dubai.
It is very important to keep the following steps in mind if you want to build a
business in Dubai:
1. Planning and research is a must. Conduct an extensive research on the region
and the business sector within which you wish to operate. This includes market
conditions, the competition you will have to face, and the results of your
forecast. Prepare a viable business plan on the basis of your research. If your
business plan is credible, you might attract government support. Don't forget to
check out the
Dubai business requirements too.
2. Arrange the financial resources for your business in your own home country.
Applying locally for financial help might be risky.
3. According to the law, you need to have a local partner, who does not have to
participate financially in your business. However, the local partner will hold
the majority interest in your business. This legal requirement is currently
under review in some states in order to encourage foreign investment.
4. After you have registered your business, you have to show the Ministry of
Commerce a substantial sum of money; this is considered to be a guarantee
against liabilities. The sum varies according to the state, and can be withdrawn
shortly afterwards.
Starting a business in Dubai is not for the faint-hearted. It requires a lot of
local knowledge and expert legal help. This need not discourage potential
entrepreneurs. Several people have developed highly successful and profitable
businesses in Dubai.
Moreover, the government encourages entrepreneurs, especially in the export and
manufacturing industries. A business in a free zone is exempt from import and
export duties, commercial taxes, building and property license fees, land tax
and restrictions on the transfer of invested capital. More about
Dubai offshore
company formation.
Arabic is the official language in Dubai. Your business must have an Arabic
speaking employee, at least on a temporary basis to deal with government
institutions on issues related to your business. This is absolutely necessary.
Arab businessmen value courtesy, good manners, and honesty. Their word is their
bond, and they expect you to act according to your word, even though there is no
written agreement. The Arab world loves to mingle business and hospitality.
Business meetings are usually conducted over a lunch or a dinner in a reputed
hotel.
Dubai, with its strategic and accessible location, excellent infrastructure,
secure and pleasant working environment, and a population of cosmopolitan
well-educated people adept at conducting business on a global level, is beyond
doubt an entrepreneur’s paradise..