What You Need To Know About Starting Your Company In The UAE

To start a company in the UAE, you need to go over the basics as usual – selecting a business activity, your jurisdiction, nature of the business, licensing, registration, getting approval, etc. This is practically common knowledge now. But more often than not, in following the nitty-gritty of the business setup procedure, one overlooks several details that may affect the functioning of the company in the long run.

Consultation

It is best to get expert advise from professionals who excel in the field of analysis of the market. Decisive Zone experts will help breakdown the financial and administrative aspects, and will also guide in the field of jurisdictions to choose. This process must be done beforehand, kind of like a layout of what needs to be done eventually.

Market Study

Starting a business in this day and age can bring some problems to the brim in the field of innovation. If picking up a field/product/service that already exists in the market, ensure you address areas that are overlooked by other businesses. When you market your product/service, highlight the overlooked factor that you now have fixed.

Location Check

Many new businessmen think of setting up in Dubai Free Zones as beneficial because of its many advantages such as exemptions on corporate and personal tax, no customs duties on exports and imports from free zones, etc. But what one misses out on is that you cannot expand into the rest of UAE, and will have to renew the business license every year. So choosing location wisely is important, depending on how you want to conduct the business.

Public Relations

While setting up a business, needless to say, there are a thousand things to take care of. It may seem a bit overwhelming to have to do it by yourself. Hiring a Public Relations Officer, who has expertise inefficiently filing paperwork and getting documentation done would help. A PRO would also devise certain strategies to take your business forward in a unique way. Ensure that your PRO aligns with your ideologies.

External Approvals

The Department of Economic Development (DED) usually deals with giving trade licenses to businesses to conduct business-related activities. At times, external approval is needed to start the business, depending on your field. They usually come from NGOs and semi-government bodies.

Naming the Company

There are several restrictions on what the company name can be, and one must ensure to follow all the rules. The company name cannot have resemblance to any other established brands or any name of a country. It cannot be named after a tribe or a person.

Choosing a Bank

While approaching a corporate bank, make sure their institutional restrictions don’t hinder your business activities. Research what bank will provide you most benefits.

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