Dubai has been home to entrepreneurs from across the globe. It has a prolific business environment established by governmental and non-governmental agencies. Generating a productive ecosystem for commercial activities. Ex-pat and resident business owners have successfully reaped a fortune in this blessed land.
Futuristic policies introduced by the Department of Economic Development (DED), the central axis for all business-related activities, have been the mainstay for all economic growth. The emirate attained its identity as the top global business destination by rewarding entrepreneurs with great success.
Launching a start-up in Dubai is a brilliant decision from every perspective. Overcoming teething troubles, reaching out to potential customers, and gaining optimum acceptance is possible with the support offered by the authorities. With a large populace of high per capita income, only the quality and consistency of the business are what matter actually.
Characteristics that Define a Successful Startup in Dubai
A treasure trove for businesses, newbies, and experienced businesspersons choose Dubai for investment. With a confident approach and dedicated efforts, one can scale summits of success with a Dubai startup. The characteristics that define a successful startup in Dubai are:
- Resolution of Teething Troubles: It is not always rosy, especially in the case of startups. Unlike the branch of an established business entity, a startup might encounter issues that will have to be dealt with strategically. Getting assistance from trusted business setup services would be a preferable option to overcome those challenges. Dedicated actions from the management are also vital for resolving the teething troubles.
- Innovative Concepts: Run-of-the-mill ideas may not work effectively. This is the case whether you opt for a startup in Dubai or anywhere else. The digital revolution has made everything so easily reachable and available. Only innovative concepts can endure the competition. Product launch, business marketing, reaching out to clients, and all the activities associated with the business should have a touch of novelty.
- Agile Decision-making: Speed is the identity of today’s world. Contemplating a decision for a long time might turn disruptive for the business. Take swift decisions, implement those methodically, and go ahead. This has been the mantra of all the successful start-ups in Dubai.
- Consistency and Commitment: Dubai has been the base for numerous business organisations. There is no segment where competition does not exist. At the same time, it offers great growth prospects for one and all. A startup can expect success only by remaining consistent with its quality and maintaining a committed approach.
Benefits of a Startup in Dubai
Comprehensive support from the government and trusted business setup services like Kiltons are what distinguish Dubai from other business locations. There has been a phenomenal increase in ex-pats arriving with start-up ideas post-implementation of amended policies the previous year. As per the extant regulations, ex-pats can set up a business in Dubai without an Emirati sponsor. Excluding only a few sectors like defence and telecommunication.
Let’s now let’s look into why it is beneficial to pick Dubai as your business startup destination:
- Dubai SME is an exclusive division started by the DED for supporting start-ups. The division’s roles include offering advice, guidance, and mentorship.
- Tax incentives promulgated by the authority have reduced the financial burden.
- Visa programs for issuance of visas to employees in startups.
- Availability of funds with programs like Scale2Dubai, for supporting the business operations.
- Hamdan Innovation Incubator (HI2), a futuristic business platform, helps in undertaking the trials, before entering the business, even from remote locations, i.e. from outside the UAE.
- Startup aspirants can get trained in Dubai Entrepreneurship Academy, a specialised division of Dubai SME’s educational wing.
Reasons for Start-up Failure
Some of the common reasons that may lead to the failure of a startup are:
- Improper planning
- Lack of adequate funds
- Wrong time of launch
- Business Location
- Negative customer reviews
- Inadequate marketing
- Product quality issues
- Exorbitant expenses during business setup
Startups can evade almost all such concerns by associating with efficient business setup services in Dubai. You can connect with us if you are planning to start a company or thinking of a startup in Dubai.
Business Setup Procedure in Dubai
The steps for setting up a business in Dubai or company formation are elaborated here. Call us or connect with us via message for discussing company formation in Dubai and for obtaining professional support from us.
The steps for business setup in Dubai are:
- Determine the Business Activities: Finalize the business activities that you are planning in Dubai. The business license issued would indicate the authorized business operations. Hence, it is necessary to confirm the same before approaching the authority for the business license.
- Jurisdiction of the Business: Which jurisdiction do you prefer for the business? Whether it is Dubai Mainland or any of the free zones? The DED is the authority for issuing trade licenses in Dubai Mainland. The relevant free zone authority would issue the license in the case of business setup in a free zone in Dubai.
- Business Name: The UAE has strict regulations regarding the naming of the business. No blasphemous, politically or religiously inclined names are allowed. The owner’s name can be used for the business, without any abbreviations.
- Initial Approval: Obtain initial approval from the DED once you have affirmed the previous steps. The initial approval is provided within a couple of days of application submission.
- Arrange the Documents: All the requisite documents should be submitted when you apply for the trade license. Get all the necessary approvals, as per the business you plan, from the ministries, municipality, and other local authorities.
- Apply for a Business License: Apply for a business license along with all the documents. The business license for the company or start-up in Dubai will be issued in a matter of days if all the documents are correct. The application may be rejected in case of discrepancies or irregularities.
- Apply for Visa: Ex-pat employees can be recruited depending on the type of business activity. The authorized number of foreign employees would depend on the size of the company.
Are you a dreamer planning a startup in Dubai? Do you want reliable professional assistance? Are you looking for a cost-effective business setup in Dubai?
Do contact us for trusted, affordable, and end-to-end business setup support in Dubai. We assure you the best.
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