The United Arab Emirates has emerged as the trade and business hub in the Middle East region in the past few decades. The upcoming event of World Expo 2020 promises a lot more business and trade activities in the country in general and in Dubai in particular. The companies from all over the world are planning to pounce on the opportunity in Dubai and there has been a rise in foreign companies setting up their offices in the state in the last few years. However, the lack of awareness about the local rules and laws hurt these companies’ plans at times, therefore it is recommended to consider going through the following points before implementation of business relocation plan to the UAE.
There are many aspects a company has to think about before eventually going on with its plans to move its office to Dubai. Let’s take a look at a few of them.
- What is Your Product?
The first and the foremost decision to be made is to know your products. You must be aware of the local business scene and decide on the list of products that you want to sell in Dubai. Many startup companies fail to do a market research before they launch their operations and later they have to suffer with the sales numbers. The adequate market research helps the companies to know about the products which are popular with the locals and in the light of the data they can also predict the sort of products the local people will welcome in future. As per the current trends, businesses like real estate, night clubs, childcare, healthcare, imports and exports units, and educational services are in high demand in the United Arab Emirates.
- Be Aware of Ownership Requirements
As a novice entrepreneur in Dubai, you must be aware of the legalities and modalities of setting up a business in the UAE. If you’re setting up a mainland company, you need to find a local partner who will own 51 percent stakes in the business. However, if you’re planning to do your business in the freezones, you will be able to own 100 percent stakes in your company. This is the phenomenon that bamboozles many new entrants in the UAE business scene. Therefore, proper information about the ownership requirements is an important step towards forming a winning business in Dubai.
- Hire Local Consultant
When you’re on your way to establish a business on the UAE soil, you must hire services of a professional local consultant. You’re not familiar with the local laws and regulations but a local consultant does and he will help you in obtaining the business license, setting up your business, and giving you certain options to grow your business.