- July 29, 2016
- Posted by: aon
- Category: Blog
Five Steps to Make a Successful Venture in UAE
The past decade has seen the UAE attain great heights. It has emerged as the leading Centre of trade and commerce, which has lured investors from far and wide. While the giants generally make quick progress, a mediocre investor languishes because of the lengthy and tedious process involved in setting up a business.
In order to setup your business on any international land one should surely invest some time researching about the policies and processes of the nation.
Here are the five main steps, which are your guide to help cement your foot in the UAE market:
1. Select your investment Centre
One should preferably invest in industries that are in demand and are continuously yielding profits. Dubai, being one of the most prominent cities of the UAE boasts a thriving real estate along with scores of business establishments. Hence, if one wishes to invest in Dubai, he should pick his options wisely and invest in sectors that have been witness to a history of continuous growth.
2. Get Updated with the Latest Rules of Ownership
Every country follows different rules of ownership. The UAE laws of ownership are complex and strict. One such rule of ownership is the mandatory 51% participation of UAE nationals in any established company within the country.
However, the rules for free zones are different. There are huge advantages of setting up the business here but then a detailed research is required to understand the rules governing the area. Moreover, it is important check whether the location is suitable for the nature of business or not otherwise, it would result in total loss.
3. Acquire Business License
Every business needs a valid license to run its activities. In UAE, there are three types of licenses: Trading, commercial and Professional. While those who want to work their way into imports and exports need to apply for a trading license, the ones willing to invest in projects such as shopping malls or clubs need to avail a commercial license.
4. Hire a Translator
Every country has its official language and so does UAE. Arabic being the official language of UAE is used in most of the business transactions. Therefore, it would be a good idea to hire a translator who could help you with the negotiations, while you take your time to catch up with the Arabic words and phrases in common usage. Several Dubai business consultants offer such services.
5. Seek Professional Assistance
If your budget sustains, seek professional assistance before making a venture in the UAE market. There are several reputed firms of business consultants in Dubai to help you with the documentation process and the legal aspects of it. Most administrators take help from such consultants to ensure a glitch free process. Nevertheless, one should also check on the consultant’s authenticity as a precautionary measure since you would be disclosing your deals with the firm.