Business Opportunity in Dubai
Dubai being ranked 33rd as one of the places for setting up business clearly indicates that one should have a complete know-how for establishing a business in this city of skyscrapers. For starters, starting a company in Dubai is not an easy task because it involves a lot of understanding of legal procedures and the cost of setting up a business in Dubai. There is an abundance of franchise opportunities in Dubai/UAE along with great advantages. Being tax free is an advantage but having said that one will not escape from the hidden cost of issuing a trade license in Dubai. There are many free zones in Dubai and if you want to opt for free Zone Company set up in Dubai then it would be good to know that free zones have different costs involved in different procedures of startups. If any entrepreneur wants to establish any free zone business in Dubai then he/she should have a minimum amount of investment or capital to start a free zone venture in Dubai as compared to opening any branch of the existing company.
Setting up a company in Dubai is also a tedious task as it involves helping the employees in sponsoring for the work permits or the necessary paperwork and visas in order to live in Dubai. If a company is involved in trading, then it should take care of the cost of goods imported to the country. According to GCC, the custom fees will be less for the companies who are doing business within GCC. Despite the economic downturn and the recession in Dubai, many people throng to Dubai because of the tax free nature. The excellent franchise opportunities in Dubai and tax free nature of the business set up in UAE makes it a favorable destination for many people. In spite of the banking and the real estate businesses showing less signs of growth and development in Dubai the other sectors of business are showing clear signs of growth in the recent years. One of the most attractive destinations for petrol, oil and gas, and many other industries like media, IT, tourism, general trade, gold are the other main sectors in which one can invest and yield good returns. As compared to USA and Europe where the unemployment rates are high there are very few chances of establishing a business there and becoming successful but Dubai being the international hub has high chances of growth and development.
Apart from free tax, the weather is great, the lifestyle is good and the rents are low as compared to other countries which make it possible to set up a business in Dubai. A good business plan will not only involve a lot of support from people but also the support of government. The local knowledge of the place is extremely important while setting up a business in Dubai. It is very complicated and risky but it is profitable venture if it is not implemented properly. Hiring an experienced lawyer will always come in handy when setting up a business as they give proper advice on the legal formalities of the business. Manufacturing businesses are highly successful in Dubai whereas export businesses are highly attractive in Dubai. Establishing business in a free zone area export and import taxes are exempted and also land tax, property tax, and commercial taxes are exempted. Going concern can also be bought for starting a business in Dubai. As compared to a free zone business in a going concern, lodging capital and registration is not required instead a fixed price has to be agreed upon by the partner and the ownership of the business should be transferred. The Chambers of commerce in Dubai are really very helpful in helping the budding entrepreneurs to successfully set up business in Dubai. Many people who have gone there to establish their business in Dubai have gone through a rough patch initially but later on they became successful after facing the hardships of establishing the business in Dubai.
Although there are excellent franchise opportunities in UAE, but starting your own business in the UAE will definitely require due diligence and knowledge of business incorporation laws and practices, and many more things. For that reason, taking assistance from a company incorporation expert is the most sensible decision.