4 Things to know about Company formation in Dubai
Dubai is the entrepreneur’s dream. It is one of the wealthiest places on earth and attracts visitors from all across the world. This means that there is a very high disposable income floating around this emirate. The best part is that setting up a business in Dubai is a very straightforward process. However, like most other places in the world, it can be a little bit of a challenge for a foreigner. Nevertheless, with the right information, setting up a company should be the least of your worries, so long as you have a solid idea. Just to make things clearer for you, here are 4 things you should know about company formation in Dubai.
1. You may need the services of a professional
While company formation in Dubai is a very open process, there are aspects to it that may not be very clear to a foreigner. To ensure that you do everything right and are on the right side of the law from the very start, consult a business consultant. A good consultant should give you all the advice you need about company formation in Dubai, and at a reasonable cost. It’s totally worth the money since this is a country that is very strict on the law, especially when it comes to foreigners.
It pays to do a bit of research on the registration process
Before you embark on hiring a consultant to help you with the registration process, do some research on Dubai business laws. For instance, do some research on the documentation that you will need, in order to operate in this country. Also, familiarize yourself with labor laws. This way, you will have a good idea of how to go about getting labor for your business. The last thing you want is to rush into the registration process, then face challenges getting into Dubai to operate it.
Time is a factor
When setting up a business in Dubai, time is an important factor to consider. In the registration process, delays can lead to increased costs in the registration process. As such, before you move forward with the registration process, ensure that you have all the necessary registration documents ready. This way you get to register your company quicker, and at a lower cost. The process is very efficient when you have all the required documents ready.
4. Culture is a factor to consider
Dubai is a modern city, as can be seen in its skyline, as well as world-class hotels and resorts. However, beyond this image, Dubai is a conservative society, and culture is a major factor here. Therefore, before you embark on the process of registering a company in Dubai, familiarize yourself with the culture. This way, you would know the dos and don’ts once you set up shop in Dubai. The last thing you want to go through with the registration process, only to get kicked out of Dubai due to a violation of the cultural norms of Dubai.