Dubai has always encouraged setting up new businesses. The recent market trends in Dubai do not only depend on the oil and gas sector, rather it offers plenty of opportunities for foreign investors since it started showing its economic stability to the International market. Moreover, low tax rates, low import duties, free trade agreements, strategic geographical location, and many other additional benefits make the United Arab Emirates go-to-place to set up new businesses.
Though Dubai has been the prominent business hub for longer, the constant effort from the UAE government makes it a rich business ground as a whole to encourage startups. So, doing business in Dubai, UAE is no doubt the best option regardless of the fact that you are a UAE national or a foreigner here. The business ground of Dubai is equally productive for both.
How to Start a Business in Dubai with No Money or Very Little Money?
Dubai, being a commercial capital of the United Arab Emirates has been established as one of the ideal spaces to launch a high-demand and profitable business with a small investment or even without money. The only thing that you need is the best business ideas and Dubai will transform them into profitable businesses.
So, if you really want to start a business in Dubai, don’t let your best business ideas remain dreams simply for the reason that you don’t have enough money to invest. The UAE government has provided enough scope for businesses to start a business with no money.
Here, we will discuss how to start a business in Dubai without money and how to get in started as an entrepreneur in the UAE:
- Select a Partner: One of the best ways to start a business in Dubai is by partnering with another entrepreneur. You can find many local entrepreneurs in Dubai who are willing to fund and invest in your innovative business idea. Thus, the UAE government offers several benefits to businesses to set up a business removing all the major obstacles.
- Select a Free Zone: Another effective way to start up a business in UAE is simply by locating a business in one of the free zones. Free zones offer several great advantages for startups such as 100% ownership, speedy start, Duty-Free custom boundary, etc. But make sure you make the selection of free zone areas based upon the criteria of distance, costs, and your business type as well as a business model.
- Confirm Your Visa Eligibility & Requirement: If you are planning to set up a business in Dubai, it is important to permit a visa to stay and run your business in Dubai. Dubai Business visa application is not as difficult as most would think. However, you need to go through some basic steps to get the visa. Thanks to the country’s business-friendly laws that make business setup in the UAE relatively simple.
What You Need to Consider for a Small Investment Business in Dubai:
Setting up a business in Dubai is an easy and time-saving task, but make sure you plan the process in the right way.
- Find Your Passion: Passion is the driving force that keeps people going with their dream. It is easy to give an excuse not to start anything, but if you are passionate about starting a business in Dubai will inspire you to find potential investors and do research for the proper execution of the entire process.
- Consider Your Business Type: When it comes to starting a business without or with less money, it is important to spend quality time deciding what type of business you want to start among a wide range of options available in the market ranging from online businesses and service-based to product-based businesses. The only thing that you have to do is to choose your perfect niche.
- Figure Out Your Target Market:It is important to get an idea of who your business will serve. If you are ignorant of your customer, it will limit your customer base from growing. So, no matter what niche you choose, ensure that you have room for growth over time.
- Find the Right Office Space: You should spend quality time finding an actual office space. Experts recommend not rushing into finalizing anything until everything has been fully vetted by all the parties involved in the entire process. Again, if you have the option to handle your business working from home, it will help you to spend a significant amount of cash. But, make sure you put together an impressive portfolio of clients when you will plan to set up an office space.
Factors to Take Into Consideration Before You Implement a Small Business in Dubai:
If you have never started a business in Dubai before, forming a business on your own can be a daunting task. But if you are aware of some important factors before you open a business in Dubai, you can experience a hassle-free journey to start a small business.
- Choose a Good Company Name: An important aspect of starting a small business in Dubai is to decide on a good business name. Make sure you choose more than an ordinary business name. After all, the company name works as the foundation of your brand and it makes all the difference. Experts recommend that a company name should be short, simple, and catchy so that people can remember the name without putting much effort.
- Open a Bank Account: Opening a cooperative business bank account is necessary for starting a company in Dubai. By opening a bank account, you will be able easily to separate your business expenses and income from your personal. It is the easiest way to run your business in the most hassle-free manner. Moreover, it will enable you to fix a lot of problems that generally come in the way while expanding a business in Dubai.
- Apply for Business License: If you are planning to set up a business in Dubai mainland, make sure you must have a license approved by the Department of Economic Development. Again, if you want to set up your business in the fee zone, you need to go and apply with whatever governing authority the zone has. After you apply for the license, you may have to wait for a few days or weeks to get a response.
Wrapping it Up:
So, if you are in the phase of setting up a business in Dubai, this is the best time for you. Dubai, being one of the most technologically advanced and well-constructed business hubs is now a hotspot for doing global business events. Once you get the visa and gather all the required documents, you can easily start your business by following some simple steps. In case, the entire process of setting up a business in Dubai seems tedious to you, you can simply can assistance from experienced business consultants. They will guide you through the entire process helping you avoid blunders with a lot of paperwork and speed up the process.