At a time when the landscape of business setup in Dubai has undergone unprecedented dramatic changes, we must start rewriting the equation of startup success from a fresh perspective. Entrepreneurs need to think about the essential elements that they need to add to the mix to successfully register and run a startup in Dubai. For example, the introduction of the corporate tax requires entrepreneurs to make some serious decisions while registering a company in Dubai.
If you are an entrepreneur trying to find a way to push your startup dreams further ahead, we can help you by providing some useful tips. Getting guidance from the best business consultants in Dubai is a sure-shot way to catapult your entrepreneurial journey to success. Here are the five-must have entrepreneurs must have to run a successful startup in Dubai:
1. Have Market Knowledge
If you are considering registering a company in Dubai, you need to study the local market very well. Most importantly, you must know what Dubai can offer for startups. You can start with the question “Why is Dubai the best location for startups?” Dubai is a Gateway to the lucrative markets in the Middle East and opening a business is the best way to leverage this benefit to the core. As an international market, Dubai offers benefits like strategic location and easy connectivity to all the key markets through its well-developed seaports, airports and roads. Getting this first step right is the key to ensuring business startup success in the future.
2. Robust Idea &Value Proposition
Having a compelling business idea and a unique value proposition is essential. Dubai is a highly competitive market, so your startup needs to offer something innovative and valuable to stand out from the competition. Conduct thorough market research, identify gaps or opportunities, and develop a business model that addresses a specific need in the market.
3.Get Access to Funding
Dubai offers various opportunities for funding and investment. Explore venture capital firms, angel investors, and government-backed initiatives that support startups. Prepare a solid business plan and financial projections to attract potential investors.
4.Know about Registration Options
The process of company formation in Dubai is a strategic decision. You need to decide whether you should get a free zone or a mainland license for your company in Dubai. You also have the option to register an offshore company in Dubai. A free zone structure will allow to you trade only within the free zone or conduct business internationally. It is ideal for imports and re-exports.
However, a mainland business will allow you to trade anywhere in the UAE. An offshore structure doesn’t allow you to conduct any business activity in the UAE and it is ideal for tax, investment or for owning properties. You need to be fully aware of the type of company registration ideal for your business in Dubai. Business setup consultants in Dubai are the best sources to help you make the strategic decision.
5. Be updated about regulations
Running a business in Dubai in 2023 means complying with regulations such as Economic Substance Regulations (ESR), Ultimate Beneficial Ownership (UBO) and Anti-Money Laundering (AML) Laws. Entrepreneurs can’t afford to have even a minor lapse when it comes to economic regulations in the UAE as violations will be dealt with heftier penalties. On the other hand, ensuring regulatory compliance in the UAE will boost your brand image, bring in more transparency and helps you build reliability.
6. Get your tax compliance right
The UAE is no longer a no-tax region as the corporate tax has become effective from June 1st 2023. The UAE levies corporate tax at a 9% rate for taxable business profits exceeding AED375, 000. However, some entities are exempted from the scope of corporate tax and some businesses such as the free zone persons can enjoy a 0% tax rate subject to certain conditions. It means you need to select a legal structure wisely before applying for a business license in Dubai. Company setup advisers in Dubai can help you solve any tax-related issues.
Hire Business Setup Services in Dubai
Remember, success in any market requires perseverance, adaptability, and continuous learning. Dubai provides a conducive environment for startups, but it’s important to stay agile and evolve your business strategies as you navigate the local landscape. When it comes to business setup in Dubai, it is always better to ask for assistance from experienced professionals. Business Setup consultants in Dubai such as Jitendra Business Consultants (JBC) can provide you with actionable insights and advice.
JBC’s team of highly qualified consultants is well-versed in UAE immigration laws and labour laws. We can assist the investors in selecting business activities, determining appropriate legal structure, drafting documents, obtaining external approvals, opening a bank account etc. JBC will make it easier for investors to navigate through VAT registration, corporate tax services, AML, ESR, UBO etc. Contact JBC today to set up any kind of business in Dubai.