Company formation Dubai is starting to become an easier process nowadays. The easiest part of launching a business is coming up with an idea for a new business concept or approach, however it does require much more than just a new great idea. In order to form you company, below are the steps that will help you effective do that.
- Type of Company:
The first step is figuring out which type of company you want to set up. The five types of business you can open in Dubai (or any other part of the UAE) include:
- Public Corporation
- Sole Proprietorship
Each of the categories has its own advantages and drawbacks that will help you decide which best suits the type of business you when open, whether it depends of the products that you chose to sell or any other factor that is important to your company’s success.
UAE has become one of best business hubs in the world. From one perspective where it has presented Free zones in Dubai, it additionally ties with specific Ministries and takes after enactment and appropriate documentation.
In order to license your company, you need to contact the Economic Development Department OR Peninsula Business Solutions who will help you choose the right types of license for you. This process will consist of many consulting sessions before the license type is recommended to you.
The distinctive sorts of licenses that are seen in Dubai are:
- Commercial License
- Professional License
- Industrial License
- Finding a Local Sponsor:
Finding a local sponsor is known as one of the most difficult tasks when setting up your business in the UAE. Depending on the company type, a local sponsor may be required for your business. However it is important that you take ample amount of time and be cautious in picking the right person to sponsor your business. Their signature will not only determine many of the current operations of the business, but will also make a mark on any future prospects of expansion as it will depend upon the signature of your local sponsor. If you are unable to reach your future expansion prospects due to your sponsor, then it will have adverse effects in the development of your company.
- Gearing up your Business:
Once all the steps mentioned above are complete and you have found the right location to set up your office, you will have your physical business ready. The other important step is creating an online presence of your business.
Depending on the service or product that you are selling, choosing the right social platform is extremely important. The best social media platforms are Facebook, Twitter, Instagram and Linkedln. These profiles will enable you to build contacts and begin to make profits.
Following these easy steps will allow you to start your business however you need to make sure that you have conducted enough research before moving forward through any of these steps in order to make the best decisions for your company.