The next step after developing an idea would be conducting a feasibility analysis to determine whether your idea is a viable foundation for creating a successful business. A feasibility analysis can be done by studying the industry and market, your ability to run a business and your financial ability. At this point you should be able to answer the question “Should I proceed with this idea?”
The next step is creating a business plan provides a comprehensive and detailed analysis on how to transform an idea into a successful business. Once you complete this you should be able to answer “How would I proceed with this business idea?”
Choosing a tax free country and location has a lasting and dramatic impact on business. Choosing a place that considers your customer’s preferences and your company’s needs can help your business be a success. In UAE, UAE law, foreign entities interested in establishing a formal presence in the UAE have five options
- Create a permanent establishment
- Establish a branch office
- Create an entity in a UAE free zone
- Create a civil company (only in Sharjah and Dubai)
- Enter into a commercial agency agreement.
Once you have selected your location and type of business you need to need get your business license, register your trade name, and get a business bank account. Top 10 steps on how u can get your documents are listed below:
- Legal structure of the company
- Confirm the business facilities required
- Verify the fees and other charges
- Submit the application form and other documents
- Secure the application form and other documents
- Open bank account
- Payment of the fees
- Sign the agreements and other legal documents
- Receive your business license and other certificates or documents, licenses and permits required for your business.
- Process your visa (if required)
Hiring a business consultancy firm to register your business startup may be your best option. Hiring a good consultant like Peninsula business solutions (PBS) will help you facilitate your business formation process. In other words PBS will not only hold your hand right through the setting up process butt will also register the company for you. PBS can also help with opening your bank account, arrange for an auditor, do your renewals and offer you nominee services.
PBS has a team of experts to plan out your company registration from scratch which includes the strategies you need to follow in order to smoothly set up your business, offering licensing and location options, in case of any hurdles consultants can provide you with numerous solutions. You may find their expertise in dealing with the local government bureaucracy and with Free Zone Authorities to be of great help in planning your business startup costs.
PBS will take care of all the necessary requirements to help entrepreneurs register their business legally with minimal problems.