Dubai has always remained a preferred choice among foreign investors for years due to the flourishing trade in the region. The most popular trading products are medical supplies, foodstuffs, oil, and gas products. Dubai’s strategic location and business friendly policies encourages neighboring countries to set up businesses here. The allure of owning a company in a place that provides access to state-of-the-art infrastructure in tax-free zones is probably too good to pass up.
To set up a general trading company in Dubai, you have to plan your process. Broadly, there are two significant steps. These steps are explained further below:
Plan Out your Business Strategy
- It is vital to understand the market you are targeting by figuring out if it is targeted toward young people or adults.
- The nature of the product: whether your product is desirable with long-time shelf life or undesirable.
- Plan the number of employees you need to recruit for the job.
- Rent or purchase an office space or warehouse depending on the nature of the product.
- Depending on your product, obtain additional permission to operate after midnight.
- Plan out the type of investments you want to make.
- Map out your marketing strategy and plan.
- Analyze the critical factors that can influence your business
- Familiarize yourself with the competition in the market
- Look for suppliers for your product.
Get a License for your Company
- Consulting with a company registration agent
- Select the type of activity and the jurisdiction.
- Depending on the type of company or business there are rules and guideline for the make-up of a business.
- Set out minimum share capital in the Memorandum of Association of your proposed company.
- Confirm all published information before making a decision.
- Choose a license category that is compatible with your business.
- List out the cost of your company set up
A degree of caution needs to be employed when setting up your business. This ensures that you encounter no problems while registering your business. These cautions are:
- Verify all published information before making plans.
- Verify that the business license you want to obtain allows for the nature of your business.
- Make sure all agreements and sponsorships are documented legally.
“Verify all bank charges before opening your business account”