“If you aren’t pursuing your dreams, then what are you doing?”
To any entrepreneur, the success of their business is the biggest goal. Once they feel they’ve accomplished this, most entrepreneurs tend to expand their business; conquering the local market. But what does one do once they feel they’ve accomplished this goal as well?
Test out the international waters of course!
We know, starting up a business overseas, where nothing is familiar, does sound a little scary…but also very exciting! Admit it, your enterprise and products getting famous internationally does sound good to you…and it should! And if you have been wondering about branching out to the UAE, particularly to its deluxe city Dubai, then we’re here to provide you with the guidelines. Read on to see what our experts have to say about setting up shop in the city of luxury.
Decide where you want to have your company.
Ultimately, your decision in this may change everything. You have a choice between onshore, offshore, or in the free zone. Do your research on all three, as they all have both pros and cons in regards to businesses. For example, both freezone company formation and onshore company formation requires that you have a business license, while the offshore company formation does not require this. It may be a small thing, but it makes a difference.
Are you willing to share?
Ok, not share in that way, but rather, we’re talking about having a business partner. Depending on where you plan on setting up shop, some states in the UAE (including Dubai) has a policy that there should be a few local shareholders for each company. This is not necessary if you decide on either offshore company formations or company formation in Dubai free zones.
Alert your banks.
This might seem a little extreme, but once your enterprise has been registered, you must be willing to show the ministry of commerce that you have a sufficient amount to invest in your business. Don’t worry, this is just a precaution and a guarantee against liabilities. The sum in total may vary. And the money can be withdrawn and put to better use as soon as they’ve confirmed.
Be sure about the risks.
Like any venture, starting a business overseas, and in particular, here, is always a risk. There are many things that you might come across that may feel new and complicated. Learning the local language, customs and traditions will help far more than your think. And apart from this, having a talented and experienced local business lawyer in your payroll will be a smart move as well.