People who are interested in starting their own large or small business frequently wonder how to do it in Dubai. Is Dubai the ideal location for my business to launch? Should I become an enterpreneur in Dubai or look elsewhere? Do not worry if you also fit into this category; we have you covered. This manual will go over all of that and much more.

The UAE offers a variety of exciting benefits to entrepreneurs, including a tax-free environment, access to the global community, business-friendly laws, world-class infrastructure, and resources for small businesses that are industry-specific with a strong network to build and raise a company.

Benefits of Starting a Business in Dubai

Although we have already covered a few of the numerous advantages of starting a business in Dubai, we have outlined additional benefits in order to capture your full attention.

Dubai will serve as our starting point. Due to its central location in the Middle East, it is the best place to conduct business with the markets in Africa, Asia, and Europe that are nearby. A third of the world’s population is accessible within a four-hour flight thanks to its direct transportation ties and time zone overlap with the busiest business centers.

A third of the world’s population may be reached in less than four hours thanks to its direct transit connections. The majority of the world’s main corporate centers are in the same time zone as it.

Since the UAE intends to introduce a 9% corporate tax rate in 2023, there isn’t much time left to take advantage of this wonderful tax rate. However, the tax climate in the Emirates would continue to be among the most alluring even with a 9% tax rate.

When you establish your business in one of Dubai’s many free zones, you can also benefit from zero currency restrictions, a 100% exemption from customs taxes, and the ability to repatriate profits and money.

How to Become a Successful Enterpreneur in Dubai: A Step-by-Step Guide

Step1: Plan and organize your business

Entrepreneurs who are successful are those who are careful in their planning, organizing, and planning. By doing this, they are able to turn their innovative ideas into successful enterprises. The most crucial action you can take when preparing for your business is market research. This can help you choose the precise market niche you’ll serve and the goods, services, or offerings your business will offer to customers.

Some other crucial factors to think about include selecting a legal business structure and model, the location of the company, staff solutions, marketing and advertising strategies, and collecting the required financial resources to launch your business. The hard work you put in at this stage as an enterpreneur in Dubai will undoubtedly pay off in the long term.

Step2: Create a strong business plan

A solid business plan is the basis for starting a company in Dubai. When starting a firm in a highly competitive industry, you need a strong and effective business plan that carefully evaluates each and every factor.

Eaglewings are professionals when it comes to launching a business. We can develop a workable business plan for you, who wish to become an Enterpreneur in Dubai.

Step3: Choose Your Business Activities

It’s time to link your business activities with one or more business operations that have been approved by the Department of Economic Development (DED) now that you’ve described what your company wants to do.

With more than 2,000 possibilities available, choosing one should be relatively simple. Keep in mind, too, that you can only conduct business operations for which you have the required trade license.

Step 4: Setup fund for a New Business

You must choose a capital source for your Dubai-based business. You might look at venture capital funds for this purpose. Many corporate banks in the United Arab Emirates offer business loans to start-ups and existing companies.

Step5: Choose an economic zone

To better oversee and support certain industries, the United Arab Emirates established its creative economic zones. There are two different economic zones for businesses in Dubai: free zone businesses and mainland businesses.

A Free Zone Company is established in one of the roughly 40 special trading zones in Dubai. These free zones offer advantages to foreign business owners like 0% tax, 100% ownership, and the capacity to repatriate all profits.

Through a Mainland Company, you can conduct business both within Dubai and with the other Emirates. However, you are limited to owning 49% of the company’s shares. The law mandates that a UAE local resident receive 51% ownership of all foreign-owned Mainland businesses.

Step 6: Select the Type of License

The sort of business activity will determine your business license. There are typically three different types of business licenses:

• Professional license

• Industrial license

• Business license

Step 7: Apply for visas

You and any employees you have will need a residency visa in order to be able to work in the UAE. If you have the right professional help, the visa application process can be rather straightforward.

If you have a UAE business license, you can also sponsor individuals for their visas. This could apply to a domestic worker like a housekeeper as well as a spouse, parent, or child.

Step 8: Open a bank account

To accept and send payments freely in the UAE and elsewhere, a corporate bank account is necessary.

It could be challenging for non-GCC citizens to open bank accounts. On the other side, working with EagleWings can assist you with that. In addition to helping with applications to make sure everything is prepared before submitting the application, we may recommend banks and other institutions that perfectly match your needs.

If you want to become an enterpreneur in Dubai, Reach out to us on +971 4 824 9940 or Whatsapp at +971 52 420 0436 for professional advice and direction. We will manage and carry out the entire process of establishing your company in Dubai.