Expected to draw 25 million visitors during its six-month course, the World Expo 2020 will promote Dubai’s status as a truly global city with world-class infrastructure and as a hub for global business. Sales are expected to grow and start-up can leverage this opportunity to establish a strong foothold in the business, says an article in The National on December 2013. Dubai is one of the most preferred locations for starting a business because of its liberal laws, such as zero taxes, hassle free paperwork and more.
What Not to Do
While it is essential to go by the rules while establishing a business in Dubai, it is wise to know what you must avoid too.
- Do not neglect the office size and conditions – Every free zone has rules and different office sizes are available. It may not be necessary that all published information that you see is the same as reality. Published information may give you a lot of choice in terms of offices, while in reality this keeps changing. Rules might change and then you might find yourself in a fix once you have chosen a free zone. It may happen that certain offices sizes offer only one voice, that of the investor. This may have an adverse impact on your business plan if you need expats to work for you.
- Do not rely blindly on published information – It is wise to confirm the validity of the published information before getting excited about the business opportunities in Dubai. You may also want to hire a business consultant to get the correct information and to help you sail through the initial paperwork.
- Do not choose a license category that doesn’t allow your business model – There are various license categories and each one of them has different restrictions. Make sure to choose the licensing category that suits your startup business in Dubai and check whether it allows all the possible activities that you might undertake under your business model.
- Do not open a bank account without confirming the bank charges – It is wise to go through all the charges that banks may levy for your business banking needs. Do not opt for a bank only on hearsay.
- Do not sign a sponsorship with a local sponsor without a legal agreement – You may need financial support initial. Do not go ahead with only a verbal agreement. Make sure to sign a sponsorship deal where both parties have agreed to the terms.
Some of the most interesting business opportunities in Dubai are real estate, travel and tours, bars and nightclubs, food and more.