Business Planning Dubai Made Easy
Building a tax-free business in the United Arab Emirates (UAE) probably presents the opportunity of a lifetime! However, although you will soon find that this process is not at all like building a business in the United States or in Europe, there are enough similarities to ease the process for you as an entrepreneur, writing his business plan for a Dubai startup.
Despite cultural differences, Dubai is well-known for its foreign-investment-friendly accommodations, which are as generous and liberal as anywhere else. That being said, in the following our post covers certain points you’ll need to know about planning a successful business venture in Dubai.
Familiarize Yourself with the Country
Even when writing your Dubai business plan, you should consult a good attorney who is familiar with local Dubai regulations and UAE laws as well. This is vitally important. Your preparation process should include obtaining information from and advice by the Arab-British Chamber of Commerce, the Middle East Association as well as your embassy’s commercial programs or sections.
If you can get advice and/or obtain the services of other business persons or partners who have been in the region for a certain amount of time, then that would be an immeasurable help as well. Any effort regarding a business plan for Dubai should begin with the above mentioned first.
Also note: A good way to get started quickly, efficiently and professionally is to hire a business plan writer to write your business development plan. At BrainHive, we offer flexible business plan consulting packages. If you want to know how much a business plan costs, we can also help you out, being one of the most affordable and yet professional business plan consulting firms in the market. Don’t hesitate to reach out to us anytime if you want to learn more about us or get an individual quote for your business plan project. It is perhaps also worthwhile to not that we can also simply help you write your own business plan, as well as prepare just the financial plan for your business plan. This way, you can rest assured that you will receive a custom business plan service that fits your exact need at the best price imaginable.
Business Planning Help in Dubai
Make sure to visit the website of The Dubai Chamber of Commerce and its “Startup Hub”, which has been especially designed for foreign investors. You can also reach them by telephone via: +971-4-221 181.
This Chamber of Commerce also provides invaluable information concerning legalities, legal services and numerous commercial legal-related workshops as well as information on available grants, lending and other financial advantages available throughout the UAE, and Dubai in particular.
Business Planning: Characteristics to Consider in Dubai
A business plan for a Dubai startup is not formatted exactly like those prepared for western countries. A workable plan has to include much more and much more diligently researched study of current market conditions and future trends, a realistic breakdown of the competition and any anticipated market developments. Dubai authorities and funding entities filter much more strictly than in Europe or North America!
Basic funding should already be arranged for from your own resources or in certain cases, through your native bank. If you are new to the region, then prepare to be asked about a track record (include it in your Dubai business planning documents!) or support from an acknowledged local institute or some kind of governmental source. Here is where knowing and being familiar with the local Dubai Chamber of Commerce can go a long way.
By law, a local partner holding a majority interest is mandatory. Consequently, your partner owns at least 51% of the company, and this gives them the edge regarding important company decision. Furthermore, you have to come up with a substantial sum of money to invest as a guarantee against liabilities – generally in the range between $10,000/£6,500 and $50,000/£33,500.
A feasible way to work around the “partnership 51% rule” is to have your business located in one of the so called “Free Zones”: Exemptions from import and export duties, commercial taxes, license fees, land taxes and exemptions from various restrictions on transferring capital invested in the zone are plentiful. However, bear in mind that Free Zones are far from the city, and rents are typically higher than in the city as well. This item of concern should be comprehensively explained in your Dubai business plan.
Dubai Business Planning: Cultural Sensitivity
A strong knowledge as well as sensitivity to cultural differences is a must when starting a business in the Middle East. For instance, on shaking hands, be certain to use your right hand as extending a left hand may prove offensive to many (the left hand is traditionally reserved for bodily hygiene functions).
Typically, Middle Easterners are skilled negotiators and do not mind finding and exploiting your vulnerabilities. Furthermore, they rarely give you a direct “no”, so be certain to watch for signs whether they are truly interested and want to proceed with the negotiation – or rather want to beg off the transaction.
While having an experienced attorney in UAE commercial applications is vitally important in any business plan in Dubai project, you can see that there are other equally important prerequisites to starting a business there as well. Whether you are planning on opening a small business operation in Dubai, or a major one, it behooves you to remember that you are indeed a foreigner; if anything does go wrong, then for the most part you will be on your own.
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