The UAE has a global reputation for big enterprise, huge wealth, and enormous ambition. However, contrary to popular belief, not all of the enterprises that support this thriving city are as substantial.
The local economy is mostly supported by small and medium-sized businesses, despite the fact that there are several global multinationals with operations here. In fact, according to the Dubai Chamber, SMEs make up over 90% of all businesses in the United Arab Emirates and employ 86% of the workforce in the private sector.
Many of these companies are start-ups that were bootstrapped and established on extremely low costs. since even the most successful businesses have humble beginnings. So don’t worry if you’re looking to trade out here but have a tight budget. It is simple to set up a low-cost business setup in UAE with the appropriate assistance.
Steps to start a low-cost business in the UAE
Decide Business Activity: The most appropriate license and location for your UAE business will be determined by the first stage, which is crucial. Here, you must specifically lay out your company’s operations and make sure they correspond with at least one of the hundreds of potential activities listed by the Department of Economic Development (DED).
Choose Company Name: It’s critical to be informed of the rules because the UAE is quite rigorous on company names.
Apply for Business License: We are now at the most crucial stage of all, which is applying for your UAE commercial license.
This is a quick and simple process when the BIZ team is involved. If you’re establishing a business on the mainland, submit your application to the DED or the local municipality. Applying to the appropriate regulating authority is necessary when establishing a business in a free zone.
Apply for Visa: You and your employees’ visa applications, as well as those of any dependents (such as a spouse, kid, or domestic worker), should go smoothly.
Open a Bank Account: The establishment of your business bank account is the process’s last stage. Unfortunately, the rigorous money laundering laws in the UAE can make it challenging for foreign business owners to use corporate banking services. The process is significantly more straightforward when working with a subject-matter expert.
There is nothing further to say. As you can see, if you have the correct information, setting up a low-cost business or another UAE city doesn’t have to be a particularly difficult process.
Having said that, it does necessitate some prior process understanding. It’s also crucial to remember that the application procedure can only be made simple if your license application is finished and error-free when it’s submitted. Working with a company formation in Dubai expert like BIZ when starting a new company in the UAE will assist you to make sure that this is the case.