Do’s and don’ts as you plan your business in the UAE market
While Dubai is a land of great opportunities, it is also a land where you can end up losing your money quickly if you do not plan and prepare yourself thoroughly before launching your venture.
Factors that will enable you to best manage your funds while entering into Dubai:
1. The Right Corporate Structure – When preparing to start a new business, you need to be well-informed about the kind of compliances and regulations required to conduct your business. In our experience, we’ve often noticed, clients generally looking at the least expensive cost option but Beware; every cheap option may not be the right fit for your business. The misfit in your company structure can result in you losing funds that you’ve spent on incorporating the company (which in this market will make you poorer by a couple of thousand dollars). Not only would you have lost money but you will subsequently need to incur additional costs to set it right for a new Company structure.
It is therefore important to partner with a consultant who has local experience and knowledge about doing business in the UAE. One who can guide you with options that are relevant for your product and industry.
The experienced consultants at Centurion Consulting L.L.C., are based in Dubai and can guide you through Regulatory compliance and business incorporation services to ensure your business is properly set up.
2. A Business Plan - Planning your business must include drawing up a clear, defined business plan for the first 12 months of operation in Dubai. Whether you are a first-time entrepreneur or have an existing business or are planning to diversify, a comprehensive Business plan is a ‘must-have’. It will serve you as a blueprint outlining your goals and detailing the path to achieve them.
A well-documented business plan will guide you to monitor your cash flows during the first year of operation. It is also of great value add when presenting to investors or bankers for growth and expansion, once the company reaches a scalable position.
Centurion Consulting L.L.C., have a highly-qualified team of financial, commercial and business analysts who have diversified, global experience across varied industries and are geared up to undertake a detailed study and recommend as well as implement Business solutions.
Additional Info :
- Renuka G., Principal Consultant, Centurion Consulting L.L.C., Dubai. Centurion Consulting is a business consulting firm that can assist entrepreneurs and SME in Market Entry strategy, Regulatory compliance, Company Structure, Business Plan and company setup.