The Top 3 things to do before you start your own Business in the UAE:
1. Conduct a Thorough Research of the target Market in the UAE.
2. Understand the Regulatory Impact and the Compliance Requirements to start your business in the UAE
3. Choose the right Company Structure to launch your business.
What are the Funds to be budgeted for before you decide to set up your business in the UAE?
While the prospect of making a profit is very enticing for anyone wanting to enter into the UAE, one should first consider the cost of operating in this market.
When setting up a company in the UAE, please do not get misled by the many ads you see which claim to start a company for only 10000 AED or 20000 AED.
The actual cost of operating your company is much more than the amounts generally advertised.
To give you a good idea, please check below for some costs that you would need to incur for doing business in the UAE -
a. Set up Costs - Company Formation Costs
b. Visa cost
c. Other Regulatory costs (Immigration, Establishment, MOL, DCCI, etc.)
d. Tenancy rental Costs (where applicable - its flexi desk costs in Free Zones and rental costs in Mainland)
e. Local Sponsor Costs (if mainland)
f. Minimum 6 months operating costs.
At Centurion Consulting L.L.C., we generally advise our clients to be prepared with a budget of
100,000 AED at the minimum before considering to start a business in the UAE.
Additional Info :
- Renuka G., Principal Consultant, Centurion Consulting L.L.C., Dubai. Centurion Consulting is a business consulting firm that can assist entrepreneurs & SME in Market Entry strategy, Regulatory compliance, Company Structure, Market Research and company setup.