Starting a business seems an easy task but it involves a lot of effort, time and money. Along with this, it incorporates huge financial risks and hence you have to be aware of the decisions you make. The decisions you take should be right to ensure the business productivity and help you retrieve the benefits expanding your start-up. The very first thing for the successful business is the location you are going to select which decides the future of your start-up. Most of the people aspire Dubai for company formation due to its user-friendly atmosphere and welcoming behavior for the international investors to come and set up their business.
If you are new to the entrepreneur world and are planning to venture in Dubai for company formation than there are few things you should be knowing. Here we have gathered up few basics that will help you conclude whether you are ready to jump in.
- Rules and ownership of company formation
This is the most important aspect for those who wish to invest and looking for a start-up in Dubai. International investors are not allowed 100% ownership of the Dubai based companies. Instead, they have to search for a local business partner and can own the 49% ownership. But if you mind giving majority ownership to another person than setting up business in the free zone is better for you which will let you have 100% ownership followed by some restrictions. Free zones are mainly for the companies with specific purposes.
- Get familiar with the local market
One has to perceive the taste of the local market if they wish to establish a business that is related to catering the Dubai market. What the population prefers and studying the ongoing competition in the market is highly important if you are planning to launch your business. How well your product will be appreciated or accepted depends on the market research which is a crucial aspect before entering the entrepreneur world. If you are attentive enough, Dubai will treat you worth it.
- Local culture
When stepping into Dubai and if are willing to set up a business than you should learn the culture they have. The culture and traditions are strictly followed by the people who reside there and if broken they have to face serious consequences. Therefore, it is very much essential for the outsiders to get introduced to their local culture and decide whether they can blend well with the population and their customs. Before getting settled, understand the place and its traditions very well.
In order to reap the best benefits, you can go ahead with consulting Adam Global, a business advisory firm holding an experience of years in setting up businesses by guiding the foreign investors through the path.