Identify the business opportunity
Selecting the type of business to begin with is perhaps most daunting especially when you’re confronted with multiple opportunities. Determine your personality, interests and corporate passion that’ll help in taking the decision and pursuing on the right track. Your industrial expertise would lay a lasting impact whether you cling to a dying industry or an emerging business market.
To establish a business in Dubai or any other place, a strategic plan is a stepping stone to understand the corporate infrastructure, capital requisites and competitive landscape. All successful corporate entities that we see today are formed with a well-defined and concise business plan, enjoying more or less 50 percent profits as compared to other businesses.
Hunt for start-up capital
Apparently, every start-up requires a certain financial investment that’s termed as “capital”. The search for capital is different for every company depending on nature of service, business theme, demographic, geographic and economic factors. A few start-ups like a consultant agency require few thousand dollars for website development and printing business cards whereas for a retail store, it can be more than $100,000. It all depends where and how you conduct the search!
Business title or name is everything! It defines vision, mission, the very existence of your corporation and service nature. Assigning a title requires creativity as it mustn’t coincide with existing businesses and has to be persuasive. Make sure it distinguish you from the pool of competitors especially industries.
Business structure would decide the very form or shape of the corporation and the decision mustn’t be taken lightly. Whether going for sole proprietorship, partnership or an LLC (Limited Liability Company), your decision would define business liability, funding resource and payable taxes. However, no need to fret as you can always modify the structure once it starts expanding.
Obtain licenses & permits
Obtaining necessary licenses and paperwork to commence business operations is critical no matter how much you hate doing this. Depends on the business structure that you chose, it has to be registered with the state authorities in compliance to industrial rules and regulations. To establish a business in Dubai, you need an Employer Identification Number (EIN) that’s used by the tax authorities to identify businesses. Extra paperwork entails zoning permits, sales tax license and much more.
Determine the business location & set up
No matter how well-defined corporate strategy and ultramodern infrastructure your business has, location would decide success or failure in the long run. For instance, a corporation located in a desolate area with substandard commuting means won’t be considered by clients and customers. On the contrary, arranging necessary office supplies and equipment will be a lot of hassle therefore; choose your business location wisely before commencing operations.
Whether you choose to establish a business in Dubai or any other place, the above steps provide general guidelines to move on track.