Entrepreneurship – How to setup your business in UAE
Entrepreneurship is the dream of many, especially in the flourishing markets like UAE. It starts with an idea of solving a specific problem. You will be more successful if know about the problem better than anyone else. Research more about your idea. Speak to people closed to you about it, so that you can have various perspectives of it. The more you know, the more you can fill the cracks and gaps and cover more market. With high knowledge gained, you can come up with new angels in solving the problem in better ways. Most people would stop here jump into building the business. But I would recommend thinking a little further and see what the future might be for your business. Think how your idea can withstand with time and trends and stay a head of the upcoming competitions. Finally, your idea should have evolved into a product or a service that you can sell to others.
Prepare yourself for launching your product or the service. Just your product / service is not going to grow big unless you have the qualities to handle it well. You need to gain the qualities to head and direct the company in an organized manner. So invest in yourself, starting with good habits: food, fitness, sleep, timely relaxation and constantly gaining knowledge. Being disciplined with the lifestyle is very important. This differentiates between big time entrepreneur and the others. Mould your thinking process and decision making skills. Groom yourself well, by acting on your body language, gestures, speaking, voice modulation, and vocabulary.
Entrepreneurship is not just a one man show, but requires help from different people. Let say, if you need to register a company, you may need a Business Consultants for legal registrations. Likewise for building a company, you may also need Investors, Chartered Accountants, Bankers, Human Resource Consultants and others. It would be better if you start networking with lot of people and look for comfortable partnerships. Having a list of “go-to person” for all your company's needs is more efficient and less burdening. Or you might be wasting more time trying to solving things that you have no idea about. Choose who you want to partner with for launching and run the business smooth and efficiently.
For first-time entrepreneurs, starting a business can a chaotic process. Its little more complicated when it comes to UAE, especially Dubai. The Government has several rules and regulations to follow while forming a company. There are two types of company setup: one is the business setup in Dubai Mainland and the other is the Free zone business setup. Both involve different rules. To setup a company in Dubai Mainland a local emirate sponsor has to be involved as a partner in the business, whereas a Free Zone Business Setup doesn’t need a local sponsor. Free zone company setup is introduced to encourage foreign companies to establish in UAE. The other advantages of starting a company in free zone are; low taxes and low energy cost.
As you have other things to worry about (like to find an investor or co-founder), its better to get the registration done with Business Setup Services and / or a Chartered Accountants. They will help not only with legal registration of the company but also for setting up office as well. From finding the perfect place for setting up office to furniture, equipment and wiring etc., business setup company can do it all to-gather. Sometime the office will be fully furnished and ready to occupy. Sometime, you'd want to find yourself the Office Furniture and Equipment arranges it as per your liking. Interior Decorations can help elevate the feel and improve the employee’s mood and improving the overall productivity.
Consulting a Chartered Account in every process of the business (throughout running a business), you can verify if you are on the right track to reach your goal. Having a Chartered Accountant will also help you in doing all the Accounting Services your company needs. Managing your accounts is a big task and sometimes having in-house accounting personnel can be expensive. In that case, you could also try the Accounting Services Companies for better management.
How about the Bankers’ part in your business? Basically it eases up the process of salary dispersal. Banks also provide other essential business services like online payment gateways, card swiping machines, foreign transactions, credit certifications and other important things relative to your business. If you are planning for a multi-national company, you should be very careful while choosing the bank. It should be having the all the services related to foreign transaction you need to do.
Most of the above mentioned process is one time: registration, building the infrastructure, and a safe place to work. Next is starting with the production / sales of your product or service. You need to get rightly qualified resources to build your company and sustain further scaling in the future. There are companies who would take care of this: Human Resource and Manpower Consultancies. When lot of people are working to-gather, you need to enforce guidelines for smooth running of your office. And these Human Resource Consultancies can also assist in framing the guidelines and training people so that you could have better productivity.
Fund will start flowing when the production is up and running. Along with fund, there come taxes. In UAE, VAT of 5% is introduced for all business transactions. This can be handled by the charted account (VAT Consultants) / accounting service / in house accountants of your company. Tracking funds and tax are tiring and calculations are difficult and complicated. Software can ease the pain with accounting and keeping track of funds and taxes. Again consulting a chartered accountant while filing tax help you save money and invest in tax saving ways for company growth.
Source: https://www.yellowpages-uae.com/ar/entrepreneur-business-setup-chartered-accountant