
Planning To Setup Business In Dubai ? Here Are The 3 Important Things You Should Consider
There are 3 major factors that you need to take into consideration if you are planning to start a business in Dubai and these are:
1. Research & Market Analysis
For any kind of business formation that you are planning, you need to have a profound knowledge and expertise in the preferred sector. Conduct an extensive research across the business sectors that you plan to operate on. Strategize a feasible business plan including a detailed research on the market influence, the competitor analysis, & calculate the outcome. Remember, it is not an easy task to find an investment source unless you are a local, so it will be best if you can use your own resources or choose to fund your business via your bank. If your plan is genuine, it can generate local support ultimately attracting the government attention and support.

2. Partnership
The law states that you need to organize your business with support from a local partner, who will have the major power and can exercise control over your business and even close it if necessary. Your partner should have around 51% of ownership rights over the business. No matter whether the partner is an individual or a business, they need not make a start-up financial investment or any other kind of investment at all.

3. Approval from the Ministry of Commerce
Once you are done with the legal formalities and your business is registered, you need to seek the approval from the Ministry of Commerce. This can be done by showing them the proof of your resources; they will approve it once they find out that you are capable of investing a substantial amount of money. You need to produce an account summary (that shows you have fund amount that ranges between $10,000/£6,500 and $50,000/£33,500) and this amount usually varies from state to state. The Ministry of Commerce views this as a guarantee against any liabilities that might arise in the long run. Once the Ministry is satisfied and approves your request, you can withdraw the money after a while.
Legal Assistance
No matter whether you are planning to setup a retail outlet or an enterprise, you need to have profound knowledge about the business processes that follow. The process is actually complicated and financially risky too, so you need to seek local assistance for getting it done appropriately. Seek legal assistance; look for lawyers who have a great professional expertise in the processes related to business formation. An experienced lawyer can help you with the trademark registration and intellectual property rights processes.

These are just the other side of the coin; don’t let it shake your interests for making trade investments in Dubai. People have overcome all these complexities and successfully emerged as reputed brand names in Dubai. The Dubai government encourages new business ventures and you will be supported by your local partner which will lead your business to success.
You can choose to buy a going concern which is an alternative to forming a new business and is less complicated as it does not involve:
1. Lodging capital
2. Sponsorship or Registration
You can also seek assistance from the Local Chambers of Commerce as these possess profound knowledge at providing the complete guidance for start-ups.
Now that you have set up the dais for business formation in Dubai, ensure that you meet the visa eligibility and requirements as it is mandatory if you wish to live and work here. If you plan to acquire more number of foreign resources on your project, you need to seek your local partner’s support and get their approval on sponsoring the employment visas. Remember you do not own Dubai citizenship and your partner’s support matters if you are to quit or sell your business under any circumstances at some point of time or the other.
Legal Maxims is one amongst the leading corporate law firms offering all kinds of legal and corporate assistance services. If you have plans to set up business in Dubai and need assistance then contact us today and we will help you.
