How do European entrepreneurs start their businesses in Dubai?
Business setup in Dubai – European entrepreneurs
The UAE and Europe share a strong trade bond. The relationship gained momentum after the pandemic. Recently, entrepreneurs and investors have shown interest in the business landscape of Dubai. The UAE has become a favorable destination for European entrepreneurs to establish their business presence.
Dubai, being a business-friendly city offers an ideal location for all businesses. However, many European entrepreneurs may be unfamiliar with the specific requirements and business processes involved in setting up in Dubai. This is where a business setup firm like Flybiz comes into play, guiding you through the intricacies of the business setup in Dubai. With the expertise provided by Flybiz, entrepreneurs gain valuable insights into opening their companies in the right way, ensuring a smooth and successful entry into this thriving market.
How European entrepreneurs can start their business in Dubai?
Dubai has a booming economy and several businesses relocate to show their expertise in Dubai. The city’s favorable tax environment, business support, security, and accessibility attract investors from Europe.
When considering business setup in Dubai, it’s essential to start by exploring the diverse economic sectors that the UAE offers. As a major trading hub, the UAE boasts a wide range of opportunities across various industries. It includes export, import, construction, trade, logistics, financial services, tourism, hospitality, and more.
There are various reasons, why Europeans prefer Dubai.
Booming Economy
In spite of the covid pandemic, UAE still has a booming economy. Tourism recovered the country quicker than any other part of the world.
Modern infrastructure, good connectivity, legislative changes, and incentives are available to investors and entrepreneurs.
Strategic location
Dubai has a strategic location that allows access to three main regions of the world. Moreover, it’s a versatile destination where we have space for logistics, trade, tourism, and events. Investors can reach a minimum of 2.5 billion customers through business setups in Dubai.
Business-friendly regulations
Most entrepreneurs choose Dubai as their headquarters including businesses from countries like the United States, the UK, and France. The profits are not subject to taxes but be updated on the local tax laws. The 38 free zones in UAE promote international investors. Free zones exempt businesses from paying personal and corporate taxes.
A safe place to work and live
Modern Dubai has every facility to establish your business. However, Dubai is also known as the safest place in the world. It has the lowest crime rates and a safe living environment. The crime rate is just 0.5 to 1 per 100,000 people making it a highly-secure destination. The economic and political stability also attracts foreign investors from around the world.
Easy to achieve residency permit
Dubai is a more appealing place for European entrepreneurs. Thus, the UAE has introduced several residency visas for people to work and live here. While working in Dubai or any other emirates in UAE, you get access to a residency visa for your family members too. The visa provides you with a lot of benefits including accommodation, entry, and exit to the country, and opening a bank account.
The Golden Permits introduced in 2019 allow European entrepreneurs to set up their businesses in the Emirates. The permit allows entrepreneurs with long-term residences where they can live without a local sponsor.
Exceptional infrastructure and transportation
Dubai has one of the best transport systems in the world. As per the reports, Dubai international airport has the fastest-growing cargo and passenger hub. While launching a business here, you can easily find an office, warehouse, retail shop, or even manufacturing unit. Dubai has the biggest seaport providing easy shipment and logistics.
European entrepreneurs – key factors to consider before the business setup in Dubai
Investment and financing opportunities
Business requires investment. For the success of any business, you need the appropriate capital and other resources. These factors can make or break the possibilities.
There are two options, you can get funding from investors or borrow money from lenders. Before your financial proceeding, make sure to read all the terms and conditions. Identify the risk factors and keep a backup plan for the repayment.
A good choice of investment is crucial to get started in the right way.
Develop a business strategy
You need a good business plan before setting up a company in Dubai. European entrepreneurs should have a clear financial plan and a cutting-edge understanding of the customers. You can conduct market research to understand the competition. After complete analysis, develop an effective business plan.
While creating a business plan, go through all the areas of improvement. it can be marketing plans, sticking to deadlines, or finding opportunities for expansion. Furthermore, it’s critical to follow the rules and regulations of the UAE.
How European entrepreneurs can establish a business in Dubai?
Follow the below steps to start a business in Dubai,
Finalize the business type
Initially, decide on the business type. The entrepreneur should choose a license type to start a company. The common licenses are industrial, professional, commercial, and tourism. UAE offers more than 2100 legal business activities as per the Department of Economic Development.
Decide a business structure
After choosing a license, you have to decide on the business structure and entity. The business structure indicates the ways to protect your business and manage the finance. Some of the business structures are offshore companies, sole proprietorships, free zones, LLCs, and professional companies.
Mainland or free zone
Mainland and Free Zone are two different jurisdictions where foreign investors can conduct business. Free zones provide complete ownership and other facilities for business setup. Mainland allows you to trade anywhere in the UAE Emirates.
Trade name
A trade name is important because it reflects your business identity. You have to follow the naming conventions while choosing a trade name for your business.
Find an office space
After completing all the legal work, decide on your office space. Entrepreneurs can choose office space based on their business requirements.
Hire employees
Before business registration, you need a manager to operate your business. Hire other employees to start your business in Dubai.
Get your business visa
You need a business visa to operate your company in Dubai. European entrepreneurs prefer golden visas to start their businesses in the UAE.
Why European entrepreneurs get started with Flybiz business setup consultants
Business setup is hassle-free in Dubai when you approach Flybiz consultants. We are the top business setup consultants in Dubai, We provides massive opportunities for entrepreneurs across the globe. Similarly, European entrepreneurs leverage these benefits to establish their businesses in the UAE.
Flybiz company setup experts offer the best advice to launch your company. Our qualified experts are well-versed in legal procedures. We serve as a one-stop solution for all the services like document drafting, visa processing, company registration, and more.
European entrepreneurs initiate your business with us!
