Introduction
Overtime, the UAE has grown to be a thriving hub for potential international investors thanks to its economic stability. The region welcomes foreign investment greatly and thus their restrictions are slightly liberal compared to other countries.
Nevertheless, while starting up a business there seems to be a promising venture, a number of tips need to be taken into consideration to ensure success.
Tips to observe
- First, it is important to understand that the government in the UAE probably works differently and therefore professional advice is mandatory to guide one through the bureaucratic and legal procedures. Company formation can be a complex process and takes several months and being aware of this is important.
- The next reasonable thing is to get to understand the tourist and work visa regulations. Tourist visas will vary depending on nationality while a work visa also works as the resident visa and can be obtained on your behalf by your employer. In addition, it is important to also register with the one’s respective embassy.
- Conducting a research on the best way to incorporate your business in the UAE is an essential tip as well. It allows investors get proper licensing to trade freely in their niche. Also, make a serious study of the sector you wish to explore. Get to know how they work, when they work and if there are any gaps you can fill in.
- It will also be necessary to familiarize with the social and business culture of the UAE. A big contributor in business success is relationship building. This means that one may need to learn a bit of the language. Locals will appreciate an attempt to learn the way they live and the gesture will win their hearts.
Finally, just like with all other businesses, setting up a business in the UAE requires patience and commitment before the fruits are realized.
