Whether it’s the food processing industry or manufacture industry, one thing is for certain, Indians really have a good eye for identifying good business opportunities. If you are a businessman or international investor thinking of tapping into the international market, the United Arab Emirates should be your base location. The UAE has often offered alluring benefits to all potential investors namely: no requirements for a local partner, really fast set up, no income or corporate tax, the ability to repatriate 100% of profits. But, starting a business especially in a foreign country isn’t especially easy. Really good preparation and a solid foundation are needed. You will need to have to think about a number of things such as;
Find your Identity
The surge in the number of foreign investors taking UAE business licenses in the year 2018 clearly indicates that many investors are seizing the opportunity, which clearly spells out competition. So, before jumping on the bandwagon, you should first of all be clear on your company’s identity, purpose and paperwork. Deciding on your name is the most important as it’s a statement of who you are. Since you want to get it right, you should carefully take your time so as not to run into copyright issue. Since changing your name along the line isn’t necessarily ideal for a business, it’s advisable to seek out the help from UAE experts who have a grasp of the whole market to help you ensure your name isn’t used fully or partially by anyone else.
Have a Clear Idea of what you want your Business to do
Look at what it is your company needs in order to have the best chance of survival. Free zones are set up such that they develop ’hubs ‘which have a similar theme as well as like minded entrepreneurs thriving in networks. There are those free zones that will best suit your business proposal and not in others. You should make it a priority to seek out the help of an experienced advisor so as to clearly break down your idea as well map out the possible services you will be providing currently and in the future.
Be Sure About your Company Formation and License
You should do some serious research on the types of company formation and licenses supported by the free zone best suited to your business. The licenses differ between zones. An example of this is the Jebel Ali Trade Zone, (JAFZA), which only supports, single shareholder companies, multiple shareholder companies as well as existing entities. Possible businesses may apply for an industrial license, a service licence, offshore registration, a trading license or a national industrial license. For avoidance of making a mistake of choosing the wrong licences, once again you must seek out the help of an expert to ensure a smooth setup and development.
Think About your Money
The main thing you will need to have when starting a new business venture is sufficient capital. Luckily, there are free zones like the twofour54 Abu Dhabi that don’t require any upfront capital. The only thing requiring big initial outlay will be the licence. Important to note that the price varies depending on the licence. The price for annual renewal of these business licenses should also be put into consideration.
Make sure all the required Paper Work is in order.
Free zones are required to make trading easier, but each follows their own procedures which have their paperwork, beginning with initial approval. It is at this point that you should have completed your application form, along with other materials such as, copies of shareholders passports, specimen signatures and letter of intent.
Look at the Feasibility
Aside from obtaining a licence, you need to dwell on the matter of practicality of your business plan. This would be by, reviewing the market and decide on a corporate bank account, the perfect location for your business and also be sure of the visas you will need together with your staff.
All new business ventures certainly require a solid base. But one thing’s for certain, to properly establish yourself businesswise; you will need to closely work with experts who understand the market. The establishment of UAE Free Zones has helped the Emirates to attract global business entities to establish presence and leverage the benefits.
