Business Start Up Ideas Dubai | Narrowing Your Choices Requires 4 Decisions
Business start up ideas Dubai: Business activity, visas, company name, office space and the downside of choosing the cheapest option
Business start up ideas Dubai: Narrowing your choices to 1 or 2 is not easy. After all, you are committing to long-term investment.
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However, the nature of company registration annual renewals in the United Arab Emirate [UAE] makes it a yearly affair. You commit yourself to only 1 year for activity license and office size.
Remember you can change many things after 1 year. So don’t feel locked in forever
- Company name
- Activities available within the company type
- Office space
- Number of visas
1. What will be the business activity
- 3 types of companies are licensed and different activities are allowed for each type of company
- i. Professional
- ii. Commercial
- iii. Trading
- You can change your activities within the type of company you have formed
- If you go outside these types you need to make a different company
2. Number of visas you need
- Focus only on what you need this year
- There are no visa quotas. So no need to hoard
- Increasing visa requirements will mean larger offices and more costs
3. Do you need a Dubai based company or it doesn’t matter
- If Dubai based, your costs will be higher
- Examine what is best for your business’ strategic needs. Not registration costs
4. Do you need minimum office space or a specific size of the office
- If you won’t be hiring many people, to begin with, take the minimum office required by the jurisdiction in order that they will issue the visas you need.
- You can take a larger space as your business takes off.
The downside of choosing the cheapest option
You get what you pay for. There is a reason why some options are cheaper than others.
A solution that best meets your goals will cut your overall cost of doing business. Registration costs are only a small part of your annual business costs.
1. Traveling distances are high for many jurisdictions
a. The option you choose may require you to have a presence in a jurisdiction that is 120 km from your customers.
b. You may end up spending half your day commuting.
2. Does your location influence whether your customers buy from you?
a. Dubai based companies will have higher credibility
b. But doesn’t matter if you are only doing cross-border transactions
3. Must you have your office in Dubai for business reasons?
a. Only Dubai companies can have an office in Dubai
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