The Do’s and Don’ts Of Running a Business in Dubai
It’s no new news that Dubai is one of the largest commercial hubs across the globe. People from all over come down here with dreams to establish and grow a business of their own. In Dubai, you’ll always find one building taller than the other, endless smart people hustling and opportunities where the sky’s the limit.
While the large, diverse markets of Dubai offer startups great potential for expansion, it is also a very competitive landscape. So, if you are an entrepreneur planning to start up in Dubai, there are a bunch of things you must keep in mind to ensure a smoother start.
We have compiled a list of the biggest do’s that shall enhance your business journey in Dubai and some don’ts that you must avoid to safeguard your business! Presenting to you the top do’s and don’ts of business:
To Do’s: Things you Should Do For a Better Business Experience
Network, Network and Network!
As you must know, Dubai has a large cosmopolitan population with people from a plethora of backgrounds. You should make use of this to your advantage by tapping into the potential of some marvellous talents!
Networking can help you to find the right opportunity at the right time! Besides, with a strong professional network, you can find the best fit for your team as well as your corporate partners. Thus, effective networking can get you places! All you need is to build the skill of communication and business etiquette.
Research the Markets and Its Opportunities
To flourish in any market, you need to understand the scope of its industries as well the demand in the market. Before you start any business, you must make sure to take time to research your potential clientele, their preferences as well as industry competitors.
Market research will give you great insights to customise your business model as per the present day requirements. Moreover, it’ll enhance your performance in comparison to peers. Thus, making it one of the fundamental steps in starting up.
Choose Your Business Location and Licences Wisely
In Dubai, you will face different regulations as per the location of your business. While the mainland might be beneficial to certain types of businesses, most companies choose to set up their offices in the free zones. Make sure to check out the pros and cons of both locations and ultimately circle down the one that suits your goals the best.
Further, before you begin operations, you will need to get several approvals and register your company for a trade license. Based on your industry you will have to opt for a professional, commercial, industrial or any other among the many kinds of trade licenses. Remember, this is a very crucial step without which you might not get further approvals from local authorities!
Get A Local Guide and Professional Help
Nobody understands local business operations and processes like the locals do. Once in Dubai, you will feel the need for translations in many instances. You can partner with a local guide who can help you at all steps when needed.
Besides, locals can be extremely helpful for PR activities. Thus, you can subscribe to a PRO from reputed consultancies to help you out with marketing and other important tasks.
The Don’ts: What Should you Avoid As a Young Startup?
Don’t ignore the strength of a good team
The pillars of any young company are its strong, skilled team members. If you want to achieve high levels of growth, it is important to invest in good-quality personnel and staff for your core business operations.
You can reach out to HR services to help you recruit some of the best talents for your team. With the right team, your business is sure to boom in the sea of opportunities that Dubai has to offer!
Don’t neglect paperwork and documentation
Make a note to always keep extra copies of all paperwork and documentation throughout your business journey. It will always help you in the future when you need to provide data or evidence for your business’s establishment.
This becomes even more important if you are a foreign national. Adhere to all legal procedures and seek guidance with any doubts that you might have. Don’t rush with documentation. Instead, be cautious and cross-check every little detail as you go.
Don’t forget to get an investor visa
For a residential permit, you will be required to have fully completed visa documentation. The procedure will vary as per your requirements. However, you must understand that a visa application could take a good amount of time.
So, ensure to apply well in advance to avoid any delays in other activities. Once you get your visa and based on your financial and professional capacity, you may also be allowed for visa sponsorship of your spouse, family, etc.
Don’t underestimate the importance of local culture while building a brand
To establish a brand identity you have to make your company relatable to the locals. Any brand begins its journey as a baby from word-of-mouth marketing. So, you must offer extraordinary experiences to your customers to get them to spread your brand.
Even at this step, it’s a good idea to get help from local experts in marketing, customer relations and other operations. That will make your customers more comfortable and build loyalty!
Make Your Own Checklist!
Businesses aren’t made by a set list of formulas. Instead, they are driven by passion, creativity and perseverance. While we have summarised the key guidelines that will help your business perform better, we suggest you make your own checklist as per your goals! This will help you track your company in a more efficient manner.
However, if you feel the need for additional assistance or support in any kind of business-related services, feel free to reach out to us at Marqueway and our team of experts will make sure to guide you through!