About Odyssey Dubai
Odyssey Dubai is a resource for people interested in, thinking of or planning on starting their own business in Dubai.
We provide articles, how to's on getting started, as well as profiling start-ups in the region.
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Doing business in Dubai is something that many foreigners aspire to. Over the years, this small emirate has become a destination for non-UAE nationals to be able to do business.
The emirate’s government is constantly working to help make it possible for entrepreneurs to form and trade as small and medium sized businesses.
One such example of this is the creation of Dubai’s many free zones. Businesses that set up and trade in the free zones can have 100% foreign ownership, unlike businesses in the rest of Dubai, which require at least 51% ownership by a UAE national.
Free zones are also places that tend to help new businesses with the process of setting up. The drawback however of doing business in a free zone is that it is not possible to trade and do business outside of the freezone unless you have an agent or distributor.
It is important to appreciate the initial costs that can expect to be incurred, when setting up and doing business in Dubai. The Department of Economic Development’s website gives potential business owners details of the fees that are likely to be payable in order to receive a trade licence.
Before starting the formal procedures of obtaining a trade licence, which is a prerequisite for doing business in Dubai, you will want to be sure every aspect of the new business has been planned. New businesses will need capital. There are several ways of acquiring financing if you are a new business – this includes business loans from banks. Each bank will have their own requirements for businesses to be able to obtain loans from them, so you will need to look around for the best deals. Obtaining venture capital is an alternative to traditional bank loans.
If you are new to doing business or would like to enhance your business acumen, it may be worth considering first investing in a business education before taking the plunge of doing business in Dubai. Several universities in Dubai offer MBA’s, and there are numerous other places where you could participate in business workshops.
Fully understanding the laws of doing business in Dubai is crucial before getting started in business. The Department of Economic Development is a good resource for researching the laws that may impact upon your business.
Overall, Dubai is continuing its development into one of the world’s major economic and business hubs, which makes it a great place for doing business. With the ever increasing numbers of foreigners coming to Dubai, new markets and opportunities are constantly emerging.
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