Dubai is a paradise for new ventures. Its market is growing rapidly, and it holds almost 220 world records. The economy of Dubai has an investor-friendly environment. The government of Dubai does not only focus on technological advancement. Its economy is growing in every aspect. Although Worldwide Dubai has one of the best economies, still few myths are attached to it. These myths prevent the investors from coming here and starting their businesses. If the investor consults any consulting firm to start a business in Dubai, then the investor does not need to worry about these facts and myths. They also help the investor set up business in less time and without any hassle.
Dubai Is Expensive to Start a Business
This myth is wrong; Dubai is significantly more pleasant and cost-effective than other countries like Europe because it has a diverse economy. The investor needs capital to start a business in Dubai, but this cost is less than starting in other countries. Dubai is also a recognized paradise for new businesses because it offers hassle-free business incorporation. Moreover, there are many other benefits of starting a business in Dubai, like zero income and personal tax and a low VAT rate of around 5 percent.
Let’s understand this with an example:
- Suppose the investor starts an IT company or beauty salon in the free zones of Dubai. He requires investment between USD 7700 to USD 14000.
The Process of Establishing Business Is Too Complex
Every business needs a legal license to operate in Dubai, and the process of getting these licenses is very easy and less time-consuming. It may be difficult if the investor does not know the process or is unfamiliar with business regulations. This hassle can resolve with proper study or consulting with any business setup company. The process will complete in 1 to 4 weeks if the investor submits all the necessary documents to the business regulation authorities on time.
the process consists of only three simple stages
- getting a Dubai business license
- obtaining a UAE residence license
- setup Dubai bank account
Ordinary Businessmen Cannot Establish Business Here
Undoubtedly, Dubai is the city of sheiks, but ordinary people can also start their businesses here. There is no restriction on it. Dubai’s government facilitates worldwide investors. Capital investment is required to start a business globally, as does Dubai. Worldwide investors can start a business here because starting a business is less expensive. Moreover, the investor is not obligated to pay huge taxes. The business can pay off faster to the organization.
Arabic Speaking is Compulsory to Start a Business
Eighty percent of Dubai’s population consists of foreigners, and everyone in Dubai is fluent in English. You can start a business if you know English because English is becoming the language of communication. The myth of Arabic will be debunked when you enter the boundaries of Dubai.
The City Does Not Accept Female Investors
This myth is generated by the people who never visited Dubai. In reality, Dubai’s government entirely welcomes female investors. It is the most open city in the middle east. Women of emirate come in the top 100 businesswomen. The environment of Dubai is friendly for all genders. The process and registration method are very simple. Women in the Emirates can enjoy equal opportunities as men enjoy; they have equal rights to start and run a business and hold prominent government positions.
Company Cannot Work Without Local Sponsor
Businessmen who live in other countries believe a local sponsor is required to format a business in Dubai. The reality is the opposite of this. The businessmen can enjoy 100 percent ownership in Dubai mainland. Furthermore, can enjoy no income or personal tax, 100 percent capital and profit repatriation, etc.
Advertisement Does Not Require
Businessmen believe that advertising is not required to touch the heights of success because the economy of Dubai is large enough for their survival that they are wrong and intentionally destroying their business. Launching a product is not enough. They need to understand the need for advertisement as well. Otherwise, the business will not work well and will be demolished soon. Advertisement is the key to success no matter which market you introduce the product to.
No Need to Study The Needs of The Customers
Companies understand the customers’ needs because they will not directly say what they want. They might tell one thing, and the company starts working on it without studying what they want. This thing can lead to failure. Running a scientifically organized company is very necessary. So, the company can do experiments on customers and learn about their actual needs. It is how they can only learn their market position (where their product exists in the market).