The United Arab Emirates was recently named by The World Bank as one of easiest countries to set up a new business, given its macroeconomic stability and strong trust in an efficient government. An increasingly encouraging attitude towards capital support for small and new businesses coupled with a prosperous and open market makes Dubai specifically welcoming towards investment and the spirit of entrepreneurship.
Business Plan
The first step to setting up a business in Dubai is to form a defined business plan. This involves thorough market research to assess the economics and opportunities of the environment to set the stage for success. Then analyze the start-up costs, potential financial risks and have a location in mind to ensure overall feasibility. With its well-structured commercial regulations largely international population, Dubai is an attractive regional pocket which to invest.
Financing
The first step of setting up a business in Dubai is to decide whether your company will operate as a Limited Liability Company, a Free Zone entity, a branch office …etc. and the minimum capital required for this setup.
Registration & Choosing Office Space
The second step is to find an office space in Dubai that fits your business requirements and allocate funding for your rental cost. The going rental rate in the Central Business District of Dubai that covers areas like Sheikh Zayed Road and downtown are AED 1,830 per sqm. Space around the Dubai International Financial Center is a costly AED 2,610 per sqm. (Jones Lang LaSalle - Dubai Real Estate Market Overview – Q3, 2013). Leasing terms are strict and typically require a security deposit of 20% of the rental period! So the total fixed cost to run your business from Dubai averages at AED 37,153.
Once you have rented your office in Dubai, you will need to register your property with a RERA number, purchase the office furniture, setup your phone and internet connections, buy the necessary IT equipment and setup your DEWA accounts which are all essentials that will add up quickly and detract from your budget and take time that could be spent on launching your company in Dubai.
The instant-setup of a Dubai serviced office from Servcorp can help overcome the challenges and high costs that come with setting up a new office starting at AED 11,600. A serviced office provides you with a fully furnished office suite complete with internet and phone connections, a receptionist to manage your calls, a support team on hand to assist you with all your admin requirements and fully equipped boardrooms and meeting rooms.
Selecting staff
First impressions are lasting and having the right team could be the reason behind a growing client base and successful reputation. However, the associated payroll costs of hiring such employees in Dubai can be significant— the average monthly salary of a professional secretary alone is no less than AED 10,000 and the additional costs for recruitment, visa sponsorship and medical insurance can add to over AED 25,000. Opting for a serviced office means you have the assurance of fully-trained administrative assistance for a fraction of that cost.
A Servcorp serviced office in Dubai in the heart of the city's business hub is a smart and simple doorway to setting up a successful business in Dubai.
