Low-Cost Business Setup in Dubai
The term “low-cost” may be the last thing that comes to mind when you think of Dubai. However, the cost of setting up a business in Dubai is significantly lower than in other major cities worldwide. In the UAE, small and medium-sized enterprises are the main driver of economic growth.
In this article, we’ll discuss costs and tips for growing your business in Dubai, covering the following topics:
Advantages of starting a business in Dubai
Starting a company in Dubai opens you to a world of possibilities. There are more than 200 different nationalities living in Dubai, making it a multicultural oasis that promotes tolerance, inclusion, and safety.
Dubai’s municipal infrastructure, legal system, public transportation, parks, entertainment, and more make it an ideal place for businesses to flourish. The UAE Dirhams were pegged to US dollars in 1973 and have been fixed since 1997. Furthermore, Foreign Direct Investment is made possible by free economic policies, minimal government oversight, and private sector regulation.
GETTING STARTED IN DUBAI: THE TOP REASONS
- Business Hub
- Flourishing Economy
- Top Class Amenities And Infrastructure
- Ease Of Doing Business
- Zero Tax Policy
- 100% Repatriation Profits
- Beneficial Geographical Location
- A Comfortable And High-Quality Way Of Life
- The Simple Visa Application Process
- Exceptional Government Assistance
- A Diverse, Expatriate Population
- Political Security
- Reduced Crime Rates
- Business In Free Zones
- No Physical Office Requirements
With direct flights from 97 countries, you can be confident that your home-away-from-home will help keep you connected. This, together with the provision of long-term visas, has made Dubai a sought-after international business destination. In addition, if you would like to know more about visas, such as The Golden Visa, we can help.
How Much Does it Cost to Start a Business in Dubai?
A low-cost business license in Dubai costs AED 12,500. This includes an LLC trade license, three business activities, and a lease agreement. However, this package does not offer any visa allocations.
If you require one visa allocation, you can opt for the next package, which costs AED 14,350. If you need more than one visa, a payment of AED 18,050 gives you up to three visas. All these packages include the same benefits.
The cost of starting a business depends on multiple factors. You will need to include the cost of the premises, equipment, and any other permits or licenses you may need.
To get an exact price quote, contact Meydan Free Zone. Based on your unique requirements, we can give you an up-to-date price.
Steps to Start a Business in Meydan Free Zone
Incorporating a company in Meydan Free Zone has advantages, particularly in terms of cost. However, one must remember that there are numerous free zones, and the cost of incorporation will vary. Aside from the location, the cost of the business depends on many factors. An example would be the company’s structure, nature of its business, infrastructure requirements, number of visas required, and access to suppliers and raw materials.
Regardless of budget, starting up a company in the UAE is straightforward. Here are the four steps you need to follow:
HOW TO START A COMPANY IN 4 EASY STEPS
- Step 1 – Select your business activity
Meydan Free Zone has many commercial and professional business activities. You may only engage in the activities specified on your license. You can easily add more later if you decide to broaden or diversify your product offering.
- Step 2 – Choosing your Business Name
Choosing a business name is crucial to starting a business in the UAE. It is essential to keep a few things in mind while you decide. Adherence to the strict naming rules in the United Arab Emirates is necessary. As a general rule, you should not use words that may be considered blasphemous or disrespectful. You must also ensure that the name you want is available and not already in use.
- Step 1 – Select your business activity
- Step 3 – Applying for your Trade License
Your next step is to apply for a business license. The licensing procedure in Meydan Free Zone is digital, saving time and effort. The platform combines licensing with compliance and regulation, including UBO, ESR, and AML. As part of this procedure, you will need to provide the following documents:Passport copy
A digital passport-size photo
Emirates ID copy (if applicable)
Residence visa copy (if applicable)
- Step 4 – Applying for your Visa
To live in the country, you will require a resident visa. The visa application procedure is as follows:Getting an entry permit
Changing your status
Taking a medical exam
Getting your Emirates ID and visa stamp
You may submit visa applications for your employees and family members simultaneously with your visa application.
Contact one of the Meydan Free Zone’s business setup managers if you have any questions about the prerequisites.
Tips for Scaling your Business
It is easy to set up a low-cost business in Dubai. Here are five essential tips on how to scale your business.
- Follow a Process: Creating a process map helps you understand the stages required to achieve continuous improvement. The approach relies on simplicity. Complex processes drain resources since they need more coordination meetings and communication, which slows down the scaling process.Smart owners know how important it is to simplify things so that a broader range of people can easily grasp them. If you can, try to develop SOPs (standard operating procedures) that explain in detail how things work in the company. A consistent operational approach helps boost process efficiency, prevent mistakes, and decrease possible miscommunication.
- Focus on Customers’ Needs: As your company grows, you should not lose sight of your customers. Businesses that only provide the best goods and services can reap significant rewards, including cost-free word-of-mouth marketing. Enhancing guest engagement boosts customer relations for companies that depend on visitors. With improvements in client acquisition, you must continue to satisfy your existing consumers. Improving their experience can enhance interaction and loyalty to the company.
- Never Leave Out Employees: Investing in your staff’s personal and professional development has many benefits. Engaged employees work harder and are more dedicated to the company’s success. Also, by providing them with the resources and tools, they can be more efficient and successful in their work. For example, a receptionist app may free front desk workers to focus on other vital activities.
- Maximize Local Resources: One of the most important things a company can do to succeed is to use local resources. Consider partnering with other small, local companies to help each other grow. In addition to lowering expenses, it may open the door to new alliances, making it easier to scale the business.
- Working on and Not in the Business: Scaling a business requires using appropriate resources, including people and technology. So, hiring and delegating crucial responsibilities to employees with the greatest expertise and experience is necessary. This way, you can focus on the company rather than administrative duties. When business leaders “see” the business instead of just “looking” at it, they can better predict possible adjustments and changes, which helps the company change direction and adapt.
It takes time and patience to grow a business to its full potential. Focus on your clients, give your staff recognition, make the most of your resources, and work on your company incrementally.
Why Start a Small Company in Meydan Free Zone??
At Meydan Free Zone, we aim to help set up companies and turn them into successful enterprises. We provide several benefits for business owners, including no personal or corporate tax, complete foreign ownership, and full repatriation benefits on profits and financial assets.
Additional services, such as our e-commerce support service, Meydan Commerce, and Easy Payment Plans, enable you to stretch out the setup cost over months and help your business develop and thrive.
Get in touch, and one of our consultants will support you with all aspects of your business setup in Dubai.