Can You Change Your UAE Business Activity Later? When entrepreneurs first set up a company in the UAE, they often focus on launching their business as quickly as possible. However, as businesses grow, services expand, and market opportunities evolve, many owners begin...
Work Wisdom: I want to start my own business in the UAE. What do I need to know?
UAE Small Business Relief Extended Until 2029: What Businesses Need to Know
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Can You Change Your UAE Business Activity Later? Here’s What You Need to Know
Can You Change Your UAE Business Activity Later? When entrepreneurs first set up a company in the UAE, they often focus on launching their business as quickly as possible. However, as businesses grow, services expand, and market opportunities evolve, many owners begin...
UAE Small Business Relief Extended Until 2029: What Businesses Need to Know
UAE Small Business Relief Extended Until 2029 There is an important Corporate Tax update for small businesses operating in the UAE. The UAE Ministry of Finance has extended the period during which Small Business Relief may be claimed to Tax Periods ending on or before...
"Starting a business in UAE during the current worldwide situation is a bold move, but 100 per cent the best one!"
Are you having a coronavirus career crisis? In this compelling new series, Grazia quizzes the region’s experts in recruitment, business, personal branding, law, finance and more to help you navigate your next move in your professional life.
“As crazy as it sounds, there is no better time for a career crisis,” acknowledges Marianna Bulbuc, Founder and CEO of Bizzmosis Business Services. “Now the world is open to ideas that in the past were incomprehensible, now people miss the personal touch of a startup and family business more than ever, now big machines corporations struggle in adding business agility to ‘old ways. In the UAE licensing and freelancing registration, costs have been reduced in excess of 40 percent and the government has opened a new platform to connect buyers and sellers with worldwide access. Those who never thought of going online, now have to!” new business setup in dubai
Marianna adds: “Starting a business in UAE during the current worldwide situation is a bold move, but 100 percent the best one!”
If we can learn anything from 2020, it’s that we need to start now to make positive changes.
Business Mentor, and Personal Brand and Style Expert Kelly Lundberg agree. “We think we have to wait for the right time; there isn’t one. If we can learn anything from 2020, it’s that we need to start now to make positive changes and if that means you want to own your own business, strike now.” new business setup in dubai
Before starting your business, according to Marianna, there are three important factors to consider:
1. “It is important to know that any business, irrespective of size or amount of revenue, has to be legally licensed. From home handicrafts to coaching some neighbors, the activity is bringing revenue and you are offering either goods or services, face-to-face or online, a business or freelance license needs to be registered and dues paid to the authorities,” Marianna explains.
2. “You need to do your research and not settle just for the cheapest option offered by a consultant or another. It is very important to speak to those who can explain the difference between jurisdictions, why a free zone or a mainland license is better, how that license suits your business plans at the startup and most importantly can that license serve your business to grow legally?”
new business setup in dubai
3. “Last but not least, have in writing a clear breakout of registration first year fees, business operation fees (such as PO Box, audit reports, establishment card, immigration E-channel etc.) understand your subsequent years renewal fees as well as if needed, license and other statutory documents amendment fees and lastly company liquidation fees. Many are convinced with a super cheap set-up and business registration to be later slapped by double or triple costs of running and renewing your license.”
Source: GRAZIA ME
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