Business set up in Abu Dhabi may require everyone to carry out certain steps. These steps may make the business set up quite successful.
People who are looking forward to starting businesses in UAE must have proper knowledge about all the steps as well as rules which may make their hard work not go in vain.
Step 1
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Plan before taking any step
No matter what kind of business you want to get indulged in, you must first have a thorough study of the market you want to serve in. Market research is an important factor in the business set up as it helps the person in taking an idea about the needs of the market.
In this way, the person can identify the gaps in the market that can lead to finding ways to fill these gaps through your business.
Another important step is to have a look at the rival companies and what they are offering.
If you do not have enough money to spend on the official market study, you can study the market on your own self. This will help you to get an idea about what others are offering and what will make you different from your rival companies.
You can take the information from different resources but make sure you are using the right medium of study.
Step 2
Get the business license
Without a business license, you can’t drive your business at all. A lot of entrepreneurs go for Limited Liability Company (LLC) license.
If needed, you can get the best legal advice in the UAE. It must be noted here that there are different business requirements for different business types.
So, you must first know the type of business you want to start and then check what are the requirements of your business type.
Also, have an overall knowledge about the rules and regulations of the zone you are planning working in.
Step 3
Get the physical business location
Office space may help you work better because of proper work conditions. The type of business you want to set up will determine whether you need office space or not.
Proper documentation must be carried out for getting the office space. For office space, you may need a lease. But if you want an office space on the lease, you should first have a license.
For solving this problem, register your company and get Tawtheeq.
This file of Tawtheeq will have all the details of the business venture in it along with the requirements of a lease. For renting an office, the landlord might ask for this file.
Step 4
Find a local sponsor
It is understood that you are ready to be your own boss but a local sponsor would be needed to form a company in Abu Dhabi.
Note that in Abu Dhabi, only locals can go for the Sole proprietorship. For expats, a local sponsor or an Emirati partner is required who will have the 51% ownership of the company while the rest of 49% will be yours. If needed or demanded, the expats can get the majority profits too by signing an agreement.
Step 5
Capital required
As such, there are no capital requirements in Abu Dhabi but it is still a common practice to keep a sufficient amount of money in the bank for proper business operations.
In the past, there were proper requirements for capital, but they were removed in 2009.
Step 6
Patent your ideas
Protect what is yours by patenting your ideas and getting the copyrights for your materials. In this way, you will be able to save your ideas from getting copied.
You can go through different intellectual property rights mechanisms for protecting the work in the best manner. If you have produced anything unique and if you do not want others to copy your work or designs, get the copyrights.
Also, you can protect your company name from getting copied as well. For this, a trademark registration can be taken into consideration.
Know your market
There are a lot of companies that can help you with your business formation. They can help you with providing market studies, consumer profiles and so much more. Even if you want their help on the legal side, they will be at your back.
An advisory firm is all you need for all of your legal consultancy services and the greatest work experience.
In this way, you will not only be able to save so much of your time but will also be able to understand how you can manage your time in the best possible way.
Get the legal consultancy services for your business set up in Abu Dhabi and learn about each and everything from the root level.
There is a whole world of knowledge awaiting you. Do not stay behind anyone. You deserve the best.
