(Newswire.net — August 9, 2021) —
Dubai is a city that’s been making headlines for its booming economy. It’s also one of the most popular places to set up a business in the world. But how does it compare to other cities? And what are some things people should know about setting up their own company there? In this blog post, we’ll explore five things you might not have known about setting up a business in Dubai.
1. The World’s Richest Arab Doesn’t Live There
Abdulla bin Ahmad Al Ghurair – a man worth an estimated $14.4 billion – has his business operations based in Dubai, but he actually lives in neighbouring Sharjah (he can be seen below with UAE President Sheikh Khalifa and the Crown Prince of Abu Dhabi). He’s one of many wealthy residents who live in the UAE but don’t base their business operations in Dubai.
2. 627 Miles of Roads and Counting!
Dubai is on a mission to build an incredible 2,700 kilometres (about 1,678 miles) worth of roads by 2020. That doesn’t even include the miles of highways already constructed.
3. Cutting Edge Technology is Key
Dubai’s government has put a lot of effort into modernising the city, which means that new technology is used widely in everyday life. You’ll find 4G service (and plenty of other modern technologies) at your fingertips when you’re living and working there!
4. Dubai is Built on an Oasis
It’s not surprising, then, that the vast majority of the city lives in high-rise buildings! In fact, more than two million people live there – and it’s one of the world’s most popular cities to visit. If you’re looking at doing business in Dubai, be sure to check out the excellent and detailed UAE Business Etiquette guide for a few insider tips you’ll need to know.
5. The World’s Tallest Tower is Under Construction
Dubai will eventually host the world’s tallest building (the Burj Dubai, pictured below), which will exceed 800 metres in height! It was originally intended to open in 2012, but it’ll be a while longer until it’s ready: the new completion date is now 2014. The building will offer luxury apartments and an incredible hotel!
If you’re interested in doing business in Dubai, then don’t forget to check out this article on common mistakes first-time entrepreneurs make when they start up their own company. It’s great information for anyone interested in setting up a business!
1. Know the laws and customs
Dubai is a Muslim country and has its own laws, customs and practices. Make sure you know where to stand when it comes to them. If you want to do business in Dubai or open your own company there, be sure you know the restrictions regarding alcohol consumption, dress codes (in government buildings as well as outside of work) and religious practices – these have been known to change from time to time, so be sure you are up-to-date with them.
2. Know your options
These days, it’s possible to do business in Dubai from pretty much anywhere in the world. It’s even possible to open a company without having to set foot in the country itself! That being said, if you want to be able to visit your office (which is highly recommended), then it may make sense for you to rent an apartment or office within the Dubai city limits.
3. Consider your business structure
If you want to do business in Dubai, be sure you know your options for doing so: it’s possible to open a traditional company with a board of directors and shareholders; an LLC is another good option if you are looking to set up a company that is between a partnership and a sole proprietorship, or you could opt for setting up a free trade zone company.
4. Keep an eye on the laws
Some business legislation and practices change from time to time – be sure to do your homework before you make any big decisions! Being aware of new developments in law means you can avoid any potential missteps as a business owner.
5. Get your paperwork in order
To do business in Dubai, you will need to be aware of the various licenses and permits that you will need to function legally. If you’re not sure about them, it’s best to get some professional advice, especially from a legal standpoint! It’s always a good idea to have the right paperwork in place when it comes to doing business, so be sure you don’t accidentally break any laws.
6. Be very careful with your accounts and finances
Dubai has particularly strict rules surrounding money transfers – make sure you know what they are! It’s straightforward to wire or transfer funds into Dubai, but you may have to jump through a few hoops if you want to wire or transfer funds out.
7. Know how the business day works
The first thing you’ll need to know is that Dubai follows a four-day, 48-hour workweek: from Sunday at 12:00 am until Thursday at 5:00 pm. If you’re in Dubai during the weekend, then you should be aware that both Saturday and Sunday are official working days – although many companies will not open their doors on Saturdays.
8. Manage labor issues
These days, it’s possible to do business in Dubai from pretty much anywhere in the world. It’s even possible to open a company without having to set foot in the country itself! That being said, if you want to be able to visit your office (which is highly recommended), then it may make sense for you to rent an apartment or office within the Dubai city limits.
9. Keep your business separate from personal issues
It’s best if you keep any personal and business issues separate – it may help protect you in case of a dispute with your partner or spouse.
10. Take care with emails, texts and social media
In 2009, an Australian man was arrested for sending out a joking (but still mocking) tweet about Dubai. Remember to be careful of what you do with your social media accounts and emails if you want to avoid any potential legal problems in the future because things can easily get out of hand!
Conclusion
If you’ve been considering doing business in Dubai, but you aren’t sure whether it’s right for your company or personal goals, it’s a good idea to consider your options. Dubai offers a lot of opportunities, but it also has its drawbacks – it won’t be right for everyone!