Success is relative. It often depends on who is measuring it and what factors are in play. But, of course, achieving business success is much more straightforward, especially since firms always have their goals, vision, and mission as their guideposts.
In the UAE, businesses thrive because of the wealth of opportunities in the country. But because of that very same thing, the competition is tighter here. This is where third-party business solutions prove to be quite valuable.
Whether you’re preparing for the launch of a business or already have one running in the UAE, you need the right kind of help to boost your chances of success.
Whether you’re already running a business in the UAE or just planning to form one, below are the five essential services you’ll require:
1. Market and Feasibility Research
Just because the UAE is considered a haven for entrepreneurs doesn’t necessarily mean nothing could go wrong when you’re running a business here.
Unless you understand your market well, your chances of driving company growth may not be as good as you think. This is where market and feasibility research services come in.
Market search and feasibility studies are conducted to get a complete overview of the market, economy, investments, and consumers in your chosen industry. They also provide insight into market trends and industry growth projections.
In other words, it lets you know the level of growth and profitability potential of your chosen business type, location, and market.
Market and feasibility research also serves as a guide through financial ridges to ensure an investment’s economic and market viability. This can be useful when gathering investors for your company or taking out loans for your business.
2. Business Setup Consultancy
Setting up a business can be a complex endeavor, especially if you’re not familiar with how things are done in the UAE. Because of that, you need the help of business formation services that will guide you in formulating a comprehensive plan for this very purpose.
With their years of experience, a professional consulting agency can aid in the establishment of a strong foundation for your company. Using their deep understanding of the local policies and practices and the right resources and connections, they can make what could have been a complicated process significantly easier.
Here are some aspects of business formation that these providers can assist you with:
Every type of business has a specific provision for licensing in the UAE. Some require licenses from agencies in their particular zones, while others don’t.
With the help of a business consulting firm, you can ensure that your business has the required paperwork according to its legal structure and the business activities you’ll be engaging in.
4. Budgeting and Costing
Business finances aren’t just about successfully opening a business bank account in the UAE. It also requires thorough budget planning and calculating formation and operational costs.
You see, while initial setup costs can be lower, certain transactions can push these numbers higher. This can range from permits and certifications to work visas, monthly bills, and maintenance costs.
5. Renting and Leasing
All businesses in Dubai and most places in the UAE are tied to a physical space, even those working with remote staff. As a foreign investor, you need to rent an office space (or an office desk, at the very least) to be able to kick off your business in the country.
Of course, this is much more complex than it seems, especially if you’re planning to put up a business in independent free zones. Since each has different decrees and policies with regard to renting and leasing, you’ll need guidance from a local business consulting firm to do things right the first time.
Read more: New Small Business Ideas in India
6. Legal Advisory
Navigating the legalities of company formation in the UAE can prove to be a tricky journey, especially if you have no idea what the rules and regulations are.
That being said, your safest and most practical option is to hire a team of legal experts with an in-depth understanding of the local business formation and operation policies to ensure that you’re not breaking any rules and that you’re in complete adherence to government regulations.
Besides handling the legalities of company formation, these legal experts can also serve as your advisors in terms of:
- commercial policies,
- civil laws,
- criminal laws,
- employment rules,
- cross-border policies,
- intellectual property rights and regulations, and many others.
With the ever-evolving regulatory landscape in the country, hiring professionals who are constantly apprised of the most current rules and regulations can be a smart move for your business.
7. Risk Management
All types of business come with risks. And since risks are constant, you must learn to address them head on if you want your business to succeed.
Yes, you can choose the course with the lowest risk, but that can affect the number of opportunities you could get. Of course, this doesn’t mean you should just jump into high-risk situations without any plan at all.
This is where risk management comes in. This service helps companies understand their exposure to risks better and what they can do to have a healthier, more resilient business.
Risk management strategies also set up appropriate actions to get favorable results for the company, particularly in dealing with the following matters:
- ever-changing customer demands
- sharp market fluctuations
- eagle-eyed scrutiny of regulatory authorities and government bodies
Accounting and taxation rules vary from one territory to another. This means you will still need local experts from the UAE to deal with these matters even if you’re a master of accounting and taxation yourself in your home country.
From customs and international taxation to excise and value-added tax, these experts are well-versed in the relevant core policies of the country and its specific free zones. Plus, their job requires them to always stay updated on policy changes and advisories about everything related to taxation.
You can hand over all your complicated tax woes and be sure that they will be resolved and dealt with in no time.
Carve Your Path to Success With Expert Help
Business success doesn’t always come from a bottled formula or a templated framework. Most of the time, companies create their own path to success with the right people guiding the way.
So, when starting a business in the UAE, make the most of the services and opportunities available to you.
Naresh Manchanda is a Partner at MBG Corporate Services, an international organization supporting clients across Asia, Europe and the Middle East and providing sustainable solutions and strategies that drive business transformation. Established in 2002 and headquartered in Singapore, MBG is a 450-strong member team that operates out of Europe, the Middle East and Asia, providing Legal, Risk, M&A, Tax, Strategy, Technology and Audit Services.