STARTUPS
What every ENTREPRENEUR
First of all, you need to understand that the market, to a large extent, has already been divided between the players. You can easily enter it only by becoming a part of someone’s already established team, becoming a partner of an established player, or offering a completely innovative product.
If you are new to the Emirates, then it makes sense to enter the country's market if this market corresponds to the high penetration of your product or services. Then your business will initially be in demand.
Where to begin?
To begin with, define your goals, calculate a budget, consider all expenses, prepare a business plan, calculate the average check. It is necessary to take into account some features of the business climate, the work of regulatory bodies, labor legislation, and, in general, the formats of communication in this country.
When drawing up a budget, consider all costs: utility bills, cooling system bills, air conditioning system bills, service charge, maintenance of the building, parking, security, building’s lighting system, etc. Even if the office space is owned by you, not rented.
After analyzing my experience, I can formulate some tips for starting a business in the UAE.
Tip 1. Prepare for long-term paperwork
Opening an account and preparing other documents in Dubai takes much longer than usual. Paperwork will take up most of your time
For example, a promise to “start a company in three days” may not work. Opening a legal entity in Dubai can take up to six months, even with a simplified company formation. It can also take up to 6 months to open a bank account. The difficulty lies in the fact that in the UAE you first need to prove that you are a real entrepreneur who has a
16 | BIZPRENEUR MIDDLE EAST March 2021
needs to startup IN THE UAE
BY LARISSA ZAPLATINSKAIA