Over the years, the UAE has established itself as a prime destination for business investment due to its easy accessibility and robust infrastructure. Additionally, each emirate is a work of art in itself, blending diverse cultures and entertainment with a high standard of living that is easily accessible to the rest of the world.
Moreover, with a GDP of $414.2 billion, the World Bank notes that the UAE has opened up to foreign investment over the years. Allowing 100% foreign ownership in over 122 economic activities, insurance policies favor investment and longer visas for highly skilled individuals.
In addition, the UAE has invested in building significant relationships with Africa, Asia and the Middle East and has been able to increase connectivity with business hubs in Europe and America. Allowing multinational companies to invest and start businesses in the UAE. Moreover, the UAE ranks 11th in ease of doing business according to the Doing Business 2019 report.
This includes numbers such as availability of electricity, tax benefits, tax facilitation, obtaining permits, registering property, protecting minority investors, and the obligation to enforce contracts. The UAE gives you the opportunity to create a great place to live and do business in. The UAE government announced that Dubai attracted $7.8 billion in foreign direct investment in 2015, which has continued to grow since then.
Dubai is also ranked 6th in the world in foreign direct investment. Given these difficult numbers and the constantly rising indicators, you should start your own business in Dubai. In addition, the UAE has many different free zones across all the Emirates, and the UAE government also enacts many laws, including the UAE Free Zones Law, which legislates and regulates the conduct of commercial business.
It takes an average of eight days and six procedures to start a business in Dubai. Starting a business in the UAE should take no more than a week once you have all your legal formalities sorted out.
This includes renting an administrative headquarters and you can use our company to rent offices in Dubai, but before you start your legal procedures, you must consider some of the elements required in the process. There are some steps to successfully manage your emerging business in Dubai. Here are some tips to reach your performance metrics and use them to drive high business results:
- Set your standards
It’s better to focus on a narrow set of impactful measures than to ramble on useless metrics, and leverage the metrics that really drive your business performance. Since Dubai has gone further than its competitors in enacting laws that create a legal framework for all businesses, and are specific and binding on all parties that the startup business touches, this gives you a great opportunity to start a small business. You can take the opportunity to engage with our team about the metrics they think are most important. This will help you gain access to their expertise.
- Don’t delay in communicating, and always communicate
Coming up with a core set of metrics you will use to evaluate performance is doomed to failure unless you make an effort to ensure employee buy-in. The key to doing this is to follow up with transparent communication about why you are introducing this, clearly describing the process, and giving your team the opportunity to voice concerns and offer suggestions.
This can be summed up in that you need good business management. You must know how to manage your business without compromising the rights of your employees, as Dubai has strict and uncompromising laws that are concerned with preserving the rights of workers.
- Measurement
As they say, “what gets measured gets done.” You need to regularly measure your team’s performance against the metrics you set. Measuring and reporting results regularly keeps everyone focused on the outcome. It will also be helpful to think about how you want to communicate the results.
Will you participate individually via email, phone, or in person? Or will you want to publish scorecards publicly, relying on peer pressure and competitive instincts to help drive performance? How often will you communicate performance results? You can also use our CorporateStack software to make it easier for you to manage your business successfully.
Don’t forget that the Dubai Department of Economic Development (DED) has a list of over 2,100 activities to choose from. If you can’t find your specific business there, you can contact the DED. Each free zone has its own regulations and approval procedures.
For DED licenses, it is mandatory to have a local agent, partner or sponsor, which is a huge plus for foreign nationals. For free zones, having a local contact can help drive the business forward effectively. However, this is not mandatory, and Dubai as a business destination is easy to set up for all business people.