There can be a lot of places where you can form your company, like a business setup in Dubai Commodities Center or in other free zones. But it doesn’t start right way with finding the location even if you already have information prepared, such as DMCC company formation cost, its benefits, etc.
Simple steps can be followed in forming a business. Depending on how detailed of a business owner you are, it can take you a little time or more to setup your own business.
- Industry and Type of Business
Based on our experience as one of the business setup firms in UAE, the type of industry that your business will fall into matters in where you will conduct your business and where it is most suitable in. It mostly starts with deciding what your business is and ensuring which industry it falls into.
With this, you should also decide what type of business you would like to have. There are different types of business and choosing one would determine what type of license you need. And the license will define what activities you can do.
Since you have chosen your industry and decided the type of business you want to have, you can choose your location.
In the United Arab Emirates (UAE), you can choose from free zones, off shore, and mainland to set up your business in. Setting up anywhere in locations that are not free zones would mean that you need a local partner with whom you would share your company with. However, if you want 100% ownership of your business, it is advisable that you set up in free zones, like conducting a business setup in Dubai Multi Commodities Center. Having your industry figured out will narrow down the choices of free zones that you have on the table because each free zone specialized in different activities or industries.
It should be noted though that free zone areas are not suitable for businesses that should be in the mainland where they are more reachable by their target market, like restaurants and retail stores.
- Trade Name
The next thing to decide on is your trade name. This is an essential part of setting up your business. The company’s trade name should represent the business and catch the attention of your target market, except if you are setting up a branch of a company.
- Share capital
The required minimum share capital of the location that you plan to set up a business in should be prepared. At times, you do not need to pay at the time of setting up your business. You can narrow down your choices of offices based on their costs and benefits.
You can start hiring your staff based on your budget. Most startups have humble beginnings with a start of 2-3 employees. As the company grows, and depending on its needs, you can start hiring more.
If you need more details with regard to business setup in Dubai Multi Commodities Center, Fujairah Free Zones, or other places, you can click here. Information with regard to different locationns, DMCC company formation cost, benefits of other free zones and such can be found there.