The Middle East is without any doubt a very attractive region to do business these days.
Startups are mushrooming, entrepreneurs are flourishing and capitals are invested in significant numbers.
Dubai and the Emirates in general are among the top hubs to start your business today. But if you are unfamiliar with the local market or with the idea of starting a new business in the Middle East, here are a few important tips to get you started:
- Choose the right niche: It is very important to research the market and identify the right niche for your next business. Make sure you spend a lot of time analyzing market trends in the region, the competition and aim to select a positioning with low competition and under-served demand.
- Select the right legal form for your business: The Middle East and the UAE in particular have a very specific set of rules when it comes to setting up your legal entity. You generally have a choice between starting a Free Zone company (Fzc) or mainland company (LLC). We recommend you research properly each legal form before you decide. Keep in mind that a Free Zone company is perfect for a services type of business and mainland company is better for commercial businesses.
- It's all about networking: Growing your business in the UAE demands a lot of networking and PR. Oriental people are used to rely on connections and friends' referrals. It is very important to build a large network of collaborators and prospects if you are serious about succeeding in the Middle East, the GCC and the UAE in particular.
- Write a powerful business plan: This is crucial. There is an old adage that says: "If you fail to prepare, then prepare to fail." Preparation and planning is very important prior to taking action. It allows you to visualize the future of your new venture, makes you look serious about business and is a pre-requisite to approach investors and attract collaborators. If you need support in creating your business plan, do not hesitate to contact KCCG, we will be glad to assist and help you out together a killer business plan.
That's it for now, keep in mind that starting a successful business in the UAE requires determination, patience and doing the right moves. Don't burn the steps, do each steps correctly and then move to the next.
For more advice about starting your business in the UAE, please do not hesitate to contact us.