Step - 1 Get approval
The initial step for Abu dhabi Business set up is to reserve and get approval for the desired trade name from the Department of Economic Development (DED).
Step - 2 Market research
Market research will help you measure the needs of the city and ultimately help you decide if your venture is worth the risk.
Step - 3 Arrange business license
You can’t drive your business without a license.
Most start-ups look to obtain a Limited Liability Company (LLC) license.
The license requirements change according to what type of business you are opening and where you are opening it.
A business in the Free Zone will have different rules for functioning than an onshore.
Step - 4 Get Business Address
Depending on your type of business, you might need an office space, work address or a PO Box. In the case of office spaces, there is a bit of a legal paradox at play in terms of getting the necessary documentation. To obtain your license for business, you first need a lease. But you can’t get an office lease without already having a license! ‘In order to solve this problem, the way to proceed is to register their company first as an ‘Incorporation’ as opposed to an actual company and obtain the tawtheeq,’ says Ziad. If all you require is a postal address, then setting up a PO Box with Emirates Post will suffice.
Step - 5 The importance of cash flow
Once you have set up the company, you need to ensure that you have sufficient funds to tie you over until such time that you start to make money. Staff will require visas and their salaries will need to be paid; furthermore, there will be business operating costs, such as utilities bills, equipment, travel expenses, marketing etc.
Everyone knows that you can’t start a business without some capital
Step - 6 Get connected
It’s all about relationships in Abu Dhabi and earning trust before the transactions happen. However, once you are given the opportunity to prove yourself, it is essential that you deliver all that you have promised. Abu Dhabi is a well connected business community, so if you can build up a good reputation for yourself and your business, you will find that the community is your extended business development team and will refer you. People put a lot of trust in referrals and recommendations. There are numerous networking groups and events that you can join to get you started. Your Embassy and national trade and enterprise organisations can also assist.
Know your market
These companies can help you in starting business in UAE.
They perform market studies, do consumer profiles and they can also help with the legal side of starting new businesses.
Danburite Corporate - www.danburitecorp.com
Cosmohub Management Consultancy - www.cosmohub.ae
Business in Sharjah - www.businessinsharjah.com
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