Myths Vs Facts: 4 Common Misconceptions About Starting A Business In Dubai?
UAE and business are two words that fit extremely well in a single sentence. Having said that, it must be noted that different people have different opinions about starting a business in Dubai. Due to the same, these differences of opinions have given birth to many misconceptions and myths. Here’s us bursting a few of them for you.
Myth 1: It Is Very Expensive To Set Up A Business In UAE
When compared to countries like the US,China and Russia setting up a business in the UAE is much cheaper and comes with a lot of benefits. As a matter of fact the government takes various measures to make things easier for the investors every single day. For example, the Department Of Economic Development also issues an instant license without any requirement for office spaces.
Even multiple office space option such as Flexi-desk to co-working spaces makes the cost of initial setup much lower than starting a business anywhere else in the world
Myth 2: Obtaining Funds Is Close To Impossible
Whereas this myth is quite popular, obtaining funds in the UAE is quite opposite to that. The UAE Government is very supportive towards the growth of business and startups in their region. As a result the government has set up business incubators for startups and small companies.
It is very easy to receive funding and infrastructural support for your projects in the UAE. Even for the entrepreneurs with innovative ideas in free zones business accelerator programs are set up for support.
Myth 3: Procuring A Business License Is A Complicated Process
The process of obtaining a business license in the UAE might seem complicated at first. However, if you follow straight forward steps then it is much easier to obtain your license. In any case, to save yourself from all the hassle and trouble it is best to get in touch with business formation specialists such as startup zone to help obtain you a business license and set up your entire business in a hassle free process.
Myth 4: Knowledge In Business And Tax Law Is A Must
It is enough for a business owner and entrepreneurs to have a basic understanding of various tax laws and business laws in the region. It is not necessary for them to have thorough knowledge about the laws around the UAE.
Being up to date with knowledge of changing laws in the region can help save you from fines and unexpected taxes hence it is best to stay in touch with business experts such as startup zone that will help you know of the impending changes of the law in advance.
In a nutshell, to know the exact truth about a business you must always contact business experts and not rely on misconceptions heard and seen.