Last Updated on December 11, 2019
Dubai is getting ever closer to hosting the proverbial EXPO 2020, which is assumed to reinvent and revamp the way of doing business in UAE.
Approximately $150 billion is expected to be invested by foreigners during the international expo Any improvements to the infrastructure of a city are a boost for business.
The foresight and planning of the government will boost Dubai’s economy and the improved city infrastructure will cement the position as a major draw– not only for businesses but also for acquiring the best talent from around the world.
Many of the businesses around the world are planning to take advantage of the opportunities which Expo 2020 Dubai will offer:
- Access a new and emerging market
- Implement new ideas, innovation, and progress
- Coordinate with new partners
- Reach new audiences
Follow the steps mentioned below if you want to start a business in Dubai during expo 2020.
Step 1: Develop a plan for expo 2020
The first step to start a business is to conduct an assessment as to the impact of 2020 on the business. The plan may include the description of the business activity to be carried out and the services you will offer. A business plan will guide the future of the business or venture.
The elements of the business plan will have an impact on the daily decisions of business owners and provide direction for expansion, diversification, and future evaluation of the business.
Step 2: Plan how to finance business
Starting a new business will involve some initial investment as well as the ability to cover ongoing expenses before you are getting a profit. An investor needs to outline a draft that estimates the startup costs (licenses and permits, equipment, legal fees, branding, market research, trademarking, property leases, etc.)
Step 3: Choose a business structure
The business entity you choose will impact many factors from the business name to the type of activity carried out for the businesses may choose an initial business structure. The types of entities operating in UAE are LLC, branch of an existing company, sole proprietorship etc.
Step 4: Deciding a tradename
The tradename is one of the most important factors for starting a business in Dubai. The company name should ideally indicate the nature of the business unless it is a branch of another company. All the rules regarding the trade name can be obtained through the Dubai economic department.
Step 5: Choosing a location
This next step is choosing an ideal location for the business activity. It is important that the business location works for the type of activity carried out by businessman.
Step 6: Registration of a company
Registering a business in UAE is very simple and straightforward as the Government has laid out streamlined procedures for the businessregistration process and promoting trade in this region.
There are some concerned government authorities in UAE who are authorized issue the trade license based on the business activity and business type and location.
The business may need to go through some amount of paperwork, documentation, and approvals before to register.
Step 7: Start building a team
It is very important to outline the positions that have to be filled and the responsibilities that are part of each position. Any driven person or business who contributes to your company’s mission is part of your core team. This may be your accountant, attorney, key investor, and business mentor.
Step 8: Start networking with other business owners
Expo 2020 in Dubai provides the perfect opportunity to busied contact and network within the business community. Businesses should take advantage of networking to build relationships and grow their companies.
It is an effective strategy for promoting business growth and personal development. Establishing a successful business requires resources and a lot of time. Maintaining solid relationships is what the business community all about.
Step 9: Marketing your business
While the vast expat population of Dubai makes it the ideal to test out marketing techniques, the investors must inform the world that your business is the next big thing.
You need to take different measures to make sure that you have the best products and services to provide to the world. So, work for it through different means including social media and it will work for you.
Business set up in Dubai
The Expo 2020 would be the first of its theme “Connecting Minds, Creating the Future” that rightly complements the challenges faced by the global community and draws our attention to the increasing need to connect people and ideas for an improved future.
Business Investors from different parts of the world are considering Dubai to setup their business and to invest in this blooming economy. If you are planning or thinking about setting up a business in Dubai, you can talk to business consultants who can guide throughout you the procedures of business setup in UAE.