Know and understand the specific needs of this region

Setting up a business in the UAE has become a lot easier over the last few years due to the initiatives put in place by HH Shaikh Mohammed Bin Rashid Al Makhtoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

If you are an expatriate and intend setting up business in UAE, make sure you understand the strengths and weaknesses of this region.

However the costs involved in setting up business here still remain high. During the infancy stage, managing small business can be quite a challenge. For example, generating sales, managing costs and ensuring one has enough cash flow to re-plough into

The growth of the business and for the upkeep of the family as well, can be quite strenuous.

One factor that pushes up the cost is, of course, office space rent. And office space is prerequisite for conducting any business in UAE.

In the UK-Australia-India and other countries, business startup costs are relatively less. You don’t have to have the office space to start business- you can operate your business from your spare room or garage of the house. This combined with the fact that there are no yearly trade license renewals (you can purchase “of the shelf” companies for as little as USD 500.00-onetime fee) and sponsorship fees to local partners mean that business cost a lot less.

We feel that with the number of small companies setting up here in Dubai, it would benefit them immensely if the office space issue were to be made more flexible.

As cash flow is the lifeblood of all business, it would benefit the start-up immensely if the concept of the ‘home office’ were implemented here. A nation’s economy will naturally benefit from the number of successful small-to-medium business operating.