The UAE is one of the fastest growing economies in the world, which is why many businesses have ambitions to set up shop here. However, while the business opportunities here are abundant, there are some limitations and requirements that foreign companies should know about. First and foremost, you’ll likely need a sponsor to be able to open the doors to your business in Dubai or anywhere else in the UAE, but just because you have no choice in the matter doesn’t mean it can’t be beneficial.
In the not so distant past, almost all foreign companies with operations in Dubai needed to be majority-owned by a citizen of the UAE, meaning you could only own a maximum of 49% of your business. Nowadays, due to the changing economic landscape in the UAE, the rules have become more complex, but most foreign companies, especially those who wish to set up shop outside of the trade-free zones, still need a sponsor to operate legally.
Fortunately, the right sponsor can help your business grow, meaning it’s not just a one-sided rule that’s solely purposed to benefit local entrepreneurs. With the right partner, you can access a vast network of resources and people, outsource your HR responsibilities, leave the legal and logistical aspects of your business to reputable third parties and let somebody else deal with payroll and administration. Keep reading below to learn more about how finding the right sponsor in Dubai can be beneficial for your company.
Finding the Right Sponsor in Dubai
If you partner with a reliable sponsor, such as the one found at uaeproservices.com, you can expect the following business benefits when operating in Dubai:
- A Local Representative
Dubai is likely very different from your country of origin, and running a foreign business here can be challenging for numerous reasons, from having to deal with government agencies to becoming accustomed to the local culture. The right sponsor can act as your representative to the government and help you become familiar with the landscape so that you can lead a successful company and find the most hard-working individuals.
- Access to a Network of Resources
Finding your feet in a new country takes time, but you can’t afford to spend months getting used to Dubai when you have a business to run. Experienced sponsors that work with an abundance of foreign companies can give you access to a network of resources that your company needs to grow. From finding the best talent to fill your job vacancies to tracking down companies that you can outsource tasks to, the right sponsor can help.
- Outsource Administration Tasks
Provided you partner with a reputable sponsor, you won’t have to deal with HR, administration or payroll tasks. All those responsibilities rest on your sponsor’s shoulders. They may also be able to hire foreign nationals on your behalf so that you can get up and running without delay.
Dubai is the perfect destination for your global expansion for countless reasons, and with the right sponsor, you can maximise your chances of success and watch your company grow in a new, exciting and increasingly prosperous nation. However, now that you know why having a good business sponsor is crucial, you might be interested in learning about the various benefits of doing business in Dubai.
Why Is Dubai Attractive to Foreign Businesses?
Almost nine out of ten workers in Dubai come from foreign nations, which should give you an insight into how attractive the place is for international businesses. Thanks to Dubai’s liberal labour laws, it’s relatively straightforward to find the employees you need from all over the world, and that’s just one of the benefits of doing business in this growing nation. Here are just some reasons why you should consider expanding your business by setting up shop in Dubai.
- Liberal Labour Laws
As mentioned above, Dubai’s labour laws are incredibly liberal, allowing international businesses to operate with relative ease and minimal intervention while giving them the opportunity to hire the brightest minds from overseas. Plus, thanks to Dubai’s increasingly high quality of life, stunning skyline and broad range of upscale shopping opportunities, it’s easy to find people who are more than willing to relocate. Dubai’s government is also heavily investing in its domestic workforce, meaning employers will soon have access to skilled workers that may require lower wages than those employed from overseas.
- An International Hub
Dubai is home to one of the world’s busiest airports and has airlines that fly to over 160 nations, so attending conferences and meeting partners in other countries will never be a problem. Of course, you’ll also have access to world-class conference centres and exhibition venues in Dubai. In addition to its air links, Dubai also boasts two major ports that dominate much of the trade in Asia. You won’t struggle to find goods, or to import and export, thanks to these large ports.
- A Growing Economy
Dubai wasn’t hurt as badly as most Western nations during the recession, and its growth rates have now returned to pre-crisis levels. The government is also working to diversify the nation’s economy, with transport, manufacturing and tourism being examples of some industries that are leading the way. Open your company in Dubai, and you’ll be at the heart of one of the world’s biggest business booms.
- Economic Free Zones
Dubai currently boasts over 20 economic free zones, and all companies that operate in them aren’t required to have an Emirati owner. You can maintain 100% ownership of your business by operating in one of Dubai’s economic free zones.
Is Now the Time to Do Business in Dubai?
As you can see from the information detailed above, Dubai is one of the best places in the world for international businesses, and its economy will likely continue to grow as its government invests in diversifying it. Just make sure you find a sponsor you can trust to help you get set up as quickly as possible.