The UAE has become a business hub by attracting entrepreneurs from all over the globe. If you’re planning to start a business in Dubai, then it is important to be clear of any of the myths. That is because if you start believing in different points that prove to be fictional in the end can have an impact on your decision-making process.
Breaking Myths About Establishing a Business in UAE
Myth 1: Setting up a business in the Freezone area is costlier than Mainland area
Fact 1: No. It merely depends on the choices and decisions you make during your business journey. There are certain Free zones in the UAE that require a minimum amount of share capital for setting up a business. However, some free zone areas do not have such requirements. Therefore, it all depends on the location you choose in the end.
Myth 2: Establishing a business in UAE is quick and easy
Fact 2: it might be time-consuming as it depends upon certain factors such as the legal type of business structure. It is easy to perceive that building up a business in UAE is a swift process but always keep in mind the overall time different special approvals can take. As long as you have all the necessary documents and fulfill all the extra work, it should not take too long.
Myth 3: No need to worry about business plan
Fact 3: No, that’s not true. You must have a business plan varying what your goals, whether they are short or long-term, that you want to achieve in UAE. It will help you to secure your business setup by looking out for funds. Moreover, it lets you make informed decisions by navigating the whole market.
Myth 4: Don’t need to pay any taxes
Fact 4: Nope. Remember that even if you don’t have to pay any income taxes there are myriad taxes which you cannot escape. Certain types of businesses may be subject to different taxes such as corporate tax, especially in free zones.
Conclusion
In summary, setting up a business in the UAE is an exciting and rewarding experience. You need to keep in mind about the opportunities but also the challenges that come with it. Hence, break your myths and let facts be revealed to make your business journey secure and more profitable.
