The United Arab Emirates remains one of the foremost foreign business friendly countries in the Middle East. UAE is possibly the best country to set up an overseas branch for your company in order to tap into the lucrative Middle Eastern market. If you are a foreign business, it may be befuddling at first how you should go about moving to or setting up an overseas branch in the UAE. Here are several tips that would certainly help:
Learn about Doing Business in the UAE
First and foremost, you should learn about how to do business in the UAE. Start by Googling for general information, legal requirements, taxes and other information about doing business in the UAE. Don’t stop with Google; seek advice from friends or colleagues who have businesses there. Also, don’t forget to seek expert advice to make sure your business can survive there.
Set Up Headquarters at a Free Zone
UAE has these special economic areas to that provide attractive incentives for foreign businesses such as reduced taxes and rent free offices. Consider for example, Jebel Ali free zone companies, which take advantage of tax exemptions, sponsorship requirements, low renewal fees and so on. Consider moving your business to such an area, instead of a big city, to benefit from many such advantages.
Hire Translators and Lawyers Locally
Your business will absolutely need Arabic translators and lawyers who are experts in Sharia law as well as international business law if you want to survive as a business in the UAE. It’s better to hire such translators and lawyers locally, rather than moving personnel from your home country. You will save up on costs, and also benefit from the amount of locally-sensitive knowledge of these employees.
Seek Government Agencies that Provide Support to Foreign Companies
Don’t overlook liaising with local government agencies so your business can thrive in the UAE. If you become one of the Jebel Ali free zone companies for example, you can easily get low cost advice from local experts. Be proactive and seek out to local government agencies, instead of waiting for them to reach out to you. Considering the sheer number of companies present in the UAE, local agencies might never call you.
Educate Yourself about the Local Culture of Doing Business
Don’t expect business to be conducted the same way in the UAE as in your country. Local norms and mores will certainly be different from your own culture. Therefore, don’t move to UAE without researching the unique local culture of doing business first.
Hopefully, the above suggestions will make your company’s move to the UAE a lot smoother and efficient.