Work Wisdom: I want to start my own business in the UAE. What do I need to know?

Are you having a coronavirus career crisis? In this compelling new series, Grazia quizzes the region's experts in recruitment, business, personal branding, law, finance and more to help you navigate your next move in your professional life
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Work Wisdom: I want to start my own business in the UAE. What do I need to know?

"As crazy as it sounds, there is no better time for a career crisis," acknowledges Marianna Bulbuc, Founder and CEO Bizzmosis Business Services. "Now the world is open to ideas that in the past were incomprehensible, now people miss the personal touch of a startup and family business more than ever, now big machines corporations struggle in adding business agility to 'old ways'. In the UAE licensing and freelancing registration costs have reduced in excess of 40 per cent and government has opened new platform to connect buyers and sellers with worldwide access. Those who never thought going online now have to!" Marianna adds, "Starting a business in UAE during the current worldwide situation is a bold move, but 100 per cent the best one!"

Business Mentor, and Personal Brand and Style Expert Kelly Lundberg agrees. "We think we have to wait for the right time; there isn’t one. If we can learn anything from 2020, it's that we need to start now to make positive changes and if that means you want to own your own business, strike now."

Before starting your business, according to Marianna, there are three important factors to consider:

1. "It is important to know that any business, irrespective of size or amount of revenue, has to be legally licensed. From home handicrafts to coaching some neighbours, of activity is bringing revenue and you are offering either goods or services, face-to- face or online, a business or freelance license needs to be registered and dues paid to the authorities," Marianna explains.

2. "You need to do your research and not settle just at the cheapest option offered by a consultant or another. It is very important to speak to those who can explain the difference between jurisdictions, why a free zone or a main land license is better, how that license suits your business plans at the startup and most importantly can that license serve your business to grow legally?"

3. "Last but not least, have in writing a clear breakout of registration first year fees, business operation fees (such as PO Box, audit reports, establishment card, immigration E-channel etc) understand your subsequent years renewal fees as well as if needed, licence and other statutory documents amendment fees and lastly company liquidation fees. Many are convinced with a super cheap set-up and business registration to be later slapped by double or triple costs of running and renewing your license."

For advice on licensing packages in all jurisdictions across all the emirates, contact Bizzmosis on +971 4 381 3934 or +971 52 979 8169 or email hello@bizzmosis.com

Photo: Getty Images