17 August, 2020
4 Ways to Ease Business Setup for The Lazy Entrepreneur
Transforming real-world thoughts and brainwaves into lucrative business ideas is pretty much what entrepreneurship is about. The scale and scope of the ideas may vary, but largely the ethos is summed up by that one single path that each and every entrepreneur would have walked.
As different as the ideas or businesses may be, it is also no doubt that every entrepreneur is different – each one has his own ideals, lifestyle and attitude to successfully navigate the survival of a new business setup. And it should come as no surprise that there are sharp-brained astute businessmen who have a slightly relaxed or lazy approach to company formation in Dubai.
So, how would the business setup process be any different for a lazy entrepreneur?
#1 – Choose a Convenient Jurisdiction for New Company Establishment
Whether you choose a mainland jurisdiction or a freezone jurisdiction makes a difference to the process of company formation in Dubai. In Dubai alone, there are over 35 free zones available and a clear comparison has been made on the benefits of each jurisdiction in our earlier blog here. However, the new company established in each jurisdiction has some slight differences, and the key points are as below:-
- If you complete a company registration under trading or real estate, then mainland business license would give you strong leverage for business growth;
- If your business is agnostic to the location, and getting a trade license was done keeping a professional activity at its core, then a new company established in a free zone would be the logically advantageous path;
- If you trade in products, but the sourcing is done by importing it from your factory abroad, and you choose to appoint a distributor to trade your products in mainland jurisdiction, then a freezone company formation in Dubai will prove advantageous;
- If you are bidding for Government tenders or projects, a mainland business license lends strong credibility
#2 – Engage the Services of Business Consultants
Getting your trade license by yourself can prove to be quite a hassle. With the right documents, and by paying fees at each stage in the transaction, or by waiting in line, one can probably find the whole process quite cumbersome. And for a lazy entrepreneur, there is a solution, which is to engage the right business advisory in Dubai.
To put it simply, a business consultant like The Corporate Group is the one who will provide you with the following benefits:-
- Provide you with clear advice on the right jurisdiction for new company establishment;
- Guide you on the business activities and company legal structure for your company formation in Dubai;
- Manage your application with the right jurisdiction;
- Minimize your personal visits to the license issuing authorities; and
- Be transparent in financial transactions and provide you with the final product
In many cases, the appointment of business consultants has proved to be very helpful in the survival of new business setup, as the initial hassles were overcome and in the long run, the right advice led to the right business decisions having been taken early on.
#3 – Appoint a Suitable Local Business Partner
One of the greatest advantages that a lazy entrepreneur can get, is the local market knowledge, access to a wide network, and strategic advice at arm’s reach. All of these are provided by a local business partner or a corporate business partner.
In obtaining a trade license, one is sure to encounter the need of a local business partner (for local sponsorship) as per the mandated requirement of the license issuing authorities. For certain activities, the local business partner is not required, while a local service agent is instead needed.
The benefits of a local business partner far outweigh the operational and regulatory necessity. In our earlier blog column, we covered the strategic advantages of a local business partner
Some advantages that a corporate business partner (or corporate business sponsor) provides are:-
- Business development
- Access to wider contacts through their network
- Potential to bid for tenders
- Authentic source for Government news
- MICE events
- Local market experience and expertise
Therefore, for a lazy entrepreneur, it makes strong business sense to utilize the contacts, network and local expertise of your business partner.
#4 – Be Smart with Shared Office Space
Some entrepreneurs find it extremely daunting to select the right shared office space in Dubai. Whether a private office space or a shared office space, it is a mandated regulatory necessity to obtain an office space associated with your trade license.
In our earlier blog column, we had deliberated on the comparative advantages and disadvantages of private office space and shared office space in Dubai, as if it were a clash between tradition and modernism – do read the column here
Quite simply, a lazy entrepreneur gets the best option for the parameters that are of importance during the new company establishment
- Business scalability;
- Financial outflow;
- Confidentiality/privacy; and
- Other perks
To sum up, any lazy entrepreneur can avail the services of professional business consultants to ensure that they place their focus on key business aspects, while the paperwork and Government document clearance is managed by the experts.
- What is the easy way for a lazy entrepreneur to ensure the survival of a new business setup?
The simplest way is to engage the services of professional business consultants, who will manage the government liaison, while the entrepreneur can focus on business aspects.
- Why is a local business partner required?
It is a Government-mandated necessity that all established businesses be associated with a local business partner or a local service agent. Certain jurisdictions like free zones do not have this requirement.
- What is a shared office space and how does it help a lazy entrepreneur?
Shared office space is one where multiple businesses utilize a common space and use work stations for their respective work.