Business SetupsTips & Guides

5 reasons now is the best time to launch a startup venture

If you’re thinking of launching a business – congratulations! Dubai is currently a playground for entrepreneurs, with a wealth of resources to help get your venture up and running. Got cold feet about setting up your own business? Here’s a bunch of reasons why now is the best time to launch your own company and why the UAE is one of the best places in the world to do it.

1

Technological resources are all around you

While we’re on the topic of tech resources, skip the hassle of hiring a secretary and opt for myOffice’s virtual assistance instead. Clients can take advantage of the company’s telephone answering services (your calls are answered in your company’s name and can be directed to you), 24/7 voicemail and message storage service, and call waiting + call hunt facilities. Deal with remote colleagues and clients using myOffice’s conference call and advanced IP telephone system. All this, and you barely have to budge from your seat. You can remotely set up and access these features.

2

You can get creative with funding options

Faulty licensing procedures and lack of funding are the main reasons most startups fall before they even have the chance to fly. Something as simple as a PRO misplacing a vital document could lead to a serious dose of chaos and confusion. myOffice strives towards walking its clients from start to finish with one-on-one guidance and a clearly mapped out journey. It guarantees that all the required boxes are signed and all the criteria have been met. If you’re on a tight deadline, myOffice can get your business up and running in as little as a week!

3

You don’t have to rely on a local sponsor to set up

Under the UAE Company Law, a minimum of 51% ownership must be held by a UAE National (Local Partner), and 49% ownership will be that of the foreign shareholder when the company is a commercial company. But to protect the interests of the foreign minority shareholder, a “Side Agreement” that is legally bound by law and permissible by the court can be signed by the sponsor to hand over full control of the ownership, management, finance and administration of the company. myOffice can offer the local partner service as a ‘corporate sponsorship’ rather than an individual UAE national. This way, the shareholding of the 51% falls under myOffice, rather than a local individual.

4

You can take advantage of Dubai’s tax-free scenario

Most folks that relocate to Dubai claim that they came here for unlimited sun, sand, and tax-free income. It may sound too good to be true, but that’s just how the UAE rolls! While the 5% VAT tax (coming in 2018) sent ripples across the local waters – income tax hasn’t hit the country yet. This is also a major reason entrepreneurs choose the UAE for business set up projects.

5

You don’t have to invest a fortune in office space

If you’ve spent a major chunk of your savings on setting up your business and recruiting a team of reliable employees, and don’t have enough left to rent out an office – this is where myOffice steps into the picture. Renowned in the UAE for providing luxurious office spaces in chic parts of town, myOffice offers everything from cutting-edge facilities to concierge services. It understands that finances aren’t always stable with startup entrepreneurs, which is where it’s flexible payment plans come to the rescue. If you’re at the starting line, myOffice can even help set up your business!

Get in touch with the myOffice center nearest to you. It’s located in Dubai Marina, Business Bay, and Downtown Dubai. For more information, check out myOffice’s website.

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