The article gives some basic information on Business Life In Dubai. Dubai has been center of attention for a long while for its tax free shopping, for a family vacation or to enjoy golf, sporting events, desert safaris, etc. Burj Dubai, Burj Al Arab, The Palm Islands and many such places and the economic meltdown a year back have kept Dubai firmly in everyone’s minds.
Lenient laws on trading have made Dubai a hub for IT, media, engineering and many more industries. The best resources around the world are consequently attracted to the glamorous offers of the Dubai industry for employment. The high volume of expatriate population speaks for itself about the attraction the city holds.
Lot of thought process has gone into making Dubai what it is today. Tourism and real estate have been the major contributors to improve the economy. Good employment opportunities for real estate agents, construction workers and so on, have a major share in improving the lifestyle of people.
Ample resources, good financial backing and relaxed trading laws all make Dubai a very attractive place to do business. Starting your own business might prove to be a complicated process. It is the law of the land, for a local partner to hold a majority stake in any business venture that one wants to start. This local partner can run the business if it suits his fancy. A good knowledge of the region and a good lawyer may be very useful in making the right decisions and protecting ones interest in the business.
If starting a new business seems to be a risky venture, then providing one has the required capital, buying an already established business may be a wise decision. All the complications of sponsorship and registration can be forgone and transfer of ownership has to be considered. There are instances of course where people have built new businesses from scratch and become very successful. Buying an upcoming business is the easy way out.
Manufacturing or an exporting industry has the best chance of success, as these industries are the one which have government support behind them. For instance, government gives special subsidies on acquiring the land to set up factories. There are certain places known as free trading zones where setting up a factory may garner one exemption from import and export taxes. Many more taxes are waived too.
Normally Arabs have a strong sense of fulfilling their obligations but it pays to be prepared for an eventuality where one ends up doing business with the wrong sort of a person. Hence, one must be sure that the contract drawn is foolproof. Arabs have a good sense of business, making them great people to have lasting business relationships.
Arabs undergo great deal of trouble to recruit foreign staff, let them be western or south-east Asian expatriates. Stands to reason they are always helpful and friendly towards them. Although western expatriates enjoy better remunerations than south-east Asian expatriates, this situation is changing especially in the field of technology. This ideology may bring prosperity to the natives and the expatriates.