The decision to expand your business from Bahrain to Dubai might be one of the best decisions that you can make as a business owner. However, thinking about it and doing it are two very different things. Expanding your Bahrain-based business to Dubai would mean entering a thriving market. Yet, keep in mind that it would be a competitive one as well. Therefore, before you decide to take any serious steps towards this move, you need to dive into concrete planning and research. Luckily for you were are here and ready to share all the basics that you need to know. Your business success in Dubai can be right around the corner if you manage to transition from one country to another in the right manner.
Expanding your Bahrain-based business to Dubai will only be successful if you research the market
We all know that the economy in Dubai is thriving on multiple fronts. Yet, this doesn’t necessarily mean that Dubai is the right place for your business. To make sure, you must research the market place and see what your future competition might be up to. E-business news can keep you moving forward! What are the prices like? How much can you charge for your product or services? These and many more questions must come up during market research. Otherwise, you might end up making the wrong choice for your business. If you decide that Dubai is indeed the right fit for you, make sure your pricing is on point. Too low or too high pricing can damage your business significantly. Before kicking off a business, market familiarization is a must.
Make a business plan for your potential Dubai division
Next to market research, having a business plan in place is also a key component of your potential expansion to Dubai. A business plan is not just a document that contains your business goals. Of course, your business goals should be on it but so should many other details. Your day-to-day operations must be explained in this document. Also, your marketing tactics and development strategies cannot be left out. This document will be your right hand when attracting future investors. If you don’t know how to handle this document on your own, it would be a great idea to hire professionals to assist you. After all, you will need professionals to handle customs procedures and many other details if you decide to expand.
Get to know the culture of Dubai
Expanding your Bahrain-based business to Dubai should be much less difficult than if you were to expand from other countries. Both Bahrain and Dubai are very conservative countries that worship the same religion. This is a great start. Still, you shouldn’t take chances. Make it your business to know everything there is about the culture. This doesn’t only apply to you but also to all of your employees. This is especially the case if you are moving with your family and amid coronavirus outbreak! By doing so, you will show your customers that you care about them and their business. The same can be said for business partners and investors. There are many things that you should know about life in the Middle East and culture is something that is not avoidable. It is linked to everything that you are expected to do.
We already mentioned that Dubai has a very strong and rapidly growing economy. Even though local businesses thrive, there is clear space for foreign investors and firms to come in and get a piece of the pie as well. That is why expanding your Bahrain-based business to this popular emirate is a great idea. Not to mention there are tax-free zones where foreign businesses are free from paying income taxes. Yet, this would imply that there are other zoning limitations to where the business can be conducted. So, before you start jumping for joy because you are finally free from income tax, do more extensive research on this matter.
Dubai gives all a chance to experience a high-quality life
At first glance, you might stop for a second and think how is the quality of life connected to your business. But in reality, the quality of life is directly linked to the economy and the market. The stronger the economy, the more money people have to spend and keep companies going. Not to mention, it will be easier for you to get your foreign employees to accept your relocation packages. Dubai can offer your employees a healthy lifestyle, stable employment and a chance to work and advance their careers in a highly competitive market.
Hire professional help during your transition
Expanding your Bahrain-based business to Dubai will naturally imply that there will be many tasks that need taking care of. After all, it takes a lot to get a business up and running. You must make sure you have a license to operate, a setup business bank account, all needed legal documents, an office space that will accommodate all of your business needs, etc. It is very likely that you cannot handle all of these details on your own. Some because you just don’t have the time, while for others you don’t have the expertise. That is why it would be smart to invest in some professional assistance.
Professionals are not an expense, but a wise investment in your business
For legal advice hire a local legal representation from Dubai. They will know best the local laws and regulation and you will be covered from a legal perspective. For moving assistance from Bahrain, visit fourwinds-bahrain.com. To open an international bank account, ask for advice from your international bank and their international specialist. By now you get the picture. Don’t chance it. Be sure that you are covered on all fronts.