Common mistakes that foreign companies make include:
- Underestimating time: establishing a business in the UAE takes more time than in most Western countries
- Patience is key, from the time of corporate formation to the expense burn period before turning profits
- Miscalculating the expense needed to launch properly
- Plan a longer launch period
- Hiring “experts” based in the US
- It is recommended to hire UAE business development consulting firms.
- In the UAE, regulations are undergoing significant changes to further strengthen the country’s competitive edge. Local support can be invaluable in navigating this environment
- Assuming that free zones are by default the best option
- Depending on a company’s sector and priorities, establishing an onshore company might be a better option
- Launching with too big an overhead, instead of in phases
- Mispricing products/services