Starting a successful franchise is not easy. It takes hard work and the right skill set. But with the right knowledge and help from a company formation agent, starting a franchise can be both fast and manageable. If you are wondering how to start a franchise business in UAE, we´ve got you covered.
Do your research
Dubai is a popular destination for investors and the franchise market is huge and diverse. Therefore, the most important step to start with is to do your research. If you didn’t decide yet on your market, this should be your starting point.
Look at the most attractive and profitable industries and choose the one that is most relevant to your expertise and knowledge. Once you have found your industry, choose a brand that you believe in. Make sure to check reviews, testimonials, and information about the financials of the company.
Finally, you must understand the different types of franchise businesses in the UAE. There are two types of setups available – single-and multi-unit. Single-unit franchises mean that you will sell the products and services of the franchisor through a single company. While multi-unit means that you are permitted to open several units which are operated by a single company.
Get the right business license
The right business license depends on different factors and there are several steps to take before you can start a franchise in UAE. The best approach is to work with company formation experts, who can advise on the right location, license, and set up that suit your franchise business.
The first step is to choose your company name. There are a few rules to keep in mind, many of which would not apply anywhere else in the world. Then you must apply for your trade license, to operate a franchise in the UAE. The application process depends on whether it is a free zone or a mainland setup. In both cases, the application process requires a lot of paperwork and dealing with authorities to ensure you get all the approvals in place.
The third step is to apply for your visa, which will require a medical exam. When you get your business license in the UAE, you can sponsor the visa of your spouse, children, or domestic worker. Finally, you will need to open a corporate bank account to do business in the UAE. Before making the application, you must research the different financial institutions to find the best solution for your business needs.
Hopefully, this short setup guide has provided you with more knowledge on how to start a franchise business in UAE. To help you with making the process faster and more manageable, contact Aston Advisory Group. This is your strategy for success.