START-UP MISTAKES TO SKIP

Strong policies and easy set-up attract entrepreneurs to the UAE, but many still overlook key structural and licensing decisions. Here's how to avoid the most common pitfalls and build for growth

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The UAE has cemented its place regionally and globally to establish new and exciting businesses because of its tax-friendly policies, centralised location, and business-friendly environment.

It has consistently focused on maintaining the right environment and infrastructure to ensure ease of setup and growth, thus facilitating long-term interest and investment. Entrepreneurs have everything they need to thrive in the UAE and updated policies and procedures make sure they keep up with the times.

These, however, don't prevent hundreds of newcomers and first-timers from making common and often expensive mistakes when setting up their businesses in the UAE. It is critical that budding entrepreneurs commit to extensive research beforehand.

"One common mistake new entrepreneurs make is rushing into company formation without understanding the right structure or long-term implications," says Venkatesh Santhanam, Managing Partner, MCA Management Consultants.

"For instance, in the UAE, choosing between mainland, free zone, or offshore setup affects compliance and growth," he adds.