{"id":5081,"date":"2021-04-29T11:46:19","date_gmt":"2021-04-29T07:46:19","guid":{"rendered":"http:\/\/gccexchange.com\/blog\/?p=5081"},"modified":"2021-04-29T11:51:23","modified_gmt":"2021-04-29T07:51:23","slug":"how-to-save-money-when-starting-a-business-in-dubai","status":"publish","type":"post","link":"https:\/\/gccexchange.com\/blog\/how-to-save-money-when-starting-a-business-in-dubai\/","title":{"rendered":"How to Save Money When Starting a Business in Dubai"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Opening your\nfirst business can be an exciting process, but it can cost you a lot of money.\nYou can <strong>expect various expenses, such as\nsetup and legal fees, office space rent, payroll, and other organization\noutlays to pile up.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"426\" data-attachment-id=\"5083\" data-permalink=\"https:\/\/gccexchange.com\/blog\/how-to-save-money-when-starting-a-business-in-dubai\/how-to-save-money-when-starting-a-business-in-dubai-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/gccexchange.com\/blog\/wp-content\/uploads\/2021\/04\/How-to-Save-Money-When-Starting-a-Business-in-Dubai.jpg?fit=640%2C426&amp;ssl=1\" data-orig-size=\"640,426\" data-comments-opened=\"1\" data-image-title=\"How Do Islamic Digital Micro Finance Solutions Work\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/gccexchange.com\/blog\/wp-content\/uploads\/2021\/04\/How-to-Save-Money-When-Starting-a-Business-in-Dubai.jpg?fit=640%2C426&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/gccexchange.com\/blog\/wp-content\/uploads\/2021\/04\/How-to-Save-Money-When-Starting-a-Business-in-Dubai.jpg?resize=640%2C426&#038;ssl=1\" alt=\"\" class=\"wp-image-5083\" srcset=\"https:\/\/i0.wp.com\/gccexchange.com\/blog\/wp-content\/uploads\/2021\/04\/How-to-Save-Money-When-Starting-a-Business-in-Dubai.jpg?w=640&amp;ssl=1 640w, https:\/\/i0.wp.com\/gccexchange.com\/blog\/wp-content\/uploads\/2021\/04\/How-to-Save-Money-When-Starting-a-Business-in-Dubai.jpg?resize=300%2C200&amp;ssl=1 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">However, if\nyou are serious about pursuing your plans of starting your business in Dubai,\nthere are several ways to manage all these expenses effectively and avoid\nincurring debt throughout the entire process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All these money-saving\ntechniques are easy to follow and will surely help you achieve your dream of\nopening your first business in Dubai without the need to spend more money than\nyou have to.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Money-Saving Tips for Starting a Business in\nDubai<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you are\nplanning to start a business in Dubai, here are some ways to reduce expenses\nand save money in the process:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1.\u00a0Select the right location for your business.<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Office\nspace rental is one of the biggest expenses your business can incur.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Location\nis one of the most significant factors that dictate office space lease. If you\nchoose to set up your business in a popular commercial area, be prepared to\nspend more on the initial and monthly rent and other related fees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fortunately,\nyour options for business addresses in Dubai are not limited only to areas\nwithin or near the heart of the city. The <strong>emirate\nhas different free zones that offer several benefits to entrepreneurs and\ncompanies.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When you opt for <a href=\"https:\/\/www.mbgcorp.com\/ae\/business-setup\/company-formation\/uae-free-zones\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">business setup in a Dubai Free Zone<\/a>, you can experience benefits that you won\u2019t have access to when you run it elsewhere. You will <strong>work in a tax-free environment and enjoy profit repatriation, world-class infrastructures, and secure banking systems.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Free\nzones also offer faster and easier business setup.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All\nthese features can help you save money and avoid plenty of unnecessary expenses\nwhen setting up a business in Dubai.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dubai\u2019s\nfree zones include Jebel Ali Free Zone (JAFZA), Dubai Multi-Commodity Centre\n(DMMC), and Dubai Airport Free Zone Authority (DAFZA).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Cut your business setup costs.<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As\nmentioned, starting a business means incurring different expenses. Although\nthere is no getting around them, there are ways for you to reduce them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Start by\n<strong>creating a list of things you need for\nsetting up and running your business<\/strong>. These include rent, equipment,\nfurniture, utilities, supplies, marketing efforts, and staffing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Calculate\nthe expected costs for all these elements and look for ways to reduce them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Setting\nup your business in a free zone is an excellent start in cutting your expenses\nfor rent, taxes, and other related setup costs. Below are some tips for doing\nso:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Purchase used equipment and office furniture<\/strong>. Another option is to rent or lease machinery rather than paying for ones that you may need regularly outright.<\/li><li><strong>Hire virtual workers.<\/strong> Aside from saving money, you will get to work with a more diverse team and allow them to enjoy the benefits of telecommuting.<\/li><li><strong>Negotiate with your vendors<\/strong>. Ask them to give you payment terms that will help you with your cash flow. You can revisit these conditions in the future when you are running a more stable, profitable business.<\/li><li><strong>Use free or affordable marketing strategies<\/strong>. There is no fee to open social media accounts or pages and<a href=\"https:\/\/welcometoyellow.com\/what-makes-great-social-media-strategy\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"> use them to promote and market your business<\/a>. Handing out flyers and hanging posters you printed in allowed areas are free as well.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. Look for discounts and deals diligently.<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Aside\nfrom negotiating with your vendors, save more money by <strong>asking them for discounts if you will buy products in bulk<\/strong>. Most\nsuppliers are willing to sell their products at lower prices to customers\ninterested in purchasing them wholesale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If your\nsupplier is unwilling to offer discounts, don\u2019t hesitate to look for another\none that does. Avoid limiting your search to local vendors only; you may be\nable to find one based overseas that will allow you to save money on your\nsupplies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally,\n<strong>look for discounts when signing up for\ninsurance and utilities<\/strong>. Several companies offer various discounts or\naffordable bundles for individuals and businesses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Opt for open-source software.<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Aside\nfrom online marketing channels, there are other platforms and solutions that\nyou can use to manage your business for free.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Open-source\nsoftware is free or less expensive than similar commercial ones. They can <strong>be used with minimal or no fees since they\nare non-proprietary<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some of\nthe open-source solutions you can consider using for your business are for <strong>point of sale (POS), accounting and\nbookkeeping, and inventory management.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since\nopen-source software is free or affordable, there may be limited or no official\nsupport when you need assistance using them. However, you can still get help\nfrom other users when you join the right community forum.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5.\u00a0Barter<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Asking\nfor discounts and deals is not the only way to save money when dealing with\nsuppliers and service providers. You can also barter with them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Offer your vendors and service providers\nsomething in exchange for the things you need<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For\ninstance, if you want to start an event planning company, ask website design\ncompanies if they can create your site. In return, you can organize their next\ncorporate gathering or any event they may host in the future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can\nalso do the same for digital marketing companies and any other businesses you\nwant to work with.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although\nmany entrepreneurs do not use this strategy, you will do well to avoid\nunderestimating this business survival tactic. This simple technique will <strong>open many opportunities that will allow you\nto save money.&nbsp; <\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Outsource<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Lastly,\nin addition to hiring virtual employees, consider outsourcing some of your\nbusiness needs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can\noutsource your marketing, bookkeeping, and accounting needs. You can even get\nhelp with setting up your business in Dubai if you need assistance with the\nwhole process.&nbsp; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Outsourcing\nis a cost-effective business move for entrepreneurs opening their first\nbusiness. With this option, you will <strong>entrust\nimportant tasks to highly skilled workers who do all of these daily.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a\nresult, you won\u2019t have to worry about hiring people you are not sure are\nqualified to do their job. Moreover, you can skip the training process, which\ncan also cost you time and money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And\nwhatever job you decide to outsource, as long as you choose the right company\nor person, you can ensure your project will be completed within the given\ntimeframe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Outsourcing\ncan <strong>lower your labor cost and eliminate\nyour overhead significantly<\/strong>. As such, you will do well to consider this\noption.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With these tips and techniques, you will be able to save money in the first stages of opening your <a href=\"https:\/\/gccexchange.com\/blog\/category\/business\/\">business<\/a> and improve your potential for success.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>AUTHOR BIO<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Naresh Manchanda<\/strong> is a Partner at MBG Corporate Services, an\ninternational organization supporting clients across Asia, Europe and the\nMiddle East and providing sustainable solutions and strategies that drive\nbusiness transformation. Established in 2002 and headquartered in Singapore,\nMBG is a 450-strong member team that operates out of Europe, the Middle East\nand Asia, providing Legal, Risk, M&amp;A, Tax, Strategy, Technology and Audit\nServices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Opening your first business can be an exciting process, but it can cost you a lot of money. You can<\/p>\n","protected":false},"author":1,"featured_media":5084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[660,661],"tags":[2421,2420],"class_list":["post-5081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-entrepreneurship","tag-business-setup-dubai-freezone","tag-dubai-freezone"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.5 - aioseo.com -->\n\t<meta name=\"description\" content=\"Opening your first business can be an exciting process, but it can cost you a lot of money. 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