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Road To Entrepreneurship

Posted by adminbhhs on February 21, 2021
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Road To Entrepreneurship

GETTING STARTED

Are you getting ready to take the plunge into Entrepreneurship and start your own business? Your Entrepreneurial journey begins with the type of license and location best suited for your business or concept. Business Set Up companies or BSUs can be of great value since they take care of the licensing and free your time to search for your office space.

DED (Dubai Economic Department) is the most popular choice with a wider scope of locations, and once you decide to purchase your office there is a broad canvas to paint on.

A DED license currently requires a Local Sponsor, however you are free to agree the level of involvement with your Sponsor. In some cases the Local Sponsor has no part in your day to day affairs and is simply paid a lump sum for his services. In 2020 Dubai announced the intention to move to 100% business ownership, removing the requirement for a Sponsor. Sectors such as Energy, Hydrocarbons, Real Estate, Transport and Telecommunications are exempt.

In addition to DED there are FREEZONES where you have 100% Ownership of your company. In FREEZONES a buyer or tenant can only move within the FREEZONE. For instance a JLT (DMCC license) holder cannot use the same in DSO (Dubai Silicon Authority). Each FREEZONE has its own license. The pros and cons can be discussed with the BSUs or your attorney who can advise the best option for you.

Conventional Office Spaces

The path most chosen is Conventional Office Space and working with the right Property Adviser is crucial. A Commercial Specialist will guide and advise you with the type of office tailored for your needs. This includes office spaces related to the license you are under.

As the entrepreneur you will be subjected to terms like shell & core, fitted and fully furnished. While the last two are self explanatory, the first can be a long and tedious process especially if you are renting. The fitted option is best described as having ceiling and flooring in place.

If you are opening a new business a fitted or fully furnished office is advisable as shown in the images, as it helps simplify the process. Another consideration is the size of your team of employees.

A Commercial Property Specialist will not only reduce your search time but will also ensure you receive the best deal for your money.

Serviced Offices

Serviced offices or offices known as Business Center offices offer flexibility, mobility, and FREE services such as DEWA, Chiller and Internet. Offices are fully furnished and some are available with parking spaces. Meeting/conference rooms, coffee and pantry area, waiting and reception area are standard features.

There are 2 types of offices offered in Business Centers , one is internal and the other external which has the view offered for the tower. The internal office is lower priced than the External due to the view. The other criteria is work stations in the office since the office space is normally 200-250 square feet.

What sets the Business Center offices apart are the Management, amenities offered and the location. Serviced offices should ideally be close to the Metro and in high end towers to provide a better image for your business and ensure a smooth tenancy with a Business Center which can tick off all the boxes on your check list.

The first impression can very well be the last impression if the Business Center is not up to standard. Commercial Specialists only work with selected centers and shortlist them for the clients.

Right Broker

As you embark on your journey to shop for an office, you will come across several real estate brokerages and even more brokers. It is all about Quality and not Quantity.

Selecting the right company and a broker who is a Specialist in his area is critical. The Specialist will have a strong presence with branding, professional images and a wide range of choices of offices and commercial property. A Commercial Specialist is someone who knows his area, market and is in the best position to guide you in the right direction. They are trained to offer an office according to your requirement. Whether its open plan, partitioned or close to the Metro etc.

A Commercial Specialist values your time and considers your budget to shortlist the properties for you, is well versed in the license requirements and other formalities related to leasing or helping you purchase your office or commercial space.

The difference is the knowledge and experience of a Commercial Specialist compared to a broker who is offering commercial spaces. Its not all about prices, its about the Right Price, Right Tower and ticking off as many boxes as possible on your checklist.

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