What lessons can be learned from the author's experience of forming a company in Dubai?
Here are some lessons that can be learned from the author's experience of forming a company in Dubai:
-
Thoroughly research and vet consultants before hiring them. The author initially hired an Indian agent who made several mistakes, including misspelling the company name and selecting an incorrect business activity. This led to significant delays and additional expenses. The author advises examining a consultant's professional profile and experience carefully and not working with a "salaried assistant administrative employee."
-
Prioritise quality and experience over low quotations. The author was initially drawn to the Indian agent's low quote but ended up paying significantly more due to the agent's mistakes. The author recommends focusing on finding a consultant who can provide quality service and expertise, even if their fees are higher.
-
Clear communication and planning are crucial. The miscommunication between the author and the Indian agent regarding the company name and activity caused significant setbacks. Ensure that all details are clearly communicated and agreed upon with the consultant to avoid such issues.
-
Be prepared for unexpected delays and challenges. The author's initial three-day plan turned into a half-month ordeal. Forming a company in a foreign country can be complex, and it's important to be prepared for unforeseen circumstances that may cause delays.
-
Seek recommendations and referrals. The author eventually found a competent consultant, Mr. BOSS, through a friend's referral. Leverage your network to find reliable and trustworthy professionals who can assist with the company formation process.
-
Don't give up. Despite the initial setbacks and frustrations, the author persisted and eventually achieved their goal of forming a company in Dubai. Starting a business can be challenging, but it's important to stay focused and persevere.
The author's experience highlights the importance of careful planning, due diligence, and the value of working with experienced and reliable professionals when forming a company in Dubai. By learning from the author's mistakes and following their advice, entrepreneurs can increase their chances of success in this dynamic and competitive market.