The pandemic has left the world economies in shambles and the unemployment rate is touching a new high in many countries. Establishing a new company or launching a new business might be counter-productive, according to most people. However, other feel that it is a good time for business setup in Dubai due to the concessions and tax leeway granted by the government agencies.
Setting up businesses take time and if you set up a business and incubate it for a few months, the economy is bound to recover. This will allow businesses get the necessary time to grow as the economy thrives in the post pandemic scenario. While there is “never a convenient time to become an entrepreneur”, experts believe that if you are able to make niche for your small entrepreneurship and get the right leverage, your success will grow as the economy recovers.
If you are thinking about doing it, here are 7 reasons for doing the unthinkable and launching a new business in MENA.
- Business opportunities tend to bloom during a recession – when a product or service can find a fit in the global market, new businesses tend to gain momentum over the ensuing months. By arming yourself with the right knowledge, you can fill the needs of many as well as the gaps left by other businesses, by taking the next step for company formation in Bahrain.
- Find a U.S.P. (unique selling proposition) – when the status quo is being challenged as it is today, you have to address it head on. The key to company formation in Qatar in these uncertain times is to identify a need and create a solution that will satisfy it. Remember, if you’re not solving something in this business climate, you won’t be successful.
- Launching during a crisis may be more cost-effective – numerous free zones and entrepreneurial hubs are offering new business start-up incentives that you might be able to take advantage of. Most UAE free zone authorities are offering application fee waivers as well as discounted business licenses and lease of rental agreements.
- MENA is becoming increasingly more digital – businesses are collaborating via Hangouts, Teams, and Zoom. So, the in-office meeting is quickly becoming extinct. This could provide an opportunity for ambitious and savvy entrepreneurs. Keep in mind the fact that there are now more consumers buying items online than ever before.
- Striking out on your own during a crisis grabs the attention of investors – the true entrepreneur will see a crisis as an opportunity to establish a niche for themselves. This tells potential investors that you are resilient and not afraid of risk. If your business can thrive during difficult times, you’ll experience explosive growth when times are better.
- Unavailable top talent may now be available – during times of crisis, companies are often forced to let go of their best talent which means these individuals are looking for a new place to use their talents. The bottom line is that there are lots of specialists who need to find work and you could fill that need with a little effort.
- When the going gets tough, shift into creativity mode – due to the pandemic and its impact on businesses globally, this has created a robust state of creativity. This has caused a shift from survival mode to the start of an entrepreneurial revolution of sorts.