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Co-working space business in UAE

The world has become digital and you will rarely find any business not marketed digitally.

 

Many entrepreneurs and freelancers are behind these start-ups and small businesses. They can’t acquire traditional offices due to their high costs.

 

However, they still need a workspace to work with focus and without any distractions. A co-working space is the best solution for them to work on flexible and tight hours.

 

What is the purpose of co-work space?

 

Co-work space is to gather freelancers, entrepreneurs, and business owners to share the same roof to boost productivity and have networking opportunities with like-minded people.

 

The co-working space business is thriving in Europe and is inoculating in Asia. The hybrid work system is spreading like a fire so we must create new workspace models to promote business activities.

 

 

UAE is the business hub and a gold mine to experiment with new and innovative business ideas due to the vast opportunities available.

 

 

How to start a co-working space business in the UAE?

 

Creating a business in the UAE can be exciting or your worst nightmare if you don’t do your homework and blindly jump into it.

 

To start a co-working space business, you must figure out certain things or get help from professionals to help you make a business plan.

 

Execute it by following these steps.

 

1. A business plan

 

A business plan is to regulate your thoughts and make crucial business decisions.

 

This business requires a lot of money to get started. You must have enough money or you should plan to get a loan or capital investment.

 

  You must be clear if you will create customized offices or not for customer demands keeping in mind that it will result in more financial provision.

 

You must have enough money to cover:

 

  • the rent of the space according to its location
  • Utility bills and internet excess
  • Pays of the laborers who will work to make the building a workspace
  • Furniture and other equipment

 

 

You must have an online presence before launching your business model to target your audience.

 

You can observe how other co-working spaces businesses are running to take inspiration from them.

 

 

2. Business infrastructure

 

Making a business model is the next step. You need to know how spacious your workspace will be and how many options you will give to your clients like hot desks, dedicated desks, private offices, and meeting or conference rooms.

 

 

You can add gyms, swimming pools, or kitchens to enhance customer experience and help them relax after tiring work on their gadgets.

 

3. Legal work

 

After making all the business plans, you need to cover legal documentation in the UAE by;

 

  • Getting a business visa
  • Trade license from DED (Department of Economic Development)
  • Registering your company name and business activity
  • Getting your emirate ID and bank account

 

UAE has revised its laws regarding ownership of the company. Now the businesses operating under the LLC business type can own 100% ownership as businesses operating in free zone areas.

 

LLCs can operate anywhere in the country and enjoy the latest technological developments.

 

To get assistance in legal work, reach out to our experts on our website.