Dubai is on the threshold of yet another economic leap. This bustling emirate is evolving, adapting and adjusting to newer systems of production, distribution, and consumption of goods and services which has invariably created a fertile ground for several new business opportunities.
Yes, Dubai has come a long way from an oil-based economy to a multi-source one. Gone are the days when this GCC state relied on oil exports and tourism. Today, Dubai has stepped into every business domain and continues to do so. So, if you are planning a business setup in Dubai, or aspire to open up your dream venture, now is the time.
However, before you get excited and book the next ticket to the Mecca of opulence check out the following three W’s.
1. Why start a business in Dubai?
Actually, this doesn’t require rocket science. Dubai offers a plethora of reasons to set up a shop, open a branch office or simply create an offshore enterprise. Mentioned below are some of the compelling ones.
• Readymade Market – Dubai offers locals and business community from across the globe a huge market place (both retail and wholesale) for a myriad of products and services. With the ever-growing, diverse, multicultural population, it is one metric that guarantees steady growth and rock solid profit.
• Envious Infrastructure – This simply means the hassle-free movement of goods and people. It leads to increased productivity and enhanced efficiency. In short, Dubai provides unrivaled and unparalleled working and a residential ambiance.
• Strategic Geo-location – Being in the center of action it offers access to several rising markets of the world such as Africa, Western Europe, and the CIS. It is a gateway between the East and West and therefore allows access to almost two billion consumers from these regions.
• Pro-business Government – Yes, authorities here welcome foreign investment. The laws are transparent while the government machinery extremely efficient and corruption free. In sync with the times, Dubai has also cut down the number of procedures required to open a new business. Business Link UAE provides end to end solution for company formation in Dubai.
2. What? Legal framework
Although Dubai offers a perfect set of virtues based on which businesses can thrive and succeed, it is by no means completely free from stumble blocks. A new entrant, therefore, needs to explore these obstacles and gauge its immediate impact. So, what is the answer? Well, create a project report. Yes, you need to research the laws governing the GCC countries, especially Dubai, study the market at the grass root level, meet people, and even talk to law firms such as Business Link UAE who offer a rainbow of services including PRO services in Dubai.
Preparation is the key to success –
Dubai offers two distinct landscapes for starting a business: onshore, which is typically within the mainland or offshore, in one of the free zones. Either way, businesses, and their employees are rewarded with fewer tax earnings and state of the art infrastructure. The number of procedures to start a business in mainland or free zone is around 6 while the processing time can vary significantly; between 2 to 4 weeks. (Also well-experienced business setup consultant in Dubai at Business Link, can help you establish your dream project in quick time.)
(New business entities need to understand that while setting up a business in Dubai mainland requires a local sponsor for company startup with a majority stake, a subsidiary agreement can safeguard their investment and decision making power. )
Some of the enticing free zones in Dubai include – JAFZ, UAQ, DSO, DMCC and Dubai Internet City. No wonder then it is home to nearly 20K international business enterprises and boasts operating shelter (Office) to more than 100 fortune 500 companies.
3. Which business to start in Dubai?
Mentioned below are five serious business opportunities in Dubai 2018.
• Construction / Real Estate – At the top of the list is the real estate business which also includes properties management, real estate development and brokerage. Depending on the area of specialization all three sub-sectors appear lucrative at this stage. DAFZA and JAFZA are the two major options for business setup in Dubai free zone.
One of the continuous triggers for this boom is EXPO 2020. An estimated 25 million visitors are expected to attend and most of them will be foreign nationals arriving from across the globe. Dubai’s expansion plans in infrastructure, healthcare and green projects are also providing that continued traction for growth. The construction industry is expected to grow in excess of 6% compounded annually over the next few years.
• Retail Business – The retail industry is another business arena which has been growing at a scorching pace year on year due to rising population, robust economy and the continued influx of foreign visitors, both leisure and business category. Therefore setting up a storefront, sales office or warehousing facility can be quite lucrative. Retailing in the UAE is expected to reach Dh200 billion by 2017, growing at 5% on an average each year. Dubai is brimming with legal firms that guide aspiring businesses towards company formation in Dubai mainland.
• Hospitality and Tourism – Dubai is one of the top tourism destinations for world citizens. It has managed to grow year on year enticing people from across the globe, offering a myriad of exciting elements such as beaches, luxury and boutique hotels, shopping malls, residential ranches and cultural attractions such as Global Village and Old Dubai. It is the only country in the world that attracts more tourists than its population.
• Human Resource / Recruitment Firms – With VAT set to make its debut soon, companies flocking to open up offices and new business entities looking for lucrative business options, Dubai is reeling under shortage of manpower. This also includes professionals such as doctors, consultants, and artisans. This is one sector which can only go one way – northwards. So if you are planning to set up a business in Dubai and if you have relevant experience or the will to experiment then HR and recruitment services business is the answer. This also includes a business activity like visa services in Dubai.
• Logistics and Transport – The IMF has projected a 1.3% growth in the UAE’s real GDP in 2017, which it expects to surge to 3.4 percent in 2018. If the figures are to be believed and there is no reason not to, then it would have a direct impact on these twin sectors. It is a logical presumption that as the economy booms the need for logistics and transport service will also increase. This includes warehousing, transportation of goods and people and packaging and inventory.
So these are some of the best business opportunities to take into account while thinking for starting own business in Dubai. For the rest, we are here at Business Link UAE to assist you through the whole procedures and legal requirements for a startup a company in UAE, especially in Dubai. We have a team of business consultant experts and are dealing in this business for more than 18 years.