How do you start and expand your business in Dubai?
Today when the economy is growing throughout the globe, business start-up & expansion in other countries is very much required. You have to be very vigilant while choosing the correct domain and right location for a business startup or expansion. One needs to see all the opportunities and challenges before a business is setup and expanded.
Dubai is one of the most preferable cities for business start up and expansion. In the World Bank ranking, UAE has #1 rank with the highest new business registrations and expansions.
Why Dubai is ideal location for business?
Dubai gives many opportunities to flourish as a successful business owner. First of all, its strategic location gives it an edge to attract international businesses to trade. UAE provides better exchange rates as compared with the UK and USA. Lifestyle is beyond expectations here due to mixed culture and great infrastructure. You will see shiny glass towers, expensive cars and ravishing marketplaces that are too light on your pocket. It is a safe city for emerging and established business entities. Business laws and tax policies give flexibility and security to business owners to grow and earn in a safe environment.
Steps to setup a business in Dubai:
Here are the 7 steps you’ll need to take to set up your business in Dubai, UAE.
- Analysis to select the Domain of Business: Research & analysis is a must before choosing a domain. You should have a deep insight into the business start up.
- Select Jurisdiction: Choose Jurisdiction as per the requirements of the Business. Your business registration will totally depend upon the domain of your business. You can choose from the Free zone, Mainland & Offshore license for business registration. If you want 100% ownership in your company then go for a free zone license, if you want register your company with some local emirate then go for a mainland license and if you want to trade internationally and not only with UAE then choose an offshore license.
- Documentation: To complete the business registration process, submit KYC documents to the concerned authority.. Your passport should be valid for at least 6 months. Authorities can ask for documents regarding your business activities and a copy of jurisdiction license as well.
- Approval: After completion of Documentation, the concerned authority will cross check all your documents. you have to wait for approval which will take around 2-3 days.
- Business Licence: After getting approval from the authority time comes to apply for the Business license. A business license enables you to sign contracts, write invoices, and run the business smoothly without any obstacles. You can run different businesses in the same domain with one Business license.
- Residence Visa: You should get a Residence Visa to travel frequently from your country to UAE regarding your business operations. After acquiring residence visa you can travel multiple times at less expense. To get a Residence Visa you have to travel to Dubai first and then get an entry permit. Some medical tests are required and only after that you will get a new Emirates ID.
- Business Bank Account: The last step towards the completion of the set up process is opening a Business Bank Account in Dubai. Choosing the right corporate bank account is very important for any business. At Radiantbiz, our consultants will help you in opening a business bank account in Dubai. Any corporate bank asks for too many documents and it requires your physical presence as well. We at RadiantBiz will ease all your banking related stress so that you can focus on your business.
The Best Business Models and Domains in Dubai for a Business Start Up
Check out some lucrative business ideas in Dubai
Investors from all over the world invest in Dubai and reasons are already explained above. Before setting up a business in Dubai, you can always checkout what business models are profitable and where your expertise lies. So based on the observations of already established businesses in Dubai, below are the most lucrative business ideas in Dubai.
- Restaurant: Dubai is a city with mixed cultures and that’s the reason why people have options to try different cuisines. People relocate here for better job opportunities, for business expansion, for starting up a new business and for a better lifestyle. So people from different eating habits search for the specific restaurants catering a specific cuisine and people who want to try different cuisine also explore different restaurants. So, the restaurant business is the most profitable and successful business in Dubai.
- Construction and Real Estate: This is the most lucrative idea of business in Dubai because of the future vision of the Government of UAE. The UAE Government has made long term strategies to attain sustainable development goals. There were thirty three thousand new projects which are functional only in Dubai. So because of the rapid development there is a need for infrastructure as well which creates more opportunities to make money in construction and real estate business.
- Travel & Tourism : Travel & tourism industry in Dubai is booming day by day because of its profitability. People visit Dubai from across the world because of its lavishing infrastructure, beautiful sites and high end lifestyle. The UAE Government supports the travel industry in providing funds, making plans for the growth of the industry, introducing new policies and regulations which are for betterment of the businesses.
- Healthcare Sector: Dubai has a strong healthcare system. As of today, healthcare is not only about treatment and diagnosis but it includes several other things like wellness, counselling services, mental health, inner peace, yoga, meditation etc. So there are multiple opportunities in the health sector as well to grow.
- E-Commerce Solutions: E-Commerce Business is thriving and its profitability is increasing rapidly in Dubai. Growth of 53% is observed in 2021 which has been consistently achieved from the year 2019. There has been a change in consumer behaviour due to pandemic and its impact can be seen in the Operations of almost all the businesses. So e-commerce business is always a good choice while opting for a new business start up.
Conclusion
It’s pretty clear that Dubai is one of the best destinations across the globe for a new business start-up or even for the expansion of an existing one. From the strategic location, tax benefits, government policies, booming economy, great infrastructure, strong health and education sector, lavishing lifestyle, sparkling beauty of the city, everything supports the possibilities of a successful business startup and expansion in this city. We have discussed the steps of a new start up in Dubai which seems to be the simplest process to establish a Business in Dubai.
Towards the end of the discussion we have picked up the most lucrative business ideas in Dubai. So, now anyone who is dreaming of a business setup would not find it a dream anymore but this can be done very easily, in a hassle free way and without paying hefty amounts in taxes. You just need to create your vision, plan accordingly and choose a good business setup consultant who is trustworthy and has good experience in this field.
Thank you for reading our articles on how to start a business in Dubai. Hope you will also enjoy our blog on how to open a business bank account in Dubai.
