Dubai is a city full of possibilities, a prosperous place that welcomes travellers with open arms. For decades, people from all over the world have travelled to Dubai in the hopes of realising their dreams.
Dubai has something for everyone, from a diverse population to a growing economy, from a foreign-friendly culture to relaxed business restrictions.
Dubai is a popular business location for people from all over the world. The government has flexible regulations for foreign business setup and contemporary infrastructure. All of these characteristics combine to make Dubai a refuge for both new and seasoned entrepreneurs.
Gone are the days when the Middle East, particularly the United Arab Emirates, was solely focused on the oil and petrochemical industries. Dubai now offers world-class investment prospects. In the City of Gold, you can start a business in any way you like. In Dubai, you can run an Online Business or a modest brick-and-mortar shop.
Today, we'll take a look at some of the best places in Dubai to start a business, as well as where you can put your time and money to help your company flourish.
Read More: Legal Aspects of Starting a New Business
List of Business Opportunities in Dubai in 2021
E-Commerce
The e-commerce craze has swept the globe, including the United Arab Emirates. The market in Dubai is as profitable as any other. By the end of 2018, the e-commerce business in the UAE is expected to be worth $10 billion (Dh36.7 billion). According to Google's research, 91.9 percent of the UAE's population has access to the internet. With a growing number of online firms and large e-commerce behemoths maintaining offshore accounts in Dubai, it's a good idea to consider the e-commerce industry in Dubai.
The following are the requirements for starting an internet business in Dubai:
- A valid ecommerce licence is required.
- Website for trade and a bank account
- Gateway for banking and payments.
Tourism
Dubai is a major tourist destination around the world. Dubai is a fashion mecca for globetrotters, from the annual Dubai shopping festival to bejewelled markets of gold and foreign fashion. Tourists adore Dubai's beaches and vibrant nightlife. The travel and tourism business makes a significant contribution to the UAE's GDP.
According to 2016 data, the overall contribution was AED 150 billion, or 12.1 percent of GDP. In the UAE, the industry supports about 300,000 direct jobs, accounting for 5.4 percent of total employment. With these figures in mind, you might want to consider starting a travel agency in Dubai to help travellers with visas, cruise boats, and hospitality.
The following are the requirements for starting a tourism business in Dubai:
- Select the type of travel agency licence you require.
- Obtain the necessary documentation.
- Comply with all particular requirements.
- Fill out the application and pay the required payments.
The Restaurant Industry
There is world food where there is world culture. People adore everything in Dubai, from the food streets in Deira to the rooftop dining on the Dubai Marina. The vibrant city now has the second-highest number of restaurants per million population (2,935 food and beverage outlets), and these eateries are doing well. According to the most recent reports, the UAE restaurant business would earn $29.3 billion by 2020. To tickle the taste buds, investing in the restaurant company is a fantastic option.
The following are the conditions for starting a restaurant in Dubai:
- This is a business plan.
- A restaurant licence is required.
- The Food Safety Department has issued you a food licence.
- Food code is an application.
Retail
Over the next five years, the Dubai Retail Business Sector is expected to grow by 5%, according to the Dubai Chamber of Commerce. E-commerce activities in Dubai have also improved, with a 19 percent increase in sales and AED 5.5 billion in revenue reported in 2018.
International visitors' spending, the frequency of mega-sales, shopping festivals, and expanding e-commerce activity all contribute to the strong demand for retail.
Retail is, without a doubt, here to stay. With good economic conditions and a fast-moving ex-pat crowd, the retail sector is a lucrative alternative, whether it's a little mom and pop shop, your own store, or running a franchise.
The following are the conditions for opening a retail store:
- A business licence and registration are required.
- Jurisdiction over business.
- Rent a store.
- Paperwork has been added, as well as a PRO.
Consultancy
Consultancy is a large industry. The global consultant market is estimated to be worth USD 250 billion. The industry is just as healthy in this region of the world. The management consulting market in the GCC is estimated to be worth USD 2.8 billion. Dhanguard, a Dubai-based business consultant, assists entrepreneurs from all over the world in establishing a presence in Dubai and the UAE. To embark into anything like this, however, it is necessary to have extensive business experience as well as local understanding.
The following are the prerequisites for starting a consulting firm:
- Choosing a business name
- In the process of obtaining a licence.
- In the process of obtaining a visa.
Education
The world's largest free zone dedicated to higher education is Dubai International Academic City. By 2023, a USD 4.4 billion sector is predicted to rise to USD 7.1 billion. Tutors and coaches, as well as educational product creators, curriculum planners, and academies and institutes, all compete in this large industry. Internationally, the education system is well-regarded, ranking 17th in terms of total quality. You can invest in career education and training if you have an academic background.
The following are the prerequisites for establishing an educational institution:
- Choosing the Appropriate Business Activities
- Choose a name for your business.
- Select the appropriate Business Jurisdictions.
- Select the Most Appropriate Business Structure.
- Obtain KHDA's required clearance.
- Submit the required documents and the application form.
- Opening a bank account and applying for a visa.
Designing Jewellery
By 2020, the UAE's jewellery market is estimated to reach 12 billion dirhams. Dubai is a gold-mining capital of the world. Dubai dominates the UAE jewellery sector, since tourists find it more cost-effective than their home countries due to cheap taxes and a fantastic selection of excellent jewellery. Dubai exports its jewellery wholesale to over 200 nations throughout the world. There is Dubai Gold and Diamonds Park, as well as the famed Gold Souk, for those looking for a more upscale experience. In Dubai, you can even create your own jewellery brand.
The following are the conditions for starting a jewellery business:
- Choosing the Right Jurisdiction
- Process of DMCC Licensing
- Process of DED Licensing
Recruitment Agency
The influx of foreign employees into Dubai is massive at any one period. According to a renowned employment firm, activity in the Gulf Cooperation Council (GCC) region increased in 2018 compared to the previous year. According to the same report, 70% of UAE firms expected to hire last year. People desire to migrate here and work in a variety of industries, including trading, medical, tourism, oil, and real estate. Starting a recruiting firm to manage workforce recruitment for Dubai-based businesses would be a smart idea.
The following are the conditions for starting a recruitment agency:
- Choose a company name that meets with the UAE's naming requirements.
- Submit an application for a recruitment licence.
- You can apply for your UAE visa after you have completed your licencing application.
- Finally, you can open a corporate bank account by filling out an application.
Advertising & Marketing
In recent years, the digital marketing business has experienced unprecedented expansion. Digital marketing spending in the United States and the United Kingdom increased to USD 52 billion last year. The global digital marketing spend is estimated to be approximately USD 100 billion.
The pattern is similar in the UAE, with estimates indicating that the digital marketing industry is growing at a rate of between 25% and 40% per year.
Many new businesses explore for marketing and advertising opportunities both online and offline. For creative people, starting a marketing agency is a viable choice. As a marketing agency, you can look into digital marketing, website construction, and campaign management as examples of marketing activities.
The following are the requirements for starting a marketing and advertising agency:
- Make an effort to educate yourself.
- Investigate your competitors.
- Create a business strategy.
- Create a portfolio of your work.
- Have a presence on social media.
Event Management Company
The United Arab Emirates, particularly Dubai, is one of the world's event capitals. Here, events are big business. So much so that events and exhibitions at the Dubai World Trade Centre are anticipated to bring in USD 3.3 billion to the economy. The event management market in the emirate is, obviously, booming. The Dubai event management sector was predicted to be valued USD 45 million in 2016, with a 25% annual growth rate since 2013.
This is a potential alternative for establishing a powerful economic centre; Dubai hosts numerous business fairs, workshops, and conferences on a regular basis. Many private events, such as weddings and baby showers, can be managed by an events management company.
The following are the conditions for starting an event management company:
- Approval of a Trade name.
- DED's initial approval.
- You may need consent from DTCM / Dubai Municipality (DM) as well as Dubai Police for specified event sites such as beaches / public parks.
Fitness & Health
According to a survey published by Statista, the UAE's fitness business was expected to be worth $380 million in 2016. This is an excellent alternative if you are interested exercise and have the appropriate qualifications to run your own fitness centre. However, be prepared to put in a lot of effort as you progressively increase your customers. But be prepared to make a lot of money once it's completed.
The following are the requirements for establishing a health and fitness industry in Dubai:
- The Juvenile and Sports Welfare Authority has given their approval.
- Department of Health and Human Services
- The Emirates Bodybuilding and Weightlifting Committee is a bodybuilding and weightlifting committee in the United Arab Emirates.
- Apart from that, to apply for a gym licence in Dubai, you must be at least 21 years old.
- A cooperation memorandum and a signed lease must also be submitted to the relevant authorities.
Insurance Brokers
Did you know that in Dubai, health and car insurance are required? This has greatly expanded the insurance market. Between 2019 and 2024, the UAE's insurance business is expected to develop at a 4.2 percent CAGR (compound annual growth rate). Increased chances for economic growth, as well as the continuance of new big projects in Dubai, Abu Dhabi, and other emirates, are credited for this progress. Several insurance companies have branches in this city. You can register as a broker or open your own booking agency to protect clients and their pricey automobiles.
Preparation and Delivery of Home-Cooked Meals
There are far too many people working 9-5 shifts, and there are far too few options for home-cooked meals. If you believe you can prepare delicious home-cooked meals in large quantities, consider this option. You can either do your own distribution or work with a distribution agency.
Management of Real Estate
Did you know that Abu Dhabi is the world's wealthiest city in terms of population? People mostly invest in real estate and require the services of property management companies to care for and preserve their properties throughout time.
Telecommunications
TECOM is a Dubai government effort to empower telecom enterprises in the free zone area. Prior knowledge, on the other hand, is required.
Conclusion
Dhanguard company setup services has been providing dependable services to local and immigrant entrepreneurs for many years. We are one of the best business setup services in the country because of our honest transactions, dependable services, and trustworthy performance. For more than two decades, we have been assisting dreamy people in attaining their dreams. Since our inception, we have been transforming individuals into entrepreneurs, as stated in our caption.
We guarantee great assistance in establishing a business in Dubai. Contact Dhanguard right now to get started on your path to wealth.