Dubai is one of the most popular among the United Arab Emirates and around the globe, has eye-catching business setups and start-ups emerging. Dubai is one of the first smart cities in the UAE. The skyline and its productive infrastructure make Dubai an eye candy for all the entrepreneurs. Over the decade with the increase in the number of the population the rate of star-ups and business has also increased
With Expo 2020, Dubai is all set for welcoming more number of business enterprises and companies. Dubai is the “Heaven for budding Entrepreneurs”. The economic growth of Dubai is increasing boomingly. Dubai has the most drastic locations and sites to set up a business. With various government policies for start-ups, the Dubai Government is encouraging the upcoming businessmen and investors to establish their company in Dubai.
Advantages of setting up a business in Dubai
- Strategic location
- Global Accessibility and connectivity
- Tax exemptions and other Government policies beneficial for startups
- Tax-free setups
- Home to millions of expats
- Business hub
- One hundred per cent ownership in case of Event Management Company set up in any Free Zones
- The local sponsor will own Fifty-one percent ownership
These are some of the benefits that attract entrepreneurs to set up business in Dubai. These opportunities are not only open for entrepreneurs but also for upcoming investors or freelancers. Dubai gives a lot of options as to the selection of location. The business startup can be either in Mainland or Freezones of Dubai. Both Mainland and Freezones business set up has its advantages and disadvantages. This depends upon the type of activity carried out by the investor.
Seven business opportunities in Dubai
Some of the significant business growth seen over the decades are in the following industries. These industries are on Accelerating the pace and give the best opportunity for Business setup in Dubai.
1.Travel and Tourism Business
The United Arab Emirates Economy is multiplying because of the Travel Business. Travel and tourism industry is the most productive sectors in Dubai. This sector is the easiest to set up and obtains the travel and tourism license. In the UAE, Dubai is ranked 1st among the most international tourist destinations of the world. Dubai has a rich cultural heritage which encourages the tourists to visit Dubai in large numbers. This increases the travel business and the tourism business of Dubai.
The significant tourist attractions of Dubai are World Trade Centre, Burj Khalifa, Dubai Fountain, Deira Clockwater, Palm Island, Dubai Creek and Dubai Aquarium, Ski Dubai, Dubai Marina, Dubai Waterworld and Global Village etc. According to a survey in 2016, Dubai welcomed 14.9 million visitors. Dubai, by the year 2020, is witnessing approximately 20 million Visitors. This growing numbers make a huge opportunity for all the investors and entrepreneurs and encourage themselves in the travel and tourism business.
Dubai is known for its variety of cuisines offered by the city. Now with Expo 2020 coming up, there is an increase in the number of population and visitors. The restaurant business is a major attraction for all the investors and business owners who wish to setup their business in Dubai. An increasing number of people tend to invest in the food industry and cafeteria setups. According to a study conducted in the year 2018, there are around 2000 restaurants opened.
The food sector has the highest growth out of all the other industries in Dubai. This is one of the reasons to choose this sector for any business startup. To ensure food safety and other regulations, the Food Control Department of Dubai has initiated to follow a “Food Code”, for all the Restaurant business setups.
3.E-Commerce Business in Dubai
In the UAE, the e-commerce sector is continuously evolving and growing over the last Decade. E-commerce services are the most prominent services in Dubai. Dubai is converted into one of the first smart cities. E-Commerce activities are buying and selling of products or services with just a click in the online market. The wide range of goods and services, timeless availability make e-commerce market in high demand among the population.
Most of the companies are attracting a large number of customers online by providing services. The setting up of e-commerce Company may seem easy, but it can be quite a complicated process.
4.Import and Export Business
The business hub of the UAE in Dubai. UAE has introduced an economic diversification plan to attract several entrepreneurs’ and traders to invest in the import and export business in the UAE. Dubai is one of the major importer and exporter of trade and goods in the UAE. The government has implemented various policies and plans to help these emerging business owners to invest more in the trading industry of Dubai.
The major export and import partners of the Emirates are India, Singapore, Iran, Japan, South Korea, Thailand. The import and export market contributes to a significant scale in the economy of Dubai. It is most profitable for investors and business owners to setup business in the import and export industry in Dubai. Obtaining import and export license from the registered authority is one of the most crucial steps to start a trading company.
Dubai is the hub for freelancers all over the world. With emerging business setups and companies, it has become one of the fastest developing emirates. There was approximately 40 per cent growth in the freelance industry in Dubai. Many foreign investors are keen to invest in freelancing business setup in Dubai. Working as a freelancer means to work as a self-employed person on a project basis. To initiate as a freelancer, you need to have approval from the concerned authority in Dubai. To obtain a freelancing license depending upon your business activity is the essential step.
Dubai, in recent times, has transformed entirely into a high tech city. With the beautiful infrastructure and skyline constructed, Dubai has one of the fantastic buildings around the Emirates. With the increasing scale of developments, the Construction industry of Dubaigrowing.
The construction sector of Dubai is one of the fastest growing sectors in Dubai. The construction sector has attracted a massive number of entrepreneurs’ and investors towards it. With an increasing number of projects and opportunities, it is the best time for investors and business owners to engage themselves in this construction business in Dubai.
7.Event Management Business
Event management business is one of the most booming business industries of the UAE. Dubai also is known as the event capital of the UAE, has attracted a lot of attention from the budding investors and entrepreneurs. With Expo 2020 coming around, the Event Management business is growing at a high pace. While setting up your business, you need to consider all the legal formalities and obtain event management license to start your event management company.
To setup event management business and to obtain a license, you have to follow a convenient procedure. You have to obtain a license from the Dubai, Department of Tourism and Commerce Marketing (DTCM). If you are planning to setup an event management industry, then Dubai is the best place to set up.
Dubai is the city for all kinds of business setups. To setup any business in Dubai or to obtain a license, the procedure can be easy, but it is always convenient to take help from the experts. We at commitbiz help you with all the business-related services and queries. Feel free to Contact us if you need any help or advice- we are glad to help.
How does tourism benefit Dubai?
Tourism has improved the economy by offering more job possibilities, greater living standards, and significant economic empowerment.
Is it possible for me to start a business in Dubai?
Yes, a foreigner can start a business in Dubai with 100% foreign ownership.
What are the three types of tourism licenses in Dubai?
The three types of tourism licenses in Dubai are,
Tourism License in Dubai:
Inbound Tour Operator License
Outbound Tour Operator License
Travel Agent License
In Dubai, who issues the restaurant business license?
In Dubai, the Department of Economic Development issued the restaurant business license.
What kind of license is required for Dubai's import and export business?
In Dubai, a commercial license is required for import and export business.