Won the toss back in 2013, the United Arab Emirates has been continuously working on climbing the stepping stones to execute and implement the next world Expo 2020. At present, Dubai is on the edge of inaugurating the event by next year Oct 2020, which will be prolonged for a duration of six months, till April 2021. According to the projections made, the event is going to attract a count of 25 million visitors, out of which 70 per cent are considered to be the foreign expats.
The event is looked upon as a business partnership platform that is expected to fetch in huge revenue count into the UAE’s economy. The event will have a drastic impact on many business industries. Numerous opportunities can be seen for each sector, and one such flourishing industry is the retail industry. Dubai is on the way to inaugurate eight malls by 2020, which spikes the retail sector to its next level. Let’s have a look at it.
Retail Industry on its Leap
The retail business has been one of the booming markets in Dubai. Business investors ranging from newbies to experienced, entrepreneurs look forward to the retail sector as a business opportunity to initiate their business roots. The retail industry has got diversified paths that can be applied to each business verticals ranging from toy to automobiles, and the retail sector covers all possible areas. As mentioned earlier, the Dubai Expo 2020 is expected to grab a big count of an international audience, and the opportunities that lie in the retail sector has multiplied. To uplift the same to the next level, the City of Gold is on its way to inaugurate eight malls by 2020, namely:
- Al Khail Avenue
- Cityland Mall
- Avenues Mall
- Deira Mall
- Mall of the World
- Meydan One
- The Circle Mall
- The Pointe
The malls above will contribute to spike the revenue generated, which is expected to reach $308 Billion by 2023. Thus, we can say that there exists an extensive ground of opportunities for business owners and investors who want to start a retail business in Dubai. Are you wondering how to proceed? Well, let’s take a step forward and have a look at the steps that need to be taken to incorporate a retail business.
How to Start a Retail Shop in Dubai?
To start a retail business in Dubai; you need to go through the following steps:
1.Decide the Target Industry
As mentioned earlier, the retail industry covers multiple vertical of the business world, and you can target any one of them. You can proceed to start a retail shop for medicines, cloth, automobiles etc. First and foremost, decide your business zone and then move towards the next steps.
2.Choose the Specific Location
Once you are clear regarding your target industry, you need to select the location where you want to incorporate your business. In Dubai, you have got various business zones like Mainland, Free Zones and Offshore that provide unique benefits to the business investors. It would be a great help if you have a clear idea on each of them and then select the one according to your business needs.
3.Obtain the Required Licenses
In the next step, you need to obtain the necessary business license from the Government Authorities. To start a retail business, you need to acquire the Dubai Trade License from the Department of Economic Development and Commercial License from the UAE Federal Ministry of Economy. Once you obtain the respective permits, you can proceed ahead to carry out the business operations.
In a nutshell, we can say that incorporating a retail business turns out to be a smart option as it turns out to be a profitable business. Moreover, the future holds a great count of opportunities for the retail sector. Now, to proceed ahead with the establishment process, it is recommended to take the help of business professionals who are knowledgeable about the business incorporation in UAE. At Commitbiz, we are dedicated to providing the best business incorporation solutions to our esteemed clients regarding company formation. Our business experts will guide you at every step accordingly and cater to your business needs. To know more, do contact us-we’d be glad to assist.