The World Bank ranked Dubai and Abu Dhabi as being the second and third, respectively, the most popular medical tourism destination in the world. The statistics represent the growth of the Medical Sector by lightning speed. The Healthcare business in Dubai will keep on growing as is ranked in the top three popular medical sectors in the world. Setting up of Healthcare business in Dubai will be in hotlists by looking upon the growth of the medical industry.
Why Start a Healthcare Business in Dubai?
Dubai is the city of investors and visitors and UAE's government is welcoming the business investors with greeting hands. Dubai, as a developed nation, focuses more on health and healthcare products and investments. More people are moving towards Dubai for health-related issues as Dubai has got highly qualified and professional medical establishments and doctors. Healthcare is one of the fastest growing sectors in the world which contributes to the UAE economy as well.
UAE world’s fastest growing medical sector,with total health allocation from $23 billion to $28 billion by 2021. According to the US-UAE business council January 2018 report, The healthcare market value currently valued at $15.3 billion is expected to reach $20.03 billion by 2020. The Dubai Health Authority’s [DHA] annual statistics report for 2017 always depicts the fact that there is more than 80% increase in healthcare workforce. The above statistical depicts that Starting a Healthcare business in Dubai will be beneficial for the investors.
Four Things To Consider Before Setting up Of Healthcare Business In Dubai:
Dubai is the fourth most visited place in the world for medical treatment. Dubai is constantly trying to improve its place in medical tourism. Since Asian nations are leading medical tourism nations, Emiratis are implementing new means and initiatives to attract more than half a million medical tourists by 2021. Dubai already has well advanced and professional clinics and hospitals that can help Dubai to lead medical tourism in the global market. These are a few things you should be well versed with before starting of healthcare business in Dubai:
1) Licenses and approvals
The issuance of a license is mandatory to start a healthcare business in Dubai. Without the license, practice or establishment will be illegal. The government of UAE generally provide three types of licenses-
To establish a healthcare business, you have to focus mainly on getting a commercial license and professional license by the Department of Economic Development [DED]. If you are planning to start a healthcare business in Dubai, you have to register yourself in the Dubai Medical Registry for getting a license to practise health facility by professionals.
Application for Commercial and Professional license is required for carrying out business and setting up of business establishments in Dubai.
2) Periodic Market Research and Analysis
Various research on different plans and quotes from multiple insurance companies is necessary to come up with a conclusion by whose company you are getting maximum benefit. Periodic market analysis plays a pivotal role in choosing the best scheme for the employees. Through this market, analysis employers make sure that they are getting maximum benefits on their healthcare spends.
Such research and analysis require time, but with the technological changes, market empowers businesses with practical and low-cost insurance.
HR solutions offer an easy and effective way of comparing hundreds of health insurance policies in no-time.
3) Issuance of Medical Card
Anyone who is Emiratis should have UAE health care for medical treatment. Government-run medical facilities are accessible only through UAE health cards. Before starting healthcare setup, investors are informed to make sure that they should affiliate themselves with the Dubai Health Authority so they can be easily accessible by the Emiratis as well as by foreign individuals.
4) Free zone/Offshore/ Mainland
Freezone,offshore and mainland are various locations for business setup in Dubai. All these locations have their specific as well as different pros and cons.
Healthcare Business In Free zone-
Free zones are preferred over onshore and mainland because of its 100% foreign ownership and no tax liability. Dubai Healthcare City [DHCC] Free zone was established in 2002 to meet the growing demand for healthcare establishment.
Benefits of Incorporating in DHCC are:
- Full Foreign ownership
- No tax liability for fifty years
- No custom duties for goods or services provided
- A range of tailored real estate solutions
- An ultimate base to collaborate with others working in your field
Healthcare Business in Offshore-
Incorporating your business offshore will allow non-residents to establish a non-residents company in Dubai. Offshore healthcare businesses are generally preferred as the income obtained from Offshore companies is non-taxable.
Healthcare Business in Mainland-
To establish a healthcare business in Dubai mainland, investors are benefitted by opening a Limited Liability Company (LLC), which means that they are 49% owner of the business, so the liability also decreases, but they have full right over the establishment enough though they share 49% of shares.
Contact Commitbiz- The Professional Business advisors
Commitbiz has efficiently worked in this establishment field for the past 12 plus years and has helped various entrepreneurs to establish multiple establishments. Our main motto is to reduce the stress of the investors by making the establishment procedure smooth and clean. Commitbiz is excelling in this field, kindly Contact US, we will be more than delighted to help you.