If you have ever walked around one of the United Arab Emirates famous malls, you will know exactly how big the appetite for high fashion is in this part of the world. Some of the biggest names in the industry from Balenciaga, Gucci, Chanel, Versace, to Prada - have opened stores in Dubai, keen to tap into this demand for quality clothing and accessories.
Dubai remains one of the ideal places in the UAE with regards to the clothing business. The Emirate holds a differentiated populace and business-accommodating condition that incites the business ventures to feel free to prosper the chances. The crowd in Dubai is quick to put resources into the design world, which makes a colossal interest that should be met. On the off chance that you are a style originator who fantasies about holding a design boutique or even a financial specialist who is paying extraordinary mind to speculation alternatives, at that point the design business and Dubai ends up being the ideal mix.
Fashion Industry in Dubai - An Overview
The design business holds a colossal market with regards to the grounds of Dubai. The area of Dubai serves to be home to more than 3 million populace extending from just about 200 nationalities. This makes an enormous interest in business financial specialists to come ahead and put resources into this business. You have to break down and comprehend the market that you need to target and give applicable items and administrations as needs are—Dubai likewise best worldwide the travel industry goal, which again makes an immense potential for business experts. In 2018, the check of Dubai guests arrived at about 16 million, which features the tremendous potential that the market holds.
Starting a Fashion Store in Dubai in 2021
The Department of Economic Development (DED) Dubai monitors all sorts of businesses in the Emirate. To open a clothing store, one has to adhere to the rules and regulations of the authority. Whether you decide on specializing in branded or high-end fashion clothes, you need to fulfil the criteria as mentioned below.
Requirements for Opening a Fashion Store in Dubai
Fulfil these conditions to go-ahead with opening your store in Dubai
Get a Local Sponsor to Support your Business in Mainland
Once you have organized your business plan to establish a fashion store in Dubai, get support from the UAE local partner, who shall own 51% of shares in the business.
Business License and Registration
Apply to the Department of Economic Development (DED) to get registration and licensing.
Rent Shop Premises
Find the right location to rent your shop. And also obtain permission from the necessary authorities.
Paperwork and PRO Services
There are certifications, visas, permissions and PRO services required from various entities needed to open a fashion business in Dubai.
Procedure to Set up a Clothing Business in Dubai
Here are the steps to consider to start a fashion store in Dubai -
- Fill the application form related to business formation
- Submit your passport and visa copies
- Obtain No Objection Certificate (NOC)
- Draft a Memorandum and Articles of Association with a local sponsor
- Decide on the location of your company
- Submit the required documents with the DED
- Obtain a business license from necessary authorities
- Open a corporate bank account
Advantages of Setting a Fashion Store in Dubai
- Taxation benefits
- There is no minimum capital requirement
- No restrictions on trading locations
- Dubai is the fastest-growing economy
- Free zone benefits
- First-class infrastructure
- Work along with government bodies
- There is no restriction in currency limitation
- Low import duty
- More options for business activities
- There are no limitations to the number of visas
Taking a license from the DED will allow you to import, manufacture and sell goods in Dubai and the UAE. Along with that, you can also re-export these clothes to other countries. This procedure seems a bit lengthy and complicated. So, it is advisable to get in touch with a reliable and experienced consultancy firm like Commitbiz to ensure approval of your license.
Our consultants make the process of business setup in Dubai extraordinarily straight-forward and easy. The team handles the fine points of the whole procedure so that you can focus on the thing that matters the most — Building your business!
Contact us today for more information.