Along with the lifestyle change of the people, the number of health issues have risen to a great extent. Scientists and researchers are discovering new diseases every possible time, and parallelly medications are being made for the relevant diseases. Millions of foreigner’s beliefs in modern technologies being used by the medical industry in recent times. It turns out to be a well-known fact that Dubai is regarded as a business ground. However, the region embraces different business sectors irrespective of the size and shape of an organization. Ranging from trading, tourism to the media industry, it turns out to be a centre point for all the possible business domains. Yes, even the medical industry finds Dubai to be a suitable platform. If you hold an idea of starting a business in Dubai, related to the healthcare industry, then you have arrived at the right place.
This treatise will assist you in understanding the related information that you being an owner of a healthcare industry should know. Let’s deep dive to get better clarity.
Why Dubai as a Healthcare Business Hub?
Sheikh Mohammed Rashid bin Al Maktoum has not only strengthened Dubai in terms of technology or trading but has left no stone unturned when it comes to the healthcare industry. The industry is projected to be worth US$71.3 million by the end of 2020. The Government of Dubai has been developing multiple strategies like Vision 2021, to bring a specific change in the healthcare industry. The industry has improved a lot as compared to the earlier scenario and to understand it in a better way, specific facts and figures are highlighted below:
Healthcare Market in the UAE
Spending on healthcare per capita
UAE’s medical device market
Anticipated Value of Healthcare Market by 2020
US $19.5 Billion
Annual Revenue Goal of Dubai through Medical Tourism
The healthcare sector in Dubai has got bright options for investors because the World Expo 2020 is going to fetch in the best of the world’s investors. Multiple collaborations are expected to take place that will drive the GDP of the region to the next level. Let’s have a look at a few industry insights regarding the healthcare sector in Dubai.
Few industry insights are highlighted below:
- 3D printing treatments are to be included in Dubai’s healthcare industry
- In 2018, Dubai welcomed 3,26,649 medical tourists, which is almost 9.5% increase compared to the year 2015
- The medical industry is expected to reach US$71.3 Billion by 2020
- The contribution of medical tourism is expected to reach US$708
- The Government is planning to build a 1,000-bed medical complex with numerous facilities
- The end of 2020 will set thirty-four pharmaceutical manufacturing factories
In 2019, you can expect the required essentials accordingly to see a positive effect on your healthcare business. Be it a hospital or even a clinic, the ground of UAE has got a vast scope for your business. Now, let’s move ahead with the company establishment process.
The process to Start a Healthcare Business in Dubai
To start a healthcare business in Dubai, the following steps are to be followed accordingly.
1.Decide the Company Structure
The very first step is to decide the company structure. In Dubai, you will have numerous options to select the appropriate business structure suiting your business needs. It is essential to select a corporate structure based on the number of shareholders as well as the capital to be invested at the initial stage.
2.Reserve the Company Trade Name
In the second stage, you need to decide a trading name for your company. It is to be noted that the name shouldn’t be offensive, and should be unique. Once you decide the company name, you need to take the required approvals from the Dubai Government Authorities.
3.Select a Strategic Location
The location serves to be one of the fundamental essentials in business success. Setting up a company where the target audience is not present would lead to loss; on the other hand, selecting the right location would help you to generate huge revenue. Additionally, Dubai has got specific areas like Mainland, Free Zones and Offshore that follows particular rules regarding company incorporation.
4.Apply for the DED Approval
The next step is to identify the Shareholders and the General Manager of your company. The application forms will be submitted to the Department of Economic Development Dubai along with their passports and the legal documents of the shareholders.
5.Apply for DHA Approval
Simultaneous to the submission of DED Application, you also need to approach the Department of Health Authority (DHA) of Dubai to get approval to perform the business activity. They will drill down to identify the business activities that will be carried out by the organization, and after proper scrutiny, they will approve.
6.Draft the Relevant Documents
One of the essential is you need to draft relevant documents like Memorandum and Articles of Association that includes relevant information regarding the business activities. These documents are required to present to the Government Authorities to obtain the required licenses and approvals.
7.Obtain the Final Approval from DED
Once the incorporation documents get complied with the other rules and regulations, final approval will be issued by the DED, following which you will be given the licenses.
8.Obtain the Relevant Licenses
The last step after approval is to issue the license to carry out the business operations. If you are planning to start a clinic, you need to obtain a clinic license in Dubai. Once the relevant licenses are obtained depending upon the business activities, you will be able to carry out the business operations in a legal way.
Benefits of Setting Up a Healthcare Business in Dubai
Highlighted below are a few benefits that you will derive by setting up a healthcare business in Dubai.
The location of Dubai has been turning to an easy option when it comes to medical tourism. Year-after-year medical tourism has been increasingly, attracting foreign investors to a great extent.
By starting healthcare business in Dubai, you will be able to gain complete ownership in the company’s share. In any case, if you need to opt for company liquidation, you can carry back the completed amount invested, and profits earned.
3.No Corporate Tax
One of the eye-catching factors that drive investors to invest in the Dubai healthcare industry is the exemption of corporate tax for a period of almost fifty years, which sounds burden-free.
By incorporating a healthcare business in Dubai, you can get relief of the customs duty that needs to be paid.
Dubai provides multiple options to investors regarding location. Options like Mainland, Free Zone and Offshore is positioned to meet the business needs accordingly. Moreover, Dubai Healthcare City (DHC) turns out to be a dedicated free zone to healthcare business to increase the number of investors.
The location of Dubai has got no stoppage when it comes to business industries dealing in any domain. Therefore, it turns out to be much easier for the healthcare industries to get in collaboration with different businesses.
Why Avail Incorporation Services from Consultants?
Few reasons for which business investors prefer to outsource he incorporation services to professional experts are as follows:
- Experts help you to deal with legal processes in an easy way
- The processes are carried out in a hassle-free way
- Faster execution of process
- In-depth analysis is performed
- The market insights can be known in a more relaxed way
The business domain in Dubai is an open ground for all possible business industries. If you are holding an idea of setting up your medical business in Dubai, then this turns to be the best time to act upon. Starting a business in UAE heath care turns out to be an easy process if you have a helping-hand beside you. Being in collaboration with business experts will not only fasten the incorporation process but will help you to carry out the complete operations in a hassle-free way. Commitbiz Consultants serves as a premier consultant who is dedicated to provide the best company incorporation services to dedicated clients. Our business professionals take utmost care of providing the best services suiting their business needs. To have a word with our experts, do contact us- we’d be glad to assist.