Located at the center of one of the fastest developing regions globally, Dubai has evolved at a fantastic rate, from a relatively unknown place in the Gulf into a cosmopolitan city and a business destination to be reckoned with. Many factors like state-pf-art infrastructure, business-friendly destination, vibrant economy, and easy availability of workforce and led Dubai toward this success.
As said earlier, while Dubai's economy is progressive, vibrant, and diverse enough to offer equal opportunities for all the industries, some have displayed better performances and faster growth than others.
But first, here are the reasons to start a business in Dubai.
- Dubai is one of the leading destinations for investors and entrepreneurs in the Middle-East. The government policy and the state-of-art infrastructure supports the growth of SMEs as well as the large corporations.
- There are different free trade zones in Dubai, and that is why trade and commerce are at their peak in Dubai. People come from far and wide to shop in Dubai because they tend to get economical goods there.
- In particular, Dubai is a fertile ground for businesses because taxation is minimal and mostly non-existent. Only three sectors are significantly assessed in tax – banking, oil, and tobacco manufacturing.
- The Dubai government has a long-term plan that focuses heavily on growing new businesses. In this way, their economy will be supported for years. They have favorable business laws. The tax-free environment is ideal for startups and established industries.
The booming business industries in Dubai are listed below.
1. Travel and Tourism
Dubai is the prominent name in luxury tourism in the Middle-East and is said to be par with cities like Paris, New York, Munich, and Sydney. Every year, millions of tourists flock to Dubai, leading to the establishment and growth of a range of services and industries like airlines, hotels, and others that have emerged in response. Even while tourism is on a global downturn, the number of travelers coming to Dubai is expected to rise to 10 million in the next five years.
The Healthcare sector is currently the most in-demand industrial sector in Dubai, and the only one that remained unaffected during the recent economic slowdown around the world. Thanks to its aging population, Dubai's healthcare region has witnessed significant growth and is expected to reach a value of nearly $500 million in the next five years. Dubai is also trying to develop itself as a foremost destination for healthcare tourism, offering patients from across the globe easy and affordable access to high-quality treatments and procedures.
The eCommerce sector has seen exceptional growth in the past few years in the UAE. Consumers now prefer shopping online than going to a brick and mortar store. The beauty of setting up an eCommerce industry in Dubai is the ease with which one can get involved. It is even possible to establish this business in Dubai and run it from wherever in the world one wishes while having a permanent base in the Emirates and taking advantage of the favorable tax environment.
Dubai presents an almost open doors policy for companies across industry verticals. Dubai's unique location and vast coastline allow businesses easy trading access to markets in Europe, Asia, the Middle East, and Africa. With meager customs duties, zero personal taxes, corporate taxes, capital gain taxes, and free zones that allow 100% ownership, Dubai is one of the world's most profitable places to do business. The government further helps entrepreneurs and investors by easing down the regulations and reducing the paperwork required in companies' formation.
5. Financial Services
Because there are many large-scale industries in the UAE, there is a proportionately massive demand for professionals that provide financial services – such as bookkeepers, accountants, and auditors. If you have a solid background in any of these economic specialties, you will make lots of profit by setting up a business that offers financial services to companies in the UAE.
6. Real Estate
Even though the real estate business in Dubai has shown progress in the last few years, it is expected to see a strong rebound in the coming years. Since the rates are at their lowest, investors ought to take benefit of that opportunity. As the number of ex-pats increases by each passing day, real estate affairs like buying, selling, and renting properties in Dubai are also growing. The residents demand professional and trustworthy agents to make their property dealings smooth. For this business, you must take advice from your consultancy agency and get all the authorities' licenses required to operate.
With all of these benefits and more, the decision to set up an office in Dubai or any of its free zones should be easy for any business.
How can we help?
We at Commitbiz can help you set up a business in the UAE. With 13+ years of experience in this field, we can make the setup procedure hassle-free. Our consultants can help you right from business incorporation to office space. Contact us today for more information.
Contact us today for more information.