Dubai is considered as one of the best destinations for business in 2022. A lot of up-and-coming entrepreneurs and investors are testing the waters and taking advantage of the benefits provided by the regime in the businesses sector – from progressive governance, tax-friendly policies to exceptional business locations and infrastructures.
Aspiring business owners can take a dive on the opportunities presented by a free zone in Dubai, but you need to know what trade is most likely to take flight and provide you with the opportunity to make a mark in the Dubai business scene.
If you are thinking of setting up business in a Dubai free zone, here are the top 5 businesses you might consider taking on:
Tech business and Information Technology (IT) has been a top choice for up-and-coming tech-savvy entrepreneurs. Despite being new to the IT-based economy, Global Innovation Index, or GII, ranked UAE as one of the top 3 innovative economic zone in Western Asia and the Dubai emirate entered top 20 most innovative cities globally. Apart from the support given by the emirate to business owners, tech traders can enjoy the growing culture of innovation and advancement amongst IT-related businesses.
Providing smart solutions for industries and even the public is a lucrative business. From innovative software, artificial intelligence, financial technology, cybersecurity, system automation, tech integration, to must-have tech and gadgets, you can capture a diverse market in Dubai.
Starting a technology business in a Dubai free zone will give you the chance to market your idea and skills to fellow business owners and the general public and eventually grow your startup trade into an enterprise.
Quick Guide to Starting a Tech Business in a Dubai Free Zone in 2022
If you decide to set up your tech business in Dubai, there are some requirements that you need to meet and processes that you need to go through. It is important that you educate yourself with the basic requirements needed to meet the criteria set by the governing agencies and authorities.
Here is the key information you need to know about starting a tech business in Dubai:
- Determine your business’ legal entity
- Do a Dubai company name check
- Furnish a complete business plan
- Apply for a trade license
- Scout for a possible location
- Complete and submit the necessary papers for approvals and license
The boom of the tech industry also paved the way for e-Commerce. Dubai’s purchasing power is well-known in the Middle East and aspiring entrepreneurs would like to take advantage of that. According to Statista.com, e-Commerce sales in UAE can hit up to 27 billion USD, with an average growth of 23% per year. This is made possible by the rising social media penetration in the GCC and the integration of digital buying in the retail industry.
Providing a convenience and secure online environment for buyers to purchase has been a good starting point for some retailers, especially during the pandemic. And what makes this business venture appealing is the low capital investment needed to set it up. Whether you are managing your business at home or you have a brick-and-mortar store, delving into e-Commerce can be beneficial for your trade.
What You Need to Know When Starting an e-Commerce Business in Dubai
Although e-Commerce businesses are operating online most of the time, you need to go through certain procedures to fully register your business and start your operations. Here are some things that you need to keep in mind:
- Determine your business’ legal structure
- Decide on a business name
- Decide where to register your business
- Get an Initial Approval Certificate
- Register a physical business address
- Apply for a Corporate Bank Account
- Know the best software and CRM to use
Dubai is not only a business destination but also a tourism magnet. People from around the globe visit Dubai to experience the culture first-hand. Despite the crisis on Covid-19, Dubai’s tourist arrivals hike to 100% as 2022 unfold with 979,700 guest arrivals based on the latest Dubai Tourism report. The remarkable recovery in tourism is due to the strict sanitary precautions set by the governing agencies, making guest feel secure to travel to UAE.
The Dubai emirate has a lot to offer when it comes to travel and tourism. Tourists and travelers can enjoy the beautiful skyscrapers, the majestic sand dunes, the glamorous infrastructures, and the adrenaline-filled attractions. Whether it is a short getaway or a long vacation, Dubai is a top choice for travelling.
If traveling is your passion, you may want to share that to others. Providing travel and tour services to tourists can be a good starting point for you. You can provide travel accommodation assistance or offer tours, depending on your capability.
Things to Consider When Starting a Travel Business in Dubai
Starting a travel-related business in a Dubai Free Zone is a great step, but you need to be guided on how you proceed before you start your operations. Here are 5 things that you need to know:
- Determine what kind of travel services you want to offer
- Create tour packages and services
- Decide where to register your business
- Apply for a business and tourism license
- Understand the operational requirements
- Decide on the legal structure and trade name
- Consult with experts in company formation in UAE
Dubai is considered as one of the melting pots of the East. People from different cultures and walks of life travel and reside in Dubai and the numbers keep on growing. And one of the most common things that people look for when they visit a place is the food and dining.
The UAE food sector faced some challenges on the onset of the pandemic with food prices shooting up due to export limitations and scarcity of ingredients. But this inflation setback was handled well by optimizing the additional commodity caused and somehow cautioning small food business owners and shoppers from the rising food cost. Talkwater, a leading global consumer intelligence company, states that the food and beverage business in UAE manage to increase its valuation with over $20 billion profit from January to September 2021.
And with the emerging trend of people opting to eat at home and going for healthy ready-made meals, this is a great opportunity for food entrepreneurs to set up their company in a free zone in Dubai and start their F&B business.
Opening a Food Business in Dubai: What You Need to Know
- Decide on your business’ concept and unique selling value
- Understand the business and food license requirements
- Find the best location (for restaurants)
- Create your menu and location layout
- Do menu sampling and taste tests
- Hire the culinary and F&B staff
- Invest in the latest culinary equipment
Dubai is not only a travel destination but a wellness hub as well. With over 169 clinical facilities and 8 modern medical facilities and hospitals, the healthcare services in the Emirate, particularly in the Dubai Healthcare City, is unparalleled. Local residents and other nationalities enjoy the highly-specialized care and clinical services afforded by these facilities.
With the pandemic ravaging on a global scale, people are more concerned with their health and wellness, and Dubai residents are no exception. Although hospitals in Dubai offer the latest treatments, people also look for alternative wellness solutions – spas, alternative clinical treatments, etc. – that can boost their health and help them achieve a more fulfilling life.
Health services are diverse – from ambulatory services, healthcare consultancy, private clinics, wellness centers such as spas and salons etc. If you are a medical professional who wants to start your own practice, a free zone company in Dubai is the perfect place to start.
Key Points on Starting a Healthcare Business in Dubai
Setting up a private medical practice in any free zone in UAE should be done in a very meticulous manner and you need to take into account a number of factors before you proceed. If you are thinking of giving this type of business a go, here are some key points that you need to understand:
- Know the different legal and business entities
- Get acquainted with proper governing agencies
- Draft a business plan
- Know the best location to set up your business
- Invest in the necessary technology
- Hire vetted medical professionals
Dubai is considered as a land of opportunity and new beginnings for budding entrepreneurs. But you need to know what business is ideal for your skills, passion, and capabilities. And you need to understand the intricacies of setting up a business in a Dubai Free Zone. The guidance of top-notch business consultant companies in UAE can help you navigate through the Dubai business environment and provide assistance in setting up a company in UAE.
For more business tips and company formation guidance, contact ExpressPRO today at +971 4 5840955 or info@expresspro.ae.