Coming to Dubai? You’re not the only one!
Are you looking to start a business in Dubai? You’re certainly not alone!
Hundreds of thousands of entrepreneurs visit the Gulf States every year, each with the hope of striking gold with their innovative business ideas. Very few, however, find success!
Dubai offers new businesses incredible opportunities and benefits, as long as you know where to invest.
Not every industry is as welcoming or profitable, and small companies can get forced out by larger corporations if they’re not smart about their business dealings.
Where to invest
Luckily for you, we’re here to help!
Investments in any industry are always a risk, but can be a profitable venture if you know what you’re doing.
These are the 3 best industries for a business setup in Dubai in 2018:
1. Finance and accounting consultancies
From the 1st of January, 2018, 5% VAT (Value Added Tax) is going to be applicable on all companies earning more than AED 3.75 million per year.
This is massive news for the 6 GCC countries, since it will be the first time that corporations will be taxed by the government on their revenues!
With this in mind, we expect that at least 5000 more vacancies will open up for tax consultants, financial planners, and accountants.
2. IT solutions providers
In 2015, 22,000 new SMEs (Small and Medium sized Enterprises) were established in Dubai. Since then, this figure has almost tripled!
Business start-ups represent an excellent opportunity for IT and Tech specialists.
This is because more than half of these new companies lack the technical expertise required to set up websites or incorporate new technologies in their business structures.
Even if you’re not setting up a new corporation yourself, you’ll have the chance to work alongside many of these entrepreneurs if have the required skills.
3. Food and beverages
There aren’t nearly enough restaurants in the city to cater to the needs of its 11 million yearly visitors! The food and beverages industry, therefore, is always a popular one for investors.
It’s usually recommended that you target the international audience, since local eateries are already well established.
What you need to know before setting up
You’ll need to know basic process of obtaining a business license in the city before you start investing. The process is fairly simple thanks to the UAE’s relaxed laws.
We also recommend getting in touch with one of the business consultants in Dubai. This will ensure that you have all your legal documents and IDs sorted out when you’re ready to begin.
The registration process
Decide on a company name and apply at the Department of Economic Development (DED)
Have the company’s Memorandum of Association notarized at DED
Submit your documents to the DED
Within 3 days, you’ll receive a trade license
Apply for a membership at the Dubai Chamber of Commerce and Industry (DCCI)
Apply for an establishment card at Ministry of Labor
Register all your workers with the Ministry of Labor and the General Authority for Pension and Social Security.
This entire process takes around 7-8 days, and will cost you roughly AED 2300.