Doing business in Dubai is a dream for many. And why not? Dubai has everything you need to set up a successful business. The benefits are endless, and to reap them, all you need is a profitable business idea.
With more than 5000 British companies running their operations in the UAE, the UK-UAE business ties continue to grow strong. UAE offers several incentives for UK entrepreneurs to invest and operate in the UAE. For starters, the UAE’s diversified economy is stable and expanding. Moreover, it is an entry route into other GCC or Gulf Cooperation Council countries, making it a crucial market.
So if you are a UK entrepreneur who wants to invest in the UAE or start a business in the UAE, continue reading. This blog will walk you through the attractive benefits of doing business in Dubai, the process you must follow, the documents you will need, and the cost of starting a business here.
What Is the Best Business to Start in Dubai?
Choosing an activity with a potential future for expansion is crucial for an entrepreneur or investor. Fortunately, Dubai boasts ample opportunities for all kinds of businesses. So if you are searching for the best business to start in Dubai, you may consider the following few options:
- Business Consultancy: With so many businesses operating in Dubai, the need for experts is always high. As a business consultant with extensive experience in a particular field and in-depth knowledge, you can help businesses grow multifold by consulting them on various aspects.
- Digital Marketing: Almost all businesses need help advertising themselves to stay ahead of their competitors. The global competition is cut-throat, and one must present themselves as leaders to attract the audience, increase sales, and more. As a digital marketing company, you can help companies to promote themselves, create brand awareness, and more.
- Travel & Tourism: Undoubtedly, travel and tourism is a booming sector in Dubai, welcoming millions of visitors each year. You can sell packages, assist with hotel bookings, offer travel insurance, and establish yourself in this industry.
- IT Services: Dubai is constantly evolving in the technology domain, and so are its businesses. Most businesses today need assistance with emerging technologies like artificial intelligence to recreate experiences for their customers. As an IT company, you can offer cloud services, backup solutions, network security, and more.
- Food & Beverage: Besides its tourism industry, Dubai is famous for its restaurants and cafes. You can venture into the industry by opening a restaurant, cafe, or delivery service.
What Are the Benefits of Doing Business in Dubai?
Doing business in Dubai can be fruitful if you carry out your operations carefully and within legal boundaries. Following are some attractive benefits you can reap:
1. Ease of Operations
UK companies can efficiently operate in new economic sectors and utilise cutting-edge technology because of the UAE government’s strategy for the future. Furthermore, the government here is incredibly supportive of budding entrepreneurs and small businesses, offering attractive incentives to these companies.
2. Easy Setup Process
Setting up a business in Dubai is straightforward. The entire process is streamlined and can happen digitally, reducing the need for extensive paperwork.
3. Strategic Location
Dubai’s strategic location will allow UK investors to explore untapped markets, especially for trade and logistics. It is located at the crossroads of the East, West, North, and South. Furthermore, thanks to its world-class airports, Investors can easily access ⅔ of the world within 8 hours of flight time.
4. Talented Workforce
Employees are the driving force behind a successful business. Dubai boasts an exceptionally talented workforce with extensive experience that will help you take your business to another level.
5. Advanced Infrastructure
Companies need more than just 4 walls, offices, and desks to excel. Furthermore, different businesses have different requirements. Dubai’s advanced infrastructure and high-end technology meet the needs of all companies, empowering them to prosper.
6. Multidisciplinary Free Zones
Dubai is home to 20+ multidisciplinary free zones that focus on and foster diverse business activities. Furthermore, the investors get 100% tax exemption, business ownership, and repatriation of capital and profits. Also, these free zones offer several options at competitive, pocket-friendly prices.
7. High Quality of Life
Dubai is a cosmopolitan city – a melting pot of cultures. Furthermore, the standard of living here is relatively high, increasing the demand for premium, high-quality products. Thus starting a business catering to lifestyle, wellness, and beauty can be a profitable venture.
How to Start a Business in Dubai?
Doing business in Dubai is easy, given that you understand the process in and out. An in-depth understanding will make it easier for you to apply and get a valid licence to carry out your preferred business activity.
It is crucial to note that the business setup process differs from activity to activity. Some businesses will need additional permits, depending on the sensitivity of the activity. Following is a general overview of the process:
- Choose a business activity of your interest.
- Next, decide on a legal structure for your company. Your company’s legal structure will determine the stakeholders’ responsibilities and their powers.
- Once you decide on your legal structure, select a suitable name for your company. Ensure that your name complies with the rules and regulations of the government.
- Next, apply for a licence, submit all documents, and pay the fees. Your choice of business activity will determine the licence you will apply for. Dubai offers several licences, and thus, make sure you choose the right one. You may also need to take pre-approvals before applying for a licence.
- Search for a suitable office space that will meet your needs. You can either rent or lease a space in Dubai.
- Once you get your licence, you can start your business.
What Documents Do You Require to Start a Business?
You must submit relevant documents to the authorities to get a valid licence. The list of documents varies from business to business. However, some documents are common to all businesses. They are as follows:
- Passport-size photos
- Passport copies
- Stamp page or entry visa copy
Shuraa UK branch professionals can help you with the final list of documents, depending on the business activity. They will also ensure that all the documents are valid and in order.
How Much Does a Business Setup in Dubai Cost?
It might be challenging to describe the actual cost of doing business in Dubai because it differs from industry to industry. It is necessary to consider several parameters, such as firm size, location, structure, visas, licence price, etc. However, for an estimate, the cost can range from AED 1,000 and AED 1,000,000.
Start Your Business With Shuraa
Shuraa UK branch professionals can simplify the process of doing business in Dubai. We can guide you through the process, helping you at each setup stage.
Our experts will ensure that your documents are valid and relevant. Furthermore, we will ensure you do not overspend on your licence and have no difficulties getting approvals. All you need to do is get in touch with us.