What Type of Business Should I Start in Dubai?
There are 2,100 commercial activities permitted in Dubai, which encompass just about everything you can think of. Dubai is already at par with the likes of London, New York, and Singapore, with the aim of doing even better. Dubai realizes that for the economy to grow, business activity must be encouraged. The only way to increase the ease of doing business in Dubai is to provide a favorable business climate that is well-regulated.
Celebrity chef Gordon Ramsay, who has 16 Michelin Stars to his name, chose Dubai to be the location of his first ever overseas restaurant. Today, Dubai has not one, but two Gordon Ramsay restaurants – which not many other places can lay claim to.
It is similar for a lot of other industry sectors as well. In another example, tight regulations in the real estate sector mean that the quality of construction will always be good. This provides a greater return on investment and thereby pushes up investments in the real estate sector. The results are also there for everyone for see – real estate in Dubai yields an average annual return of 7% while the corresponding figures for London and New York are 2.7% and 2.9% respectively.
In short, Dubai is a place for the honest businessman. One who takes his/her business
seriously and works hard to succeed. The sheer number of businessmen and businesswomen who have grown to unimaginable levels is too many to count. Of the five richest people in the United Arab Emirates, only two are Emiratis. The rest are all businessmen who started at the very bottom. One of them, MA Yusuff Ali started his first hypermarket in Dubai only in 2000. He is still in the same field of retail and now worth $7.4 billion.
Which Business in Dubai Would Be Best For Me?
Setting up a business in Dubai is easy. The process has been greatly simplified, and the difficult part is sustaining the business. It is not uncommon to lose interest in a field of business if you do not have the natural inclination for it. This can lead to the downfall of the business if its founder no longer takes an active interest in the running of the company. You could sell luxury watches online and be successful at the start, but if you do not know how a
chronograph works, that is going to affect your business later on.
Because there are a lot of commercial activities permitted, you can literally choose the business activity of your liking.
How to Start a Business in Dubai
Once you have identified which field of business you plan to enter, it is recommended that
you get in touch with one of the leading business set up companies in Dubai. They will
advise you on the paperwork that is needed for company registration.
Those offering business setup services in Dubai can run a search to see if the name you
have arrived at is available. If yes, they can reserve the trade name so that when you apply for company registration, it will be granted exclusively to you. They can also draw up the company formation documents and get them notarized by a Notary Public so that they have legal standing. The company formation documents contain the name of the company, the reason why it is being established, and the names of its owner(s).
You also need to lease commercial space for your company’s operations. Depending on whether you plan to open your company in a free zone or on the mainland, you need to enter into a Lease Agreement or Tenancy Agreement respectively. The Lease Agreement is signed with the Free Zone Authority that manages the free zone. The Tenancy Agreement signed with the owner of the premises on the mainland must be registered so that it
becomes a legally binding Tenancy Contract or Ejari.
There is one more thing you need to do. You also need to open a corporate bank account so that you can make and receive payments with ease. Owing to strict anti-money laundering regulations in the United Arab Emirates, it is not easy to open a bank account. But with the right business setup consultant in your corner, the process could take as little as two hours instead of the whole day.