Among all the Emirates of the UAE, Dubai is considered to be the financial or commercial capital. Which was once a semi-dry desert dependent on oil has now become one of the world’s chief innovation and economic hubs.
Various sundry entrepreneurs and investors gather in Dubai every week to organize their businesses. Dubai has a well-established reputation as a fertile place for economic diversification, company arrangements, progressive government, liberal company policy and sustainable development.
How to start a business in Dubai?
Dubai is among the fastest growing economies in the world which is why it makes the perfect place for investors and entrepreneurs. Dubai offers businessmen an environment where they can operate their business activities with a liberal and attractive mindset. This is because the establishment of businesses is the key to Dubai’s future growth.
There are many Free Zones in Dubai where you can establish your business. The emirate has great technology penetration because of which it does not take long to launch a business. If you have all your paperwork ready, it is just a matter of seven to ten days and you will be able to start your business. All you have to do is just follow the simple steps mentioned below and you will be all set to start your business.
Step 1: Define your business activities.
It is very important to define your business activities as your license will be issued on the basis of your activities. Depending on your business activities, you may need a commercial, professional or industrial license for your company.
Step 2: Pick a company name.
The second step is to choose a company name for your business. Although this may seem easy, for a business in Dubai it is not. There are a lot of things you must consider before you choose a name for your company.
You may not pick a name that refers to Allah or any other religion and is offensive in any language. Moreover, it shall not have any misleading abbreviations.
Step 3: Finalize the paperwork.
The third step is to finalize the paperwork. All you have to do is provide the copies of the passports of the shareholders along with the company name application and defined business activities. Apart from these, there will be different requirements for different free zones which you have to fulfill.
Step 4: Receive the license notification.
Once all the paperwork is submitted, and your application is processed, you will be notified by the government of Dubai as to when and where you would be issued your license.
Step 5: Open an account in the bank.
A very vital step that you need to follow is to open up a bank account for your business once your application has been processed. You can choose from Citibank, Abu Dhabi Commercial Bank, Emirates NBD, Barclays and HSBC.
Step 6: Visa processing.
The last step is to process the visa for yourself, your partners or your staff. Some of the free zones in Dubai let you apply for the visa of your partners, staff and other personnel whereas some don’t.
Five of the best business ideas to start in Dubai
There are so many business opportunities in Dubai that you can put your hands on. However, some of the best ideas to start a business in Dubai are:
- A Recruitment Agency
One of the best ideas to start a profitable business is to establish a recruitment agency in Dubai. It is going to be profitable because as the number of businesses is growing in Dubai there is a need for labor.
Businesses hire recruitment agencies to find them labor which is why your business will be at boom.
- Food Business
You can never go wrong with the food business in Dubai. Dubai always has an increasing number of tourists which means you will always have some customers. All you have to do is find a location for your business in an area which is always busy and you will be all set to earn revenues.
However, make sure you work on the menu, the taste of the food and the interior of your restaurant.
- Cleaning Business
A cleaning agency is an excellent business idea to start in Dubai. It is because Dubai has a very busy life. Both the husband and wife are working which is why they do not have time to do the cleaning. They hire professionals for cleaning their house.
You will need a team of professionals who are trustworthy at the same time so that your customers are satisfied fully and do not complain of theft.
- Business Consulting Agency
Most investors and entrepreneurs need assistance and consulting for starting a business. You can start a business consulting agency as many foreigners and investors from all over the world are looking forward to investing in Dubai. In such a case scenario, starting a business consulting agency would be a very portable solution for you as you can offer various services under this business.
Investors always look for a free and fair company formation for which they hire a consultation agent so that they do not have to go through the procedural hassles. Your company would maximize revenues as Dubai is open for new start-ups and business people from all over the world would be more than willing to seek your services.
- Travel Company
Dubai is one of the most preferable tourist destinations. It attracts a million tourists every year which is why there are plenty of hotels and resorts. Businesses that are affiliated with the tourism and hospitality sector are in some way or the other earning profits.
If you are looking for one business that you can never go wrong with in Dubai, it is the Travel business. It is one business that blooms faster than any other business in this emirate.
Conclusion
Dubai being the number one destination for tourists and the most desired destination for foreign expats to work in, making the perfect location to start a business. It has a very easy process of launching a business and you may get a license within seven to ten days. However, the success of your business is only guaranteed based on how good your business idea is. Choose one of the business ideas among the top five mentioned above and enjoy the profits earned.
