Laiba Shahzad
For business, trade, and finance UAE is becoming a global center. UAE is the hub for business, which is an oil-rich country as well that produced three million barrels per day and has diversified its economy. The main driver of the economic diversity of UAE is Dubai. Dubai has the largest population and establishes itself as the Gulf exhibition, financial, trade, and tourism hub.
Business Setup in UAE:
UAE (United Arab Emirates) is a federation of seven emirates: Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Ajman, Fujairah, and Umm al-Quwain. UAE has taken to its business and tourism to its economic progress so much that now UAE is one of the biggest business hubs in the world. Dubai is a popular city that acts as a premier global city and a preferred destination for entrepreneurs, tourists, and investors. As UAE is a developed economy that not just only offers a favorable business environment but also world-class infrastructure.
Best Business in UAE:
Here is a list of some top business ideas in the UAE which you can put in your consideration.
IT solution:
IT solution business is the most successful business opportunity in UAE. In this digital age, many businesses are going digital so there is also a need for IT companies to provide digital solutions. Every field business needs IT companies to provide an updated solution to industries like hospitality, insurance, healthcare, banking, logistics, trading, etc. For the above industries, there is the need of hour providing web-based solutions which include websites, e-commerce sites, content management systems, customer relationship management, etc, and also mobile-based solutions that also include native applications and social media integrations. These all things are the need of an hour and starting a business in IT solutions will be a good idea in UAE.
E-commerce Business:
In this digital age, all businesses are transferring online because for the buyer it’s very convenient to adopt the online mode of browsing and buying. The experience of the buyer online is also changed. E-commerce businesses have also had much potential in UAE.
Tourism Services:
In UAE tourism business is also a great option because people around the world visit UAE, and especially Dubai is a paradise for tourists with world-class shopping malls, global brands, and overall local and cultural experience.
Food and Beverage:
Starting a restaurant and food business is one of the most popular businesses to start in UAE. In UAE Dubai has gained more popularity as a culinary destination. A large number of tourists visit UAE so obviously the rise of unique and high-quality food is on the rise as well. And it would definitely be a promising business because of its thriving food and beverage industry.
Real Estate:
Real estate is also one of the top business ideas in the UAE specially in Dubai. Because of its investor-friendly and open economic policies that facilitate foreign direct investments. Dubai is considered the hub of businesses so with the rise of business demand for real estate will also increase. And this one is the most in-demand business idea to start in Dubai, UAE.
Business setup in UAE free zone:
Setting up business in a free zone will be considered quite easy because free zone authorities require less paperwork and duration as well. So given below are the key steps so you can set up your business in the free zone.
- First Decide what type of legal entity your business will be.
- After deciding the type of legal entity you can choose a trading name
- Depending upon the primary activity of your business apply for a business license.
- Choose an office space you can either buy or lease office spaces in the free zone.
- You have to get pre-approvals to register your business and get your license.
Business setup in Mainland:
- First, you have to identify business activity
- Depending upon the business requirements select the legal form
- After that register the trade name that distinguishes one business from another
- Then apply for initial approval
- A complete and signed Memorandum of Association (MoA) or a local service agent agreement (LSA) of business will be required depending upon your legal form of a business.
- Select a business location because all businesses in UAE need a physical address to operate.
- In some cases additional approvals from the government needed
- Then you have to submit all required documents and pay the fee.
Without investment, how to start a business in UAE:
Starting a business in UAE would be an amazing opportunity and obviously, it would require investment as well. There are some businesses in UAE that you can start with no or very little money. Here is the list of some businesses with no or little investment
- Consultancy
- Web design
- Tutoring/Instruction
- Create digital products or online courses
- Social media management services
Whether you have started a new business firstly you have to identify the niche market and leverage social media because social media is a powerful tool for promoting your business without spending much money, offering value-added services, and collaborating with other businesses as well to grow. With these, you can start your business in UAE without investing a large amount of money. And surely with hard work and consistency, you can turn your entrepreneurial dreams into reality.
Business tax in UAE:
On January 31st, 2022, there was a significant change in the tax landscape of the United Arab Emirates (UAE) region. The Ministry of Finance (MoF) made a breakthrough announcement that a new federal corporate tax (CT) system would be implemented in the UAE, effective financial years starting on or after June 1st, 2023. Compared to other countries in the Gulf Cooperation Council (GCC) region, the UAE has introduced the lowest corporate income tax rate of 9%
The UAE CT regime was developed to incorporate the best practices globally and reduce the compliance burden on businesses. This change in the tax system will affect the financial planning of companies operating in the UAE and it’s important for them to be aware of their obligations under the new system.
