What are the best options in order to start a new business in UAE (in terms of activity)kwsmedeveloper
Dubai is the commercial capital of UAE. It is the favorite destination of businessmen from around the world as this “city of gold” provides enormous business opportunities and innovative commercial modules to companies from around the world. International exposure and an investor-friendly government are just two of the reasons that motivate entrepreneurs to go for business setup in Dubai. Startups in Dubai also get benefits on investments and tax when compared to other countries.
Today, we take a deep dive into potential areas in business opportunities, where as a budding entrepreneur, you can invest time and money for your company formation in Dubai. The purpose is to shed light on latest ideas which you can then research and develop further.
1. Restaurant business
With the right amount of planning and a detailed execution plan, investing in a restaurant business in Dubai can be a highly lucrative venture. There are 200 nationalities residing in Dubai, so be careful of the target audience. The areas that are right now hotspots for new restaurant openings in Dubai include Business Bay, JBR Dubai Marina, Jumeirah Beach Road, Dubai Mall and Mall of the Emirates.
Read More: How to Open a Restaurant in Dubai
2. Beauty Technology
Beauty is a big and highly developed industry in UAE. Per capita beauty spend in UAE is around $289 (AED1061) which makes UAE residents the biggest spenders in the GCC region, and seventh in the world.
The world’s biggest beauty trends converge in Dubai. If you want to take risks and make big impact, Dubai has made a name for itself as a fertile testing ground for new business setup in UAE. The top five categories include fragrances, color cosmetics, skin care, men’s grooming and hair care.
Tip: Our advice to you would be to incorporate modern technology, tools and apps to your offering. Involve beauty influencers on social media such as Instagram which is quite popular for beauty experts.
3. Travel Agency
Dubai is a global hub for tourism. The city is amongst the top 10 tourist destinations in the world and attracts business and luxury travelers alike. According to World Travel and Tourism Council (WTTC) annual Economic Impact Research, in 2017, tourism sector had a direct contribution of 5.1% of the UAE total GDP at AED 69.1 billion.
Tourists love the shopping festivals, beaches of Dubai and its dazzling nightlife. Not to forget Expo 2020 is coming up which is expected to attract 25 million people from around the globe. You can look into running a travel agency in Dubai to guide travelers with all the formalities like visa, cruise boats, and hospitality.
The wave of e-commerce has spread around the globe and has not spared UAE as well and it is easy to understand why. Consumers today are becoming more tech-savvy. They use social media and different apps to learn about products and brands. With just one click, they can buy any product.
So, it is a good idea to start an online business in UAE. According to The National, UAE’s smartphone penetration is the highest in the world at 73.8%, with more than 90% of the population having access to the internet. Moreover, UAE’s young population, a third of whom are under 25, are ideally placed to embrace e-commerce.
5. Event management Company
As more and more entrepreneurs and international companies are looking to setup business in Dubai, they are increasingly seeking the knowledge and guidance of event professionals. So, starting an event company is a viable option.
There are many activities in this area which you can decide to do business such as conference planning and management, event production, hospitality management and consultation, workshops, performing arts management, event promotion and sports management. Many private events such as weddings, baby showers etc. can also come under the scope of an events management company.
Wondering how to get started?
Irrespective of the business opportunities available, it can be difficult for a new entity to understand the process of setting up a business in UAE. Our experts at Business Setup Consultants Dubai offer company formation services in Dubai and across UAE.