18 Feb A Look at UAE’s Upcoming Business Opportunities
A Look at UAE’s Upcoming Business Opportunities
Have you ever imagined yourself visiting a foreign land to explore and indulge in tourist attractions like high skyscrapers, prominent hotels, luxurious restaurants, massive shopping malls, high-tech transportation, and amazing road trips?
Once you have had the opportunity to experience that kind of a getaway, it will surely intrigue you to know about the creative and entrepreneurial minds and ideas behind it.
The UAE, or United Arab Emirates is at the 11th rank in the World Bank’s ease of doing business list in the year 2019. UAE has become a hot spot for foreign investment, continuous innovation, flourishing industrialism, and entrepreneurship. Since the biggest source of the growing economy is tourism, gross domestic product is also high. While UAE continues to diversify the economy, it gives life with all unbelievable standards and high convenience.
Dubai as the “Golden City”
Once you hear about Dubai, it immediately takes your mind to a land of opportunities, luxury, and all things extravagant. Most people sift base to Dubai because of its welcoming ambience towards new technologies and competitive opportunities it has, which opens up room for growth and expansion for businesses.
The whole world looks at Dubai as a beacon of business investments and opportunities. Among the seven ’emirates’, Dubai has outstanding tax management, fair financial settlements, and lastly, it has a low cost of operation as most businesses import cheap labour from countries like Bangladesh, India, and Sri Lanka etc. That means if you want to venture into business in this golden city of the United Arab Emirates, you can have a good shot at it.
Dubai almost has a magical quality about itself when it comes to attracting more people, it is because of its booming real estate market and engineering marvels. The biggest magnet that draws people in, is the tourism industry. It inspires investors and business owners to tap into the market and reap its benefits to the fullest.
Here some tourist spots that you will never regret to encounter:
The Burj Khalifa:
Burj Khalifa is an engineering marvel, it is the world’s highest man-made standing architecture with a height of 2,716.5 feet (828 meters).
The Dubai Fountain:
It is the world’s largest musical performing fountain that can be seen from different parts of the city. This was officially introduced to the public in May 2009. Annually it draws more common spectators and new tourists every year.
The Dubai Mall:
This is where most shoppers go and spend their time roving around passing by luxury brands, and fine dining restaurants. It also boasts of other activities like the Dubai Aquarium with a 270-degree view through a tunnel and ice rink.
The Burj Al Arab Jumeirah:
Mirrored like a shipping sail, this structure has a height which is 321 meters taller than the Eiffel Tower in Paris. This is where you will experience a very prestigious and breath-taking stay for events and social gatherings.
What are Onshore and Offshore Companies In UAE?
Onshore companies are those businesses which are invested and created on the mainland. They have the obligations to pay tax rates that are implemented by the government. Onshore companies have greater opportunities for expansion from time to time because the market within the main city is easy to analyse and for exploration of additional prospects.
Meanwhile, the offshore companies are businesses established outside the mainland and can be operated in other countries. These are companies that do not trade within the UAE. Good leverage of building an offshore company is they do not have to pay taxes according to the government’s imposition. They have a low tax rate that allows the companies to enjoy a surplus fund and reap better the return of investments.
Some Zones for Onshore Companies in UAE
It is an economic zone around Al Maktoum International Airport that is purposely constructed for better logistics, commercial, humanitarian, aeronautics, and other activities.
Ras Al Khaimah Economic Zone (RAKEZ):
It is a free zone located at the centre of Ras Al Khaimah, UAE. It provides 100% income and tax exemption to foreign investors and business owners.
Sharjah Media City (SHAMS).
For those who want to start up their business, SHAMS offers companies with well-equipped services. It focuses on innovations excellently to grow businesses locally and internationally.
“Find out what trends will be all the rage in 2021.”
Some Zones for Offshore Companies In UAE
Jebel Ali Free Zone Authority (JAFZA).
This business set-up promotes sea and air facilities. It strives to be the most trusted and well-known free zone located in the MENA region that continuously develops Dubai for more capabilities.
Kizad Offshore Zone.
This is one of the most cost-efficient free zones in Abu Dhabi, for businesses to set up. It is located next to Abu Dhabi port, connecting it to 60 international destinations.
This features security and data privacy with its responsibility for financial and non-financial services.
Spotting Business Opportunities in the United Arab Emirates
If you are planning to take a head start on business outside your comfort zone, you should consider reviewing some listed business opportunities that are currently hot in UAE and those that are yet to be known.
IT Support Business
Starting with a small-scale business set up with ideas on IT services could help those who are working online. Computer repairs and maintenance can be your first step until such time, you can be able to sell computer parts and computer accessories. Since digital marketing and e-commerce is now trending, you can also sell high-end brands used for gaming, 3D rendering, and data entry as you grow this small business.
Health and Physical Fitness
Most people of UAE, especially in Dubai are very health conscious. UAE prioritizes the well-being of its people and healthcare services is a booming industry. You can make a program that promotes physical fitness, you can trade medicine and health supplements, or practice as a medical professional.
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Apparel and Jewellery
Fashion is perpetual and so are the enthusiasts who love to be in on every latest trend. Dubai is where you can vouch for incredible textiles, footwear, apparel, jewellery, signature brands, and other popular names in the fashion industry. If you want to establish a business setup like this, you should consider discovering many destinations within the UAE to find the best location to attract more buyers and to make your products and services unforgettable.
Dubai is becoming a smart city. It has been evolving since modern technology has dominated most of the businesses in the UAE. Web development and IT development are essential to new innovations and you can venture into this opportunity while making a good impression and mobility towards digital marketing strategy and information technology.
Travel and Tourism Agency
UAE possesses strong pride and loyalty to its culture that is admired by many people. UAE has a heritage that allows tourists to come back and choose to stay however they like and as long as they want. This is where travel agencies are needed to assist tourists and give them a first-rate experience in hotels, resorts, beaches, shopping malls, and historical places.
Amidst the COVID-19, businesses are still on the loose. The ‘new normal’ of working on the cloud has driven many business-minded people to reinvent their ways. Due to this, we have seen a huge rise in brands pumping in funds in digital advertising. In other words, businesses nowadays have embraced online marketing, and companies in Dubai have seen to have big investments in digital advertising.
You can include digital advertising as your business as long as you understand the essence of brand development and that you can assure your presence on social media.
Dubai has an outstanding impression when it comes to real estate. In order to stand out in this kind of business, you have to commit yourself to work and perform responsibly because everything is critical when you choose real estate as your business. It involves a lot of decision making and good communication with other current agents.
This business involves a huge amount of funds as a starting capital. It is extremely crucial for those who are in this field to fill all the building blocks of a proposed structure. On the business owner’s side, it demands proper budgeting for both capital and manpower. The construction business has been a booming industry since Dubai has opened its doors to development. If you want to commit to this setup, get the best engineers, architects, and reliable admin workers for a rewarding return of investments.
Unceasing arrival of tourists has had a great effect on the economy of the UAE. Different types of people with different preferences have given rise to various retail business opportunities. So, you would need to decide what would be your arrangement.
Education is a quickly growing industry in the UAE. With international students pouring in from all over the world, there is a lot of opportunities for potential investors. It is easy to obtain certifications and licenses in order to build a school or any education service. Rather than that, you can offer your teaching services through an online class setup.
Everything you want to experience is already in the UAE, whether you visit for leisure or work. At a low registration cost, you can start a business easily, but you must always ensure that you are ready with all the information that is needed. Thus, you can check edirect.ae for assistance and exceptionable services.