Have you been dreaming of starting a business abroad but have not gone through with it? Starting a business in a foreign land can expose you to new opportunities that could mark your breakthrough as an entrepreneur.
You can find an untapped market, favorable government incentives for foreigners, and a better business environment in terms of security and fewer bureaucracies. Having a foreign business can also be a way to spread your wings and market your brand.
One of the most popular places for business is Dubai, famed globally as a business and financial center.
One of the easiest ways to start a business in Dubai especially if you are a startup is in a free zone. Having a business in these zones guarantees several benefits including full ownership, faster startup, and duty-free customs boundary.
If you want an even easier way of setting up your business, find company formation services in Dubai. Most of these companies are well connected and can help you set up shop quickly while adhering to all the business regulations.
What Businesses Will Work in Dubai?
Not all businesses can do well in a foreign country. Before you think of forming your company, you should analyze several factors including the culture of the people in the market, legal barriers, and also have a strong business case. There are, however, come businesses that are known to thrive in Dubai. Below are 5 of them:
Dubai’s is rich in a myriad of resources that has made it a top destination for tourists all over the world. The city boasts of epic buildings, high-rising structures, a rich culture, artificial islands, wonderful beaches; and more!
While the coronavirus pandemic has caused a huge dip in travel globally, economies are now opening up and so should your business ambitions. Dubai plans to slowly allow tourists in from the start of July. Just a week ago, the government also eased transport activities.
Expect to see a recovery of the hospitality industry which includes hotels and restaurants. Just like it is expected of businesses that will resume around the world, the new normal will entail an increase in expenditure to ensure health and hygiene standards are met. The government is ready to help businesses cope by cutting municipal costs by half.
If you are want to start small, no problem! Most tourists love to lodge in cheaper hotels, so go ahead and set up your small or medium-sized business.
2. Construction and Real Estate
If you have been looking for opportunities to expand your construction or real estate business, then Dubai is the place to be. One of the main reasons why construction is growing is the tourism industry.
As many entrepreneurs and foreign investors set up businesses in Dubai, most of them seek permanent residence. That increases the demand for homes which has boosted residential construction businesses.
Other sectors where construction is also on high demand are in office, retail, and hotel markets; and healthcare, leisure, and infrastructure markets.
Some of the benefits that construction entrepreneurs enjoy in Dubai include low costs of construction and a stable construction sector.
3. Financial Services
The existence of a large number of businesses inevitably leads to a higher demand for financial services. If you want to get into the business of providing accounting, audit, bookkeeping, and other financial services in Dubai, you will find lots of opportunities.
Apart from offering the above financial services, you can also venture into banking and insurance or start an investment company where you act as an investment trust.
Dubai is the most populous city in the UAE. People have to travel from place to place, especially employees and other business people, which makes transport a lucrative sector to invest in.
There are various modes of transport in Dubai, with the most common one being taxi transport. Taxi business is not only lucrative but also very easy to start.
Since the taxi business in Dubai has been in high demand, lots of taxis on the roads have led to increased pollution. Hybrid cars are, therefore, the trend.
The hybrid taxi is a preferred model thanks to its ability to reduce emissions which promotes cleaner air and a healthier environment.
Hybrid cars also offer better fuel economy as these cars can provide as much as three times more miles per gallon compared to the usual taxis. Additionally, they do not consume much fuel in instances of idling such as on traffic jams.
The recipe for business success is to combine expertise with market demand. Dubai offers a highly promising market for the four businesses mentioned above. Its rich population, high development in real estate and infrastructure, and mind-blowing sceneries make it a favorite of many businessmen.
If you want to start a business in Dubai, you need not struggle on your own. You can hire formation services and enjoy getting your business on its feet much faster.