The UAE is ranked 5th among the top ten retail destinations in the world, with over thousands of international brands and strong tourist consumers who come to the country specifically to shop due to the competitive prices and offers. In 2017, retail sales contributed to 11.70% of the country’s Gross Domestic Product (GDP). It is projected to grow to $75 billion in 2025, despite the challenges brought by the rise of the digital economy and health crisis.
Dubai is where most malls, outlet stores, and value-added shopping is readily available and popular, making it the best location to begin your business. You will learn from the already-existing and vibrant culture of wholesale and retail business, as well as smart shopping and best-seller-consumer relationship and practice.
Aside from this, you will benefit from the following:
● Tax haven. No corporate and personal tax, low VAT rate, and customs duty.
● No currency restrictions. Remit your money from any parts of the world.
● You can repatriate 100% of your capital and profits.
● Wide range of business activities and licenses available.
● Fast and easy processing of business licenses and bank account preparation.
● Visa available for you, your dependents, and your employees.
To Start Your Retail Business in Dubai, Here Are Simple Steps:
1. Conduct a market research.
Before anything else, you must learn the pulse of your buyers. Get to know the type of products and services that they need. Check out your competitors as well and figure out how you will meet them in the battlefield. In the end, conducting a market research is all about you coming into the scene prepared.
2. Know the most ideal location for your business in Dubai.
When starting a business in Dubai, you have to be guided by the premier locations in the Emirate in order to maximize the full potential of your business, especially if you want to reach a certain audience. The location also dictates a portion of your start-up cost and expenses for rent for your store.
3. Be ready with the overhead costs.
A mainland company in Dubai is a large venture as you will need to consider certain expenses such as office rent, employees’ salary, utilities, and third-party service providers. Make sure that your budget fits the needs of your company. Acquiring bank loans may be needed, but make sure the payout will work on your projected profit.
4. Comply with the government processes and requirements.
In UAE company formation, you will be required to submit certain documents such as copies of passports of each shareholder, business plans, Memorandum of Association, and pay license fees.
5. Acquire the services of a local agent.
Setting up your business is no easy task – a help from a local agent will let you go a long way. Foreign investors are required to have their own local agent. With this, you must be vigilant in choosing your dedicated partner in complying with the company formation processes as well as complete preparation of your documents. Their knowledge in the local scene will help you settle down and keep you at ease.
Starting a business in the UAE is a smart move; especially if you have the right cards with you.
For superb services and business consultation, IBG Consulting offers a holistic assistance package to meet the needs of your company.
We are a team of experts who are well versed in assisting investors in building an empire in the UAE. Based in Dubai, our services range from document preparation, business license acquisition, to accounting, bookkeeping, digital marketing, visa purchase, PRO services, and other corporate services.
Give us a call today for a free consultation: +971 4 383 9324