Dubai is positioned at an enviable position, ranking at the top, for being the most profitable business locales in the world. Dubai has set high standards of economic modules that place it in a very comfortable zone. And with the liberal economic policies that stand to benefit foreign investors, it would be impossible to dislodge Dubai from this coveted status.
Smart foreign entrepreneurs, with an understanding of the finer details of business economics, have seized the opportunity and set up businesses in Dubai, UAE. It is a favorable time for foreign investors, whether seasoned or novice, to launch their business ventures in Dubai.
If you have a business idea, pitch it and make it happen. However, if you are undecided on profitable business options, then this guide can be of help. We have shortlisted the top five business options that foreigners can invest in Dubai. These business options are safe and are sure to earn you good profits.
Also Read, How To Set Up A Business In Dubai or UAE
There is a huge and constant demand for skilled and unskilled labour in the UAE. A significant chunk of the workforce in Dubai is from outside the Emirates. The number of new businesses is on the rise, and they require a steady supply of manpower. And, it is common for industries to employ the services of recruitment agencies to source the workforce.
An established recruitment agency can rake in big money by supplying labour to such companies. Most of the skilled and unskilled labour force employed in the UAE is recruited from the Indian subcontinent and parts of Europe. A foreign entrepreneur with connections in these regions can build a successful business.
Food Service Business
We have used the foodservice business as a broad term to encompass restaurants, cafes, ice-cream parlours, coffee shops, fast food places, and patisseries, etc. The restaurant business is another widely opted business in Dubai. You must obtain a food and restaurant license in Dubai, for establishing a restaurant business in UAE. The food industry is one of the most lucrative businesses, anywhere in the world, and that holds true for Dubai as well. Foodstuff trading will be a worthwhile market, particularly in a progressed economy like Dubai, where people explore and purchase quality food commodities irrespective of their costs. You can obtain a foodstuff trading license in Dubai easily with Kiltons.
You can start something exclusive - a posh dining area, perhaps, but remember to maintain quality. A franchise works well too, for there is always a demand for that known brand of chicken wings or pizza or a hot steaming cup loaded with caffeine. Alternatively, think of a specific cuisine and a target customer base. Maybe something different from the tried and tested - Japanese cuisine or perhaps vegan food perhaps.
Also, know who your customer base will be - locals or tourists, and plan your food joint accordingly. Choose over an exclusive dine in experience or provide take-aways and home deliveries options.
Also Read, A Detailed Guide To Start A Restaurant Business in Dubai
Travel and Tourism
A one-stop solution for tourists every travel need can be a good business model. Start a business, much like a travel agency that provides tourists with assistance, from planning travel itineraries to flight bookings, accommodation, sightseeing, taxi service etc. The business could focus on local tourism, covering the GCC countries or extended to a much larger region. A credible Tourism License in Dubai, UAE is needed for the establishments that run in the travel and tourism sector of UAE.
These services can be provided as a bundle, at an affordable cost or as individual options. A tie-up with travel companies around the globe would bring you more business.
Entertainment and Cultural Events
Start an artist management company that brings entertainers to Dubai. As an artist management business, your primary responsibility will be to coordinate with performers from different industries and countries and provide them with a platform to display their art form in Dubai.
You could manage celebrities accounts or handle other talented artists and groups—singers, dancers, magicians, actors, standup comedians, acrobats, jugglers and other performing artists. It is a beautiful way to bring performing artists from around the world to perform in Dubai. Your company can then offer their services for exclusive shows.
Grooming is such an essential part of everyday life, so starting a business that caters to the grooming needs of the locals is a wise business move. It is an industry that will never fade into oblivion, so give it a go.
You can consider a franchise; many established beauty companies provide that opportunity. Alternatively, you can go solo. The salon could be an exclusive service, such as one offering just nail treatments or skincare and hair treatments. It could be a luxurious spa service or one offering Kerala Ayurvedic treatments. It could also be an all-encompassing service that provides regular beauty services, such as hair cutting, hair coloring, waxing and threading, facials etc.
Think out of the box and start something that would build your clientele, such as, an all-call home-service for beauty treatments.
Benefits of Starting a Business in Dubai
- It has a strong, thriving economy
- The economic policies are business-friendly
- It is a safe place for foreigners
- Exemption from taxes
- Flexible procedures for setting up a business
- Uncomplicated rules for repatriation of profits and capital
- Easy to employ a non-native workforce
- Employment visas processes are simple
- Ease of doing business
- Easy availability of business licenses
Hire Professional Business Consultant Services
Setting up a business in Dubai may be easy, but it does require concentrated effort. There is a lot to be done, and wise investors choose to hire the services of business professionals, rather than going about it alone. Business consultancy firms stay abreast with local laws on investments by foreigners and can help with legal proceedings required for obtaining business license in Dubai.
There are plenty of benefits of hiring services of professional business consultants—their experience is incomparable, and they provide business solutions tailored to suit their client’s requirements. Further, they lend support, from giving every assistance for obtaining a license for your company to helping with building business strategies. Trust their wisdom and expertise because it is their job to understand growing market trends. They are professional to the core and there to assist you and ensure the smooth running of your business.
In case you have a business idea and want to follow through with it, we suggest you get in touch with a business consultancy agency and let their business experts walk you through the nitty-gritty’s involved. Exploit their industry experience and use it to your advantage.