The United Arab Emirates is one of the places that gives the opportunity to start the best businesses due to its tax policies and thriving market. Entrepreneurs have a variety of opportunities to start a new business with small investments that yield huge profits.
Whether you are a foreigner or a native entrepreneur who wants to make the minimum investment to start a business in Dubai, we are here to help! Read on as we explain the top business opportunities in Dubai.
In this article, we will discuss the top 10 best business to start in dubai for beginners who want to start their business journey. Read along and learn how to earn profits with little capital.
Best Business to Start in Dubai for Beginners
In this article, we will learn about the best business in Dubai for beginners who want to start their venture and earn a fortune.
Tourism Business
UAE is one of the best tourist attractions due to its world-class infrastructure, skyrocketing buildings, and beaches. Due to this, millions of tourists come to visit Dubai every year, making the tourism business successful.
The tourists keep coming back to Dubai’s attractive monuments, making it a steady business for local tourism companies. UAE’s tourism business offers transport services, local tour operators, and other travel services. You can select any of these options for a successful tourism business.
E-Commerce
E-Commerce is also one of the best business to start in Dubai for beginners in 2024. There are numerous online retail businesses for entrepreneurs to choose from and earn revenue. The main reasons that make e-commerce a successful industry are
Dubai has a world-class infrastructure, making it the best place to run an online business. The companies can easily reach their online customers and deliver their products without any hassle.
- The number of online customers is increasing in Dubai due to fast internet services provided by the government.
- E-commerce requires minimum investment to start business in Dubai
- A large number of the population can spend cash in the UAE, which makes it a perfect place for online retail.
Real Estate Business
The real estate industry is one of the most successful business sectors and the best business in Dubai for beginners. The market value of this sector is USD 5.4 billion due to the rise in buying and selling of landholdings in Dubai. Real Estate benefits from UAE’s tax policies include the right to have full ownership of their business, etc.
There are various options for the real estate business, including.
- real-estate consultation services
- property management facilities
- vocational rental apartments
In order to start your real-estate business in Dubai, it is important to get a license first.
Construction Business
Due to the increase in the demand for new buildings for offices and other businesses, the construction industry is flourishing in Dubai. The market worth of the construction sector was $94 billion in 2023, which is expected to have an annual growth rate of over three percent by the year 2028.
There are a lot of options in the construction business for entrepreneurs to choose from
- A real estate management company
- Property Development
- Interior design business for residents, offices, etc.
The main idea is to have a creative mind and strategic plan in order to take advantage of this opportunity. The process of setting up a business can be streamlined with the help of a business consultant.
Event Management
The event management business is also one of the top 10 business in Dubai due to its rising demand. Dubai is known for its luxurious parties and events, which attract beginners with creative minds who want to start their event management firms.
The annual growth rate of the event industry is $12.43 billion, which is expected to reach $22.35 billion by 2029. There are a number of activities an event management business can do.
- Wedding planners
- Business event management
- Event planning and budgeting
- Organizing parties and exhibitions, etc
If you are wondering what is the best business in Dubai for beginners, event management is the best option for you. For a successful event management company, it is vital to have a creative mind, network, and join forces with suppliers and retailers.
Housekeeping and Cleaning Services
With the increase in new businesses, the demand for cleaning and housekeeping services is also increasing. A cleaning agency requires minimum investment to start a business in Dubai and earn reasonable profits. Entrepreneurs do not require any specific skills and education to start a cleaning agency. They can get a license and hire a team of workers to run their business smoothly.
Restaurant Business
Starting a restaurant business is also very popular and profitable in Dubai. With the increase in the number of tourists and foreign companies, the need for good restaurants is also increasing. Dubai is a multicultural city in which any type of restaurant and cafe can be opened to earn good money. There are several types of restaurants that can be opened in the UAE.
- Michelin Starred Restaurants
- Cafes
- Tea shops
- Food Trucks
- Cafeterias
In order to run a successful restaurant, make sure to have experienced chefs, high-quality ingredients, cleanliness, and creative marketing.
Beauty Spas
The demand for beauty spas, salons, and barber shops is increasing among the wealthy population of the UAE. It is one of the best business in Dubai for beginners, as both the local population and tourists need personal grooming. A number of profitable beauty businesses in the UAE are
- Beauty Parlor
- Beauty Spas
- Barber Shops
- Cosmetics Clinic
- Nail Salons
- Dermatology Clinic
- Massage centers
For a successful beauty business, it is crucial to hire experienced staff and use good quality products. You can select basic to sophisticated services to earn profits from the beauty business.
Bookkeeping and Accounting
In Dubai, businesses of all sizes, whether big or small and various sectors are in need of Bookkeeping and Accounting services. The companies need help with financial records of accounts, tax policies, and bookkeeping.
With the rise in the number of trade companies, the demand for accounting services is also increasing, making it one of the best opportunities to earn revenue.
Logistics and Supply Network
Logistics and supply chains have seen a rise in their demand due to the increase in online shopping and online retail, making it one of the best business in Dubai for beginners. There’s also a high need for warehouses for inventory management and delivery services.
You can also open a managing company for the import and export of goods or a logistics consulting agency that provides services related to managing costs, increasing professional competitiveness, and general performance.
After discussing the top 10 business in Dubai, we will now discuss the key steps involved in company formation.
How to Start a Small Company in the UAE?
The most important step for beginners starting the best business in Dubai is to select whether you want to start your company in the UAE mainland or Freezone. Both of them have their regulations and restrictions.
Select the right one according to your business structure. Some additional steps for company setup are discussed further down.
Register Your Business
For business registration, you will need to get approval from the relevant authorities. Submit your application along with the necessary documents and certificates to get approval.
Get a License
Get your trading license from the Department of Economic Development according to the type of your business. Hiring an experienced consultant can be helpful in streamlining this process. There are four types of licenses in the UAE.
- Industrial license
- Trade license
- Professional license
- Tourism License
Submit Necessary Documents
In order to get your trading license, you need to submit the following necessary documents.
- Trade name of your company
- Initial approval
- License application form
- Visa and passport copies
- Lease agreement
- Memorandum of Association
Additionally, you may require certain approvals from the government or relevant authorities. Get the help of a consultant to give you complete guidance on the company formation setup.
Minimum Investment to Start Business in Dubai
The minimum investment required to start a small business in the UAE ranges between AED 50,000 to AED 300,000. However, this cost can increase depending on additional charges and the type of business you have.
Benefits of Setting up a Business in UAE
Due to the strategic location and the business policies of the UAE’s government, the business sector is flourishing, attracting investors from all over the world. Here are some of the benefits that businesses enjoy.
- Geographic Position
Due to the UAE’s strategic location, it is easier for companies to trade locally and internationally. They have the advantage of the world’s busiest seaports and airports that connect them with the eastern and western markets.
- High-quality Infrastructure
The city has excellent infrastructure, highways, and transportation, which makes the job of traders easier.
- Low VAT Tax Rates
The government has imposed very low VAT and import-export taxes on businesses, which is a huge benefit for small businesses.
- Full Foreign Ownership
Foreign investors do not require a local shareholder after the amendments in the laws done by the Department of Economic Development. They can now have 100% ownership of their business.
- Smooth Visa Processing
Due to UAE’s visa policies, it is easy to get a residency or employment visa for your company. Additionally, the UAE has a stable economy due to the government’s serious efforts and policies.
UAE has the best internet facilities, transportation, and tech services from which businesses can benefit. Furthermore, the currency of Dubai is stable, which helps new entrepreneurs earn profits without any loss.
Final Words!
In this article, we have discussed the list of best business to start in Dubai that require minimum investment. Starting a new business is a simple and easy process if you follow all the steps, complete your paperwork, and comply with UAE regulations. Make sure to hire a business consultant for proper planning, document submission, and management of costs according to the needs of the UAE’s market.
Alriyady Auditing strives to guide entrepreneurs and individuals in opening their business ventures without any hassle. Our expert team is here to provide consulting services, accounting, Auditing, tax consultancy, Business Plan and Feasibility Studies, and much more. Get in touch and acquire information about the minimum investment to start business in Dubai today!
