If you want to start a business in Dubai, there is no better time than now. Dubai is in a preparation phase as it moves closer to the mega 2020 World Expo, a watershed event of tremendous potential to change the city’s fortunes. Businesses worldwide are in a desperate rush to make their presence known just before the Expo starts. It’s time to benefit from the new frenzy and be among the first to open a company in the run-up to the enormous event.
The main advantage of business setup in Dubai is that you can take help of the media frenzy surrounding the event to be at the forefront of the global media. It’s especially true for well-known services or goods globally, such as restaurants and high-end hotels. If your brand is obscure, this is the right time to position your company before the world and establish a distinctive identity. At the same time, this is the best time to promote your company in the region.
As a result of the Expo, many opportunities have arisen, raising the probability of owning a company. The one thing that is likely to happen over the next few years is a rise in the tourism industry. As a result, tourism-related businesses will experience tremendous growth. Consequently, now is a great time to start a company such as a travel agency, a restaurant, or a small lodging facility. It’s also a good time for IT companies to open offices in the city because, like other businesses in the area, they can benefit from the increased media coverage by enhancing their global profile. Similarly, real estate firms will benefit from current trends, with analysts expecting a doubling or trebling of house prices by 2020.
With a slew of new companies expected to enter the industry shortly, there will be a rise in demand for business solutions such as accounting, business administration, and marketing management. In addition, many will outsource to smaller businesses. If you specialise in either of these programmes, now is the time to plant seeds for a bumper crop.
While we are all experiencing chaos due to the COVID-19 pandemic, and the future appears hazy, the present situation offers an excellent opportunity for those interested in starting their businesses. So, if you’re an aspiring entrepreneur looking to break into the Dubai market, now is the best time to do so.
The following are the reasons why it is the right time to set up a business in Dubai –
Lower Registration Cost for Businesses
- The Dubai government’s recent programmes, strategies, and economic stimulus packages waive any fees for new companies and SMEs, making it more competitive to start a company now.
- With the new favourable payment terms, SME suppliers to government agencies will receive their payment within 30 days instead of 90 days, offering additional liquidity to SMEs.
- UAE-based trade finance banks have also launched new packages for SMEs.
- Some UAE banks offer lower minimum average balance requirements for all SME account groups, suggesting greater liquidity.
Supportive SME Laws and Business Ecosystem
- Dubai’s more favourable business environment and modern, friendly SME rules have built a mild business climate and a perfect launchpad for new businesses.
- The UAE government has taken vital steps to ensure that the start-up ecosystem has solid foundations and impressive infrastructure. There has never been a perfect time to start a Dubai company than now, with new regulatory mechanisms, increased venture capital funding, banking alliances, and increased government support.
Access to a Larger Talent Pool
- Individuals who laid off their jobs due to the Covid-19 situation have a broader talent pool to tap and hire for your business.
- You can also recruit remote staff from all over the world to assist with customer service, IT support, and design, making it a more cost-effective HR option for you.
Cheaper Digital Marketing Rates
- Because the cost of digital marketing and online ads has decreased across many channels, now is the right time to ramp up brand awareness campaigns.
- Furthermore, with more people going online from their homes these days, your business is more likely to be exposed to potential customers online. As a result, now is the proper time to start a business and market it online.
- If you can’t afford digital advertising, you could rely on word-of-mouth support from neighbours who are keen to support you in a time of need. As a result, you have a better chance of getting people to help your business by simply sharing a few words about it.
- As part of their community support, social media users offer free publicity to local businesses on their platforms, which would otherwise charge a high amount.
Ample Investment Opportunities
- For SMEs, start-ups, and major corporations alike, Dubai is a hotspot for investment. Dubai is a fantastic investment right now because of the tremendous potential in the market. There are numerous investment opportunities available, as well as upcoming significant marketing events.
- The forthcoming Expo 2020 is expected to spur substantial economic growth in Dubai, bringing knowledge, innovation, and expanding business opportunities for everyone under a single roof.
Some of the primary reasons why starting a business in today’s uncertain times make sense include –
- Lower startup costs
- More favourable government laws
- Willing banks
- Access to a large talent pool
However, starting a business in Dubai can be challenging, especially in these difficult times. License registrations, legal requirements, and resident visas are just a few of the issues that must be addressed during the company formation process. Therefore, it is essential to seek expert advice on Dubai’s business setup to make the right choices and free yourself from worries.