UAE Business Setup
The United Arab Emirates has been making waves in the business world for years, and it’s not difficult to see why. Being strategically located, the UAE has a highly skilled workforce and a government that encourages business growth and investment by enacting business-friendly regulations. As a result, the UAE has become a magnet for entrepreneurs and businesses looking to set up shop in the Middle East.
But even with a promising business market, choosing the right industry is crucial in forming a successful business. And if you’re unfamiliar with business setup in UAE, you’ll need to research which sectors show the most promise carefully.
In this blog, we’ll explore seven high-growth sectors to watch out for in 2023. From tech and finance to healthcare and tourism, these business sectors in the UAE are poised for significant growth and offer excellent opportunities for entrepreneurs and investors alike.
Seven High Growth Sectors to Watch Out for in 2023
With the UAE being a land of opportunity, there are many business avenues entrepreneurs can take. And having a keen eye for potentially lucrative business activities is one of your best ways of finding financial success in the region. To that, let’s take a look at seven high-growth sectors that are showing promise in 2023:
1. Construction & Real Estate
The UAE has always been a hub for construction and real estate, and this sector is expected to continue to grow in 2023. With Dubai hosting the Expo 2020, the demand for commercial and residential properties has increased significantly.
2. Tourism and Hospitality
The UAE is a popular tourist destination, and the hospitality industry is expected to grow further in 2023. With several new hotels and resorts set to open in the country, entrepreneurs will have more opportunities to enter this sector.
3. Healthcare & Medical Tourism
The UAE has invested heavily in the healthcare sector in recent years, which is expected to continue to grow in 2023. Medical tourism is also likely to increase, as the country has some of the world’s best hospitals and medical facilities.
The UAE has a highly educated population, and the government has invested heavily in the education sector in recent years. With a focus on innovation and technology, entrepreneurs will have several opportunities to enter this sector in 2023.
E-commerce has been growing rapidly in the UAE, which is expected to continue in 2023. With a growing middle class and a highly connected population, there will be plenty of opportunities for savvy investors in this sector.
6. Architectural Services
With several large-scale construction projects underway in the UAE, the demand for architectural services is expected to grow in 2023. Entrepreneurs with expertise in this sector will find plenty of business growth possibilities.
The UAE is home to several airlines, and this sector is expected to continue to grow in 2023, with new routes and destinations being added daily.
The Process for Starting a Business in the UAE
The UAE has made considerable strides in streamlining business setup in UAE. It’s easy, affordable, and can be completed in mere days. However, securing a business license in UAE can be overwhelming for those unfamiliar with the territory. To streamline your business formation, let’s look at the business creation process:
1. Choose Your Business Venture
The first step in setting up a UAE business is choosing your business venture. The UAE offers a wide range of business sectors, including construction, tourism, trading, logistics, manufacturing, and financial services. You will need to research the market and identify a business venture that suits your skills, interests, and financial capacity.
2. Choose the Jurisdiction: Mainland, Freezone, or Offshore
The UAE has three main jurisdictions where you can set up your business: mainland, free zone, and offshore. Each jurisdiction has its own set of rules and regulations, and the choice depends on the type of business you want to set up.
The mainland jurisdiction is suitable if you want to trade within the UAE market. If you want to enjoy 100% foreign ownership, a tax-free environment, and hassle-free immigration, then a free zone jurisdiction is the right choice. And if you want to have a business outside the UAE, then the offshore jurisdiction is ideal.
3. Finalize Your Legal Structure
Once you have chosen your business venture and jurisdiction, you must finalize your legal structure. You can set up a sole proprietorship, a partnership, a limited liability company (LLC), or a branch of a foreign company.
The most common legal structure for foreign investors is an LLC, where the minimum share capital requirement varies from AED 300,000 to AED 1 million, depending on the type of business activity.
4. Register Your Company
After finalizing your legal structure, you must register your company with the relevant authorities. You need to provide a trade name, shareholder details, share capital, legal documents, and other required information.
5. Secure Business License
To operate your business in the UAE, you will want to secure a business license from the respective authority. The type of license depends on the type of business activity and jurisdiction.
6. Obtain the Necessary Approvals
Depending on the nature of your business activity, you may need to secure additional approvals from various authorities, such as the Department of Economic Development (DED), Dubai Municipality, Dubai Civil Defense, Dubai Health Authority, Dubai Chamber of Commerce, and Industry, etc.
7. Submit the Required Documents
To obtain the necessary approvals and licenses, you must submit the required documents, such as a business plan, lease ag reement, NOC from the landlord, passport copies of shareholders, and other relevant documents.
8. Obtain a License and Pay Fees
After completing all the necessary steps and submitting the required documents, you can obtain your business license and pay the required fees. The fees vary depending on the jurisdiction, type of business activity, and other factors.
Want to Know More About How to Set Up a Business in UAE? Call MSZ Consultancy!
With years of experience assisting entrepreneurs in navigating business in the UAE, MSZ Consultancy has the skills and expertise to help you maximize your business investments. From business set up to securing a business license in the UAE, we handle everything so you can concentrate on what matters most.
So whether you need help securing visas or staying abreast of the UAE’s ever-changing laws and regulations, MSZ has you covered. Give us a call today at +971 52 544 1248 and let our knowledgeable consultants help you cut through the red tape, make wiser investments, and reach the level of financial success you deserve.