Businesses in Dubai are booming and growing at an exponential speed. More and more people from across the globe are setting up companies in Dubai to tap the growing market of Dubai.
Dubai which is also referred to as the Land of Opportunities has become one of the leading business hubs in Asia and is growing rapidly. In this article we discuss some of the most successful business ideas with a huge earning potential while employing the least amount of capital.
Earlier foreigner nationals were allowed to do business in Dubai only in collaboration with local UAE Nationals but this restriction has now been lifted and foreigners can now own 100% of the company irrespective of whether the company is located in the mainland or in the freezone.
10 Successful Businesses to do in Dubai
- Real Estate Consultancy
Real estate in Dubai is booming. Post covid there has been a lot of activity in the real estate sector in Dubai and people from across the Globe are buying properties in Dubai as their second home.
The rental yield on properties in Dubai is also exceptionally good unlike other countries and therefore a lot of foreigners are also investing in Dubai Real Estate.
With the real estate market booming and a huge investor interest, this is the best time for Real Estate Consultants. Real Estate Consultants are in huge demand in Dubai and are earning good money.
- Tourism related services
Dubai as a travel destination is usually in most of the bucket lists of travel enthusiasts. From the tallest building i.e. Burj Khalifa to the man-made islands i.e. Palm Jumeirah, Dubai houses some of the best places to visit in Asia. Infact, more than 20% of the GDP of Dubai comes from tourist alone.
The fact that it is located in Asia which houses the maximum population in the world ensures that people keep on visiting Dubai in big numbers throughout the year. Moreover, there is currently an international travel boom considering that people did not travel abroad for 2 years after Covid and now that travel restrictions have been uplifted – people are flocking to dubai in big numbers.
- Accounting related services
There was no Corporate Tax in Dubai till now and therefore the demand for accountants was also comparatively low. However, UAE is introducing 9% Corporate Tax from 2023 onwards and to comply with this requirement – all existing UAE Companies would be needing the help of accountants.
This will lead to a huge demand for accountants and therefore this is the best time for accountants to be setting up their business in Dubai.
- Food Business
More than 17% of the people in Dubai eat in restaurants or order food from outside every single day. This fact clearly shows how big is the food industry in Dubai.
Dubai has very few locals as 85% of the people residing in Dubai are foreigners who have come from different parts of the world. The population mix of Dubai is very diverse as people from different parts of the globe reside in Dubai and this leads to a demand for all types of cuisines in Dubai.
- Manpower Supply and Recruitment
As so many people are setting up businesses in Dubai, therefore the demand for employees in Dubai is also increasing. This leads to a demand for HR Consultants who help employers hire employees.
Moreover with Dubai growing at a rapid pace and construction activity booming, there is also a demand for migrant construction workers. Everyone from a blue collar worker to a white collar worker is currently in Demand in Dubai.
- Digital Marketing Services
The world is moving online and so is Dubai. And to sell anything online, you need digital marketers who will ensure that your people keep coming to your online store and your goods/services keep on selling.
Post covid lockdowns, businesses have realized how important it is to have an online presence and this has led to a huge demand for digital marketers and they are also being paid handsomely.
- Beauty related services
Females in Dubai love to dress and makeup. This leads to a huge demand for both the beauty products as well as beauty parlors.
People also undergo aesthetic surgeries to look better and therefore there is demand for specialty clinics as well.
- Daycare/ Childcare Business
Most of the people living in Dubai are expats and both the husband and wife are working. As both the husband and wife are working, they need somebody to take care of their kids and this leads to demand for Daycare/Childcare.
Daycare/ Childcare Centres are very much in demand in Dubai as these centres are not only about babysitting but kids also learn a lot in these places.
- Crypto related services
Dubai wants to become the Crypto capital of the world and is inviting crypto enthusiasts to its country. Some countries like India have created laws in a manner which discourages crypto and therefore some people are being forced to move to Dubai.
Infact, some of the crypto exchanges have also moved to Dubai. This has led to crypto being recognized as an official industry in Dubai and the demand for crypto related services has also increased.
- Insurance related services
Some of the most expensive cars are on the streets of Dubai. From Ferrari to Lamborgini to Maserati, all such cars can be easily seen on the dubai roads in big numbers.
The insurance of these cars is also very expensive and thus insurance agents make big money on getting each car insured. Apart from Car Insurance, Health Insurance is also very much in demand.
The above are some of the best successful business ideas to be implemented in Dubai. The fact that there is free flow of money from Dubai to all parts of the world and there are no such restrictions on international trade, a lot of people do international business from Dubai apart from doing the business locally.
The above article has been authored by CA Karan Batra who is the founder of charteredclub.com. He is All India Rank 22 in CA Exams and is regularly featured in both TV and Print media as a leading tax expert. He is the author of 2 books and has vast experience of representing cases before the Tax Dept.