As a top-tier country, one of the noticeable achievements evident in the United Arab Emirates is the incorporation of maritime capitals in the globe. This happens to be situated in Dubai, a city with open business opportunities. Therefore, How to Start a Yacht Rental Business in Dubai this factor in the UAE has attracted lots of tourists from all walks of life who are looking forward to having leisure time and entertainment in Dubai. As a matter of fact, this has boosted the interest in the yacht business in Dubai.
Similarly, the setting of maritime capital in Dubai has led to an increase in the number of both foreign and local investors in Dubai to venture into yacht-related business. Therefore, how can you start a yacht rental business in Dubai this year? You might as, right? First, to open a yacht rental business in Dubai you’ll be required to have a valid local business license provided by the DED, popularly known as the Department of Economic Development in the UAE.
On the other hand, here are the best steps to put into practice when starting a yacht rental business or any yacht-related business in the UAE;
- Select on the services you want to offer
- Conduct market research within your business area
- Locate a place for your yacht rental business
- Apply for a professional business license
Starting a rental yacht business in Dubai might seem demanding, especially if you don’t have proper skills related to the job. However, to make your business successful, you can consult a professional business consultant in Dubai who is experienced in the yacht business.
Don’t let your fears hold you up. Currently, Dubai is working handily with cruise company Carnival to set the yacht business ablaze and become the world’s largest cruise tourism hub. In addition, the Dubai Maritime City Authority (DMCA) is targeting to promote the modern infrastructure solely for yacht business.
Thus, if you are looking forward to starting a yacht rental business in Dubai, you’re lucky to meet this post. In this article, you’ll get everything you need to know before starting your yacht business in Dubai. Additionally, we’ve narrowed it down to some of the frequently asked questions by yacht investors you’d want to know before jumpstarting your yacht rental business.
Sounds great, right?
Let’s jump right into it;
How much is it to rent a yacht in Dubai?
Generally, a yacht is a power vessel majorly used for racing, cruising, or leisure. There is a chief difference between a yacht and a boat. Yes, both can be used for leisure and racing. Nonetheless, yachts are larger and have a larger capacity compared to boats.
Typically, a yacht can carry up to 50 people. In the same vein, they come in a different capacity and the price of renting a yacht will depend on the yacht’s capacity and type.
The following is a table indicating how much you can rent a yacht depending on the size of the yacht you want for your family.
|Yacht Sizes in Dubai
|Number of People
|101 ft yacht
|2,000-3,000 AED hourly
|88 ft yacht
|1,400-2,000 AED hourly
|62 ft yacht
|990 AED hourly
|77 ft yacht
|1,400 AED hourly
|44 ft yacht
|550 AED hourly
|55 ft yacht
|650 AED hourly
Also, there are endless factors that might determine the price of a yacht to rent in Dubai. Some yachts are more luxurious than others. So, budget well to land a comfortable yacht for your family. However, the table above highlights the cost of each yacht according to its size and the number of people the yacht occupies.
Use the table to guide you on the best and most appropriate yacht to rent for your family, friends, and relatives.
How much money can you make chartering/hiring your yacht?
Owning a yacht is one of the most profitable businesses in Dubai. You can make money in a myriad of ways by owning a yacht. For instance, you can decide to sell your yacht or offset the price of owning a yacht.
Moreover, you can make a profit off your daily investment while owning your yacht. Thus, on average, the cost of chartering/hiring a yacht for a trip might cost roughly $2250. Hiring usually lasts for 7 days. So, you might make extra pennies hiring your yacht.
Now that you know how much it cost for hiring a yacht, I suppose you’d want to start your yacht rental business, isn’t it? This is a lucrative business you can generate lumps sum of money of properly planned. To some extent, you may want to involve a consultant experienced in the yacht business to guide you. Fortunately, this post shows you the correct steps to take when setting up a yacht business in Dubai. Read on to find out;
How to Start a Yacht Rental Business in Dubai
Step 1; Select on the services you want to offer
There are several yacht services in this business you may want to select before jumping right into the business. Therefore, you might consider a yacht service that is in demand or select as per your interest. The following are the yacht services you might consider for your business;
- Tourism Service
- Yacht Rental
- Water Guide to help the customers
Step 2; Conduct market research within your business area
Market research is another pertinent step you’d want to consider before launching your yacht business. Usually, the majority of yacht business fails to make it due to a lack of proper market research. Market research will essentially help you to map out some of your competitors and the best yacht services in Dubai.
As the yacht business keeps on skyrocketing, several investors are diving into the business to earn a living. In fact, it is estimated there will be roughly 20,000 boat proprietors by 2025 in the UAE looking forward to investing in this business. Meaning, the competition in this field is fierce. Therefore, you’ll be compelled to conduct proper market research before launching your yacht business in the UAE.
Step 3; locate a place for your yacht rental business
The UAE provides several places for business setup. The location of your business might also determine the type of services or business activities you’ll be engaging in. So, endeavor to strategically locate your business in an area with high demand for your yacht business.
If you don’t know which place to set up your business in Dubai, you can always reach out to Vigor Company Formation in Dubai. We’re an experienced business set up in Dubai who will walk you through all manner of business set up. Additionally, we can help you with your business paperwork up until you set your business fully.
Step 4; Apply for a professional business license
This is a critical step if you want to start a yacht business in Dubai. Essentially, you cannot launch any business in Dubai without a valid professional yacht business from the Department of Economic Development.
You can apply for your trading license either through the UAE e-channel or visit the authority dealing with license-related issues in Dubai. However, in case of any difficulties, reach us via email@example.com
More Helpful Resource
Facts about E- Channel System in UAE: Definitive Guide (2022)–This post shows you how e-channel system in Dubai entails. If you want to apply for your visa/license online, I recommend you to CHECK this post.
How to get E-commerce License in Dubai: Definitive Guide (2021)–If you are looking to start an E-commerce license in Dubai, this post answers all questions.