By Business in Dubai is booming. This city is not only the largest in the United Arab Emirates, but it is one of the top five biggest financial hubs in the world. Dubai presents the perfect opportunity to grow your existing business and expand its footprint across United Arab Emirates (UAE) and the Middle East.
Growing your business means more than simply doubling down your marketing and advertising (although that is an important aspect). You need to undertake careful market research, develop an adaptable business strategy, attract the right staff, and grow your product or service offerings to keep your customers.
Dubai is leading the world’s 4th Industrial Revolution progression, boasts world-class infrastructure, presents an ideal East-meets-West business location, and offers business-friendly government regulations and support for entrepreneurs.
In this article, we’ll show you the most common and best business growth strategies used by successful business owners in Dubai and the United Arab Emirates.
Best Business Growth Strategies in Dubai
These are the best business ideas used by the most profitable businesses in Dubai to grow and expand.
Business Idea #1: New Business Location/Platform
A new location can expand your company’s presence, awareness, and profit earnings. While opening a branch in a high-traffic business area will be beneficial for your brick-and-mortar retail business, consider opening an e commerce business platform to attract an even wider audience. Since the COVID-19 pandemic, businesses traditionally not operating an online business have embraced the digital space to increase their customer engagement and sales for both products and services.
Business Idea #2: Partnership
Expanding your established business in Dubai into new markets doesn’t necessarily mean franchising. Instead, consider forming a strategic alliance with a complementary business so both businesses can grow and develop simultaneously into a profitable venture. This operational business idea is not only a money-saving tactic, but reduces the need for additional manpower and other essential resources. Another consideration would be to merge or simply acquire them to take advantage of their already established market position.
Business Idea #3: Re-Align your Products and Services
While you might contemplate a variety of new business ideas, focus on the products or services in high demand with your customers. Re-align your products or services by adding new valuable additions to your catalogue that will boost your profits and market share as a business in Dubai.
Business Idea #4: Approach New Market
Every business owner is looking for ways to improve their business profits. One such way that works is to take your business to new markets. It might mean exporting/importing your products and expanding your company into new territories. If your company isn’t yet operating in Dubai, now is the time to enter this thriving economy to grow your business in the UAE market.
Business Idea #5: Marketing Opportunities
Increasing your marketing initiatives to re-target your target audience will improve the foot traffic to your brick-and-mortar store, product and brand awareness, and sales. The most successful businesses in Dubai use social media marketing, enhanced SEO, and lead generation best practices extensively to engage their audiences and the market.
Business Idea #6: Optimizing Free Zones
Free zones are a UAE innovation. There are over 40 different free zones in Dubai – and each offers business support structures, incubators and accelerators, and industry-specific business incentives to take advantage of. To know which one is best for your business, approach Trade License Zone to help you get up and running as quickly as possible.
Steps to opening a business in Dubai
Step 1: Partner with Trade License Zone
Partnering with a local business setup agency in Dubai . To benefit from the legal structures of operating with a trade license, you will need to follow a strict business structure and formation regulations.
Step 2: Choose a Business Structure
As we’ve mentioned, free Zones are special economic zones for dedicated industries. The different free zones offer various benefits, such as tax incentives and business support services designed for each industry. Free zones not only offer trade licenses to businesses but also access to first-class infrastructure, business clients, skilled workers, and a high volume of customers.
Step 3: Choosing and Registering a Business Name
Trade License Zone will help you select the right name for your business. According to the Registry Office, the business name may not include any offensive or blasphemous language, nor any references to Islam or Allah. You can include your name in your company name, but you must use it in full rather than just your surname or initials. We’ll then check if the name is available to be registered.
Step 4: Notarize your Company Documents
During this process for your company and visa, you’ll also need to apply for the notarization of your company’s documents. Once the Registry Office has approved your company’s name, you can have the business’ Memorandum of Association (MOA) and Articles of Association (AOA) notarized with the Dubai Department of Economic Development (DED).
Step 5: Submit your Business License Application
Once your documents are notarized and your application forms are completed, we will submit them along with your additional documents and business plan to the Department of Economic Development (DED) in Dubai (and the Department of Tourism and Commerce Marketing for Tourism Licenses). The list of documents required for a successful approval are:
- Proof of ID and address for directors and shareholder
- Passport copies for shareholders and directors
- Copy of trade name confirmation from the Registry Office
- Copy of license application forms
- Proof of initial activity approval from Dubai’s management agencies
- Notarized Memorandum of Association (MOA)
- Notarized Articles of Association (AOA)
- Copy of the lease or property agreement of the company’s physical address
- Payment for specific trade license
Step 6: Getting your Trade License
Once approved, the DED will issue your company with a relevant trade license. This process usually takes 2 weeks, but because of the limitations of COVID-19 restrictions, this may take up to 4 weeks.
Conclusion
Growing any business takes experience and expertise. No matter if you have very lucrative business ideas, you need the right knowledge and insight about the Dubai economy and UAE market, government regulations, agencies, and free zones.
