Best business in UAE for beginners in 2023
The UAE is at the centre of some of the world’s most important trade and commerce routes. Historically, this has always been true and remains very much so even today. This makes it a world class trading hub. By doing business in UAE, you will have access to the markets of Middle East.
There’s nothing like being an entrepreneur and having your own wonderful business set up in Dubai, UAE (United Arab Emirates) for beginners in 2021.
Nevertheless, the thought of going through long approval processes and documentation makes many budding entrepreneurs skip the idea and look for a better alternative.
In contrast to the limited few, there are others who stay adamant throughout the game and make all possible efforts to achieve the goal. And they walk with the crown!
If you wish to be like the chiefs who never lost hope, stayed calm, and emerged victoriously, then you can’t afford to skip without reading the tips below:
Research & Target
Research and analyze the business or market you are going to establish. Depending upon the trends and business profitability, without forgetting your interest, put your best foot forward. However, the story doesn’t end here. There’s a long way to go.
In the UAE, the ownership requirements are more detailed and complex, so you should be knowledgeable about this before starting the business.
According to UAE law, 51% involvement by UAE nationals is required for any established companies except in certain circumstances like in some Free Zones such as Jebel Ali and Airport Free Zones. If you are considering general partnerships, know that this is limited to UAE nationals only.
Business License in UAE
A business license is the main requirement for any business. In UAE, there are three kinds of licenses: Trading, Commercial & Professional. The commercial licenses cover all kinds of activities involving trading.
On the other hand, professional licenses include professions, services, craftsmen, and artisans. No matter what you choose, you must remember that there are licenses for certain categories that require the approval of certain authorities.
Hire an Arabic speaker
It’s always a good idea to hire someone who can negotiate for you in Arabic. The thing about Dubai or most of the emirates in UAE is that most transactions especially government institutions are done in Arabic. It would help you a lot to hire someone who can speak Arabic who can negotiate on your behalf.
Professional Consultancy Company
If your budget allows, hire a professional consulting company. Most foreign businessmen hire a professional consulting company who knows can help you get things sorted.
They can work on all the documents preparation that may take a while, especially for the expatriates thinking of setting up a company in UAE.
It’s always good to be knowledgeable about what’s happening with your competitors; that’s where the importance of consultants comes from.
15 Business Opportunities in the UAE
- Arts & Crafts Making
- Information Technology and Web Development.
- Business Consultancy Service.
- Fish Farming
- Financial Services.
- Travel Agency.
- Retail Businesses
- Apparel and Jewelry
- Personal Wellness
1- Arts & Crafts Making
Arts and crafts describes a wide variety of activities involving making things with one’s own hands. Arts and crafts is usually a hobby. … Both children and adults enjoy arts and crafts. Children in schools may learn skills such as woodworking, wood carving, sewing, or making things with all sorts of material.
The term “craft skills” originally related to specific pieces of practical knowledge within a craft, but is now often used in a broader sense, to describe any specific pieces of knowledge that are viewed as a too low level to be worth including in an academic body of knowledge.
8 Most Profitable Crafts
- Glass Pebble Magnets.
- Children’s Headbands.
- Palette Clock.
- Decorative Champagne Flutes.
- DIY Lace Bowls.
- Flower Crowns.
- Pallet Coasters.
- Velvet Pillows.
Businesses are generally more difficult to start at first, but in the long-term can be much more profitable and do not require much work in the long-term when compared with a standard 9 to 5 job.
2- Bookkeeping for small business
Intuit’s QuickBooks Online has been the most common accounting software used by small businesses and their bookkeeping and tax professionals.
On average, hiring a bookkeeper will cost you around $40/hr. However, bookkeeper rates may still vary depending on the type of work involved. Basic bookkeeping services start at approximately $33/hr, but depending on the complexity of the job, prices can go as high as $50/hr.
Basic Tips on Getting Bookkeeping Right
- Create a New Business Account.
- Set Budget Aside for Tax Purposes.
- Always Keep Your Records Organised.
- Track Your Expenses.
- Maintain Daily Records.
- Leave an Audit Trail.
- Stay on Top of Your Accounts Receivable.
- Keep Tax Deadlines in Mind.
One of the most essential tasks a bookkeeper will do for a small business is making sure they don’t run out of day-to-day money. They can do this by keeping an eye on the balance of revenues to expenses, along with offering more advice if the business needs more available cash to operate. Bookkeepers also use tools such as Cloud based QuickBooks hosted on Cloud Desktop to work remotely with their overseas clients.
Part of a bookkeeper’s daily responsibilities include figuring out which payments need to be remitted, if any, then submitting the payments and recording them in the financial ledger. Many bookkeepers also receive payments from clients, patients or customers.
3- Advertising business idea in UAE
In short, it helps your business grow. Benefits of small business advertising include attracting new customers and helping you sell more products and services to existing customers. It can increase profitability, too, by helping increase order size.
Businesses use a variety of channels for online advertising, such as social media, display, paid search, and retargeting, to reach consumers efficiently and affordably. Online advertising helps businesses convert customers and increase their revenue.
These types of advertisements are:
- Print Advertising: Newspaper, magazines, & brochure advertisements, etc.
- Broadcast Advertising: Television and radio advertisements.
- Outdoor Advertising: Hoardings, banners, flags, wraps, etc.
- Digital Advertising: Advertisements displayed over the internet and digital devices.
Overall, great advertisements connect to their audience and provide memorable, informative, and compelling content that get viewers respond to the call to action. Need help creating great ads?
4- Information Technology and Web Development
Information technology (IT) web developers build and maintain websites to fit the needs of companies or customers. The work of a web developer requires layout and writing code.
8 Tech-Related Business Ideas
- Blog Consulting. PeopleImages / DigitalVision / Getty Images.
- Computer Repair and Maintenance. Hero Images / Getty Images.
- Computer Training. Ableimages / DigitalVision / Getty Images.
- Data Entry. Hero Images / Getty Images.
- eBay Consulting.
- Internet Research.
- IT Support.
- Social Media Consulting.
Many businesses are utilizing the specialty services of IT companies. … IT companies also offer a variety of technical and additional services such as providing expert advice, troubleshooting issues, preventing future issues, and social media management and email marketing.
5- Business Consultancy Service in UAE
Business consultants provide management consulting to help organizations improve their performance and efficiency. These professionals analyze businesses and create solutions while also helping companies meet their goals.
According to Forbes, the consulting industry is worth a whopping $100 billion per year and is predicted to grow around 80% per year over the next few years. Simply put, there’s never been a worse time to be an employee, and there’s never been a better time to start your own consulting business.
8 Examples of Business Consultancy Business Ideas
- Leadership/Team Building Consultant.
- Advertising Consulting. …
- Marketing Consultant. …
- Business Management Consultant. …
- Efficiency Consultant. …
- Environmental Consultant. …
- Financial and Retirement Consulting. …
- Risk Management Consulting.
Great consultants adapt to new projects, work cultures and colleagues easily. They come in, they fit in and they get the job done. Their soft skills and technical expertise allow them to take on their roles quickly and easily.
6- Fish Farming business in UAE
Selling fresh fish is yet another thriving and profitable fishing related business that anybody can start. You don’t need to be a fish farmer to successfully run a fresh fish shop. If you have access to fishermen, then you are good to go. You can open your fresh fish shop in a food hub or a farm market.
Choosing the right fish is very important. Some common fish in hatcheries are shrimp, Tilapia, Salmon, Scallops, Carp fish, etc. Tilapia farming is very profitable. Some of the main reasons tilapia is profitable include its high protein content, rapid growth and large size compared to other fish.
How to start fish farming step by step
- Step: Select an Apposite Land Area. The first step in this process is selecting a good land area.
- Step: Pond Design and Construction.
- Selecting the Fish Species.
- Step: Feeding the Fish.
- Step: Fish Harvesting.
- Marketing the Fish.
Pond construction costs, about $1500-$2000/surface acre. Large ponds are generally less expensive per acre than small ones. Initial start up costs about $3000/acre of water (does not include cost of land). Feed $0.14/lb to $0.18/lb, need about 1.5-2.0 lb of feed /lb of fish produced.
Concentrated fish can mean concentrated waste. Combined with uneaten food pellets, fish waste can impact the local environment by polluting the water and smothering plants and animals on the seafloor. There are also concerns that diseases and parasites—common occurrences in crowded pens—are spread to wild fish.
7- Financial Services business in the UAE
An example of financial services are accounts like checking accounts, savings accounts, investments, as well as credit and loans for homes, cars, personal and business needs. An example of financial services are services like investment services, retirement planning and mortgage brokers.
Technology has made our lives easier in a number of ways, including how we operate and expand on our financial services business ideas. Here are eight financial services business ideas that have evolved beyond recognition over the past 20 years.
8 examples of financial services businesses you can gain strategies from:
- Bookkeeping Service. …
- Business Broker. …
- Commodities Day Trader. …
- Expense Reduction Analyst. …
- Stock Day Trader. …
- Tax Preparation Service. …
- Peer-To-Peer Lending. …
- Retired Presidents Service.
8- Transportation business in UAE
An initial cost you can consider when starting your trucking company is about $6,000 to $15,000 (not including your equipment). This includes registration and formation documentation that, on average, cost $900 to $1,500. IRP plates could cost you anywhere between $500 to $3,000 per truck.
A lot of time and likely considerable expense goes into creating a thriving business of any magnitude. In fact, a lot of the success in the transportation industry comes from excellent, detailed planning and good old-fashioned hard work as you take your plan from a concept to a reality.
8 Transportation Businesses You Can Start Now
- Taxi service. Despite its initial controversy and claims of unfair competition, Uber has staked its claim across the world — in fact, in 400 cities and 65 countries.
- Bicycle rental.
- Limousine service.
- Owner/Operator trucking.
- Moving van business.
- Specialty transportation.
- Livestock transportation.
Owner–operators tend to make around $100 – $150k (USD) per year gross, normally placed right around the $141,000 mark.
Examples of public transport include city buses, trolleybuses, trams (or light rail) and passenger trains, rapid transit (metro/subway/underground, etc.), and ferries. Public transport between cities is dominated by airlines, coaches, and intercity rail.
9- Travel Agency business in UAE
Industry resources show relatively low incomes for agents at an average of around $37,000 per year and this is because many home-based travel agents only work part-time and do not have the expectation of generating large incomes.
The answer: Yes, and we still account for one-third of all travel booked in the United Arab Emirate,” insists O’Shaughnessy. It’s still a profitable industry in the UAE and there’s no reason to believe the industry is dying off.
Travel agencies earn money from the clients they serve and the travel vendors they market. How that is proportioned depends on a number of factors: the types of travel they handle, the types of clients they serve and the level of expertise they can offer.
Check out these 8 business ideas for people who love to travel.
- Traveling personal assistant. …
- Travel blogger. …
- Social media influencer. …
- Travel agency. …
- Photographer. …
- Public speaker. …
- Traveling event planner. …
According to the same study, travelers are increasingly interested in local, authentic experiences and value agents‘ destination expertise. So yes, there is inherent value to travel agents! But you’re probably reading this because you have hesitations that a travel agent career is viable.
Attending events and trade shows will help to keep your clientele growing, look up events in your local area. You can also create social media groups to attract clients outside your local area who are looking for travel agent services. Partnerships are another excellent way to grow your customer base.
Conclusion: Starting a business in the Education sector is proving to be highly lucrative these days. Many businesses can be started with a low investment. So, look for any of them and give your best to it.
Here is the dictionary entry for education : The knowledge or skill obtained or developed by a learning process. … The learning process should result in growth and development. We want our children to acquire different skills, gain knowledge, build character and develop a strong personality.
7 Great Business Ideas for Teachers In UAE
- School Supplies. Parents buy books, pens, backpacks, and uniforms throughout the year.
- Private Tutoring. You can use the extra hours after school and on your off days to teach students from their homes.
- Starting an e-Library.
- Corporate Training.
- Teaching Languages Online.
Educators typically take issue when their schools are called businesses. Nearly all schools are non-profit, and educators take pride in working purely on behalf of the public good. But we are, in fact, businesses.
In the UAE, healthcare is now strictly a business term. Healthcare organizes doctors and patients into a system where that relationship can be financially exploited and as much money extracted as often as possible by hospitals, clinics, health insurers, the pharmaceutical industry, and medical device manufacturers.
According to a 2015 Forbes report, healthcare was projected to be one of the most profitable industries of 2016. Little wonder, especially given how many nonhealthcare companies saw this and jumped into the sector. … Perhaps not surprising, though, since the healthcare market is such a large part of the national GDP.
13 Booming Healthcare Business Ideas For 2020
- Health Information Website.
- Advise people on daily nutrition.
- Maternity/Child Birth Center.
- Provide In-Home Medical Services.
- Medical Records Management.
- Physical Therapy Center.
- Set up a travel medicine clinic.
- Diabetes Care Center.
- Athletic Trainer,
12- Retail Business In UAE
Retail businesses sell items or services to customers for their consumption, use, or pleasure. They typically sell items and services in-store but some items may be sold online or over the phone and then shipped to the customer. Examples of retail businesses include clothing, drug, grocery, and convenience stores.
Working in Macca’s, be it in the kitchen or serving out the front, is not retail but hospitality. Working out the front serving customers at Macca’s will be slightly more helpful as you are dealing with customers, but still not strictly what they are after when they ask for Retail experience.
Here are 8 examples of retail business ideas that will immerse you into the retail industry:
- Coffee Shop and Bar. A coffee shop and bar is a coffee shop until 4 pm and after that, you would also serve beer and wine.
- Mystery shopping.
- Sports Bar.
- Flower Shop.
- Flipping Furniture.
- Gaming Parlour.
- Health Food Store.
A retail sale occurs when a business sells a product or service to an individual consumer for his or her own use. The transaction itself can occur through a number of different sales channels, such as online, in a brick-and-mortar storefront, through direct sales, or direct mail.
The fitness niche is one of the top eCommerce niches. It is evergreen, stable and profitable for the most savvy eCommerce entrepreneurs. HIIT workouts keep rising in popularity; you’ll hit a home run with this niche if you choose to start an online business selling HIIT equipment.
Dropshipping is still profitable in 2021 because of the number of ecommerce activities taking place around the world. Ecommerce and dropshipping profits have reached over $4 billion, which is a 7 percent year on year increase for the last 10 years.
How to Start an Ecommerce Business In UAE
- Step: Research the eCommerce space and find your niche.
- Step: Select your business name and choose a legal structure.
- Apply for an EIN.
- Step: Obtain business permits and licenses.
- Choose your eCommerce platform and create your website.
- Step: Source or develop (and list) your products.
As a bare minimum, you’ll also need to pay for hosting, web development, maintenance and inventory. The average costs for eCommerce stores include: Professionally-built eCommerce website – $5,000 to $10,000. Domain name – $2 – $20 per year.
There are many great reasons to start an eCommerce business. If you’re interested in being your own boss and selling products you are passionate about, it’s something worth considering. If you want to speed up the process, you could even buy an established business instead.
14- Apparel and Jewelry
Making jewelry is therapeutic and profitable, you can make it at home, be your own boss, work at the hours when you feel best and, above all, is a wonderful profession in which you add beauty to people’s lifes through your jewels. Making jewelry is fun!
Start-up costs can be fairly low–probably $500 to $1,000, or even less if you already have everything you need to get started. You can expect to earn $10,000 to $250,000 per year, depending on the number of pieces you churn out, how desirable they are and how aggressively you market your wares.
Selling your own products can work well if you already make costume jewelry. … There are various sites out there that facilitate this process, like Etsy, and it’s also possible to sell jewelry you‘ve created on your own website.
7 Steps to Start a Jewelry Business
- Define Your Line.
- Legalize Your Business.
- Separate Your Business and Personal Finances.
- Find Startup Funding.
- Find Suppliers and Create Your Jewelry.
- Sell Your Jewelry.
- Establish Your Brand and Start Marketing.
Generally, jewelers buy gold and ready-made ornaments in bulk and at the current market rate in the form of gold-bars. They stock this gold and sell at a time when the prices have increased. Normally, gold’s rate increases and they make money selling it to you at a higher current gold rate than what they purchased it on.
Between 43% and 46% – Profit margins with handmade jewelry are often between 43% and 46%. One typical challenge with this kind of jewelry is pricing. The makers often have a hard time estimating costs because the materials aren’t as expensive as diamond or gold, but the craftsmanship that goes into the making of the jewelry is significant.
15- Personal Wellness business ideas in UAE
A health or wellness coach helps their clients to make sustainable, healthy changes in their life, based on that client’s personal goals and lifestyle. Health Coaching is a really popular wellness business because it can easily complement other modalities or products. … Or personal trainers AND health coaches.
A corporate sponsored wellness coaching program can create a culture of wellness. It can help individuals lower the risk of developing high dollar diseases. The ultimate goal is to reach “at risk” employees before they become a “claim” to the health plan.
Here are 7 business ideas in UAE you can start in this industry.
- Become a certified personal trainer.
- Buy a fitness franchise.
- Start a health and wellness blog.
- Sell health and wellness products.
- Start a certified health coaching business.
- Become a personal chef.
- Create a corporate retreat center.
2021 is the year that we need to start thinking more outside of the box about wellness. It is time to take a more serious approach to alternatives available in the healthcare industry while finding new ways to serve our communities.
Creating this kind of business in 2021 is also a great way for many to find fulfillment in their lives as they continue to grow.
So, you love health and wellness, and you’ve also always wanted to be your own boss. Wouldn’t it be great to work in an industry that you love – every day?
Business Setup in UAE is a promising option for starting up a venture in Dubai. While the government has been encouraging foreign investments ahead of the Dubai Expo 2021 and creating opportunities for entrepreneurs.
It seems like the company formation option is among the most preferred form of business set up in the United Arab Emirates.
The UAE Ministry of Economy along with various UAE free zones, with collaboration have decided to discover partnership and strength mutual means of the corporation.
As known globally the UAE Freezone company formation is a free economic area or an economic jurisdiction, providing maximum benefits of business set up in the region – such as tax advantageous, complete ownership, repatriation of profits as well as on capital, no import and export charges.
No customs duty, free transfer of funds, less monitoring or regulations, freedom on work module and so much more. Freezone business setup in UAE is nothing but a haven for every businessman.
Business Setup in UAE is amongst the swiftest procedures of incorporating a company in the UAE and is normally not an expensive affair. Nevertheless, with all the good factors noted there are also few precautionary points a prospective entrepreneur must remember!
Best business in UAE for beginners in 2021