Why UAE Is The Best Place To Register Your Online Business In 2023?
There has never been a better time to start an online business in Dubai than now. When considering the ideal location to launch an online business, Dubai should be at the top of your list. Not only does the United Arab Emirates (UAE) possess the most sophisticated e-commerce market in the entire MENA region, but businesses that opt to establish themselves in Dubai can enjoy numerous advantages, which include:
- Minimal bureaucracy
- 0% tax rate
- 100% business ownership
- Low operating expenses
- No import/export duties
Industry experts predict a significant surge in retail e-commerce sales, with the figures expected to reach new heights by 2023. The growth trajectory indicates a leap from $4.28 trillion in 2020 to $5.4 trillion, driven by various factors including the continuous advancement of electronic devices, the emergence of new generations of mobile network technology, and the availability of more convenient online payment methods.
Furthermore, starting an online business in Dubai is much more straightforward than one might anticipate. This article provides a comprehensive explanation of all the essential information you need to know.
Top 3 Online Business Ideas To Start In UAE
Online Store: E-commerce in the UAE has experienced substantial growth, with the COVID-19 pandemic further propelling its expansion. Establishing an online store is a straightforward way to make your product accessible to a global audience and tap into the thriving market.
Online Teaching: Traditional educational methods no longer align with the fast-paced changes of our world. If you possess in-demand skills, starting an online teaching business or creating video courses on the Internet can be a rewarding endeavour.
App Development: With the global number of smartphone users projected to reach 3 billion by 2023, there is a vast opportunity to venture into app development. Creating and publishing mobile apps on popular platforms like the Google Play Store and Apple App Store can be a lucrative online business option.
How To Start An Online Business In UAE?
- Selecting Your Jurisdiction
When establishing a business in the UAE, it’s essential to consider the two primary economic zones or jurisdictions available:
Mainland: Companies incorporated in the UAE mainland have the freedom to operate across the entire UAE market, allowing them to conduct business both domestically and internationally. They also have the opportunity to engage in government contracts.
Free Zone: In contrast, businesses incorporated in the UAE free zone are not permitted to operate outside the free zone without the assistance of a local agent. However, these businesses benefit from advantageous tax rates, customs regulations, and import procedures within the free zone.
Furthermore, there are more than 30 free zones in Dubai. And each one offers complete foreign ownership and the ability to trade internationally.
- Choose a Company Name
If you haven’t done it yet, it’s important to select a suitable name for your online business. While this may appear to be a simple task, it’s crucial to be aware of the strict naming regulations in the UAE.
When deciding on a name, it is essential to avoid any inclusion of:
- Offensive language
- References to Allah
- Sectarian or political groups
- Initials and abbreviations
- Politically sensitive terms
By adhering to these guidelines, you can ensure that your company name complies with the naming conventions in the UAE.
- Complete Your Business License Application
It is now time to proceed with submitting your business license application. To expedite the process, it is crucial to have all the necessary documentation in order, including:
- A duly completed application form
- Copy of the passport for the proposed owner(s)
- Two passport-sized colour photographs
- Submit Your Visa Application
To establish a presence in a Dubai-based office, both you and your employees must obtain valid visas.
Entrepreneurs who have previously established their own businesses can apply for a business visa, which is part of the Golden Visa system. This system allows foreigners to obtain long-term visas for themselves and their dependents, providing an opportunity for stability and security.
- Establish a Dubai Bank Account
As an online business operating in Dubai, it is essential to have a local bank account. The great news is that the process of opening a bank account in Dubai for non-residents is relatively straightforward. To successfully open a bank account, you will typically need the following documents:
- A valid passport
- Your UAE identification card (if applicable)
- A copy of your visa
- Your business license
By providing these required documents, you should be well-equipped to open a bank account and proceed with your business operations in Dubai.
Start your online business in Dubai with GenZone
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