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Start Your Own Retail Business In Dubai in 2022

Why you should start  a retail business in Dubai:

Retail Business in Dubai is a lucrative prospect with high rewards. But to elaborate on why you should start your own business in Dubai we need to dive a little deeper.

The primary reasons to consider starting a retail shop are:

Dubai offers 2 kinds of land to start a business without taxation. The “free land” is on the outskirts of the city and the “Mainland” is in the heart of the city. In both places, the owner gets a full membership of the business.

Dubai is growing at an exponential rate. It also provides expansion opportunities for your business, as the investors are ready to invest in the city’s economy.

Dubai has one of the most business-friendly legal systems in the world. The government promotes growth.

Besides an easy-to-set-up environment for your business, you also get to enjoy the high living standards in Dubai.

Essential legal procedures:

There are a few steps you must follow to become one of the retailers in Dubai. 

These are:

You need a retail license and other necessary certifications from the authority. The department of government that sanctions retail licenses in Dubai is the Department of Economic Development.

Whether you want to open a shop in malls or Meena bazaar, knowing the jurisdiction to follow the appropriate terms and adhere to a standard shareholding structure is important in UAE.

To choose a location for your franchise business you need a list of permission from Dubai’s Municipality body.

Key aspects to consider:

Know your business: 

This is the most crucial of all. If you want to open a retail business and start a shop in Dubai, you must know the in and out of the products you are selling. Retailers in Dubai generally earn a lot but they are also very knowledgable and competent when it comes to selling their products and serving customers' needs. With information and data-rich knowledge you can implement an effective marketing plan and can predict the upcoming trends in your industry.

Choose a local partner or sponsor:

It’s true that you can start your business without taxes in one of the free areas of Dubai. But to do business on the mainland you must find a local partner who will get the majority of your profit. The standard rates in Dubai are 51%. These local partners or sponsors in Dubai can be an individual, a company, or a brand. They either take some shares of your company or charge some fixed amount every month.

The financial aspect:

Do your budgeting thoroughly. In Dubai, the ministry of commerce demands the business owner to show the business’s proof of investment. In the case of a foreigner, the individual must be well prepared with documents to support their investment plans. There is a minimum threshold of capital required according to the Federal law in UAE as well as the commercial law for companies.

Choose a compatible location:

There are two types of land in Dubai to do business. One is the free land and the other one is the mainland. You should choose a land where your targeted audiences gather more and choose according to budget. If you can not buy land or shop you should choose a store space for rent. If you want to open a retail shop in malls, Union Coop provides rental spaces in malls to start retail businesses.

Your business’s name:

Choose a name according to the naming norms in Dubai. It should be short, convenient, and respectful of the social culture of Dubai’s demographic. Naming your retail shop is an important step to getting licensed.

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Renting An Office Space in Dubai-Its Benefits

Starting a business or expanding your business in Dubai is an intimidating task and the first step towards this is getting an office space ready. This article helps you to know more about the leasing in Dubai. Visit the website: https://corporate.unioncoop.ae/en/