The significance of Dubai as an ideal business jurisdiction is undisputed. The most famous emirate of UAE is providing several incentives and continuous support for the growth of business in every industry. It is the reason that a large number of corporations, company branches, small traders and freelancers are flourishing in the city.
But an important aspect to be noted is that any new business in Dubai will face competition from already established businesses. Due to the favorable business environment, there are several businesses operating in Dubai for decades. It is difficult for new businesses to make their place in the already occupied business industry.
New Business Ideas in Dubai
Investors and entrepreneurs from all over the world are always ready to take advantage of every new business opportunity. Following are important business activities that still provide a lot of space in Dubai:
1. VAT consultancy
Businesses in UAE (and other Gulf states) enjoyed tax-free status for decades thanks to the income generated by oil and petroleum products in the international market. But now the situation has changed due to a steep reduction in international petroleum prices and the trend is expected to remain constant in the future as well. It left no other option for UAE except to generate some additional income by imposing a tax on various products and businesses. The country chooses 5% VAT (value added tax) for this purpose. Now, most of the businesses in the UAE (especially Dubai as it hosts most businesses in UAE) are required to pay VAT.
This gives rise to VAT Consultancy service in Dubai. The VAT was imposed at the start of the year 2018. It is the reason that currently there are very few businesses providing VAT consultancy service and there is a lot of room for the provider of such service. Business setup for VAT consultancy service is easy and inexpensive as it needs a professional license. Secondly, it can be set up anywhere because businesses are present in the entire Dubai mainland and almost all of them now need services of VAT consultants.
2. Health clubs
Dubai is a modern and wealthy city. Due to the availability of pure and abundant foodstuff, obesity is a major issue here like other wealthy cities. But people are well aware of the problem and want to get a perfect body shape naturally. This provides a good opportunity for fitness clubs and other such businesses.
As awareness is increasing faster and there are few health clubs and fitness gyms present in the city, so there are bright chances of getting good revenue by providing these services. People (both citizens and residents) here are always ready to adopt the latest fitness techniques. These latest fitness methods are especially getting popularity here like other modern cities. These clubs are regularly visited by both genders. So, the opportunities are immense here in 2019 for all types of health and fitness clubs, especially those providing the latest fitness techniques and instruments.
Dubai is quickly adopting the latest technology. An important aspect is seen in the growth of online shopping stores. The users of online stores are increasing in number and a surge is seen in the last few years. Many people prefer to avoid the problems associated with manual shopping and get the same high-quality stuff from the comfort of their homes. As this is a new and emerging trend, so there are very few companies currently providing this service.
But it is expected that a steep surge will be seen in such businesses in 2019 and beyond due to embracing of such services by people and increase in use of smartphones. Dubai’ launch of region’s first e-commerce free zone is an example of the emergence of such business here. Therefore, 2019 is the best time to take advantage of this new business opportunity.
4. Artificial Intelligence
The adoption of the latest technology is not just confined to the public of Dubai. In fact, the government is also quickly adopting such measures to get at part of the modern and smartest cities in the world. An example is the growth of artificial intelligence in different government departments. Now, banks in Dubai are quickly adopting such technology to provide smart services to their customers while induction of robot cop is an example of the adoption of this technology for better functioning of daily affairs. Now, private organizations are also following this policy by government and adopting AI for the functioning of their business in order to provide the best services to their clients.
This is a new but quickly emerging business and its scope will rapidly increase in the coming future. Therefore, providing AI services is without any doubt a highly profitable new business idea in 2019.
5. Online employment
Another important business activity that is gaining popularity due to the latest technology is online employment. Presence of a large number of businesses and opening of new ones open door for new job opportunities in Dubai for people across the globe. Online employment services play the role of a bridge between companies and their employees.
As multinational companies are operating in large number in Dubai and they prefer competent staff from any part of the world. So they usually take services of such agencies that provide online employment services to people. Now, other big and small companies are also contacting such service providers in order to hire relevant staff according to their requirement. This provides the best opportunities for growth of online employment companies in 2019.
6. Food Truck
Any business related to the food and beverages industry has a huge demand in Dubai. But the issue with most of these businesses is that they are either too expensive to start or already been engaged by many in profitable locations. In these circumstances, a new trend of food truck business is getting fame in the emirate of Dubai. It is neither expensive nor needs a difficult registration process to set up.
A food truck is also very unique and beautifully decorated business that is liked by customers as Dubai residents commonly prefer something unique and delicious to eat. People with such business are getting immense popularity mainly due to their unique style and delicious dishes. If you can present something new and delicious, then you can grow such a business.
7. Mini Mart
There is a large presence of megastores and multinational brands in Dubai. But a new shopping trend is emerging here where customers prefer shopping from convenience stores (also known as mini mart) in order to avail important advantages. In these stores, almost all daily grocery requirements are fulfilled while customers don’t face long queues and the products are also available at cheaper rates (usually on wholesales). These stores can be established in small areas like alongside busy road, near a railway station or outside a petrol station. It is another profitable business in Dubai in 2019.
8. Green Technology
In contrast to several other emirates of UAE, Dubai is deficient in petroleum reserves. But there is no shortage of renewable energy sources especially solar energy. Now the city is turning its attention towards these renewable energy sources because fossil fuels are dangerous for the environment and human health. The government is providing several incentives for companies that want to establish a green business in Dubai. The focus is shifting quickly towards green technology and now there are few free zones also establish for the same purpose.
These are few important businesses that have a huge scope in 2019 in Dubai. Currently, there are very few companies providing such businesses and you can easily make a place after establishing yourself in any of these businesses in 2019. The important thing is not to miss this precious time many others will soon enter in this business arena. For convenient and quick set up of your business in Dubai, you can contact experienced business consultancy firm RIZ & MONA Consultancy via WhatsApp # 971-54-5821012.