Businesses like retail shop prove to be successful in most of the areas with substantial population because they provide every day essential items. But only those areas provide additional benefit to such businesses where majority of population is financially strong and increasing continuously. These are the two things that are abundant in Dubai.
The population of Dubai is advancing rapidly due to continuous arrival of foreign residents while most of locals and foreigners are enjoying good income. Apart from that, millions of tourists also arrive and stay in Dubai every year that also boost the retail sector of Dubai. In fact, retail is one of the best performing non-oil sectors here.
Certainly, there is no shortage of retail shops in Dubai. But new opportunities are always appearing for such businesses. An important upcoming event that will definitely increase chances of growth of several industries including retail sector is Expo 2020.
Retail shop in Dubai free zone:
As compared to other big businesses, retail shops can be opened by small investors that provide employment to large number of people. As a shop owner, you are allowed to setup your business either in Dubai mainland or any of the free zones in Dubai. Most of the free zones in this specific emirate also provide residential facility to employees and their family members. Therefore, it is also advantageous to establish retail shop in Dubai free zone.
Retail Shop in Dubai Mainland:
But in fact, the best place for setting up a shop in the emirate is the Dubai mainland. You can contact thousands of people on daily basis here that can boost your business several folds. But there are certain restrictions and a complete procedure before establishing a shop in Dubai mainland.
Following are certain steps needed before establishing a retail shop in Dubai mainland.
1. The initial thing is to find a local sponsor before opening a retail shop in the emirate of Dubai. Like formation of other businesses, it is mandatory to get a local sponsor with 51% shares before opening a shop in Dubai mainland.
2. The most important step is to get registration of your business from all relevant authorities. You will require commercial license to start retail shop in the city of Dubai. For this purpose, you will submit all the required documents in these authorities and acquire permission to start your business. Main authority is the Department of Economic Development in Dubai (DED). You will also require approval from Ejari, Ministry of Economy UAE, Dubai Municipality (DM) and other departments to complete the procedure.
3. An important step is to select right type of jurisdiction suitable for your business. These shops can be established in malls (like Dubai mall) or in a specific area like Meena Bazar. But it is necessary to know and follow all rules and regulations of these jurisdictions that are related to your business.
4. As foreigners can’t purchase property in Dubai, so they need to rent a shop for their business. For this purpose, you need permissions from DM and other related authorities
Starting a retail shop in any place of Dubai, can open door of success for small investors and entrepreneurs. But it needs a complete registration process that includes submission of several documents and approval from different departments. This is not a simple process at all and you will require services of a reputed consultancy firm to complete all these tasks conveniently and quickly.
We at Riz & Mona Consultancy can provide you this service thanks to several years of our presence and working in the market of Dubai. You can contact us via our WhatsApp # 971-56-9971225 or email address [email protected]