Very few destinations on this planet offer business opportunities for foreigners like Dubai. The World Bank even mentions Dubai in their annual country index as the best city for foreign investment opportunities as well as applauding the ease with which entrepreneurs can establish trade and entrepreneurial businesses.
I would know, I’m an American living abroad still tied to the American tax system which means I still have to pay my yearly taxes yet receive none of the benefits of a taxpayer living stateside. As you can imagine, being a sole proprietor, my yearly taxes are ridiculous and frustrating. While searching for solutions to my tax woes, Dubai was mentioned time and time again. And not just because it’s easy to manage or incorporate your business there, Dubai is also a beautiful city, and well known for business, finance, trade, technology, and innovation.
It’s very easy to understand why Dubai’s tax policies make it easier for foreigners to bring in their business ideas and actually thrive. The Dubai income tax rate is 0, and this is definitely one of the pros of living there. Corporations also enjoy a zero percent tax rate until a certain profit level is reached, then is taxed 9% which is still more competitive in the world,
Its strategic location between Asia, Africa, and Europe makes it a strategic hub for jet-setting Entrepreneurs who want a safe and beautiful city to call home in between travels.
For people interested in entrepreneurship in 2024, Dubai offers many opportunities and a great economy to trade and partner with locals and do business across the world. Dubai is a welcoming place for business and that is why many people across the globe move to experience this investment haven.
Even though property prices in Dubai in 2024 are rising, Dubai’s free zones and business-friendly policies can help you fulfill that business idea in 2024. The desert city backs this up with world-class infrastructure, good amenities, friendly citizens, and a decent workforce.
Successful business ideas in Dubai
Whether in the mainland or a free zone, Dubai is open to all kinds of business and products as long as you have the right business ideas and meet the business requirements set by the government. While these requirements differ from industry to industry, you can easily find all the information you need to answer your questions for free online or by simply asking business zone agencies. While I was looking to establish my business in Dubai, I found that so many agencies were more then willing to answer all my questions over the phone. Great customer service is not all that these agencies offer – they also help save you time by filing all your paperwork for you so you can establish your business in days not months. Need office space or a space to call home in between travels? You can look into property investment in Dubai for any commercial properties you may need as you consider purchasing a residence or office space for your business.
Here are a few industries that do well in Dubai:
- E-commerce: Dubai’s infrastructure, population, state-of-the-art telecommunication networks, and mobile usage mean a population very familiar with shopping online. Not to mention Dubai has a growing number of residents who have substantial disposable income to afford online shopping.
- Restaurant: Dubai’s over 13,000 restaurants is high considering its population. But because of a very diverse expat community, there’s always room for new restaurant concepts. Tourism is booming, and considering that many will not be able to cook their own meals at their hotels/Airbnb, a small restaurant can be a successful business idea in 2024. There are some licenses and permits required before you can make this idea work, so make sure to review all requirements before the launch of your new restaurant.
- Real estate: Property investments give you more opportunities to start a business in real estate. Many expatriates in Dubai look to buy properties for investments for a bigger profit margin. With the right licenses, market research, and consultation, you can set up a successful real estate business in no time.
- Manufacturing: Recently, the UAE has declared a need to diversify its economy, & manufacturing has been one of the focal points for this movement. The UAE government supports manufacturing through free zones which gives entrepreneurs more opportunities, access to new partners, and integration with supply chains across the Middle East.
- Tourism: Before the pandemic in 2020, Dubai tourism had been enjoying an expressive growth in visitors because of notable sites like the Burj Khalifa, the Dubai World Trade Centre, and the Dubai Museum. The city gets millions of visitors a year for tourism, business, & investment. In addition, the pleasant weather in the winter gives tourists one reason to come back. You can offer tourism services and there is a steady customer base always in need of your expertise as a tour operator or any other business in the tourism industry. You can choose from activities like selling tourism packages, visa support, and travel insurance. With the number of tourists increasing year-over-year, so does the demand for tourism-related services, which translates to a profitable business opportunity in the travel UAE sector.
Make new ideas work in Dubai
The following are cities that are also currently on the rise as investable and profitable:
- Dubai Internet City
- Downtown Dubai
- Dubai Knowledge Park
- Dubai Design District
- Dubai Marina
- Dubai Investment Park
- Dubai Sports City.
Strong demand for properties
With any business you aim to start, you most likely need a property in Dubai. One real estate agency to consider while you look for properties in Dubai is Emirates.Estate, for both residential and commercial real estate.
However, to kickstart your business idea you might need apartments in Dubai or any kind of properties for sale in Dubai. Unlike other countries, the process is seamless and does not require you to worry too much. This ever-increasing demand makes property investments in the United Arab Emirates one with very high returns on real estate worldwide. But where there is demand, property prices will typically rise with the markets.
Thoughts on property qualities in Dubai
In Dubai, the price, condition, and quality of their housing properties is considerable nowadays. The demand for real estate in Dubai is high because property in Dubai yields far higher than in cities like London, Shanghai, and New York. Also including the fact that the economy of the UAE is predicted to continue rising higher in the future and getting better. Furthermore, because Dubai is a gateway to markets in Asia, the Middle East, and Africa, more investors in the property market will lead to a slight increase in property prices in Dubai in 2024.
