Is business in Dubai really profitable?: The city of Dubai has quickly become one of the world’s most popular commercial hubs. It’s a prosperous worldwide center, thanks to business-friendly legislation and a first-rate societal and economic framework. It’s no surprise that so many business owners have chosen Dubai as their base.

Here is a summary of the top six developing business possibilities in Dubai in 2023, for the benefit of any would-be entrepreneurs thinking about setting up a business there.

Which Are the Top 6 Profitable Sectors for New Businesses in Dubai?

1. Trading (Import Export)

The import-export trade is our top priority because of Dubai’s prosperous economy. International trade businesses who establish themselves in Dubai can benefit from the city’s strategic position and wide range of economic activities. When you establish your company in a free zone, you gain access to top-notch logistics and transportation facilities, which can help your company thrive.

Check out our 2022 study for more information on the state of international trade and what to expect in the years ahead.

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2. Cryptocurrency in Dubai

The latest crypto legislative framework in Dubai has created favorable conditions for the growth of the crypto industry, attracting major players like Hex Trust. For cryptocurrency entrepreneurs, this comprehensive framework gives a clear path forward that takes into account even the most nuanced concepts, such as stablecoins and NFTs.

The Crypto Centre in Dubai is here to assist in expanding your crypto-related business. Dubai’s crypto canter is home to more than 550 crypto companies and a wide variety of crypto licensing operations, such as blockchain as a service, cryptocurrency mining, and NFT enterprises.

3. Gaming Business

As the gaming industry and esports continue to grow, Dubai is poised to become a worldwide powerhouse. In 2022, consumers were expected to spend $81 billion USD on gaming consoles, gear, and services.

Dubai has fostered a thriving ecosystem for the gaming industry, providing businesses with easy access to investors and other essential players. Join over 80 other companies in the booming gaming industry where personal income tax is 0% and business ownership is 100%. Gaming license activities in Dubai range from game design and development to e-sports tournament organization.

4. Healthcare Industry in Dubai

The Dubai Health Authority announced their vision for the healthcare sector’s digital transformation in 2023. The strategy’s primary emphasis is on leveraging data analytics and AI to propel R&D in the digital health space. Private and public entities in Dubai are totally committed to the healthcare industry, making it a promising investment.

When considering the Dubai market, healthcare investors have two primary options:

1. Startups in the healthcare IT sector, including those working on diagnostic tools and patient monitoring systems, are attracting a lot of attention. The DHA predicted 10-15% growth for medical professionals and 3-6% growth for facilities between 2017 and 2023.
2. The most recent Medical Tourism Index places Dubai at number one in the MENA region and number six worldwide for medical tourism. Medical tourists flock to Dubai because of the city’s strict adherence to industry norms.

The healthcare sector in Dubai is expanding thanks to these changes, which bode well for the city’s economy in the year 2023.

5. Real Estate in Dubai

With a foreign-born population that makes up about 90% of the total, Dubai is well recognized as a leading expat city. According to a research by Tripadvisor, Dubai will get 14 million visitors in 2022, making the real estate market there extremely attractive. Opportunities in real estate development, property management, and brokerage are many in Dubai.

6. E-Commerce

The online retail sector in the United Arab Emirates is expected to develop at a CAGR of 8.4% over the following four years, resulting in $17.2 billion in revenue by 2027.

Despite a slowdown in global sales, $25 billion in revenue was earned by e-commerce in the Middle East and North Africa in 2022). The infrastructure of Dubai’s e-commerce ecosystem is ready to provide for your company’s requirements. With the availability of fulfilment centers, storage facilities, and warehousing solutions, setting up a business as an online retailer in Dubai is a breeze.

In 2023, any enterprising person who sets up a business in one of the six aforementioned fields will have a good shot at success. The commercial landscape in Dubai is expanding and diversifying at a rapid pace, creating exciting new prospects for entrepreneurs.

Get in touch with ReCorporate to establish your company in the premier free trade zone and commodities trading hub in the world. Everything from creating bank accounts and obtaining approval to monitoring submissions and assisting with translations is within our purview.

Why is Dubai the best city for business start ups?

Dubai is the best place in the world to launch a business since doing so can be a thrilling adventure. Dubai is well-known as a prosperous business hub that welcomes FDI, pioneering growth, financial improvement, and cutting-edge technical initiatives. These factors have contributed to Dubai’s development and attracted business owners and entrepreneurs from all over the world.

But what makes Dubai so attractive as a business destination? What’s more, why do new companies gravitate toward Dubai?

Most compelling reasons, why investors should consider establishing a company in Dubai:

• EVER-CHANGING Business Opportunities –

Dynamic commercial prospects have arisen in Dubai as a result of the city’s efforts to diversify its economy away from reliance on oil. Empowering innovation-based sectors and technology industries has also increased the scope of business establishment in Dubai, United Arab Emirates.

• Reduced Expenses for Making a Profit –

The Strategic Affairs Council and the Dubai Chamber of Commerce have reportedly discussed ways to lower the cost of doing business in the emirate. According to the findings, the government will investigate citizen complaints about price increases and implement necessary reforms. The research was conducted with the goal of promoting Dubai as a place where businesses may benefit from streamlined regulations and low overhead.

• 100% Business Ownership –

In a bold new initiative, Dubai SME will give SME owners full control of their businesses. For the benefit of forward-thinking entrepreneurs, new rules governing “Incubators & Business Accelerators” have been announced. Therefore, prospective business owners can apply for a license through a company incubator, and after a thorough review of the application’s viability, the need for a sponsor will be waived.

• Dubai’s Tax System –

While the concept of taxes in Dubai is novel, value-added tax (VAT) in Dubai is a positive development for companies. While VAT may appear to be an unexpected cost, it is really recovered somewhere in the supply chain. In addition, the introduction of VAT strengthens the country’s welfare services, expanding opportunities for new businesses in Dubai.

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• A Free & Open Market –

The city’s Open Trade System is another attraction for anyone looking to set up a business in Dubai. Because Dubai is a member of the World Trade Organization, it offers startups the stability and protection they need to expand into global markets.

Dubai’s involvement with major economic powers including Europe, North America, and broad swaths of Asia and Africa is substantial. Because of its location at the intersection of the European and Asian/African continents, Dubai also promotes free commerce.

Get in touch with ReCorporate Business Setup if you want to launch a company in Dubai or the rest of the United Arab Emirates.

ReCorporate Business Setup is the industry standard in Dubai, UAE for business setup services. Our professional advisors can help you set up a firm, obtain the necessary licenses and permits, locate suitable office space, set up public relations, and much more.

You may find us at Al Moosa Tower, Sheikh Zayed Road, Dubai. You may also reach us at info@recorporate.net or by calling or WhatsApp: +971 58 586 5477.