As an entrepreneur, You should consider the option of opening a retail store in Dubai. Businesses such as retail stores have proven successful in most parts of Dubai. Especially with the majority of the local and foreign population enjoying a good income in Dubai. Therefore, we will show you in this article: What are the benefits and procedures required to open a retail store in Dubai?
What are the benefits of opening a retail store in Dubai
Every year thousands of tourists come to and stay in Dubai which is a strong factor for the prosperity of the retail sector. There are a lot of retail stores in Dubai, However, new opportunities always arise for retail companies. Dubai’s retail sector is a thriving sector that contributes around 22.85% of the UAE’s GDP. The UAE offers a host of benefits to people who want to set up a retail business in Dubai.
What are the steps required to open a retail store in Dubai?
Choose a store location
Free zones provide full ownership of the company, No taxes plus 100% profit refund. However, the condition of the free zone is that you must only do business outside of Dubai. Unlike the mainland, it enjoys similar benefits of no taxation and outright ownership. But they will have more freedom to run the business outside the UAE local market area as well as in the UAE local market area.
Expansion opportunities
Dubai offers many business expansion opportunities such as B2C, B2B and C2B. Advanced people in dubai support the growth of online selling and other e-commerce activities. And it’s a golden opportunity right now.
government support
The Government of Dubai provides continuous support to investors from all over the world. Offer you profitable business plans and major facilities throughout the year. Dubai government also offers long-term residency for businessmen and investors.
Ease of procedures:
Dubai has one of the best cooperative legal structures in place for all investors and businessmen in the world. You can easily get all the documents for the retail license in Dubai within a few days.
High standard of living
The UAE ranks 20th in the world’s quality of life index. Due to the presence of first-class hospitals, the best infrastructure and highly qualified staff. Most of the residents are foreigners so you can live with people from different societies, cultures and religions.
Tax advantages
You are exempt from paying income tax, import and export duties, or personal taxes. You may have to file a mandatory 5% VAT, According to the retail business you choose.
What are the documents required to open a retail store in Dubai?
The documents required to register and open a retail store in Dubai are:
Copies of passports of all shareholders and partners.
Copy of Dubai residence visa.
Title deed or lease for the retail store’s official website
What is the cost of opening a retail store in Dubai?
Opening a retail store in Dubai will cost you no less than 20,340 dirhams. To obtain a joint commercial license you need 1,500 dirhams, in addition to a fee of 10,000 dirhams for Dubai Municipality. You need to pay 3000 dirhams to the Ministry of Economic Development and 1200 dirhams to the Dubai Chamber of Commerce. There are other expenses as well, such as renting a store, paying employee salaries, and others.
The process of opening a retail store is not easy at all and you may need professional support. You can get help from ITQAN experts who provide the best business launch support in Dubai and UAE. Our consultants will help you get started with the full procedure of launching your own retail store. Contact us now!
