SETUP FASHION BUSINESS IN THE DUBAI, UAE
With the help of ReCorporate, you can get your foot in the door of the fashion industry.
Establishing a Fashion Enterprise in the United Arab Emirates
For countless years, fashion has played a pivotal role in culture, and this trend shows no signs of abating. The demand for fashion trends and fads is expected to continue, and it has recently advanced to the point where it is becoming more prominent on the international stage. As part of the United Arab Emirates’ ongoing efforts to encourage commercial activity in the region, the country’s government has poured a sizeable amount of money into the fashion industry. There has never been a more favorable time to enter the fashion industry than the present, as all indications point to an ever-increasing demand for fresh and original fashion trends.
The United Arab Emirates’ Fashion Industry in Numbers
It should come as no surprise that the fashion industry is a massive one all over the world. And the Emirates are not an exception to this rule. The fashion industry in Dubai is expected to generate more than 12 billion dollars in revenue in 2019, according to a report published by Dubai’s Chamber of Commerce, which indicates an annual growth rate of nearly 5% in the industry.
And despite the fact that these reports demonstrate an ongoing increase in online sales, brick-and-mortar retailers are also experiencing significant growth as a result of the fact that they are providing customers with in-store deals in an effort to stimulate consumer demand. In addition, according to the same report, the market for womenswear is expected to expand by nearly 1.1% faster than the market for menswear between 2019 and 2023. Although it might not appear to be very much, this represents an annual revenue of nearly 5.2 billion dollars across the industry as a whole.
In addition, the fashion industry will experience a significant increase in economic activity as a direct result of the relaxation of restrictions brought on by the pandemic in the region. Given these statistics, establishing a business in Dubai has the potential to become an enormously lucrative opportunity.
When you apply for a license for your company, you will need to provide the Department of Economic Development (DED) with a number of different documents. In order to assist you in avoiding any complications during the application process, we have compiled a list of these necessary documents, which can be found below.
Application form that is correctly filled out
Copies of all shareholders’ passports and visas are required in order for the name to be approved.
Articles of Association and the Memorandum of Association (MOA, and AOA respectively)
An exhaustive plan for the company
How to Get Started in the Fashion Industry in the United Arab Emirates
The United Arab Emirates is an excellent choice for any company that is interested in achieving monetary success. However, coming to the conclusion that you want to launch a company in Dubai’s fashion industry is not an easy task! For this endeavor to be successful, careful preparation is required to ensure that your company will continue to be profitable and relevant in the years to come.
To begin, you are going to require some kind of a manual or guide! Contacting a business professional who is familiar with the local customs and market activity ought to be the first step in the process. A thorough and realistic understanding of the current state of the industry as well as its projections for the future will prove to be an extremely valuable asset in the years to come.
The following is a rundown of the steps required to establish a company in the fashion industry in the UAE:
- Carry out research on the market
Taking the time to familiarize yourself with the surroundings before entering them is one of the most important steps you can take. You will need to have a fundamental understanding of the population of your target location, as well as its demographics. However, having a firm grasp on these topics is only one part of the equation to solve the problem. You will need a solid knowledge of the particular styles and preferences of your market in order to achieve truly successful results. If you have a firm grasp on these facets, you will be in a better position to accurately forecast future trends.
- Make sure that your products and the people you are trying to reach are crystal clear.
After you have completed a substantial amount of research into the market, you will need to put a plan into action to determine the supply and demand of particular products and then construct a network based on that infrastructure. If you take an approach that is both clear and succinct, you will be able to let other companies and potential customers know exactly what it is that you offer and why it is in such high demand.
- Determine a Strategic Location for Your Business
Location, location, location! When deciding where to establish your company in the Emirate, conducting extensive research on the various business zones available will allow you to identify the location that offers the greatest potential for financial success. Selecting the appropriate industry in which to launch your company can have a significant influence on the success of your new venture in the commercial world.
- Ensure that you have all the necessary documentation on hand and turn it in to the DED. Accordingly
You will be required to provide the DED, also known as the Department of Economic Development, with a number of important documents in order for them to register your company correctly. We’ll talk about these necessary documents at a later time! Following the completion of these steps, you will be able to send in your application.
- Collect your License!
After you have handed in your application and been given the go-ahead from the appropriate authorities, it is now time to pick up your driver’s license. This license will serve as your legal permit to engage in business activities and other activities related to business.
- Ensure that proper accounting and bookkeeping procedures are followed
The path to running a prosperous company is strewn with the corpses of businesses that failed because their owners did not invest the necessary effort and time to establish reliable accounting and bookkeeping practices. It is important to have this in place before you begin monitoring the activity of your business in order to ensure that you will always be able to determine how profitable your company is at any given time.
- Put your attention on the product marketing
This should not even be a question! If no one is aware of your company, then it is impossible for it to be successful. And the importance of name recognition cannot be overstated in the fashion industry. In order to be successful in marketing your goods, you will need to devise a method that is direct and focused on your intended audience. Learn your target audience inside and out, and have a solid grasp of the industry as a whole.
- Establish a strong presence on the internet.
The internet is the way of the future, and if you want to keep your business competitive in virtually any sector, you are going to have to establish a strong presence on the internet. To be successful in the modern marketplace, you need to have a website that is user-friendly, well-organized, and can display examples of your wares. This is a precondition for conducting business.
Investigating Potential Commercial Ventures in the UAE’s Fashion Industry
With Dubai’s reputation for having some of the best retail shopping experiences in the world, there are a plethora of opportunities available in the Emirates. Dubai is known for having some of the best retail shopping experiences in the world. In a short amount of time, Dubai has established itself as a pivotal location for the growth of fashion industry businesses. You just need a sound business plan and a methodical approach to get started. We have compiled a list of successful companies operating in the fashion industry, including:
- A Blogger Who Covers Fashion
Blogging about fashion is one of the markets that is rising to the forefront of this technology as it becomes increasingly prevalent in the future, which is digital. Blogging is a lucrative business opportunity for individuals who are obsessed with the latest style trends and wish to inform the general public about the most recent developments in the industry.
- Leasing of Articles of Clothing
The working lives of many people prevent them from purchasing and maintaining expensive clothing because they are too busy. And this is precisely the reason why the business of renting out clothing is the one that is destined to satisfy the demand. Customers of your company will have access to a cost-effective way to acquire pricey apparel, such as suits, dresses, and gowns, thanks to the operations of your company.
- Person who styles fashion
It’s a full-time job just to make sure your personal style is on point in the fashion industry. Because of this factor, a great number of businesses have decided to pursue this line of work.
- Organizer of Events for the Fashion Industry
There has never been a time when there was a greater need for businesses to handle event scheduling and planning than there is now because of the enormous number of fashion happenings in the UAE.
- Illustration and Design for the Fashion Industry
Paper is where fashion trends are born, with nothing more than an idea and some inspiration to get them started. The fashion design segment of the industry is considered to be the industry’s central pillar. If you’re wearing something trendy, there’s a good chance that it was conceptualized in an illustrator’s office first.
Advantages of Entering the Fashion Industry in Dubai as a New Business Owner
There has never been a more favorable time to establish your company in Dubai’s fashion industry than the present, as the rate of growth is nearly exponential from year to year. However, if you want to sell your wares, you should choose this hub because it offers a variety of benefits in addition to the tax breaks and the glitzy market. We have compiled a list of some advantages, which are as follows:
- Conditions on the market that are lucrative
Because the UAE is home to one of the world’s most popular tourist destinations, it serves as a major inspiration for a wide range of fashion trends and styles. Because of this, the region is a goldmine for business investors looking to attract the attention of potential customers. It is anticipated that the total amount spent by consumers in the Emirates will be greater than 260 billion dollars.
- Locational Strategies and Their Alternatives
The building, the neighborhood, the neighborhood! The United Arab Emirates (UAE) provides potential investors with access to a diverse range of locations. These locations and free zones provide flexibility as well as a large number of incentives, both of which will allow your business to achieve its full potential for profit. Before you even start your company, you are going to want to do some research to figure out where the best place is for it to be located.
- A Straightforward Method for Acquiring a Business License
The federal government in the UAE has made significant progress in recent years toward its goal of simplifying and expediting the application process for prospective commercial enterprises. This makes it possible for companies to finish the process of setting up their operations and start working sooner, without having to endure lengthy wait times and an endless amount of bureaucratic red tape.
- Straightforward Methods of Incorporation
If you want to incorporate your company and invite outside investors to participate in the financing of your business, you’ll find that the procedure in Dubai is about as simple and uncomplicated as it is possible to make it. On the other hand, many businesses these days are choosing to outsource their incorporation processes to qualified professionals like those found at ReCorporate.
- Easy Visa Availability
The government of the UAE has implemented what is widely regarded as the world’s most accommodating and financially rewarding immigration policy. Investors who have their sights set on starting a company in the region will need to take the necessary steps to apply for visas on behalf of their business partners and employees.
- UAE Expo
An exposition is going to be held in Dubai in 2021, and it is anticipated that millions of potential businesses and investors will attend. You can be confident that those in the fashion industry will play a significant role in the proceedings of this event.
The United Arab Emirates Expo 2021 will not only be an excellent venue for displaying the commercial landscape of the region’s foreseeable future, but it will also serve as a massive meeting place for local and international companies, investors, and entrepreneurs to network with one another and discuss potential joint ventures.
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By initiating your project with ReCorporate, you get a dedicated and skilled team backing you up round-the-clock. All our processes are the customer oriented, designed to reduce the cost of business set-up.