It is so rewarding to start your own business. It necessitates extensive preparation, commitment, and decision-making. Choosing an industry to enter is one of the most important decisions you can make since you want to make sure it succeeds. Because of this, businesspeople from all over the world are utilising the UAE’s expanding economy and Dubai’s expanding retail sector. The retail sector has expanded across the globe and has been successful in the United Arab Emirates. With the assistance of the top retail industry consulting company in Dubai, you may participate in this expanding sector. Allow ReCorporateto assist you throughout the entire process of setting up your retail business.
Retail has always shown to be one of the most prosperous sectors in the United Arab Emirates. The population is one factor contributing to this region’s rapid growth. More individuals are moving to the country every year as it grows. Those newcomers to the country must have a store where they can buy necessities, right? So in a region that is expanding so quickly, retail is a terrific business to have.
Another factor driving the surge in retail sales in the UAE is the country’s massive tourism industry. Each year, millions of tourists travel to the UAE and spend money there. In fact, a research by the Department of Economic Development (DED) revealed that around 20.4% of all retail sales are made up of purchases made by tourists. That is a substantial sum!
What Does the Retail Sector Look Like in the UAE?
The UAE’s Retail Market in the Future
You might be surprised to learn that storefronts are the future of retail. That is correct! It is anticipated that physical stores will continue to be relevant. Although online buying has grown over time, traditional outlets are still anticipated to be dominant even in 2030.
But the traditional business might see some adjustments. According to reports, store sites would transform into showrooms and concentrate on presenting brand experiences.
Other forecasts anticipate the construction of nearly 650,000 square metres of retail space in Abu Dhabi and 3.7 million square metres in Dubai. The good news is that it appears that retail stores will continue to be popular for some time to come.
What Does the Retail Sector Look Like in the UAE?
What You Should Do to Start a Retail Business in the UAE
Setting up your own business is a lot of work. There is a lot of planning required, and laws must be followed. By assisting you with every step of the setup, ReCorporatecan help make the procedure simpler.
The following procedures must be followed in the UAE in order to open a retail establishment:
UAE is a popular travel destination.
Each year, the UAE welcomes millions of tourists. Most retail sales come from the tourism industry.
A large population
The UAE’s population is growing, which calls for more retail outlets to be present.
Updated technology
The UAE is always trying to advance the technology industry. Recently, an AI robot was unveiled to assist in enhancing the retail sector.
Full repatriation of all invested money and profits
The UAE gives business owners total freedom to repatriate the money they’ve invested and made over the course of their operations.
Tax exempt status
One of the main attractions for business owners is the tax benefits of the UAE. Taxes, either personal or business, won’t be a concern.
Foreign market exposure
Saudi Arabia, Oman, and Qatar are all strategically located near the United Arab Emirates. Investors looking to enter the global market have a safe entry point at this location. A Double Tax Treaties Agreement is also in effect, enabling UAE businesses to conduct business in a variety of jurisdictions without having to pay double taxes.
Lucrative industry
Investment success has been demonstrated in the retail industry. Additionally, there are other chances in the sector in the UAE, such as:
