Expanding Your Business to the United Arab Emirates
The United Arab Emirates is one of the fastest-growing economies and the fourth-largest wealth center in the world. The UAE has been ranked first in global entrepreneurship and recognized as ‘The Most Supportive Environment for Entrepreneurship’ by Global Entrepreneurship Monitor [GEM]. According to the World Bank’s Doing Business Report 2020, UAE ranks at the 1st position among Arab countries and 16th position globally.
UAE is capable of supporting all kinds of businesses in various industries, thanks to its highly developed economy. Setting up a shop where there is the most excellent chance of profit is a wise move for any entrepreneur, and the UAE can undoubtedly assist you in making a lot of money.
If you are someone planning to expand your business abroad, UAE is the best choice you have. With the right business plan, one can start or expand their business in UAE.
But before you do that, why should you expand your business, particularly to the UAE? Look below for the answers.
Excellent Connection Network.
The UAE is not only famous for its friendly business environment but also its connectivity. Cities like Dubai are situated at the crossroads of the North, South, East, and West, facilitating national and international trade. If your business requires traveling to other places, you have this advantage here.
No tax or tax-free system.
UAE has a highly robust economy that is constantly expanding and diversifying, favorable for both domestic and foreign trade.
UAE has no corporate tax and no import or export duties.
The UAE offers 100 percent repatriation of revenues and profits.
UAE offers up to 50 percent reductions in more than 1,500 government fees.
The existence of free zones and commercial areas where foreign investors can conduct their business tax-free is an advantage the UAE offer.
Exceptionally Talented Workforce
As an entrepreneur in the UAE, you have the opportunity to hire from the finest talent pools in the world. The workforce in the UAE is extremely talented and exceptionally skilled.
Expanding and Diversifying Economy
The economy of the United Arab Emirates is deemed to be the fifth-largest in the Middle East, with a projected GDP of USD 501 billion (AED 1.84 trillion) in 2022. In addition, UAE has a stable economy where the government proactively helps businesses grow, making UAE a suitable location for expanding business.
Here are some tips you may find helpful to expand your business in UAE.
Franchise Your Business
If you want to open a second location but have no time or resources to do so, franchising your business will help your business expand. By franchising, you can grow your business without opening in a new location. Franchising helps you expand while you invest your time to establish and grow your business by other means.
Get Your Product Licensed
Licensing your product is a valuable and cost-effective way to expand your business. Compared to the cost of starting your own business to manufacture and market your product, licensing is cost-effective and lowers your risk. Before licensing your product, thoroughly analyze a potential licensing partner who provides comparable goods or services to yours. Before scheduling a meeting or contacting any businesses, find a capable lawyer with experience in intellectual property law. This is the most effective way to reduce the possibility of losing control of your service or product.
Form a Collaboration
Collaborating with similar brands or Businesses has proved to be a successful strategy for rapid growth. Strategic agreements between two organizations will make a clear path to entering new markets and may also provide immediate access to new clients. Collaborations may also provide you with funding, access to technologies, manufacturing methods, and a lot more.
Appear in New Markets
You can enter a new market by expanding your business internationally. Expansion into new markets demands professional assistance. Professional Business Consultants can help you ease the complexities of entering new markets. From application to registration procedures, Bizvise offers cost-effective and quick assistance to form a company and find local partnerships.
Strong social media presence
You can reach a significant amount of local and international clients with a strong social media presence through a well-developed website or a social media handle. You can use the platform to market your product with the help of a digital marketing agency. And you can launch a small Google ad campaign to improve your results.
To set up or expand a Business in UAE, Bizvise will always be there to help you.
Connect with Bizvise to expand your business in UAE. Bizvise will assist you with extensive research on the business you plan to do, the location where you need to start your business in UAE, and to come up with the right business plan. Once you have the business plan ready, we will start searching for potential partners, get the necessary permissions, and apply for the license, and you will be running a brand-new business with a high prospect in no time.