As the global economy has come out of the negative influence of the 2007-08 financial downturn, the limelight has shifted to the eastern sphere of the globe with the rising economies like China, India, Pakistan, the United Arab Emirates, etc. The United Arab Emirates has particularly surged as the most popular destination for doing business by the foreign companies in the last few years. The announcement of the Dubai World Expo 2020 has also added to the business and trade activities in the state, which has become a regional trade hub. The local government’s recent economic diversification drive has further enthused the foreign companies, which are flocking to Dubai to help them tap other regional trade hubs.
The first and the foremost thing to do before planning to shift your business to Dubai is to do proper research and gain decent bit of information about the local laws, regulations, culture, population, business trends, and other intricacies. The study and research about the local business demographics holds an important part of the business plans for foreign companies. After the initial research, foreign entrepreneurs are aware of the different options to go about their business plans. They can either set up their company in one of the over 20 free zones in Dubai or they can start a retail business in Mainland Dubai. Both options have their pros and cons, but retail businesses are in high demand due to the rising population of the states like Dubai, Sharjah, and Abu Dhabi.
You should be well aware of the fact that while you enjoy 100 percent ownership to your business in a Dubai free zone, the same is not a possibility with a business in Mainland Dubai. According to the local laws, a foreign business has to find a local partner to be able to set up a retail business in Dubai mainland. The local business partner holds 51 percent states in the company. Although, the equation sounds pretty unhealthy, but as a matter of fact the local business partner helps the foreign entrepreneurs in many ways. From communicating with the local trade and business authorities to dealing with the local banks and giving an insight into the local economy, the local business partner knows what makes Dubai the heaven of shopaholics. The retail businesses in Dubai make over 17 billion U.S. dollars a year, so be part of the procession and start your retail business in Dubai today.