Dubai import export business
Posted: Apr 10, 2018
The UAE is world-renowned for many things: its immense oil riches, the bright lights and sky-high buildings of Dubai, 7-star hotels, buzzing business districts and vast deserts. However, one thing above all else draws envious glances from around the globe – its strategic location.
Not only is the UAE perfectly placed to do business with both established and emerging markets in Europe, Asia, the Middle East and Africa, but with two-thirds of the world’s population within an eight-hour flight, it’s the ideal hub from which to trade with all corners of the globe. This position is only strengthened by comprehensive road, sea and air links: the UAE is home to some of the world’s busiest airports and seaports.
Naturally, such infrastructure along with the UAE’s position at the crossroads of busy trade routes between Europe, China, the Indian subcontinent and the Middle East and North Africa (MENA) region makes it hugely popular with Dubai import export business. In 2016 alone, the UAE exported some USD 98.8bn worth of goods, with imports reaching USD 184bn in the same year. It’s perhaps unsurprising then that the trading license is one of the most sought-after in the Emirates – with overseas entrepreneurs commonly choosing to set up in the UAE’s many free zones.
Prior to operating Dubai import export business, it is first necessary to follow the steps outlined below in order to meet the legal requirements of all concerned government authorities and to guarantee maximum commercial benefit for the business owner.
- Submit the company registration application and the proposed company name to the Department of Economic Development (DED) - Notarize the company’s Memorandum of Association in DED - File company documents with the Department for Economic Development (DED) and obtain trade license and the Chamber of Commerce and Industry - Make a name board - Apply for establishment card at the Ministry of Labor - Register native workers with the Ministry of Labor - Register native workers with the General Authority for Pension and Social Security The basic requirement for all business activity in UAE is one of the following three categories of licenses:- - Commercial licenses covering all kinds of trading activity.
- Professional licenses covering professions, services, craftsmen and artisans.
The seven categories of business organization defined by the law are:- - General partnership company - Partnership-en-commendams - Joint venture company - Public shareholding company - Private shareholding company - Limited liability company - Share partnership company The various types of companies that can be registered in UAE are the below:- - Free zone company - Offshore company - Limited Liability Company - Branch and representative offices - Mainland companies(trade)
Industrial licenses for establishing industrial or manufacturing activity UAE Ownership Requirements:- Fifty-one per cent participation by UAE nationals is the general requirement for all UAE established companies except - Where the law requires100% local ownership - In the Free Trade Zones where100% foreign ownership is permitted - In activities open to100% AGCC ownership - Where wholly owned AGCC companies enter into partnership with UAE nationals - In respect of foreign companies registering branches or a representative office in Dubai.
Dubai import export business
Starting a Dubai import export business is a profitable venture. The environment for international trade in Dubai as shown by above figures is growing fast with various opportunities can be undertaken with multiple industries. We have listed down some potential import and export business options for you if you are looking to explore trade sector in Dubai.
Dubai import export business agent: Trade agent can be a person or company who sends and receives products to and from other countries. In order to start this business you must be aware of currency transactions and import and export laws and policies by the government.
Online importation: For example are popular websites who deal with online trading. Make your own website, take orders and payment online and ship product to provided address. The startup capital of this business will be less and the business will be profitable as people all over the world have access to internet and are inclined towards online purchasing.
Freight Brokerage Company: It performs as an intermediary between shipping and client companies who needs freight brokerage services. Freight brokerage companies are also known as clearing and forwarding agents. You can make lot of money in this business.
Distribution and Warehousing: Distribution and warehousing companies act as warehouse, shipping and receiving agent for many different companies. You will need huge amount of investment capital and will have to perform lots of research for this venture. Having proper organizational skills, careful planning and execution can help you earn huge amount of profits in a short amount of time. There are various free zones in Dubai where you can setup your business.
Dubai import export business of used cars: With technological innovation, new vehicles are being manufactured every now and then so people want to buy new vehicles and need to dispose of their old cars. You can convert this buying and selling into a lucrative business.
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