Dubai is undoubtedly one of the best cities in the world to expand business operations. With advantages like a robust tax system, an investor-friendly infrastructure, and the full support of the government, entrepreneurs look favourably upon the city as the center for their global operations.
The Dubai Department of Economy & Tourism (DED) published the latest figures through their Business Registration & Licensing (BRL) department. A clear sign of the business expansion in Dubai is the issuance of 45,653 new business licenses in H1 2022. This was a 25% growth in comparison to the same period in 2021. Among these, 55% were professional licenses, while 45% were commercial licenses.
Tips to Expand and Grow Your Business in Dubai
Company formation in UAE is booming and this is an opportune moment if you are an investor looking to grow their business in Dubai. Additionally, companies need to incorporate business strategies that are in line with the current trends. so, here are some simple ways through which you can expand your business in Dubai.
1. Artificial Intelligence led marketing
Data-driven marketing is soon becoming the standard for all business operations. Artificial Intelligence (AI) is currently the top marketing trend for 2023. There is a significant move towards a more automated understanding of consumer decisions through AI led data collection leading to expansion of business in Dubai
Although technology has long since been a driving force behind marketing decisions, advances made in it have led to easier processes for businesses. The reason why AI can change the marketing landscape is that it does not just focus on data but on personalizing the user experience. It attempts to understand the user language is such a way to encourage action. Therefore, companies that do not adapt quickly can expect to fall behind in an already competitive market.
2. Integrating hybrid work-mode
The Covid-19 pandemic has led to lasting changes in the day-to-day working model. One such significant change is the implementation of hybrid working. Companies across the UAE have realised the significance of a flexible work schedule and its contribution to a healthy work-life balance. Business owners understand that to expand their business in Dubai, they need to be mindful of their workers’ requirements.
The Dubai government has always been a leading pioneer in strategic planning for better talent acquisition & retention. There is always a purpose of improving workforce function in all its laws and regulations, keeping a sustainable environment as the chief priority. Dubai is after all, a smart city that employs smart working conditions.
3. Incorporating globally diverse workforce
The UAE is among those unique countries in the world, which has a concentrated workforce of expatriates from different nationalities. Accordingly, companies in the UAE employ multinational and multilingual personalities working across top global standards. Indians consist of the highest expat population at 27.49%.
This cultural and national integration ensures that UAE is compliant with international working standards. Additionally, this cross-cultural experience allows for greater emphasis on workers’ skills. The shift to a skill-based workforce, not only grows your business in Dubai but expands it to other domains of the world.
4. Business via Virtual Reality & Augmented Reality
Modern day business is bound to be influenced by technological innovations. Global boundaries are now almost invisible with the integration of VR/AR (Virtual Reality/Augmented Reality) mechanisms in the workplace. UAE, as an innovation hub is already strongly committed to incorporating these technologies. It is estimated that the VR/AR industry could contribute to over USD 4 billion, i.e., 1% of the GDP, to the country’s economy by 2030.
The applications of AR/VR are spread across a wide range of industries such as education, IT, healthcare, gaming, and more. There is no doubt an industrial revolution waiting to happen with AR/VR at the fore.
5. Innovative Free Zones
The UAE has over 44 free trade zones, with 30 located just in Dubai. Each free zone is known for its industry-specific infrastructure, their own legal framework and rules, business support and incentives, incubator & accelerator programs, 100% ownership of businesses, easy start-up process, ease of labour and immigration procedures & more.
6. Capitalize on Marketing & Networking
Businesses nowadays are heavily dependent on cutting-edge marketing strategies to reach their target audience. No matter what sector your business belongs to, it is essential that your marketing initiatives reach the correct people. The right marketing moves can enhance your product, widen your brand awareness and ultimately increase your sales.
Additionally, companies should never ignore the impact of a person-to-person approach. Dubai, because of its centralised location is widely popular as the home several international-scale networking events. The Dubai World Trade Center hosts numerous conferences and trade shows where industry experts all over the world can gather and network to boost their brand.
7. Exploring new markets/locations
A business that does not evolve with time is one that remains stagnant. Therefore, entrepreneurs must constantly look for ways to expand their Dubai business to new zeniths and achieve greater profits. This includes diversifying into newer markets, changing the location of your company, or also experimenting with newer trade platforms.
In such scenarios, there is no better place to be than Dubai. The thriving economy, liberal tax policies, options of free zone/mainland/offshore business setup, all make Dubai a highly lucrative destination to either establish a new business or expand an already existing one.
Why should you expand your business in Dubai?
Dubai is home to a constantly growing number of Small and Medium Enterprises (SMEs). Since its diversification from oil trade, several other new industries like tourism and hospitality, precious metals and gems, e-commerce & retail have emerged as contenders. With the influx of foreign investments & business diversification, businesses looking for expansion in the global markets have found a safe place in Dubai.
So, as an investor who either needs help setting up a new company or wants to expand their business in the Dubai market, you can utilise the help of Dubai’s trusted company formation consultants, Shuraa Business Setup. Their corporate consultants will guide you through the entire process of business setup in the UAE. We are available at:
Call: +971 44081900
Whatsapp: +971 507775554
Email: [email protected]