The evolution and advancement of Dubai have been noteworthy. New policies and reforms continue to stimulate the UAE’s diversification journey. The purpose of the UAE to make Dubai a major hub for the global economy likely ensures sustainable economic development in the coming years.
Import export business in Dubai has been integral to traders. The UAE has been prominent in trading various goods worldwide, such as petroleum, diamonds, gold, cars and tugboats. Even historically, the UAE was seen as a strategic location. Thus, utilised to connect the trade from Europe to Asia.
At present, the UAE is the largest exporting state among all the GCC States. Besides leveraging strategic and infrastructural advantages of Dubai, UK entrepreneurs can also enjoy smoother market entry, better workers’ rights and a vast set of visa reforms. So, what makes Dubai so desirable? How can you start an import export business? Read on to know more.
What Are the Benefits of an Import Export Business in Dubai?
If you want to start an import export business in Dubai, you can enjoy the following benefits:
- UAE has fast-growing technology and a cooperative administration. So, establishing an import export company in Dubai would involve almost negligible paperwork.
- Dubai, located at the crossroads of East, West, North and South, connects manufacturers, producers and suppliers from all over the world.
- Dubai’s seaports and airports are located in areas with high connectivity to the rest of the world. This makes logistics for import and export business even more convenient.
- Besides advanced infrastructure, Dubai offers a great public transportation system, telecommunications and other amenities. In fact, the UAE Digital Economy Strategy focuses on further digital transformations.
- With the advent of mainland and free zone areas, Dubai has become a major corporate hub. Thus, your import export company can collaborate as an intermediary with the existing companies in Dubai.
- If you’re starting an import export business in the UAE, you’ll have no trouble acquiring the required visas. The UAE has been reforming its visa norms to suit foreign investors.
- As per research by Coursera, the UAE tops globally in terms of the business skills of its employees. Moreover, the country’s latest reforms are likely to strengthen the talent pool. So, the labour market can be beneficial to your import export company.
- Dubai is almost a free port. There is a 5% duty and 5% VAT on imports, while export business in Dubai and precious metal imports remain free from taxes. However, any supplies within the free zones in Dubai will not attract taxes.
What Are the Documents Required to Start an Import Export Business in Dubai?
Before you begin the import-export company formation procedure, ensure that you have all the mandatory documents. A proper documentation process will simplify the process of setting up a business. The following are some of the documents you will have to submit:
- Copies of passports and visas
- Two passport-size photographs
- Entry visa and stamp pages
The documentation differs according to the company structure, items one plans to import or export and the chosen free zone. The professionals at Shuraa London branch can help you with a detailed list of necessary documents.
How to Start an Import Export Business in Dubai?
The process of establishing an import export business in Dubai is quite simple. Following is a brief overview of the process:
1. Identify the Nature of Your Business Activity
Your import-export company is bound to deal with many traders outside the UAE, gaining exposure to a larger market. Thus, your company’s name should stand out from the crowd. The government has laid down special rules for naming a company. Therefore, the name you choose must abide by the rules. Then, after checking the name availability, register the name with the relevant authorities.
2. Determine Your Company’s Legal Structure
Selecting a suitable company structure for your import export business is an important step. You can choose from several company structures like Sole proprietorship, Limited Liability Company (LLC) of a foreign company or branch office of a foreign company.
3. Apply for Initial Approval
Get approvals from the pertinent authorities based on your business activity. Certain goods require necessary permits from competent authorities to be imported or exported. So, you may need additional certifications for the same. Shuraa professionals can provide their assistance to make your business comply with the rules and regulations regarding the import and export of goods.
4. Apply for the License
A valid import and export business license in Dubai allows you to sell your manufactured goods to clients outside UAE, act as an intermediary between the manufacturers from UAE and overseas buyers or vice versa, and directly purchase goods produced outside UAE and sell them in UAE. So, apply for the relevant license. Then, pay the license fees and submit the related documentation. Shuraa specialists can help you in the best ways to get you the appropriate license. Also, their assistance will avoid any difficulty with getting additional approvals.
5. Choose Your Business Location
You can set up your business in Dubai on the mainland or in one of the many free zones. Once you decide the location, choose an office space based on your company’s size, amenities required and budget. Consider your additional requirements such as a warehouse or transportation as well.
6. Pay Fees and Collect License
Once you have finalised all the prerequisites, you can obtain your license. There are other provisions as well. So, Shuraa UK branch professionals can help you with aspects like visa eligibility, bank accounts and supplementary expenditures.
What Is the Cost of Starting an Import Export Business in Dubai?
The final cost of starting your import-export company in Dubai is determined by various factors. For instance, the activities you carry out, the goods you import or export, the size of staff you want to employ, the manufacturers you work with, marketing campaigns and many more. So, presenting an accurate figure is difficult. The import and export business license cost in Dubai is around AED 24,000, excluding additional expenses.
Shuraa professionals will help you start your company in Dubai by providing the exact costs, depending on your choice of trade item for export or import business in Dubai. They will also make sure that you do not overspend.
Start Your Import Export Business With Shuraa
Shuraa can ease the journey of setting up your import export business in Dubai from start to finish. We are here to deliver you the resources you want to start an import–export company in Dubai. We can also customise business setup packages if your import-export company has some specific needs. You just need to get in touch with us!