Have you been thinking long and hard on what business to start in the UAE? There are lots of profitable business opportunities in the UAE which you can start. But if you are new to the entrepreneurial world, you must start off with a general trading business. Here's why:
1. Easy setup process
The whole setup of a general trading business in the UAE is pretty straightforward and simple. It is one of the easiest businesses you can set up in the UAE. It doesn't have too many requirements, steps or processes to set it up in the mainland or free zone. If you are interested you can read on to know how to get a general trading license in Dubai, UAE.
2. Best side hustle
Yes, you can start a trading business even when you are working. It is one of the best side hustle options you can do. This business doesn't require you to be in the office all the time. When you get the order, you just have to arrange for the collection and delivery. You need to have a list of suppliers from whom you can get the goods. You can build the business through connections and online marketing.
3. Opportunity to trade different goods
A general trading license in Dubai allows you to trade up to 10 goods which are related and unrelated. You have to pay additional charges in order to add on goods you wish to trade. You require special permissions for regulated goods such as pharmaceuticals, alcohol, etc. Other than that you can choose any goods of your choice.
4. Hassle-free import and export
You can import small scale goods into the country with a general trading license. You can send the items to your address but if it is anything wholesale and large quantity you have to get an importer code from the customs authority of any of the emirates.
5. Benefit from LSA agreement
The general trading business is a commercial activity and it categorises your license as a commercial license. Now, for a commercial license, you are required to appoint a local sponsor but trading business can be an exception. You can get into a Local service Agent agreement and you just have to pay a fixed annual fee to the agent and not give a 51% shareholding. You can retain the 100% ownership of your business.
6. Find market gaps and make it profitable
With a general trading business, you can find the market gaps and potentials of the country. This is one of the biggest advantages of a trading business. You can always bring in goods that are not available in the local market. This gives you a competitive advantage in your business over your competitors.
7. International market hub
Dubai is an international hub connecting Asian and African countries. Its strategic location plays an important role in the trading business. You can import and export to and from the country with great ease. Zayed port, Khalifa port, Jebel Ali port are few of the major ports in the UAE. Dubai's logistics is also constantly improving with a rise in the logistics hubs in the Emirates.
8. Demand for all kinds of goods
Dubai has customers for almost all kinds of products. The emirate is home to around 200 nationalities from around the world. This means there is a demand for a lot of products. You can benefit from the diverse requirements of the country. With a trading license, you can try and test the demand for a particular product and how well it is doing in the market.
9. Visa benefits
If opting for a mainland, you can get any number of visas depending on your office space. It is easier for you to take employee visas and sponsor dependents with a mainland general trading license. To top it off with e-channel services visa processing is much easier in the UAE. The digitised platform allows businesses to be fast and efficient.
Yes, you heard it right. You can enjoy the tax-free incentive that the UAE offers on selected jurisdictions.
These are a few of the benefits of general trading business in the UAE. This is one of the business ideas to get started on entrepreneurship.