The year 2020 will be best remembered as the ‘Year of the Coronavirus (COVID-19)’, a period marked by heightened health and economic uncertainties. Setting up a business in Dubai in 2020 will be not so welcoming an idea for some but we should never forget that times of crises create the best opportunities for others. With strong business plan and deep knowledge about the new business opportunities, an entrepreneurs can create success stories in the times of a global pandemic. Moreover, company formation in Dubai in times of COVID-19 pandemic is unlikely to be a tough affair as the government has responded to the crisis better than any other global business centre. With the professional guidance of the best business setup services in Dubai, the entrepreneurs can reap great benefits from their business despite the uncertainties. All they need to do is identify the sectors that may turn into a lucrative opportunity for company formation in Dubai. The following is the list of 5 such business ideas that have busted the COVID-19 challenge successfully.
1. Ecommerce
The popularity of e-commerce business in Dubai is rising among the investors in 2020 mainly due to the change in consumer patterns after the COVID-19 pandemic. The traditional forms of business setup in Dubai have received a setback as consumers reduced their frequency of visiting the physical stores for shopping. The lockdowns, and mandatory social distancing measures implemented by the government have prompted the people to turn to e-commerce platforms.
Many existing e-commerce platforms have reported a surge in online orders during these days as people are relying on online shopping rather than brick & mortar shops. As per the data from National Economic Register, the e-commerce industry was issued the highest number of licenses in the UAE in May 2020. There was a 300% increase in consumer demand for e-commerce platforms in the five months of 2020, as per a report in WAM. The e-commerce company formation in Dubai is a lucrative option as the impact of COVID-19 on consumer behavior is considered to be long-term. Both mainland and free zones provide opportunities for business setup in Dubai for e-commerce investors.
2. Essential Supply Delivery Services
Delivery services have reported surprising growth in 2020 in comparison with the previous years due to the impact of COVID-19. As social distancing has become the new normal, consumers stopped dining out creating fresh opportunities for food and grocery delivery services in Dubai. A well-known online cab service like Careem [MH1] started food delivery service during the pandemic considering the surge in demand. The medicine delivery services have also started receiving more orders as people with the illness are at more risk while going out.
3. Telemedicine Service
Telemedicine is a prime example of the changing face business setup in Dubai. Due to the COVID-19 impact, the elderly, children and those with severe illnesses were at the risk of losing the chance of physical consultations with the doctors. A physical visit to the hospital became a tough task due to the fear of infection. Telemedicine service providers easily solved this problem by giving a virtual consultation platform for doctors and patients.
4. E-Learning Apps (EdTech)
The COVID-19 pandemic has forced education across Dubai to shut as social distancing rules came into existence. However, Dubai has a well-developed digital infrastructure powered by high-quality internet facilities. This has enabled the schools to provide virtual classes to students. Many EdTech companies have already been set up in Dubai much before the COVID-19 pandemic struck. However, the sudden impact of the pandemic led to a surge in demand for EdTech platforms. Business setup services in Dubai recommend that investing in EdTech platforms is likely to be a profitable business prospect.
5. Personal Hygiene Products
Disinfectants, antiseptics, and other products ensuring the personal hygiene of individuals have gained unprecedented demand after the pandemic. The government across the world, including the Dubai government, has made it mandatory to use hand sanitizers frequently to limit the spread of virus infection. People keep hand sanitizers at their home and also carries one while going for work or to malls. All the other businesses including private and government entities keep hand sanitizers at their offices to ensure the safety of the staff and visitors. Most malls and supermarkets ensure that the visitors’ hands are sanitized before letting them enter. In short, the disinfectants have become part of the daily routine and it will be so for a long time. The reputed business setup consultants in Dubai identify the manufacturing/ import of personal hygiene products as a profitable business opportunity.
Choose the Best Business Setup Services in Dubai for Company Formation Foreign entrepreneurs having little experience and sparse knowledge about the laws and regulations of company formation in Dubai may find it tough here. Apart from VAT introduced in 2018, the UAE has witnessed new regulations such as AML-CFT, ESR (Economic Substance Regulations) and NER (National Economic Register) to clean its image and to make business people to be more vigilant and responsible in business dealings. The investors can incorporate a company in either the free zones or the mainland but both jurisdictions vary in regulations. While the process of business setup in Dubai mainland provides the opportunity to trade directly in the UAE market, the free zones allow the investors to conduct the business within the free zones or with other countries outside the UAE. Selection of the right jurisdiction forces the entrepreneurs into a dilemma and this is where the professional business setup consultants in Dubai offer assistance. The best business setup consultants in Dubai, UAE come with years of experience in helping the investors with setting up a company. They offer business setup services in Dubai with their deep knowledge of local laws and regulations. Entrepreneurs need to set their priorities right and choose the best business setup consultants in Dubai to achieve their business goals in a highly challenging business landscape.