The United Arab Emirates is one of the richest countries in the world. Thanks to oil, it managed to turn its cities from deserts into well-developed communities. Under such circumstances, it draws the attention of a lot of businessmen: some want to invest there, while others want to open their own businesses. If you belong to the last group and want to get an idea of what works the best in Dubai then you are in the right place. Without further ado, let’s talk about one of the most profitable businesses that you can start in Dubai.
Trading, including import and export works the best in Dubai
Due to its amazing geographical location, Dubai has become a center of trade. Dubai has worked hard to improve its shipping center, thus assisting the development of trading. It is worth noting that 80% of Dubai’s population are foreigners, so those foreigners, who want to assist the economy of the city and invest, get privileges. When thinking about establishing a business, entrepreneurs pay attention to the laws and regulations to see how favorable they are. Import and export in Dubai has rather friendly policies. As soon as you register a business in Dubai, you’ll get a multicultural mixture of expats. The fact that foreigners prevail in the city has a side bonus. This allows businessmen to build international connections and networks.
How to start an import export business
There is a set of steps that you need to take in order to get started with your import export business. We prepared a special checklist for you that will guide your through the process of realizing your business idea:
- Learn the basics
- Get the necessary resources that you are going to need
- Research and define your target market
- Write a business plan
- Find partners
- Get licensed
If you are not from Dubai then after completing these steps, you need to find people in Dubai, who are involved in import export business. Try to get in touch with acquaintances and not competitors, ideally people who retired, so there won’t be any conflicts of interests. Import export requires you to have networks all over the world because your business includes at least 2 sides. Note that Dubai can serve as “a middleman” in your trading. Therefore, give countries their roles, so to speak, to avoid any last minute confusions and inconveniences. You’re off to a great journey, just get your plans straight and make your partners real partners.