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Top 5 Fastest-Growing Business Sectors And Getting Them Started

The power of the internet has led to a new world of possibilities thriving on innovation and technology. People worldwide are living on the internet, consuming content, buying/selling and providing consultations. 

In the UAE, 91.1% of the population has easy access and skills to operate the internet through smartphones and other devices.  

If there has ever been a right time to start your online business, it is NOW! 

As large number of people are avoiding going to crowded areas, especially malls and other public areas due to the crisis presented by the novel COVID-19, the E-commerce businesses are fulfilling the consumer demands for a range of products and service. Below are the businesses that are not only ensuring business continuity but also growth. 

Healthcare Startups  

Healthcare technology firms that offer home diagnostics and telemedicine services are witnessing a rush in the number of customers and queries. Okadoc – a UAE-based instant doctor-booking company – recorded a jump in traffic to its platform after the coronavirus outbreak. The start-up is also gearing up to launch a telemedicine service in the next couple of weeks to tackle the increasing rush of patients. Telemedicine services are increasingly being used as they overcome the geographic barriers to healthcare, especially for specialised providers. It allows patients to have virtual consultations with a doctor remotely. It allows long-distance patient and clinician contact, care, advice, reminders, education, intervention, monitoring, and remote admissions. 

Drones 

The drone industry has seen an increase in business over the past two months, and industry analysts predict the trend to continue. Drone technology that had previously been used to spray pesticides in agricultural fields was effectively used to spray disinfectants in public places and on prevention vehicles travelling across affected areas. Delivering medical samples by drones can significantly reduce unnecessary human contact throughout the transport cycle, also speeding the feedback for critical tests needed by patients and medical workers 

E-Commerce 

E-commerce companies are witnessing an overwhelming demand from customers, placing online orders for packed foods and household goods to avoid congested supermarkets and stores. Global technology giant Amazon recently announced plans to hire 100,000 more staff at its fulfilment centres and across its delivery network to meet rising demand. 

However, one of the main challenges faced by the sector is supply chain disruption as they struggle to meet increasing demand. 

Online delivery apps

With people staying at home to stop the coronavirus spread, online delivery companies that transport essential goods such as grocery and medicine are experiencing a surge in business. Instashop, a UAE based online grocery delivery company, reported its orders had risen more than 53 per cent month-on-month, with a significant increase from the end of February. 

Remote Online working platforms 

As Work from home becomes the new norm, turning to videoconference and other real-time communication tools to stay in touch with colleagues. Platforms such as Zoom, Slack, and Skype are experiencing an increase in users’ number on their platforms.  

Starting an online business is similar to a physical business set up; one needs to go through multiple legal formalities and licensing procedure. In response to the current Global Health Emergency, we have revised our policies to make it easier and safer to start your business. We offer free collection and pick-up of documents and courier services for documents that require a signature.  

Advantage of an E-Commerce business 

  • Low operations cost 
  • No import duties on e-commerce license 
  • Autonomy to repatriate capital and income 
  • No currency restrictions 
  • Resident visa granted for three years 
  • Autonomy to repatriate capital and income 

We will assist you in getting your documents ready and submitted for-.  

  • Trade Name Registration 
  • Initial Approval (NOC) 
  • Issuing of the license 
  • Memorandum of Association (MOA) 
  • Bank Account opening. 

How to get an E-Commerce License in Dubai? 

As any other fast-growing country globally, Dubai has a flourishing market that supports and encourages new start-ups in terms of consumers and investors. The government policies also favour young talents with innovative and intelligent ideas. Below is all the information you will need before venturing into your online business. 

Identify a legal structure for your business. 

The first step to obtaining an e-commerce license in Dubai is to decide your business’s legal structure. In simple words, whether to set up an LLC (Limited Liability Company), one-person company, branch of a parent company, representative office, etc. LLC formation and Branch offices are the most common in Dubai as they come with many advantages.  

Pick a Location 

For setting up an online business location means deciding the place where one will get the license. Dubai has two types of zones: (1) Free Zone, and (2) Mainland. As per the new FDI law, expats can now own 100% of the onshore company without needing a local sponsor.  

Register a Trade Name 

The trade name can be used as your domain name so that people can easily find your company online. Ensure that the domain name does not resemble that of any other existing company as it may lead to legal complication. 

Apply for the License 

Once the location is finalised, one can apply for the e-commerce license that the Department of Economic Development issues. A mainland company set-up costs approximately AED10,000 for trade name registration, initial approval, and the license issuance. In case one is looking to set up within a free zone, the license will have to be acquired from the relevant freezone authorities. The type of permit issued depends upon the nature of your online business. 

Apply for Initial Approval Certificate 

The initial approval certificate is a NOC from the authority to start your e-commerce business in Dubai. It is valid for six months and is not renewable. One can apply for the initial approval certificate while submitting their trade name approval application. 

Register a physical office in Dubai 

Set up a physical office in Dubai as the authorities in Dubai have made it mandatory for a company to have an office to consider it a legal entity. 

Final approval of the license 

Once the above steps are completed; you should get a business license within 1-7 working days. 

Import/Export requirements 

Your business must be registered with one of the ports and customs authorities so that you can receive an importer’s code. UAE imposes 5% customs duty on imported goods. The companies that come under free zone will not have import duty since they sell their product/services within the free zones only.  

Opening a corporate bank account 

Most of the banks have a hassle-free and quick procedure in opening a new account; one only has to choose which bank meets their need the best. After the E-Commerce, license is applied, and the business is established, one can be eligible to open a corporate bank account. 

 

Start Your journey today!  

Write to us at setup@creativezone.ae 


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