Start An Import And Export Business In Dubai, UAE
How To Start An Import And Export Business In Dubai
Given the factors of a rising economy and various opportunities for traders worldwide, there is no gainsaying that the import and export business in Dubai has been paramount. This is why it becomes imperative to know why Dubai has been considered a strategic location for import and export business. But before delving into it, we should take a look at what imports and exports are and what impact they have on jurisdictions and countries.
By import, what you can derive is that when a country buys commodities and goods from another country, it is an import for the country making the purchase transaction and an export for the sending country. This transaction, the exchange of goods and commodities between two countries, is known as international trade.
The reason Dubai is a key hub for international trade pertains to its world-class infrastructure, strategic location, and business-friendly environment. So if you are planning to start your export and import business in Dubai, this blog will provide you with all the details about how you can start it, what steps will be involved, what cost will be involved, and whom you should seek guidance from.
Factors that contribute to the thriving import and export sector in Dubai, UAE
1. Business-friendly environment
The ease of doing business with less intricate rules and straightforward procedures makes the UAE a famous location to start any business. Moreover, the modern infrastructure makes it a more accessible place to start a business with a strong conviction to grow further.
2. Strategic Geographical location
Being the center location and hub of international trade, Dubai serves the purpose of starting a business venture.
3. Excellent connectivity
With excellent infrastructure and well-established air and sea routes, Dubai offers prime connectivity to major global markets.
4. Favorable Time Zone
Eastern and Western countries build cohesive coordination and communication in the UAE’s central time zone.
How to get an import and export business license in Dubai
The veracity of acquiring an import-export-trading license and the related documents for it can vary depending on the location in which you are operating your business. However, taking into consideration some essential documents can make the process of acquiring a license easier, which is common in many places.
- Trade name
- Business activity specified
- Passport copies of all the shareholders
- UAE residence visa copy of the partner
- Passport copy and Emirates ID of local sponsor
- Import-export code
The cost of an import and export license in Dubai
The cost of getting an export and import license in Dubai may vary depending on the specific emirates to which you are applying.
Dubai: To start an export and import business in Dubai, the cost starts at AED 14,350* and may vary based on operational costs and other services related to it.
Sharjah: For operating an export-import business in Sharjah, the starting cost can be AED 5,500*.However, you must stay updated on the latest updates and check with the relevant authorities.
Steps to start an import and export business in Dubai, UAE
With the following steps, you can start your business of exporting and importing easily.
1. Specify what type of business activity you want to engage with
Naming your business beforehand sets the stage for further activities to be in coherent alignment with another process. Choose an import-export license that determines your business activity. The process of choosing a business activity is an easy task thanks to the various opportunities accessible to business owners.
2. Specify a trade name for your export-import business
Select a trade name for your business that distinguishes you from others. However, while setting a trading name for your business, you must remain aware of various terms and conditions set by the respective authorities.
3. Determine your business location
Be considerate while choosing the location for setting up a business in Dubai. Whether it is mainland or free zone, make a set of listings that fit your business criteria. However, the free zone is the most preferred location for setting up import and export businesses due to its seamless connectivity to the airport, port, and major highways. Moreover, they have several other advantages to offer, such as no currency restrictions, tax exemptions, and a full share of profits.
4. Finish off your application by paying the final fee
Gather all the essential documents and submit your application to the respective authorities. While doing so, you must check all the details you have filled out related to your business in the applications. Afterward, pay the defined fee for it. Now that the process is done, you must seek out professional support from business consultants such as Flyingcolour so that you can streamline the rest of the process.
5. Receive your license and open a bank account
Get your trading license from the Economic Department and open your bank account. To streamline the financial transactions of your import and export activity, you need to open a business bank account.
How can Flyingcolour help you start your export-import business in Dubai?
So if you are planning to start your export and import business, Dubai is a strategic location for it because it has a business-friendly environment. However, not seeking the right guidance and support can impede your growth in the market. Therefore, to obtain an import and export license in Dubai, you must consult a professional adviser, such as Flyingcolour. With years of experience, our work validates the services we offer. We can make it easy to navigate the licensing process, which includes ensuring all the compliance and regulations for your business. Don’t miss the chance to thrive in the world’s most vibrant and booming market.
To learn more about How to Start an import and export Business in Dubai, book a free consultation with one of the Flyingcolour team advisors.
Please note that this article was published on 27/06/2024 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.
