The UAE is the land of opportunities. Those who are willing to put in honest efforts can become a winner. The import and export business sector is thriving with so many options. Both ex-pat and resident entrepreneurs have been earning phenomenally with well-established import and export entities.
Food items, precious metals, industrial equipment and accessories, medical supplies, machinery, etc. have been some of the most commonly opted sectors. An expert business setup service like Kiltons can assist you in choosing the right business idea as well as undertake company formation formalities in UAE for you. With our professionals by your side, it would be simple and hassle-free to start an import export business. Further, the guidance and mentorship would enhance growth prospects significantly.
The UAE is a member of the World Trade Organization (WTO) like many other countries. Being a highly respected member nation, export and import formalities are quite convenient. The import/ export business could be in diverse sectors including:
- Crude oil
- Natural Gas
- Precious metals
- Metals like Aluminum and Copper
- Food supplies
- Medical equipment
- Medicines
- Machinery
- Chemicals
- Leather products
- Mobile phone and accessories
Why is the UAE the Ideal Investment Destination for an Import Export Business?
Take any of the emirates in the country, you would find a supportive regime and investor-friendly policies. These two factors have been the foremost reasons for entrepreneurs picking it as a place to start a business. Not only import-export companies but also other business sectors offer great growth prospects. Consequently, emirates like Dubai are ranked among the most chosen business destinations globally.
The import-export sector has a pivotal role in the country’s economic growth. Hence, the rulers have been implementing positive policies for supporting it in the best possible way. One of the regions with the lowest corporate taxes in the world, the investors can earn much more profit than business anywhere else does.
The newly introduced policies have been attracting foreign investors in hordes. Adding momentum to the investments and boosting the financial sector. Here we are discussing productive import and export business ideas in the UAE. These are selected after analysing the current trends and forecasts.
Top Import and Export Business Ideas in UAE
The UAE has entered into import and export agreements with many countries. These help the companies to undertake business with minimal financial loads owing to the extant duties. Further, the process for obtaining a license, as well as, undertaking business operations is not an uphill task, as in many other countries, in UAE.
- Precious Metal Export
The export of precious metals like gold is a strong business field. The value of gold is going up constantly, making it a profitable investment option. Moreover, the gold reserve with countries is considered a yardstick to evaluate their financial capacity. The top one in the gold reserve is the US. It has over 8000 metric tonnes of gold held in its reserve. Germany is in the second spot with more than 3300 metric tonnes of gold held. Besides, individuals also buy gold jewellery and use it as an investment option. Increasing the requirement for gold. So business set up in Dubai Gold and Diamond Park free zone, which is a good option.
- Import of Electronics Products and Components
The per capita income of the populace in emirates like Dubai and Abu Dhabi is much high. Almost all of them use advanced electronic gadgets, increasing the need for the latest products. State-of-the-art digital devices manufactured abroad have more takers than you can imagine. Along with that components like diode bridge, capacity, fuse and so on are also necessary for undertaking repairs and modifications. Import of electronic products and components is also a viable business option in UAE. You may discuss the business probabilities in detail with our expert advisors if you want.
- Luxury Vehicle Export
Dubai is the home of all ultra-luxury vehicles. There is no luxury car that is not available in Dubai. This is another business sector with optimal profitability. Exporting luxury cars from renowned global brands like Lamborghini, Ferrari, Rolls-Royce, etc. is a profitable business idea with extensive reach and growth. With people’s passion for top-class vehicles constantly growing, this field is not going to be down in the near future. More markets are opening up for luxury cars with more buyers eyeing top brands and models.
- Freight Brokerage Company
Freight brokerage firms act as the interface between shippers and clients. The export sector in UAE is thriving owing to the increased opportunities in the past decade. A freight broking company or agent is sought by companies for easing the cargo clearance and forwarding process. You can set up a freight brokerage company with experienced professionals and agents on board. Growth is confirmed by offering responsible services supported by advanced digital technology and a proficient support team.
- Aluminium Export and Import Business
Aluminium metal and aluminium products can be both imported and exported in the UAE. This business arena has exceptional opportunities, compared to most others. The main reason behind this is the strict regulations existing in the aluminium import and export business. The company involved in the business must obtain all the approvals and certifications from the competent authorities. Therefore, it is vital to have the support of a business setup service for starting an aluminum/aluminum products import export business. Reach out to us to know more about this business sector.
How to Start an Import Export Business in UAE?
Diverse options are available for import and export business in UAE. Identifying the sector suitable based on your business objective is the first step towards starting an import and export business in UAE. Avoid taking a wrong step that can lead to cascading effects leading to failure. Get support from a trusted business service like Kiltons for going ahead strongly, Kiltons is one of the best business set-up consultants in Dubai with added confidence.
A valid export/ import license is mandatory for starting a company. The steps for obtaining a trading license in UAE are:
- Confirm the business jurisdiction i.e. Mainland or a Free Zone
- The Department of Economic Development (DED) is the authority for issuing a business license in the case of a business on the Mainland. Relevant free zone authority will issue the license if the business is going to be set up in a free zone.
- Customs department issues the customs registration clearance and Import-Export Code for the company planning to carry out import-export business.
- Get all the clearances as per the regulations, approvals as required, and documents before applying for the license.
- The import-export license will be issued within days if all the documents are available and there is no discrepancy.
For more info regarding import and export business ideas in UAE, processing the license, and other company formation formalities, do connect with us
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