The UAE is one of the most progressing business destinations in the world. Its thriving economy, strategic location, no-tax policy for businesses, and easy governmental regulations are some major reasons for the foreigners. Thus, factors like these are enabling successful businesses in Dubai for Canadian entrepreneurs in 2024.
Dubai has become the heaven for Canadian investors thanks to its business-friendly characteristics. Middle-Eastern cities like Abu Dhabi and Dubai offer limitless growth opportunities to Canadian expatriates. So, you can opt for launching a Canadian startup in Dubai as well.
This article is a great help for all Canadian citizens with an interest in company registration in Dubai. Sit back, relax, and keep reading this highly informative piece of content. Accordingly, this resource is going to give Canadians an idea of what businesses you can start, how, and why.
6 Profitable businesses in Dubai for Canadian investors
What are rewarding businesses in Dubai for Canadian investors?
These are some high-earning businesses in Dubai for Canadian entrepreneurs.
- eCommerce and online retail
- Cryptocurrency trading
- Tech startups
- Real Estate
- Food and beverages
- Consultancy and advisory
Now, we take a look on these high-grossing businesses in Dubai for Canadian entrepreneurs.
eCommerce and online retail
One of the most successful business ideas in Dubai is electronic commerce. Particularly, after the COVID-19 pandemic, online retail is providing exceptional growth, while requiring low investment. This makes eCommerce a top choice for Canadian entrepreneurs in the contemporary UAE market.
Tech startups
Dubai has become a top smart city, and is creating numerous opportunities in the tech and IT services sector. One profitable opportunity for Canadian professionals is launching technology startups. They can provide innovative technological solutions for smart projects in industries like transportation, healthcare, energy, public safety, etc.
Emerging technologies like AI, blockchain, IoT, and cloud computing can help firms advance in Dubai’s
tech landscape. Networking with industry peers, attending workshops, and obtaining certifications are crucial steps for staying competitive. Canadians can discover new potential in this dynamic area by developing human-centric mobile applications or progressive web apps.
Cryptocurrency trading
Opening a cryptocurrency trading company in Dubai is a promising endeavor for Canadian executives. Growing interest of Emirati nationals in exchanging crypto coins is a main reasons. Nevertheless, understanding compliance and regulatory requirements is crucial for legal operation of a blockchain driven business in the UAE.
Real Estate
The influx of immigrants in Dubai presents an opportunity to establish a real estate business offering commercial, residential, and industrial services.
Food and beverages
Dubai’s growing food and beverage industry offers numerous business prospects for Canadian entrepreneurs. Specialty cafes offer unique brews and treats, while food trucks cater to the city’s on-the-go population. Healthy food delivery services cater to health-conscious customers.
Canadian restaurant owners in Dubai must use fresh and high-quality ingredients. Likewise, they must implement innovative marketing methods to stand out from Emirati and other foreigner food chains. The city’s vibrant food scene requires a focus on exemplary customer service too.
Consultancy and advisory
Canadian consultants with qualifications and extensive experience can establish business advisory firms in Dubai. However, they must obtain all necessary regulatory approvals before starting their operations. Connecting with expert-level business consultants assists in easily navigating the licensing process.
Advantages of launching business in Dubai for Canadians
Which are benefits of starting business in Dubai for Canadians?
Here are the most prominent perks of establishing a venture in Dubai for Canadians.
- Booming market
- Multi-cultural economy
- Remarkable infrastructure
Booming market
The UAE is a major trading hub with a non-oil foreign trade of AED 3.5 trillion ($952.93 billion) in 2023. Seamless business setup process of the UAE ranks it 16th globally for ease of doing business. As a result, Dubai is emerging as a favorable location for Canadian investors having an interest in trade.
UAE’s government is creating a favorable business environment through policies that promote growth. These include 100% foreign ownership in most business activities in mainland and free zones. Dubai Chamber of Commerce (DCCI) alone saw 67,000 new business registrations in 2023, of which over 90% were foreign.
Dubai’s air connectivity is excellent, with Dubai International Airport among the busiest in the world. The port infrastructure of Dubai is world-class, with Port of Jebel Ali having a capacity of handling 19.3 million TEUs. Dubai is a major logistics hub, with the Dubai Logistics City (DLC) working as a key component.
The UAE has several investor-friendly laws that safeguard the rights of the investors. It ranks 3rd globally for investor protection, with a score of 9.5 out of 10. Subsequently, the Emirate of Dubai provides a stable legal framework for establishing and running business.
Multi-cultural economy
Dubai’s economy is diverse, with a thriving tourism industry, a robust financial vertical, and a growing technology revolution. The non-oil sector (which includes tourism, real estate, finance, and technology) did account for 95% of Dubai’s GDP in 2023. This diversification is reducing the city’s dependence on oil exports, and is making the economy more resilient to external shocks.
DCCI reports that over 38,000 SMEs account for over 95% of all companies in the city. Dubai is taking a proactive approach to promoting innovation and entrepreneurship. Its with initiatives like Dubai Startup Hub are providing services and resources to startups (and unicorns).
Dubai’s tourism industry is set to contribute 12% of the GDP during 2024, up from 11.7% in 2023. The technology sector (including AI and blockchain/cryptocurrency) is forecast to generate $96 billion (14% of the UAE’s GDP) in 2030. Dubai is transforming, building upon 3600 tech companies in 2020, to produce $6 billion revenue from hardware/infrastructure in 2024.
Remarkable infrastructure
The world-class infrastructure of Dubai (modern airport, highway network, and advance-level telecommunication facilities) attracts a broad audience for business ventures.
Steps for Canadian expats to open business in Dubai
Starting a Canadian business in Dubai involves several steps, which we summarize here.
- Determine the business activity and choose the most suitable legal structure, such as an LLC
- Select the appropriate business jurisdiction like free zone company or a mainland business
- Register the business name with the DED in Dubai or an appropriate free zone authority
- Obtain necessary approvals from Dubai government’s departments and regulatory bodies
- Apply for a suitable business license (options are commercial, professional, or industrial)
- Secure an office in Dubai (from premium office spaces to flexible co-working places)
- Complete your visa processing as a foreign national to operate your business in Dubai
- Optionally, you may also sponsor visas for your employees and family.
Conclusion
The UAE offers a plethora of opportunities for Canadian entrepreneurs to establish and expand their businesses in this dynamic market. Especially, diverse economy, central location, high-tech infrastructure, and tax-free system of Dubai are ideal for Canadian investors. Food/beverages, e-commerce, startups, crypto, realty/property, and consultancy/advisory are the most booming businesses for Canadians in Dubai.
Are you a Canadian expat looking to set up a thriving Canadian company in Dubai? The best thing you can do is to consult a reliable business establishment agency in the UAE. Also, their experts help you with the office location, document filing, licensing, visa sponsorship, and other legal services.
Canadian professionals begin your entrepreneurial journey in Dubai. KWS Middle East is right there to hold your back in this endeavor. Connect with us now to make your transformational easy, successful, and highly rewarding.
