If you are wondering about starting a sports equipment business in Dubai but don't know how then here are your answers!
Starting a sports equipment business In Dubai is the best idea. According to estimates, over one million people watch athletic events in Dubai every year. It shows how popular sports are among Dubai residents. To promote sports activities, the government has also built a lot of sports clubs and training facilities. Furthermore, kids have had a great response to sports-centric events like the UAE Pro League Summer Camp.
With growing sports in the nation, the need for sports equipment is also increasing, so it is an excellent time to start a sports equipment business in the UAE. So, here is everything you need to know before starting a business.
How to Start a Sports Equipment Business in the Dubai?
To start a sports equipment business in UAE these are the things you need to do.
Market Research
The sports equipment business is categorized as a “fast-growing business in Dubai”. As a result, you can run into a lot of competitors that work in the same sports business as you. Do a thorough study before you enter the sports sector.
It’s crucial to know how your competitors work and what kind of demand there is for particular sporting equipment. Also, stay updated with the newest sports trends in the UAE. Then, you can plan your business accordingly.
Deciding on Company Name
UAE is strict when it comes to naming companies, so it’s important to be informed of the rules. In short, you must refrain from using any language that could be regarded as offensive.
Any name that is already registered by a reputable organisation must be avoided. When selecting a name for your business that sells sports equipment, take your target market into account. Choose a catchy and distinctive name that youngsters will find easy to recall.
Defining Company Structure
When starting a sports equipment business in Dubai, defining the legal structure for your firm is crucial. It establishes the guidelines and framework for handling profits and losses as well as how your assets and resources should be allocated.
This will help you in laying out your business. You cannot apply for a business license without first planning the legal structure of your business.
Business Location
To ensure you have, what one may call a fast-growing business in Dubai, one of the prominent factors in choosing the right location. A surefire way to do this is first, always consider your manpower, the amount of space required, accessibility needs, amenities, and budget.
A key step in setting up a sports equipment business in Dubai is deciding whether to set up on the mainland or in a free zone. A company set up in a Dubai-free zone is usually the most cost-effective approach. And if you’re looking for the most affordable free zone setup, it’s a good idea to look on the outskirts of Dubai.
Apply for A Trade License
You can apply for your trade license once you’ve chosen where you want to establish a business. You must submit this application to the Dubai Department of Development (DED) or a local equivalent in another emirate if you are establishing a business on the mainland. Additionally, you can send your application directly to a free zone.
Benefits of Starting a Sports Equipment Business in Dubai
- Dubai is now a popular destination for many international sporting events. The country has demonstrated its prowess on an international stage by organising competitions like cricket, football, Formula One, tennis, and golf
- Urban and multiracial populations in big cities like Dubai and Abu Dhabi favor high-end goods and services. With access to several government-sponsored sports clubs and training facilities, they participate in a variety of sports for fitness and leisure
- UAE has got ease of doing business score of 80.9 out of 100. Thus, starting a business that sells sports equipment in Dubai simply needs a small amount of paperwork and a simple setup procedure
- The UAE also provides a tax-free environment. Additionally, you can benefit from complete repatriation of business profits and 100% business ownership
- Dubai serves as a commercial hub for its harbor and airport. If you want to export your sporting items, it is very beneficial. Additionally, their transportation system is excellent which can be a big plus for your business.
The UAE has gained immense popularity due to its ease of starting a business, which has ranked 16th in the World Bank’s ease of doing business report 2020.
Documents Required For Starting A Sports Equipment Business In Dubai
The documents that you will need to submit are:
- Copies of passports & visas
- Two passport-size photographs
- Entry visa & stamp pages
To complete the process of establishing your business in Dubai, you must complete all of the required paperwork. The government will inform you of the location and time to pick up your license once your application has been reviewed and accepted. Get your trade license by finally paying the needed cost! The UAE not only ranks well among the places people want to visit in the future, but it also offers fantastic business prospects. The UAE’s GDP is projected to expand by 3.3% in 2021, according to the IMF’s World Economic Outlook.
Cost of Starting a Sports Equipment Business in the UAE
Your chosen business venture, the size of your organisation, and the location of your establishment will all affect the cost of company creation in Dubai. A free zone arrangement may cost approximately AED 25,000, which is equivalent to ₹5,64,413. Remember that if you need credentials or accreditations related to the area of sports management you operate in, there will be additional charges.
It is based on a variety of variables, including the number of business partners, the type of business structure, the type of license, the number of visas, further approvals, and more. The country has the largest per-capita inflow of talent worldwide, according to the Ministry of Economy. It also continues to implement visa reforms to attract and retain professionals.
Conclusion
Armed with all the knowledge above, we hope you definitely have an idea of setting up a sports equipment business in Dubai. Next time when you search the question “How can I start a business in Dubai” remember this guide. You can get all the legal assistance you need for a successful sports equipment business setup from the expert team at Vakilsearch. So what are you waiting for? Take the next step and get in touch with us!
