well, Dubai is the destination of entrepreneurs from all over the world who are looking to get into the lucrative markets here. One such market is the warehousing sector here in Dubai, specifically the cold storage sector, which provides a lot of opportunities for growth.
However, there are a few things you need to know before setup a cold storage business in Dubai. First of all, you need to know about the process of starting a cold storage business in Dubai.
So, there are a lot of sectors that provide a wide array of opportunities in Dubai. But why should you specifically select a cold storage business in Dubai?
To answer that we will be listing some of the benefits of starting a cold storage business in Dubai. You can compare and contrast those with the opportunities found in other sectors to help make your decision.
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Process of Setting up a Cold Storage Business in Dubai
There are two ways you can go about when starting a cold storage business in Dubai. You can start the company alone. However, if this is your first time starting a business here in Dubai, then it is highly discouraged that you do it alone. The second and safer route is to start the cold storage business in Dubai with the help of Company Setup consultants.
Here are the steps you need to follow in order to start a cold storage business in Dubai:
1. Select the Economic zone:
There are two types of economic zones in Dubai where you can start a cold storage business. The first step is to decide whether you want to start a cold storage business in Dubai mainland or in one of the free zones here. There are exclusive benefits of both the economic zones, so do your research before making a decision.
2. Choose your Company Structure:
You need to select a company structure for your business. Some of the popular company structures in Dubai are sole proprietorship, general partnership, public shareholding company, and limited liability company. Since your company structure will determine the rules and regulations you are subjected to in the future, make your decision carefully.
3. Register a trading name:
You need to register a trading name for your business. You can trademark names that do not already exist in the UAE. You can use various online tools to search if the name you are looking for is available or not.
4. Get the initial approval:
After you have completed the previous steps, it is time to apply for the business trade license that will let you perform your business activities in Dubai. The Department of Economic Development in Dubai (DED) is the governing authority that provides trade licenses for new businesses here.
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5. Buy or Rent a space:
After you have received the initial approval from the DED, you can go ahead and acquire land for your cold storage unit in Dubai. You can either buy or lease land. Either way, you will require the tenancy contract and EJARI to obtain the trade license from the DED.
6. Get the External approvals:
You will need to get a few external approvals depending on the business activities you want to perform through your cold storage business in Dubai. For instance, you will need to get the space approved by the Planning Section of the Dubai Municipality.
7. Submit the Required documentation and pay the fees:
After you have received the required external approvals, you need to submit the required documents to the DED. They will provide a payment voucher that you need to complete. If everything turns out alright, they will provide the trade license within a few days.
8. Apply for the visa:
After you have received the trade license, you can apply for your visa. You can sponsor the visa of your immediate family members and a domestic worker. You can also sponsor a few visas for your employees depending on the size of the space you bought or leased.
9. Open a corporate bank account:
The last step is to open a corporate bank account for your cold storage business in Dubai. Before opening an account, ensure that you research and get to know the financial institution thoroughly.
Advantages of Setup a Cold Storage Business in Dubai
As we have mentioned before, there are a lot of lucrative sectors in the UAE. However, there are reasons why you should choose the cold storage sector to enter the market in Dubai. There are some common benefits that you can find in multiple sectors here. Then there are some benefits that are specific to the cold storage businesses in Dubai.
Here are the advantages of setting up a cold storage business in Dubai:
1. Tax exemptions:
The cold storage businesses in Dubai get a 100% exemption from all corporate and personal taxes for the duration of their lifetime.
2. Foreign ownership:
Foreigners can have 100% ownership of their cold storage business in Dubai. There are certain sectors in the UAE that do not allow this privilege to foreigners.
3. Profit and capital repatriation:
You can send 100% of the profits you earn through your cold storage business back to your home country. In case of the liquidation of your business, you can also move the capital back to your home country as well.
4. Available skilled workers:
Skilled workers from all over the world come to Dubai for work. On top of that, you can sponsor the visas of any foreign worker you hire. As a result, you can hire the perfect fit for your company from anywhere in the world.
5. Outstanding infrastructure:
Last but not the least, Dubai always has access to the latest technology that is available in the market. As a result, you can ensure that your business is always ahead of the competition.
How can Company Setup Consultants Help you?
If you are looking for experts to help you to setting up a cold storage business in Dubai, then you have come to the right place. Company Setup consultants have years of experience starting various businesses all over the UAE. Contact us today and hit the ground running.
For further information and assistance on How to Setting up a Cold Storage Business in Dubai, UAE. To Speak with our Experienced Business Consultants for further information and assistance, call us at +971582595164. Send a WhatsApp Message for Chat Query on +971 582595164 or email us at info@companysetup.ae.
