How to start a wholesale trading business in Dubai
Wholesale trading businesses are some of the most successful companies operating in Dubai. So, if you are considering starting a wholesale trading business in Dubai, you will certainly be entering an exciting sector.
Statistics show that over a quarter of the emirates’ entire GDP is generated by the wholesale and retail trade. What is more, data from Statista shows that revenue from the wholesale and retail trade in the UAE is expected to reach some USD $55 billion by the year 2024 – its highest ever!
Dubai’s success as a hub of wholesale businesses is in no small part due to its geographic location. At the crossroads of world trade, Dubai is a major shipping hub, and some 2 billion consumers live within six hours of the emirate. This means your businesses could reach global markets very easily.
Starting a wholesale trading business in Dubai requires you to apply for a wholesale & retail trade licence. This process is relatively straightforward, but it does require you to complete a certain amount of paperwork, and this can be a challenge if you’re not familiar with the process.
At Meydan Free Zone we have helped numerous businesses set up in the wholesale trading sector. In this article we will be looking at how to start a wholesale trading business in Dubai:
So, let’s see how you can begin applying for your wholesale trading business licence.
What are the steps to start a wholesale trading business in Dubai?
Whether you plan to trade in wholesale for foods, electronics, technology, commodities, textiles, vehicle parts or anything else, you will need to get a retail and wholesale trading licence for Dubai. The following five steps describe how you can get this licence.
1. Select your business activity
The first step to getting a wholesale trading presence in Dubai is to select your business activity. There are thousands of business activities that you can choose from in Dubai, but for wholesale businesses you will need to select the wholesale & retail trade licence category.
2. Choose a trade name for your business
Your trading name needs to succinctly describe what your company does, and you should be careful not to include any terms that could be considered offensive or potentially blasphemous. What is more, the brand must not include any acronyms with your own name. For example, Charles Wang Wholesale Electronics would be fine, but C.W. Wholesale Electronics would be against the rules.
3. Choose your business location
Choosing a business location is a vital step in starting your wholesale trading business. Many companies choose to base themselves at the Meydan Free Zone because it offers a 0% tax rate and 100% foreign ownership. Our location in central Dubai means you are close to the airport and the seaport, as well as local retail businesses who would want to purchase wholesale from you.
We can advise you on setting up your free zone company at Meydan Free Zone, and provide the support you need to make your business a success.
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4. Complete your application and pay fees
In order to receive your wholesale trading business licence for Dubai you will need to complete your application form and provide a range of documents and paperwork. It is also essential to pay the associated fees as part of your business licence application.
5. Receive your licence and open a business bank account??
Receiving your licence to run a wholesale trading business in Dubai takes just a few days – so long as all your paperwork is in order and your application form and fees are all correct. At Meydan Free Zone, we can support you by ensuring all your paperwork will comply with the requirements and avoid any unnecessary admin errors.
Once your licence has been approved, the final step is to open a business bank account so you can make and receive payments – Meydan Pay is our simple digital banking solution for businesses working in our free zone. It gives you an IBAN and digital wallet which comes with all the features you need to start making and receiving payments.
This five-step process to starting a wholesale trading business in Dubai normally takes no more than a few days – and for many customers at Meydan Free Zone it often requires even less time than that.
Cost of a wholesale trading licence in Dubai
The cost of a wholesale trading licence in Dubai varies depending on the number of visas you are applying for as part of your application. If no visas are required, your licence application can cost as little as AED 12,500, going up to AED 23,600 for six visa allocations. This figure includes your business licence and associated fees.
For a quote tailored to your business and the number of visas you need to apply for, contact Meydan Free Zone today and we can give you a precise figure for how much your wholesale trading licence will cost.
Documents required to get a wholesale trading license
If you would like to start a wholesale trading business in Dubai, you will need to provide the following documents as part of the application process. At Meydan Free Zone, we can support you with the entire process of compiling these documents, and verifying them for any errors:
Why choose Meydan Free Zone?
Meydan Free Zone, located in central Dubai, close to the International Airport and a short drive to the seaport, is one of the most advanced free zones in the emirate. Many companies run their wholesale and retail businesses from our free zone, thanks to its location, amenities and added value services. Our highly experienced consultants can support you with all aspects of business setup in Dubai , which means you can focus on starting your wholesale business – and leave the paperwork to us.
We also provide several additional services to any company looking to launch a wholesale or retail business in Dubai, UAE. For example, Meydan Pay provides you with a digital wallet and an IBAN which allows you to receive payments from your customers anywhere in the world. For a business working in the wholesale sector, Meydan Pay is the ideal solution, making payment processing very easy. Learn more about Meydan Pay here . Similarly, Meydan Commerce is a comprehensive service to support you with selling your goods online – which can be an exciting new source of revenue for wholesalers.
With the market for wholesale and retail business set to grow in the coming years, now is an excellent time to launch your Dubai wholesale business. Contact Meydan Free Zone today and start trading in no time.