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The success of family businesses in the UAE is an interesting topic. The last two decades have proved that many humble beginnings, fuelled with effort and enthusiasm, result in the growth and success of small and medium-sized family busιnesses.
Starting off as a local merchant or service provider and growing the business to expand its reach has not been surprising of late for many such businesses. The advent of many free zone options, coupled with the tax-free nature of the UAE economy, has triggered many businesses to succeed, grow and expand.
With a few simple steps and the help of a business setup firm to further simplify the process, opening a family business in Dubai can be as easy as 1-2-3.
Keeping the above facts in mind, branded stores in malls, travel and tourism, and real estate are just a few of the sectors where companies of such humble beginnings have grown tremendously over the past years. The arts and media services industry have also seen remarkable growth recently. Service firms like professional maid services, laundry shops and property maintenance firms have also established themselves well. Even car rental and second-hand car businesses are among the few family businesses that have become successful.
Recent surveys conducted by various organizations have indicated strong growth in the region in the coming years. This can only be positive news for those thinking of starting their own small or medium-sized family business.
• Know your business structure well before setup
• Hire a business setup firm for smooth processing
• Investments from family/friends better than loans
Source: Gaurav Achipalya, Special to Classifieds
The writer is a freelancer