Are you tired of working for someone else? Are you fed up with changing jobs and reporting to different bosses? Do you want to become in charge of things? Do you want to become your boss?
Then read this article on why you must consider UAE to become your business destination. We will help you understand how you can run your own business in UAE profitably.
We spend our most productive years in life working hard for somebody else’s business. And by the time we realize that we want to do something of our own, we are too burnt out of working and are resistant to change. The time to become your boss is now. In this blog, we list down ten reasons to start your own business in the heart of the middle east- The UAE
1.The Burgeoning Economy
The UAE has the most liberal trade regime in the Gulf. For the last 40 years, it has been an open economy with high per capita income and a high annual trade surplus. Companies from all over the world are shifting base to UAE and opening offshore companies here. Today the UAE is home to many start-ups and multi-million dollar conglomerates.
The emirates state is wealthy and offers stable financial situations to all companies, leading to a huge inflow of foreign capital in this region. Thus making the economy even more strong.
The UAE government is looking to drive the economy through foreign investments. To help achieve that, they have revised their legal framework for foreign investors willing to start a business. Except for criminal law, there are completely different set of rules and regulations for foreign nationals.
The red tape is minimal, and all the legal procedures are fast-tracked. There is minimal to no paperwork required, and licensing & registration procedure is very simple.
3.Infrastructure and Amenities
The UAE government has left no stone unturned in ensuring the foreign investors face absolutely no trouble in running their businesses. This resolve has translated into world-class infrastructure and amenities in business parks, office spaces, warehousing, transportation, connectivity, and utilities.
It is no secret that works, both skilled and unskilled, flock to the UAE in search of work from all over the world, especially India and other south-eastern nations. Due to this fact, business owners need not worry about the workforce to run their businesses in UAE. Since the taxes are low and wages are high, it is a very favourable environment for both the employers and the employees.
One of the major hassles of opening a business in a foreign territory is developing an understanding of their tax laws and manoeuvring your business so that you have minimum taxes to manage. The Emirates offers various kinds of business ownership patterns and tax categories. One among them stands out to be the free zones with the feature of 100% tax exemptions. There is 0% corporate and income tax, 30 % tax rebate on international film and TV production spend. This means you can keep your business profits without paying any business/income tax to the government. Just make sure you register your companies under the free zones umbrella.
Under typical foreign direct investment laws, the foreign business investment has only up to 49% of the business share while the local partner gets to have 51%. Under different company formation in UAE, foreign business owners can enjoy 100% business ownership.
The UAE Business environment is ranked as one of the most favourable in the entire GCC region. According to a World bank’s 2015 ‘Doing Business’ report, UAE has ranked 26th ahead of other GCC nations like Saudi (49th). UAE is ahead of European nations as well. The Netherlands ranks at 27th, France and Turkey are at 31st and 55th. This speaks volumes about the favourable conditions for doing business in the land.
8.Exciting Opportunities with Dubai Expo 2020
The World Expo 2020 is expected to attract 25 million visits, bringing a significant demand for local entrepreneurs. Expo 2020 will provide a ready-made market for a wide array of small and mid-sized businesses specializing in the specific requirements of servicing the influx of visitors. Many businesses will benefit solely from the increased footfall.
9.Strong Healthcare and Education Policy
Did you know all UAE residents must have health insurance? Famous tertiary and multi-speciality hospital and healthcare institutions like Cleveland clinic are present here. The literacy rate is a staggering 92.5% in the UAE population. Also, there are well known international universities set up here like INSEAD, MIT, and NYU.
10. Strategic Location
It is said that the most important rule of the real estate industry is Location… Location…Location. The same holds for another kind of business setup as well.
UAE is very strategically located between three continents, Europe, Asia, and Africa. There are around 1000 weekly flights to countries worldwide. There is easy access to the GCC and the entire Middle East market.
On the one hand is China and India, a source of raw materials and significant trading opportunities. On the other side of the UAE is the European Union which is a major trade partner.
Before we conclude, we‘ll do a bonus section on major UAE cities, which you can eye for a business setup.
It is the most cosmopolitan city in all of UAE; tourists worldwide visit Dubai for its shopping experience.
Home to the richest, it is also the most planned and organized business centre in UAE,
Sharjah airport international free zone is a premier one that attracts foreign investors.
Ras Al Khaimah
RAKs liberal government policies, state-of-the-art infrastructural development, a thriving economy, and friendly trade relations with neighbouring countries makes it the best location to start a business.
The Fujairah freezone is an upcoming one and is attracting shipping and transport companies worldwide.
How can we help?
So, are you excited to start up your venture in the UAE? If yes, then prep up your business idea and get in touch with an international business consultant in UAE Commitbiz -who have guided thousands of business owners for successful business setup in this region. With our team’s international business acumen and local Middle Eastern exposure, you can rest assured that your business setup is taken care of.
Have more questions on how to go about it? Contact us today!