Located in the east coast of the United Arab Emirates, and covering an area of almost 1,166 km2, Fujairah stands as one of the seven emirates of the UAE that grabs the attention of the worldwide tourist at a large count. This stands as a growing opportunity for business owners who are engaged in the tourism business. Sheikh Mohammed Rashid bin Al-Maktoum has laid various benefits for the foreign investors to come forward and set up business in the UAE. Initiating a tourism business in the Emirates of Fujairah could turn out to be profitable. Wondering how? This guide will help you to get better clarity. Let’ deep dive and understand.
1.A Tourist Destination
The UAE has been globally accepted as a tourist destination that attracts millions of tourists at an international level. The level of tourists has been continuously growing year after year. According to the UAE Tourism Statistics, in 2018, more than 15.8 million visitors have visited the UAE. When it comes to the Emirates of Fujairah, the region has grabbed more than 8,00,000 in the year 2018. This creates a massive demand for the travel industry to grow and boost its business in the area. If you want to start a business in Fujairah, then tourism serves to be the best choice.
2.Robust Network Connectivity
Covering almost 1.5% area of the UAE, the Emirates of Fujairah has got an extensive network with all the other Emirates, along with the Gulf of Oman. This helps the business owners to come forward and expand their business in the other possible regions. Once you start a tourism business in the Emirates of Fujairah, you don’t need to worry regarding expansion. There exist massive opportunities available in nearby regions that can help you to grab more customers accordingly.
3.Availability of Free Zone
Just like the other Emirates of the United Arab Emirates, the Fujairah also has got options for the business investors to come forward and choose specific locations according to business needs. Fujairah Free Zone helps the investors to start a business investor to start their business in a tax-free zone. Holding a knowledge on it will help you to decide the best location for your business. Click on Fujairah Free Zone to know more about it.
4.No Burden of Income Tax
One of the main concerns of every business owner is the corporate or income tax that needs to be paid. By incorporating a business in the UAE, you don’t need to burden yourself income tax payment. This flexibility turns as one of the primary keys that attract multiple business investors when it comes to business set up in the UAE. However, the VAT has been implemented at a rate of 5% since 2018, that needs to be borne by every business entity incorporated in the UAE.
5.Low Operating Cost
Next, you need to know that the operating cost of a business is comparatively low in the region of Fujairah. This turns out to be economical for the entrepreneurs to incorporate the business at a low budget. The decision of setting up your tourism business in Fujairah will turn out to be budget-friendly, and if you are looking for one, then you can go ahead.
6.100% Repatriation of Capital Invested and Profits Earned
Another benefit that you can avail by starting a tourism business in Fujairah that you don’t need to worry about the capitals and profits when it comes to the company liquidation process. The region provides the flexibility to the business owners to take back the total money invested and profits earned during the business cycle.
7.Upcoming Expo 2020
One of the major driving forces that provoke every business owner to start a business in UAE is the forthcoming Expo 2020, which is going to be held for a duration of six months. The event is expected to grab the attention of 25 million visitors, which would ultimately spike the tourism industry beyond its expected growth level.
So, we can conclude that by starting a tourism business can pave out multiple ways to generate revenue at a faster pace. If you want to start a tourism business, then this is the right time to go ahead with it. Now, once you have decided to go ahead, you need to make sure that the steps and processes are followed accordingly. This might sound easy, but multiple legal grounds that need to be taken care of. To carry out the process in a smooth and hassle-free way, you can have a word with a business consultant who can guide you at the initial phase of incorporating your tourism business. Are you wondering whom to approach? Don’t worry! We have got your solution.
Commitbiz Consultants stands as one of the top ten business consultants in the UAE who has been helping multiple clients to incorporate their business across UAE, Oman, Qatar and Bahrain. Our business experts take utmost care in understanding the client business and provide tailored solutions accordingly. If you hold a query or doubt, do contact us-we’d be glad to assist.