The speed at which technology has been evolving and changing the entire work culture stands tremendous. The concept of getting digitalized has left its footprints in every possible business domain and industry, making them dependent on tech for their survival. Today, every country has been taking numerous initiatives to go ahead and mark their progress with digitalization. One such booming nation stands out to be the United Arab Emirates. From an oil-based economy, the nation has widely transformed itself into a non-oil-based economy and has been doing excellent in the field of tech and digitalization.
As per the IMD World Digital Competitiveness Ranking, the nation of UAE tops the Arab countries and has attained the rank of 12th on the global front. The region has climbed up to 5th rank as compared to the 2018 index, where it stood at 17th position. This achievement has not only uplifted the nation’s status, but has also widened the business opportunities for investors and business professionals who are looking forward to investing in the tech and digital space.
Digital Scenario in the UAE
Technology today stands as the cornerstone and the major catalyst that drives the economy of a nation. When it comes to the UAE, the nation has been adopting new trends and applications to imply tech in various areas of trade and commerce. A large number of business investor and professionals who deal with the tech-industry finds UAE as the fittest business investment ground. Numerous strategies have been constantly adopted by the nation that marks excellence when it comes to Artificial Intelligence and Robotics. Recently, the nation has infused 5G technology on the grounds of Burj Khalifa. Some of the recent tech and AI implementation in the UAE are stated below:
- Retail robot Tally has been recently launched
- The Emirate of Abu Dhabi has got it’s first AI news anchor
- Adoption of Blockchain technology
- Construction of advanced infrastructure to boost computational thinking
- Region to boost Fintech Firms
- Upcoming Expo 2020
- UAE Vision 2021
These initiatives have been focusing on uplifting the sectors of Information technology, Robotics, and Artificial Intelligence to the next ground. The upcoming World Expo 2020 is looked forward as a business collaboration ground that would boost the startups, SMEs, and holds immense opportunities for the tech industry. If you have a dream to start a tech business, then Dubai is the perfect destination to go ahead. Wondering how to proceed? Well, don’t worry. First, let’s have a look at the options that you hold.
The Fourth Industrial Revolution
The United Arab Emirates is looking forward to a technological revolution that would blend the physical, digital, and biological aspect to deliver unique products in the near future. Some of the focused areas include:
- Augmented Learning
- Personalized Medicine
- Robo-Care
- Connected Care
- Food and Water Security
- Economic Security
- Space Data
- Advanced Defense Manufacturing
- Intelligent Government Services
- Intelligent Customer Experience
- Smart Cities
- NextGen Mobility
- Open Additive Manufacturing
- 3D Printed Construction
- Intelligent Grids
- Intelligent Supply Chains
- Commercialization of Space
- Cognitive Human Enhancement
- Integrated Cyber Security Data Environment
IT Business Options in the UAE
When it comes to the tech industry, you have the following regions to focus on.
- Software Development
- Business Services
- Sales and Marketing
- Business Consulting
- E-Commerce
- Hardware Sales, etc.
If you are planning to go ahead with anyone of the businesses mentioned above, you can choose the Dubai Internet City (DIC), a dedicated business ground that is determined to excel in the IT industry. The region stands as one of the growing free zones in UAE wherein you can start your business by getting an exemption on the tax of revenue generated by the company.
How to Start an IT Business in the UAE?
To give a physical existence to your IT business dream, you need to comply with the following steps accordingly.
- Duly filled the business registration application form
- You need to detail out the business plan
- Select a strategic location for your business to operate
- Choose the legal entity as per your business needs. The available options are:
- Free-Zone Limited Liability Company (FZ-LLC)
- FZ-LLC with a natural and corporate person as a shareholder
- FZ-LLC with a natural person as the shareholder
- Legal documents need to be submitted with the Dubai Creative Clusters Authority (DCCA), which includes the following essentials:
- Application for registration
- Business Plan
- Copy of passport and visa of the shareholders
- Resolution of the company incorporation
- Drafted Memorandum and Articles of Association
- Proof of share capital
- Copy of tenancy agreement
- No Objection Certificate in case of UAE based sponsor
- After the submission of the documents, you need to wait to obtain the Certificate of Incorporation and Commercial License to operate your business.
Thus, you can see that the region has got immense plan to stand as a global-tech ground. So, it becomes a smart option if you are looking forward to investing in the region of UAE for tech-industry. Now, as you are well-aware of the relevant proceedings, you can see that it might turn out to be a complicated task if not handled effectively. To carry out the process in a hassle-free way, it is recommended to go ahead with experienced business consultants who can guide you effectively at every step.
Commitbiz Consultants stands as one of the top ten business consultants in the UAE, who have been dedicatedly providing business incorporation services to their esteemed clients. Ranging from the company incorporation in Dubai to the establishment of core pillars like accounting, audit, tax, VAT, we provide a complete package for your business. Our business experts are well-versed with the incorporation proceedings and can guide you, provide tailored solutions suiting your business needs. In case you hold a query, do have a word with our experts. Contact us today-we’d be glad to assist.
What’s the UAE Digital Transformation Strategy?
The sole purpose of this strategy is to spread digitization throughout the country. That way UAE will become the hot spot for foreign companies.
With digitization UAE’s Technology industry will receive a massive thrust, which will end up drawing more & more businesses to set up their offices & research centers making the UAE the center of research, innovation, & development.
Some of the prime areas of focus are -
Delivering quality education through advanced technologies like AI, VR, AR, etc.
Penetration of AI in the healthcare sector.
Development in Nano-Technology
Pushing all the Finance related works on the digital medium for reducing fraud.
As a result, the digital transformation in UAE will contribute to UAE’s economic growth.
Which Are The Booming Business Sectors In The Uae Digital Transformation?
With the spread of Digitization AI is unarguably the most booming business sector in UAE. Under AI the following domains are the best business opportunities -
Data Sharing (comes under Data Science)
Secure Data Infrastructure for helping harness the power of data
These 2 will find application in every other business sector like -
Education
Healthcare
Renewable Energy
And many more.
What is the latest incentives for businesses under uae digital transformation strategy for setting up firms in UAE?
There are plenty of incentive schemes for businesses in the UAE, but the most prominent ones are -
100% Ownership of the company by a Foreigner.
Free zone companies can now apply for 15-50 years of tax relief.
Golden Visa
No need to hire a national agent
Where should I open my business in UAE?
Going by the incentives Abu Dhabi is the most profitable. Abu Dhabi government is giving $272 Million as incentives for encouraging business setups.
