Every entrepreneur wants to start his business at a location where the government is pro-business, access to the global market, world-class infrastructure, and exciting business opportunities. With the new model of incentives by the government, 2019 will be the year that places the United Arab Emirates as the number one location for start-ups globally. And it won't take long for all of UAE's Emirates to be best at what they offer. Today we will be discussing various opportunities offered by UAE's top Emirate, Dubai.
Several things make Dubai an attractive place to most of the business people. First, Dubai is strategically connected to the rest of the world market. Its geographical location makes it easy to do business with various part of the globe. Established companies in Dubai have the potential to reach over a billion people from neighbouring countries in the Middle-East, Eastern Europe, Africa, CIS, and West Asia.
Here are the six key reasons to help you understand why Dubai is the hot-bed for investors to start their business.
Dubai's economy is credited to grow, one of the reasons is Dubai Expo 2020 is fast approaching, and compelling possibilities are being planned for businesspeople of different ages, genders, and backgrounds. In October, the International Monetary Fund lifted its forecasts for economic growth in the UAE to 2.9 % in 2018 and 3.7% in the year 2019, significantly higher than its April forecast of 2% and 3% respectively. Therefore, a stronger economy will especially help entrepreneurs to grow their business fast and attract talent.
2.Existence of Free Trade Zones
Most of the expats prefer free trade zones for their start-ups due to the humongous advantages that it provides. Here, the businesses can start without having a local Emirati partner. This gives the investors the complete freedom to run the business and enjoy the various facilities provided by a free trade zone in Dubai.
Yup! Dubai is a tax-free economy; meaning the government does not tax property and income. That gives companies and international investors the full freedom to acquire all of their earnings. Imagine owning a business and getting to keep 100% of the profits. Needless to say, that is motivation enough to invest there.
4.Stability in Politics and Economy
Declining law and order is one of the central reasons for the flight of capital from the country. However, Dubai's government has taken proper care of these concerns, allowing political as well as economic security through different programs. Be it education, health, recreation, residency, or to other facilities, Dubai's government is doing everything that is needed to provide the efficient business environment to its investors.
5.Logistics and Infrastructure
Dubai enjoys the position of a notable player in international trading and transport logistics. It has the advantage of its original vital location on the world map. Dubai is in the middle of the Far East and Europe and situated at the junction of international trade between east and west. Due to its geographical location, Dubai is considered to be the mediator to the world's most growing markets, including Africa, India and China. It can be easily accessed through land, sea, and air.
6.An Influx of Young Talent
The new visa system and a raft of incentives for young entrepreneurs look set to attract a new generation of business leaders to the Emirates, as well as boosting the local labor market with new talent. New five of 10-year student visas are also being introduced to enable students to stay and find work in the UAE once they have graduated. Other initiatives include Expo 2020’s Youth Connect scheme, which aims to encourage young people to become ‘the innovators and thought leaders of tomorrow’.
Other such general advantages offered by Dubai, UAE are as follows-
- 0% Taxes
- Very Low Import Duty
- Double Taxation Agreements of UAE
- Free Trade Agreements of UAE
- Strong and Competitive Economy
- Strategic Location Advantages of UAE
- World-class Infrastructure of UAE
- Ease of Doing Business
With the UAEs economy predicted to grow significantly and with a wealth of initiatives aimed at attracting entrepreneurs and helping startups grow, 2019 looks set to be an ideal time to launch a business here in the Emirates.
If you are excited to start your new venture in Dubai or anywhere in the UAE, consulting an advisor is a must, as it can be daunting to complete all the paperwork single-handedly. We at Commitbiz, offer business setup services to anyone starting a company in the UAE. Contact us today- we’d be glad to assist you.