If you plan to start business operations in Dubai, there can't be a better time than now. Dubai is in a preparatory mood as it takes slow strides towards the mega 2020 World Expo — a milestone event that can transform the city's fortune. Businesses, the world over, are in a tearing rush to make their presence felt much before the Expo kicks off. So it's time you cash in on the ongoing frenzy and be one of the first to set up a business in the run-up to the grand event.
Advantages of Setting up a Business in Dubai
The significant advantage of starting a business in Dubai now is that you can leverage the noise and cry around the event to be at the centre of the world's media. This stands particularly true for services or products recognized globally, such as restaurants and luxury hotels. If your brand is esoteric, this is the right time to position your business before the world and earn a distinctive identity. At the same time, this is the most suitable time to expose your business to the city.
Here are a few of the many benefits of company incorporation in Dubai –
1.A Profit-Making Destination
Dubai is one of the Middle East's business hub exceeding its peers to rank 8th among the world's top global commercial centres. The rank is based on the following parameters –
- Business environment
- Financial sector development
- Infrastructure factors
- Human capital
- Reputation and general factors
New companies looking for a growth base have one destination, Dubai, for it has the reputation of rapid and steady growth. Moreover, Dubai holds its position as an internationally renowned groundbreaker because of:
- A Superb transportation-system
- Low taxation for new companies and start-ups
- Commercial real estate various solutions
- Thriving on the oil-driven economy and non-oil investments offering a stable economy
- Solid Political landscape
2.Increasing Foreign Direct Investment
To accelerate the investment coming into the country, the government passed a new Foreign Direct Investment (FDI) law. It was introduced to make it easier to do business. To do business in the country, and is sure to encourage new businesses to open here and make things much easier for businesses that do. The law includes various moves favourable to foreign investors, including allowing up to 100% foreign ownership of businesses.
3.Huge Tax Benefits
An entrepreneur can enjoy many tax benefits in Dubai, especially after setting up a business in Dubai Freezones. For instance, the foreign investor is exempted from paying personal, corporate, capital gains taxes. Moreover, Dubai has only VAT implied at 5% – which is way lower than most commercial capitals globally. These business-friendly tax policies attract a lot of new companies and establish conglomerates in this prospering territory.
4.Access to International Market
This is an added benefit for new companies looking to develop their business and gain initial clients. Since Dubai is a global commercial hub, players from almost all the domains and industries are present. This is an excellent advantage for both- B2B & B2C businesses. As the UAE climbed to 11th rank on a global index of 'ease of doing business,' more and more players establish their roots in Dubai's territory. With ports and an abundant workforce, trading businesses find it easier to grow there.
5.Long Term Visas
To attract investors and start-up entrepreneurs in the country, UAE announced a Golden visa to foreign ex-pats. Thanks to new regulations, it will be relatively easy and straightforward for foreigners who own part or all of a business in the country to secure a long term visa to live there. This visa arrangement will make the UAE one of the most accessible commercial hubs in the world for foreign nationals to settle and start their enterprise.
Not just this, opportunities galore are arising due to the World Expo 2020, so there are more chances of business ownership. The one thing that is bound to happen over the next few years is an increase in the tourism industry. So businesses related to tourism will get a phenomenal boost. So this is the right time to start businesses like setting up a travel agency or opening restaurants or small lodging accommodations. It's also the right time for IT Companies to have their offices opened up in the city. Like other companies operating in the region, they can piggyback on the media attention towards improving their global image. Likewise, real estate companies can make the most of the ongoing developments as analysts forecast a doubling or trebling of house prices by 2020.
With many new businesses expected to flood the market in almost no time, there will be an increase in the need for business solutions such as Accounting Services, Business Management or Marketing Management. In addition, many of them will be outsourcing to smaller firms. If you specialize in any of these solutions, this is the time to sow the seeds for a rich harvest.
How can we help?
Given that you have to set up your business in the shortest possible time, you need the service of experts to guide you through the detailed and complicated process of market study and legal compliance. Commitbiz has the experience to guide you through the process seamlessly and help you get your business up and running in no time.
Get in touch with us for more.