Everything about Dubai is shiny and new from its sky-high towers to its gleaming office parks. But what’s more exciting than the Emirate’s architecture is its transformation into a business mecca. Many entrepreneurs, as well as investors, look forward to the prospects of business setup in Dubai.
Ongoing, ambitious, and pro-business reforms in Dubai have made it easy as possible for everyone to expand their services in the Emirates of the UAE. Dubai has slowly been climbing the ranks as a global commercial capital and with aggressive legal reforms to boost the foreign investment including the implementation of long-term visas and introduction of free zones with simple business operations for foreign owners.
Considering the best business hubs of tomorrow will indeed differ from todays, Dubai’s attributes helped it quickly make Inc.’s list of “Global Cities of the Future.”
If you are thinking of setting your sights on the City of Gold, consider these seven points.
1. Ease of Doing Business
The UAE is said to be one of the best places to set up a business according to the World Bank’s Ease of Doing Business report. In the 2019 World Bank Report, the UAE is number 1. For giving excellent business opportunities and favors. Furthermore, the country is ranking as 1st for access to electricity. Rank 2nd for payment of taxes. 5th for effective handling of the construction licenses. 7th for registering properties, 9th for enforcement of contracts, and 15th for the security of minority investors.
2. Growth in Non-Oil Economy
For a long time, the UAE utterly depended on revenues from exporting oil. But now things have changed. The country has been looking for other ways to grow its economy, besides oil, and diversify into other sectors. This strategy has a varied history, leading to the debt crisis in 2008/09. On the other hand, it has driven to a robust and business-friendly reputation which is known globally, as the government promotes regulations which encourage businesses across different sectors.
3. The Judicial System
The government of Dubai, with the help of the Department of Economic Development (DED), provides a business-friendly environment for commercial establishments. They aim to create a sustainable economic system that has led to a massive market for foreign direct investment. The government creates business opportunities in Dubai through pro-business policies as well as pro-investment.
4. Local Support
The city is resource-rich in more ways than one. As entrepreneurs need all the support, they can get, being surrounded by Dubai’s well-educated workforce can only help you. Plus, new accelerators and co-working spaces have permitted some foreign entrepreneurs to survive. The UAE is a high-income country, which means the right talent will come at a reasonable price. So before proceeding to employ talent and start your business, consider doing some market research to find out the talent pool available in Dubai for different jobs in your industry.
5. Various Ownership Options Are Available to Expats
UAE Mainland offers partial, i.e. 49% ownership, while the Free Zones offer 100% ownership, you have to choose based on your business needs. Setting up a business in Dubai is flexible in terms of ownership, and investors have the opportunity to enter different developed sectors.
By setting a business in Mainland, you will have a local partner (UAE national), so if you’re choosing this option, make sure you find a local partner. Ownership regulations will also depend on the corporate entity and the location where you wish to incorporate your business.
6. Plans to Increase FDI
FDI into Dubai rose more than 41% in 2018. This is the first time the city has achieved total foreign direct investment capital surpassing US$10bn in a financial year, according to Fahad Al Gergawi, chief executive of Dubai FDI, the government body liable for the promotion of foreign investments in Dubai. This is just one indicator of how this economy is open and responsive to foreign investors and business people.
7. Expo 2024 – Now Postponed to 2024
Dubai was set to kick-start the largest Expo this year in October. But due to the pandemic, it has now been postponed in the year 2024. The Expo is said to bring a massive boost in the travel and tourism sector, which will be the best time to do business in Dubai. It is also expected that the Expo will be a hotbed of innovation around energy, finance, technology, and other sectors which will have significant flow-on effects for businesses in Dubai.
These and many such factors make Dubai one of the best places worldwide to establish your dream venture.
With the help of professionals who have year of experience in incorporation a business in Dubai, your job can be made easier. Commitbiz’s business setup in Dubai procedure can bring down your time of running around government departments to get approvals and signatures. Right from business incorporation to office space – everything is covered, while you can concentrate on your business operations.
