When the UAE comes to your mind, you probably picture Dubai or Abu Dhabi and their towering skyscrapers, stunning beaches, and sand dunes. But looking beyond this, you will be amazed to see a flourishing business environment.
Over the years, the UAE has earned the title of a business hub. A study shows that with some $868bn-worth of projects planned and about $132bn under execution, the UAE is the second-largest projects market in the MENA region. Dubai has also been listed as one of the top smart cities in the Smart Cities Index that embraces technology and futuristic vision.
The UAE government is responsible for, and must be praised for, creating a successful and lucrative business environment. With prime facilities, strong support, and business-friendly policies, the UAE is second to none for entrepreneurial success.
Here is a list of 6 prominent reasons why foreigners should consider starting a business in the UAE.
1. No More Need of a Local Sponsor
Earlier, foreign entrepreneurs were only allowed to own a business entity in partnership with a local sponsor. The local sponsor was to be a UAE national (Emirati) only. The owners were limited to owning only 49% of their company, while the remaining 51% would be owned by the local sponsor.
Now, the UAE government has made new amendments and allows 100% ownership for foreign investors in the UAE. This means, you can now establish a business in the UAE without a local sponsor.
2. Exemption from Taxes
The UAE is one of the best tax-friendly countries for business in the world. This is one of the major reasons that lure entrepreneurs from around the world. The UAE government offers businesses exemption from corporate tax. Moreover, the country does not charge any income, sales, or personal taxes either.
3. Strategic Location
Being such a well-developed country with the best infrastructure and tourism, the UAE also has the advantage of having a strategic location. It is situated on the new Southern Silk Road between Asia, Europe, and Africa. This helps to build an effective supply chain management with neighboring countries.
Dubai, especially, has a very tactical location that serves emerging markets having some of the highest growth rates globally. The city has seen higher imports from the East and China, while the number of companies establishing their headquarters in the Middle East is also growing.
4. Creativity, Innovation, and Technology
The modern Emirate has never been behind in terms of creative ideas, innovation, and technological advancements. This is another reason why a good number of investments have been successful in the UAE. Moreover, Dubai is transforming into the next silicon valley, with emerging tech startups offering disruptive solutions to modern problems.
5. High-Quality Living Standards
There is no doubt that the UAE offers a quality lifestyle. The country offers top-notch safety facilities, ease of commute, supportive government, and world-class entertainment and living options. People in the UAE live a life of luxury and comfort. From places of worship for all religions to a variety of international brands, sports and adventures, to excellent health care facilities, the country offers it all.
6. Network of Young, Talented People
The new visa system and various amazing career opportunities for young entrepreneurs have attracted a new generation of business leaders to the UAE. This has boosted the local labour market with new and fresh talent.
The UAE government offers long-term, five or ten-year visas to bright, young, and extraordinarily talented students to stay and secure a job in the country once they graduate. The country also offers many other incentives to students with excellent academic records. Moreover, the UAE government’s Youth program is established to help innovative young people gain hands-on experience in the real world.
The above-mentioned reasons clearly show why you should consider Dubai for your business formation, what with the city offering various initiatives to attract entrepreneurs from around the globe and helping startups to grow. With advancing technology, innovation, and infrastructure, there cannot be a better time to set up your business in the UAE. To streamline your business registration smoothly and seamlessly, you can connect with experienced business setup consultants at Shuraa. They will walk you through all the required planning, legal formalities, and licensing. Have your peace of mind and avail end-to-end services by Shuraa to take care of your business setup in UAE.