As trade tensions and security concerns slow business growth in the developed world, more and more investors from all over the world are looking at the UAE as an ideal business destination.
The United Arab Emirates is a union of seven emirates: Abu Dhabi, Dubai, Sharjah, Ras al-Khaimah, Ajman, Umm al-Quwain and Fujairah, Dubai and Abu Dhabi are home to more than six million of the population of 9.5 million .
Once an economy that relied on fishing and pearling, it has rapidly developed into a financial center that is accessible by an eight-hour flight to two-thirds of the world’s population. Add to this a diverse economy, a stable political system, strong capital flows, a favorable tax environment, and free trade regulations, and the UAE is now set to become a 2021 economic, tourism and commercial center. It has become an attractive investment hub with a 2020 vision. become billions of people. These ambitious goals continue to deliver a hospitable, well-regulated and safe business environment.
The UAE, often associated with the oil and gas industry, has used its natural reservoirs to gain a place on the international stage. As a result, it now has the financial and physical basis of a well-connected and diversified sector fit for business. This is evident in the World Bank’s Logistics Performance Index rankings for 2018, as the UAE ranks 11th out of 160 countries in terms of trade logistics services. When starting a business in Dubai choosing the right Business Consultant is Important. Here are few of the reasons to start a business in Dubai, UAE.
- Ease of doing business
The UAE is seen as an excellent launch pad for countries looking to enter global markets. Its geographical location and friendly time zone (GMT ) provide a business-focused regional hub of operations for companies seeking to enter the African, Asian and European markets. This is reflected in its demographics – it has the highest net immigration rate in the world (88.52%) and includes more than 200 countries – and the 2018 HSBC Expat Explorer survey – which takes into account the experience of ‘expats, family life and finances – the United Arab Emirates. ranks 10th overall.
English as a widely accepted business language and a new long-term visa scheme approved earlier this year (a special residency visa that allows foreign residents aged 55 and over to obtain a renewable five-year residency visa) privileges), doing business in the UAE becomes even easier for foreign investors.
- An Ambitious economy
To encourage the growth of certain industries, the UAE Cabinet has introduced a number of incentives. For example, in May 2018, the Cabinet announced that foreign investors and professionals in the fields of medicine, science, research and technology can obtain residence permits valid for up to 10 years (currently he has 2-3 extended from 2012). Additionally, a foreign investor will be granted his 100% ownership in some specific onshore business sectors (although this is expected to be expanded next year). This incentive to attract foreign companies will be further supported by Dubai World-Expo 2020.
- Free Zones
In terms of corporate ownership, companies in the UAE mainland are restricted. The UAE legal framework generally favors local investors over foreign investors (recent legislation suggests this may change).Free zone is 100% foreign ownership and is independently controlled and controlled by its own regulatory body. It’s basically a one-stop shop for documentation. Companies based in free zones can trade freely within their respective free zones and outside the UAE, making them attractive destinations for foreign companies looking to expand their operations within the jurisdiction.
Free zones differ in terms of the industries that inhibit them, each with their own regulators and their own specific laws. For example, a financial services company, his fourth largest industry in the UAE, can join the Dubai International Financial Center (DIFC). The DIFC is considered an “offshore” free zone and is regulated by the Dubai Financial Services Authority (DFSA).
- Legal Framework
The UAE government is trying to boost its economy through foreign investment. To achieve this, they have revised the legal framework for foreign investors willing to start a business. Apart from the criminal law, completely different rules and regulations apply to foreigners.
Bureaucracy is minimal and all legal proceedings are expedited. There is minimal to no paperwork required, and the licensing and registration process is very straightforward.
- Availability Of Manpower
It is no secret that both skilled and unskilled workers flock to the UAE for work from all over the world, especially from India and other Southeast Asian countries. Due to this fact, business owners do not have to worry about manpower to operate their business in Dubai. Low taxes and high wages make it a very favorable environment for both employers and employees.
- Global Ranking
The UAE business environment is considered one of the most favorable in the entire GCC region. According to the 2015 Doing Business report for the World Bank, the UAE ranks at 26th, ahead of other GCC countries such as Saudi Arabia (9th). The United Arab Emirates is also ahead of European countries. The Netherlands is her 27th, while France and Turkey are 31st and 55th respectively, which speaks to the favorable environment for doing business in the country.
- Location
They say the most important rule of real estate is location…location…location. The same applies to other types of business formations.
The United Arab Emirates is very strategically located between three continents of Europe, Asia and Africa. There are approximately 1000 flights per week to many countries around the world. Easy access to the GCC and the entire Middle East market.
On the one hand, China and India are sources of raw materials and important trading opportunities. On the other side of the United Arab Emirates is the European Union, an important trading partner.
- Health and Education
Did you know that all residents of the United Arab Emirates are required to have health insurance? Famous tertiary and general hospitals and medical facilities such as the Cleveland Clinic are located here. The literacy rate is his staggering figure of 92.5% of the UAE population. It also has famous international universities such as INSEAD, MIT and NYU.
