United Arab Emirates (UAE) has always been the center of attention and ranked as one of the top places supporting business culture. There is a reason why people who have been living here for a long time have always considered the option of setting up their own company. The biggest proof of supportive and welcoming business environment is the fact that only last year 20,000 new businesses launched in Dubai alone as highlighted by VirtuZone. Hence this is the reason why Dubai, which was once a local trading community, today is at par with the best cities of the world including Milan, New York, Bangkok, London, Paris, and Tokyo. Here are some detailed reasons why starting your own business in the UAE can turn out to be a beneficial prospect.
9 Reasons to Start Your Own Business in the UAE
- Expo 2020
Perhaps one of the most important reasons to choose UAE as your business destination is none other than Expo 2020 hosted by Dubai. This will be a great boost, as everyone will be welcomed to participate and seek opportunities to boost their respective businesses.
- Security
Safety and security are the most crucial aspect which can either attract or repel any business opportunities. The number one thing that any entrepreneur fears is any criminal activities happening within the premises of the city. However, UAE is known for its safe environment as police are provided with the most modern weapons and technology gadgets. These help them in maintaining the law and order and monitor every activity closely. Thus, the confidence of an entrepreneur gets boosted because they feel safe. This is the basic reason why the crime ratio in the UAE is low, as no one dares to challenge the law. According to the leading risk management services provider Pinkerto’s Risk Index report, UAE is ranked at 5th among Asia-pacific countries in terms of security parameters.
- Human Safety
Besides the lowest crime rate, United Arab Emirates (UAE) is also known for human safety. Whether it is in terms of per capita natural disaster death or tuberculosis incidence, the rate is always the lowest in comparison to other countries.
- Logistics and Infrastructure
UAE holds a powerful image among the global business community. Dubai alone has proven to be a key player in terms of global transport and trading logistics. Moreover, the strategic location connects it to Europe and far east. Hence, the geographical location is the most important aspect that has laid the foundation for the growth of business in this part of the world. Furthermore, their connections with global progressive markets such as China, Africa, and India.
- Flourishing Economy
One of the most important aspects beneficial for businessmen is the flourishing economy of business. The higher annual trade surplus and per capital income on the rise has been the hallmark of UAE, since the last 40 years. Throughout the world, companies are relocating to the UAE, opening offshore companies. In today’s day and age, UAE is known as a hub for multi-million dollar conglomerates as well as startups. The UAE provides stable financial situations to the organizations, resulting in booming foreign capital in the region.
- Start-up support:
Besides the business organizations benefiting from UAE’s financial support, startups are also provided with the opportunity to test their metal. There are many funding initiatives and the startup incubators within the Emirates. These are specifically designed for the growth of business and accelerate it accordingly. For example, The AED 2bn Mohammed Bin Rashid Innovation Fund assists companies in the UAE companies to offer expert guidance and support and finance projects. Thus, a dream to do business transforms into a reality.
- Trading
If you are based in the UAE, and willing to do business, then there are plenty of trading opportunities with Asian, Gulf, and African countries. Besides, there are many international exhibitions or trade shows every month, presenting opportunities to network with global organizations. As reported by the Dubai Chamber of Commerce, 8,000 new companies registered in the first 6 months of 2016. Thus, the numbers just keep on growing and attract the foreign investors.
- Amenities and Infrastructure:
In order to make sure that the foreign investors have no problems maintaining their business whatsoever, the UAE government left no stone unturned. The world-renowned amenities and infrastructure have been the attention grabber for the business personnel. These include utilities, business parks, office spaces, warehousing, transportation, and connectivity. Also with the arrival of Expo 2020, many entrepreneurs will get attracted to the region and grab opportunities to boost their business.
- Tax-Free
One of the biggest reason to start a business in the UAE is its tax-free approach for corporate and personal income. However, VAT is the only tax implemented in the Emirates is VAT, which started back in January 2018, up to flat 5%.
Conclusion
In this blog we have highlighted 9 reasons why you should relocate to UAE to setup your business. Do Business is a platform which will assist you in setting up setting up your organization. Our local and global team is helpful for clients who are looking forward to establishing their own business in the UAE.