When it comes to the global financial capitals of the world, cities like New York, London, Tokyo, Shanghai, and Singapore come to mind. In the last few years, the tiny Emirati nation of UAE is slowly staking a claim to become the newest financial capital. Specifically, of the seven emirates that are part of the United Arab Emirates, Dubai has emerged as the forerunner. You might have seen various videos on Dubai. From glistening skyscrapers to boulevards littered with supercars, Dubai has captured the fancy of businesses.
With the Dubai government taking major steps to convert the destination into a hub for international business, it is no surprise that investors are rushing to its shores. In this article, we are going to list down seven major benefits of starting a new busines
If you are looking to start a new business in Dubai, you should seek expert legal and financial help. You can click on the link to know more.
List of 7 Major Benefits of Starting a New Business in Dubai
1. New Industry Niches for Growth and Opportunity
Most people equate the Middle East with its vast reserves of oil. However, in the last decade, governments have strategically moved away from energy and focussed their attention on developing the region as a hub for technological innovation, entertainment, tourism, and real estate. This means that there are plenty of sectors that are thriving avenues for growth. If you want to start a new business in any of these sectors, you should think about Dubai.
2. Government’s Focus on Easy Incorporation for New Companies
The World Bank ranked Dubai (UAE) in the 11th position as far as the ‘Ease of Doing Business’ was concerned. In other words, the government has ensured that the entire process of setting up a new business, which includes incorporation, licensing, permits, and certifications takes place in a hassle-free manner. In this regard, new businesses should look to seek expert legal assistance to aid them with all the paperwork required to form a new entity in Dubai.
3. Availability of World-Class Talent (Expatriates)
Some of the world’s leading corporate professionals are moving to Dubai. They want to enjoy a higher standard of living, along with the benefits of a lax tax structure. This means that when it comes to recruiting some of the best professionals in the world, Dubai should be right on top of your list. With thousands of expats from the US, UK, and other parts of Europe moving to Dubai, you can get your new business up and running under their leadership in no time.
4. Zero Taxation for Businesses (with some exceptions)
If you are not operating a business in the banking, hotel/hospitality, and oil sectors, you do not have to pay any taxes at all. Yes, you read that right. The government of Dubai does not have any kind of Income Tax, Corporate Tax or Value Added Taxes, or VAT. This makes it one of the safest havens in the world. Some of the world’s leading companies have permanently shifted their headquarters to Dubai because of this very reason.
5. The Presence of over 45 Free Economic Zones
Some legal and financial experts joke that opening a new business in a Dubai Free Economic Zone takes just one day! When you look at the world-class facilities and infrastructure that characterize these FEZs, you wonder whether this is real or not? As a business owner, you can enjoy complete ownership of your organization. You are not mandated to partner with a local business. Additionally, you are allowed to carry 100% of your profits with you always.
6. Heightened emphasis on Safety and Security in the City
Crime rates are a major concern for investors in almost all corners of the world. They want a safe and stable region so that their business does not suffer any adverse losses. The Dubai government’s focus on safety and security has become some kind of an urban legend. You might have seen their police car videos online. They monitor the streets of Dubai to ensure that crimes do not take place. They have a strict deportation policy for criminals.
7. Great Geo-Strategic Location that favors International Business-
The Dubai airport is one of the best-connected airways in the world. Almost every major carrier in the world operates direct flights to Dubai. Many refer to Dubai as the Gateway of the East. Businesses from the US or Europe break in Dubai to carry on with their onwards engagements in Asia and Australasia. The strategic location of Dubai has enabled it to attract investors from all over the world that is looking to start a new business here.
The Final Takeaway
With the UAE moving away from complete dependence on oil reserves, Dubai is being positioned as one of the world’s leading trade and commercial centers. This is probably the best time to start a new business in Dubai. If you have any questions that you would like us to address, please let us know in the comments below.
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