If you are considering expanding your business activities, there is no better time to start your business in Dubai. The mega city is currently taking strides toward transforming its fortune. Businesses worldwide are rushing to make their presence felt in the business hub.
The UAE government has worked hard to attract foreign investors, which has led to a drastic change in the region. It has experimented with an open trade policy, zero restrictions, and low taxes on foreign investors. This has led to a friendly business environment, allowing the region to grow financially. Here are some reasons why Dubai is one of the best places to start a business right now.
100% Foreign Ownership
UAE has established a new rule that grants 100% ownership to foreign investors. This has opened new doors to entrepreneurs who want to do business in Dubai worldwide. 100% foreign ownership is a game changer in foreign investment since it drastically lowers business operation costs.
The decision has been made to strengthen the country’s position in a global investment where legal non-citizens can conduct business activities.
New Laws That Support the Business Ecosystem and SMEs
Dubai has one of the most favorable business environments that support new businesses and SMEs. The government has taken significant steps to ensure startups have an excellent infrastructure and solid foundation to thrive in the UAE. The new legislative frameworks make now the best time to invest in Dubai.
Large Talent Pool
The United Arab Emirates allows you access to a large talent pool. You can also employ remote employees worldwide, such as IT support, customer support, and design, making running your business cheaper for you.
Business Registration at A Low Cost
The UAE government offers economic stimulus packages, new initiatives, and programs that remove numerous fees for SMEs and new firms. There are new favorable payment terms where SME supplier to government agencies will now receive their payment within 30 days rather than 90 days ensuring liquidity for the SMEs.
Finance banks based in the UAE have also introduced packages that support SMEs, and some banks have also reduced the minimum average balance requirement for SME accounts to maintain liquidity.
Affordable Marketing Rates
Digital marketing rates have been reduced across many digital platforms creating the perfect opportunity to increase brand awareness online. People today spend most of their time on the internet, creating a great customer base for you. It is the perfect time to set up your business and market it online.
If you cannot afford digital advertising, you can market your business with word of mouth from your community members. Some influencers in the UAE offer community support by offering free publicity to businesses on their platform where they would have otherwise had to pay high amounts.
Many Investment Opportunities Available
Dubai is a hot spot for startups, SMEs, and major corporations. This creates many opportunities for business people all around. There are numerous investment opportunities available and many marketing events to be held soon that you need to participate in.
Strategic Location
Dubai is strategically located in the middle of the fast-growing region in the world. It is currently leading in diversity, innovation, and leadership. Located between Europe and Asia, it is strategically located to have access to both markets. This has led to an increasing number of international players in the UAE market who want to leverage geographical proximity.
Sufficient Residency Option
Relocating to Dubai has never been easier since the government has completely changed the residence visa system. Investors now have the opportunity to become UAE residents by applying for a Golden or Green Visa.
The visas offer investors at least ten years, which you can renew for visa holders and family members upon expiry.
H2: Safety and Security for Investors
Safety is one of the most distinguishing characteristics of Dubai. Investors get to enjoy living and working in a safe city.
Dubai is one of the best places you could start your business. ICON’s Business Setup will guide you through every step to ensure a seamless business registration process. Our professional business consultants will help you by passing all the government red tape.
