Business waits for no one. Your business idea may just be the next international sensation. It goes without saying that business is very different in many ways now from what it was pre-COVID-19.
The United Arab Emirates (UAE) has significantly changed its business laws to adapt to the world’s changes. Now is the best time to take advantage of the excellent opportunities for those wanting to start their own businesses in Dubai.
The UAE has established a strong startup ecosystem through regulatory frameworks, startup incubation systems, and venture capital investment support hubs – as well as allowing foreign nationals to 100-percent ownership of their businesses.
Now is the time to set up business in Dubai. Let’s take a look at why you should set up shop in the UAE.
When considering if now is the right time to set up your business in the UAE, also ask yourself if your business idea is actually in demand? Can you adapt your business idea to match changing market demands and to be less susceptible to global disasters or external forces? Research, research, research: your key to success for any business. Having the right info at hand will help you to make all the right decisions.
Partnering with Trade License Zone, our specialists will guide you through setting up your business in Dubai, gaining the relevant trade licenses, residence permits, bank accounts, and other regulatory frameworks.
Here’s Why Now is the Right Time to Set Up a Business in Dubai
Foreign Nationals can now hold 100-percent Ownership of their Businesses in the UAE
The UAE has fundamentally changed their business regulatory framework regarding foreign nationals. For instance, before 2021 foreign nationals were legally required to partner with an Emirati national to create a business. The UAE partner was required to hold 51-percent of the business’ share value. However, this rule has been updated: foreign nationals are now able to start their own businesses and own them in their entirety.
Dubai (and Abu Dhabi) leaders have fostered a favourable business ecosystem with the establishment of trade zones specific to various industries. This impressive infrastructure boosts economic activity and encourages SME development.
Reduced Obstacles to Enter Business Markets
As we’ve mentioned, the government’s schemes to invigorate and diversify their economy has created business-friendly stimulus packages. This includes waiving off many of the fees for new businesses and SMEs with revised trade license packages.
World-Class Infrastructure in Dubai
East meets West in the UAE. From the heart of the Middle East, the UAE is lifting global business to new levels. This region is one of the top economic centres and the fastest growing investment hub in the world. A substantial infrastructure with a leading road network, seaports, and airports means easy access to international markets. The UAE has no customs duty on imports to its free zones, one of the most attractive such incentives in the world.
Highly Skilled Workforce
Dubai attracts the best and most skilled talent from around the world. The UAE’s population comprises 90-percent foreign nationals. It is currently the world’s largest employer of scientific and technical jobs. It has also established itself as a leading hub for IT security, too. With more than 70 universities and colleges in Dubai alone and more than 80,000 students, Dubai offers access to a large talent pool. Free zones boast networking opportunities, government-backed resource centres and knowledge hubs to support entrepreneurs.
Greater Return on Investments in the UAE
Dubai is one of the top four investment destinations in the world. The country has recently amended its visa and residency regulations. For the first time, foreign nationals can apply for 5-year and 10-year “golden visas.” This promotes longer-term investment – and it has already boosted the UAE’s economy with greater foreign investment.
The country offers a Double Tax Avoidance Agreement that allows foreign nationals to save from paying additional taxes in their home countries through a Tax Residency Certificate.
Of course, one of the headlining attractions for individuals and businesses in the UAE is its zero-taxation policy for personal and commercial incomes. This makes business in the UAE lucrative and sustainable.
Why Partner with Trade License Zone
Starting a business is a challenging process no matter where in the world you’re located. As a foreigner, the reams of paperwork are usually more complicated than for a country’s native population. The UAE’s reforms are aimed at streamlining and simplifying this process.
There are many ways to start a company in Dubai. Navigating the UAE’s frameworks, resident visa processes, and license registration and application activities might seem difficult. Partnering with Trade License Zone will ensure success – saving you from unnecessary delays or rejections.
When you work with the experts at Trade License Zone, all you need to provide is some basic documentation and a little information about the nature of your business. Then, sit back and let the experts take care of the rest – managing your license and visa applications, communicating with all relevant departments and authorities, and reporting back when you’re ready to start trading. It really is that simple.