TOP 10 BENEFITS OF SETTING UP BUSINESS IN DUBAI
There are many reasons why entrepreneurs and businesses from around the globe are flocking to and flourishing in Dubai. Doing business in Dubai and the rest of the UAE holds many distinctions both regionally and globally. So, this makes it an exciting place to live, visit, and importantly, operate a business in.
Here are a few amazing facts about Dubai:
- It is the largest and most densely populated emirate in the UAE.
- There are more international travellers that pass-through Dubai Airport than anywhere else in the world.
- It is home to the world’s longest driver-less metro line.
- The world’s largest shopping mall is in Dubai.
- The Burj Khalifa in Dubai is the tallest building in the world.
- In a city as diverse and rapidly developing as Dubai, you will have endless opportunities to expand your business. Hence, Dubai is an excellent place for setting up a business. Dubai gives you an opportunity to succeed in “making it” in the international market.
Dubai is considered by many to be the financial capital of the UAE. In fact, even the Middle East. It is a city where big dreams can turn into lucrative realities for many companies, entrepreneurs, and
Let us look at the top reasons why Dubai is such an incredible city to move your business to.
There are many factors contributing to Dubai’s financial stability. Most importantly, poverty is virtually non-existent among its residents. In fact, 63% of Dubai residents consider themselves to be financially stable.
Moreover, Dubai ranks third in the world for attracting high-net-worth individuals.One of the major contributing factors for Dubai’s strong economy, is its resilience to outside turbulent economic factors. Also, its ability to constantly innovate and create new channels for growth and development. For instance, in 2018, the leading sectors that contributed to Dubai’s growing economy were construction, tourism and job growth.
Dubai is also considered to be one of the top 25 financial centres of the world. Moreover, the Global Financial Centres Index (GFCI) ranked it no. 18 among financial hubs. Also, Dubai is at the top of the list within Africa and the Middle East region. This makes setting up business in Dubai a great idea.
Here are the top factors GFCI considered when determining their global ranking:
- Business Environment
- Human Capital
- Financial Sector Development
- Political Stability
- Macroeconomic Environment
GRADE A/PRIME COMMERCIAL SPACES
Dubai is seeing a surge in fresh “plug-and-play” office space. This allows faster transitions for a business entering the region. Between 2017-2020, Prime or Grade A office space accounted for 71% of new office stock. The co-working space trend has taken the business world by storm, and Dubai is no exception. There are many innovative, flexible, and affordable co-working spaces available. Moreover, most come with cutting-edge facilities and amenities. Hence, these options are very attractive to companies moving their businesses to Dubai.
Considered to be one of the important factors in attracting businesses to the region. Dubai’s business-friendly policies and regulations aim to make doing business in Dubai easy and profitable. The government plays a critical role in any business regardless of where it is. In Dubai, the government has established a climate of support to empower businesses. This helps them succeed and achieve long-term sustainability.
With the help of PRO services, foreign businesses can often incorporate and open their business in Dubai within a month.
This makes, working with a qualified PRO service provider, who is familiar with Dubai’s rules and regulations very important. As this makes sure the company set-up is done properly and efficiently.
A PRO service professional has extensive experience working with governmental entities. They keep themselves updated on ever the changing laws and procedures. Below mentioned are some of the services they provide:
Dubai has an ever-growing number of Free zones (economic trade zones). These zones are very attractive for many types of businesses. Unlike a company set-up on the mainland which requires an Emirati national as a local partner or service agent. All free zones allow expatriates to hold 100% ownership of their business. This comes with the ability to repatriate capital and profits. A free-zone setup also offers business owners exemption from paying corporate taxes for 15 years or more. Also, there are no import/export withholding or personal income taxes.
Operating a business in a free zone is not ideal for everyone. However, it is an excellent choice for many businesses. Hence, a professional PRO can provide invaluable insight to help investors make an informed decision about doing business in UAE.
THE TALENT ADVANTAGE
Creating the perfect team can prove challenging for any business. But in Dubai, businesses have their pick of some of the finest candidates from a large talent pool. This includes highly educated, highly skilled and experienced unskilled workers.
Dubai attracts the best employees in the Middle East. This is partly because of its elevated quality of life. Also, its forward-thinking growth.
Workers of all types flock to the UAE to take advantage of its never-ending opportunities. It also has a very diverse population which is mostly comprise of expatriates from 195 countries.
There are world-renowned institutions of higher education in Dubai as well. The quality assurance is overseen by the Knowledge and Human Development Authority (KHDA). In addition, Dubai is home to many professional and training centres. As well as research and development companies.
Below mentioned are some universities and colleges that are present in Dubai:
- American University
- British University
- Michigan State University
- Rochester Institute of Technology
- Wollongong University
- London School of Economics
- London School of Business
QUALITY OF LIFE
If you are planning on moving staff abroad as part of your expansion, a destination with an extremely high quality of life is always a smart move. Both for persuading staff and their families to make the move and for retaining them once they have.
Dubai can offer expatriate employees an extremely attractive proposition. Boasting both, the strong infrastructure, and a seemingly endless plethora of cultural highlights. From world famous restaurants and shopping to an indoor ski resort. Besides this Dubai also has the world’s tallest building, the Burj Khallifa.
Dubai offers many more reasons for relocating here. At the top of the list is its sunny climate, infrastructure, strategic location, and leading logistical capability.
EVENTS AND EXHIBITIONS AROUND THE YEAR
A major step that Dubai is taking to benefit trade and business is to provide them with an array of marketing and exhibition options. Therefore, it is one Emirate that has Exhibitions and events throughout the year. The exhibitions are not confined to a few types of business activities. Instead it covers plenty of options. Such as, fashion and beauty, auto, real estate, education, commodities, and several other industries. These opportunities provide exposure to businesses not only in front of those in the UAE or Middle East. But also, across the world based on the attendees.
A CENTRAL POINT FOR WORLD TRADE AND COMMERCE
The UAE is at the centre of some of the world’s most important trade and commerce routes. Historically, this has always been true and remains very much so even today. This makes it a world class trading hub. By doing business in UAE, you will have access to the markets of Middle East. Additionally, you also have access to the markets of Asia, Africa, Southern and Eastern Europe. The country has the necessary facilities to accommodate international trade. All this with state-of-the-art air and maritime ports. This makes doing business in UAE an attractive endeavour.
The UAE has a well-established reputation. This makes it the ideal location for companies to expand into the Middle East, South Asia, and African markets. Dubai continues to welcome and support businesses of all types from around the world.
LOCAL CUSTOMERS AND BUSINESS ETIQUETTE
UAE’s culture is rooted in Islamic traditions. Courtesy and hospitality are amongst the most prized of virtues. This is reflected in the warmth and friendliness of the local people. UAE, as a society has a high degree of tolerance for different types of lifestyles. It is a liberal society by any measure and ranks as one of the safest in the world. Foreigners are free to practice their own religion, and the dress code is liberal. Women, whether married or single, do not face any form of discrimination. Women may drive, work, and move around unescorted. In spite of its rapid economic development in recent years, UAE remains closely linked to its heritage.
People in the UAE prefer to do business in person. Relationships and mutual trust are paramount for any successful business interaction. This can only be developed through face-to-face meetings. So, it is important to spend time and cultivate your business relationship with your Emirati counterpart. It is also important to have connections with people in the UAE. Connections who can facilitate introductions. Emirati’s prefer doing business with people they know. So, getting the appropriate introductions is important to establish a successful business relationship.
UAE COMPETITION LAW
The UAE competition law came into force on 23 February 2013 (the Competition Law). Besides this, the Law requires the approval of the Ministry of Economy for certain merger transactions. The law also put in place certain prohibitions on agreements restricting competition. This also prevents abuse of dominant market positions
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