Is this a good time to set up a new business in Dubai?
Dubai is one of the key places in the world, where businesses have been known to boom and reach infinite heights of success. Leave alone the fact that today Dubai ranks 15th as per a recent global survey conducted on business hubs; it’s relaxed regulations surrounding new and upcoming businesses as well as investments, make the place all the more fruitful for investors and entrepreneurs alike. Wherein, everyone is eyeing the perfect market for setting up their startups in Dubai.
Since the time Dubai showcased its economic stability after the debt crisis of 2008-09, there has been no turning back for this ever-prosperous city. Justifiably so, it is also regarded as the leading commercial capital where growing startup businesses in Dubai are encouraged and given a stable economic upliftment. Thanks to the aggressive legal reforms that bolster foreign investment, including implementation of long-term visas and introduction of free zones which create certain ease of doing and setting up startup businesses in Dubai. All these conditions make setting up startup companies in Dubai incredibly attractive, especially for interested investors and budding entrepreneurs.
Moving on, let’s bring into the spotlight the other very vital factors that have allowed Dubai to rise to the top, and be the most prosperous city in the world, sheltering various startup companies in Dubai while inviting more to consider the opportunity. One of those factors is its geographical presence right in between the established economies of Asia and Europe, with a resource plenty continent like Africa being well-connected by the diverse transport system. While the oil market and oil based economy has always been one of the major strongholds of the United Arab Emirates, the country’s now laying strong long term groundwork into diversifying their economies and finding various other non-oil based sectors and economies to explore and bank upon. This coupled up with their strong, business-friendly rapport with the world only creates ample of opportunities waiting to explore for people looking to begin startup businesses in Dubai – the city that’ll make the brand reach its maximum potential.
In 2018, Dubai made deep strides and opened up their arms for businessmen and investors globally, when the government of United Arab Emirates passed the new foreign direct investment (FDI) law with an attempt to catalyse the process of procuring investment. The law outrightly went on to allow up to 100% of foreign ownership of businesses, and resultantly in the same year, foreign investment in Dubai rose by approximately 41%, as per the press note released by the government of United Arab Emirates. The law included several other facets that not only welcomed new businessmen looking to open startup companies in Dubai but also provided a sense of stability and security to existing businesses. The idea was to be receptive and accepting of global business, and that’s what Dubai made sure it did. The immediate after-effect of the law was the first time total accumulation of over 10bn USD of foreign investment. This statistic alone is huge evidence of the bountiful opportunity that was immediately realised by entrepreneurs and businessmen across the world.
One of the first questions or doubts that creep up in the minds of interested and enthused businessmen is the amount of taxation that’ll be required from their startup businesses in Dubai. But then again, United Arab Emirates, especially Dubai, understands these doubts of the businessmen and therefore charges and taxes a minimal 5% of VAT from startup companies in Dubai. This rate is comparatively the lowest being offered by any country with economic and financial stability as robust as the emirates.
Additionally, Dubai was all set to host the World Expo 2020, but due to the conditions rendered non-functional by a global pandemic, the event has been shifted to 2021. It is intended to give a massive impetus to the cause of Dubai to invite more and more players from the global family to find roots in the markets of the United Arab Emirates and reap the benefits of a booming economy. The event is expected to attract more than 25 million visits for over 173 days with people coming in from all over the world. It is expected that 11 million people from the UAE and 14 million from overseas will visit Dubai during the expo leading to a massive tourism boost, which will be a great time to be doing business in the city. It is also anticipated that the expo will prove to be Ground Zero for all things related to innovation around energy, technology, finance and other sectors which will have great flow-on effects for businesses in Dubai.
Be it a business in e-commerce, or an import-export business, or a startup company in Dubai- to be a part of this economy has always been a viable option. The only way to partake in the wealth and prosperity of this nation is to open a startup company in Dubai as soon as possible with the help of a professional business consultancy. Look no more, when Shuraa Business Setup takes care of all your needs from documentation to office space. Call +971 44081900 or send a WhatsApp to +971 50 777 5554 or simply drop an email at email@example.com.