Out of the 198 global economies, the United Arab Emirates and its leading city of Dubai ranks 11th in Ease of Doing business and 25th in Simplicity of Starting a Business. Out of all of the companies in Dubai, 94 percent are Small and Medium Enterprises (SMEs).
If you are looking for a place for your startup, Dubai can offer everything you need. But what makes it a place ripe for new businesses?
Let us look a bit closer in our business guide at what this vibrant city can offer.
1. Business Guide: Secure Environment
A business startup in the UAE can take advantage of Dubai’s excellent banking system. This system allows expatriates to open a business account and not have to worry about security concerns. In the yearly list of the world’s safest banks, 12 of them are based either in Dubai or Abu Dhabi.
Apart from banking safety, Dubai ranks high in the Global Safety Index. The city is also considered to be the most politically stable city in the Gulf, allowing you to start your business without worrying about political shifts.
2. Economic Conditions
After Abu Dhabi, Dubai is the second wealthiest city in the UAE. Political stability makes that possible, as well as the city’s welcoming of expatriates and new businesses. The Dubai Stock Market is also strong, which encourages trust from other cities in the area.
Since Dubai has an open economy, which means it allows trade with other countries, you can expect a highly diversified economy. Dubai makes it possible for companies, even small businesses and startups, to penetrate international markets and maintain stable trade relations.
In recent years, the oil and gas industry has rebounded in the area, which has allowed the government more reserves for spending and it is doing so by investing in diversified industries. The United Arab Emirates Dirham (AED) is also among the most stable currencies in the world. The stability of the AED allows business startups to begin on a firm foundation.
3. Free Zones
Dubai has up to 46 different free zones. Setting up a business in a free zone means you can enjoy zero percent corporate tax, exemption from import and export tax, and zero percent income tax. Free-zone companies also benefit from flexible ownership and ease of incorporation.
Dubai was the first emirate in the UAE to establish a free zone authority. Each free zone has its own infrastructure and they offer different benefits across varying industries.
4. Simple Visa Process
Getting a visa for starting a business in Dubai is easier than in other countries. Once you start your business in Dubai, you can apply for a residency visa and you will be able to live freely in the country. The visa process does not only apply to the business owner but to their families and employees as well.
The residency can last from two to three years and it is simple to renew. Buying or renting of residential and commercial properties are also more straight-forward than in other countries.
In fact, there is a new law that can make it possible for retired foreigners to get extended residency visas. This 5-year visa is attractive for older entrepreneurs as well as people wanting to focus on their startup and not on immigration concerns.
Expatriates can now also get 100 percent ownership of their mainland businesses. That was not the case in the past when up to 51 percent of a business had to be owned by a UAEnational. This comes as a component of a new golden visa initiative for international investors and talent.
This new system offers a 10-year visa, allowing you to make long-term plans for yourself and your business.
5. Infrastructure and Logistics
Dubai is a global hub for cargo and other transport. The city’s location makes it an excellent choice for international trading, import/export, and logistics. Dubai serves as the link to the markets of over 2 billion people in Africa, Asia, and the Middle East.
The city has more than 120 shipping lines. There are more than 85 airlines that fly from Dubai to 130 destinations across the world. Dubai has zero trade barriers and some of the largest airports and seaports in the world.
With these kinds of services, you can expect to move shipments by air or sea easily and without delays. For startups, that can be the difference between succeeding and failing.
6. Comfortable Lifestyle
In a city like Dubai, where 80 percent of the population are expats, you can expect English to be spoken everywhere. That makes communicating in banks and dealing with other business concerns much easier.
The living standards are very comfortable in the UAE and in Dubai in particular. According to the UN, the United Arab Emirates rates 14th in the list of happiest nations.
How EZONE Can Help
EZONE can advise and support entrepreneurs start their businesses in Dubai. We are dedicated to guiding you from the planning stages to the final stages of setting up your business.
Our team believe in teamwork, so we work together to ensure you achieve the results you want. You will be guaranteed of our expertise on your side and we will offer the honest and authentic help you need.
At EZONE, we are a result-driven team. If we promise something, we will deliver it. Each of our team members value empathy and can put themselves in your shoes, making your problems our problems so that we can find the solutions your startup needs.
Start Your Business in Dubai
If you have dreamed of a startup business, now is the time to turn to Dubai to make it a reality. At EZONE, we can be the business guide and support you need to begin this journey.
Book your FREE consultation today!