Despite the Global Pandemic; 8 Reasons why the UAE is the best place to set up a business
It is during critical times like these that people are often faced with making life changing decisions. Many people globally are out of work and are pondering their next steps, choices and options. Starting your own business is now a viable option for many people who are out of work in an economy where many are jobless.
The United Arab Emirates is a safe and trusted place to embark on starting a new business venture. UAE has one of the strongest economies in the world and offers many advantages for investors, exporters and global companies.
The visionary Government has always had pro-investment and pro-business policies, and has encouraged foreign investment. They provide the facilities to develop economic plans and policies, identify and support strategic sectors, and provide essential administrative services to domestic and international investors and businesses.
Below are some important reasons to consider UAE as your new business destination.
Tax Benefits
In an effort to build a business-oriented ecosystem, the UAE offers a tax free business environment for startups, entrepreneurs and small businesses. Foreign investors are exempted from personal, corporate, and capital gains taxation. The UAE has only a 5% VAT competing with most of the commercial capitals as one of the lowest rates attracting abundant conglomerates, startups, and different entities from all over the world.
100% Foreign Ownership
Depending on the type of business you plan to undertake, there is an option for 100% foreign ownership. Recently, the Cabinet of the United Arab Emirates (UAE) in 2018 issued the Foreign Direct Investment Law, Decree Law No. 19 of 2018 to attract Foreign investments into the UAE by enabling foreign individuals and companies to own up to 100% of onshore UAE companies in certain sectors.
Regulatory Efficiency
The UAE maintains regulations that are generally favorable to the formation and operation of private businesses. Foreigners account for more than 85 percent of residents and more than 95 percent of the private-sector workforce.
Gateway To The World
Geographically, the UAE positioning is beneficial to businesses looking to reach potential markets in the Middle East, Africa, Europe and Asia. Dubai being the home of Emirates Airlines, operates to 161 destinations in 85 countries across six continents from its hub in Dubai. Also, the advantageous timezone permits you to trade with major international markets.
Visa Benefits
The United Arab Emirates provide an extraordinary opportunity to foreign business people and investors to become residents of the UAE. Depending on the zone in which your business license is issued, you are liable to get one to unlimited residence visa slots. Following the massive demand for longer residency options in the UAE, the Federal Authority for Identity and Citizenship launched a golden visa. The golden visa offers residency for five or ten years, as opposed to the standard two-year residence visa. Gulf News
International Trade Opportunities
Due to its strategic geopolitical location, The UAE is a well-known global international trade hub of Asia, Africa and Middle East. With world-class facilities and ports, the country provides high accessibility through air or water around 90 airlines and 170 shipping lines that gives businesses access to international markets.
Safety & Security
Ranked the third safest country in the world and the second country in the GCC region, the law and order is appreciable which makes your family, employees and assets secure.
Cultural Diversity
The UAE boasts the world’s highest immigration percentage with only 20% of the demographic being Emiratis. Diverse perspectives not only make businesses stronger, but also connect the UAE to new markets. The mix of cultures and diversity makes UAE a vibrant place to live and work.
Ready To Start Your Business in Dubai?
With 0% taxes, lowest import duty, free trade agreements, competitive economy, strategic location, state of the art infrastructure, the presence of people from around the world and a highly favorable business environment all make UAE one of the best places in the world to do business.
It is important to note that navigating and starting a new business takes strategic planning and guidance. LMG Consultants can provide that assistance to make your transition into UAE a positive and non challenging experience, Together, we will bring your vision and goals to light and navigate this post covid era in a beneficial way.
