Reasons to start your business in the UAE in 2023
In recent years, the UAE has proven to be one of the fastest growing and strongest economies in the world. With its diverse economy, stable political system, favorable taxation environment and liberal trade regimes, the UAE has developed into a global hub for investors, entrepreneurs and global companies. The leadership of the UAE have put in place a variety of benchmarks and strategies to ensure continued success.
The five reasons to start or expand your business in UAE are as follows:
Ever growing & diversified economy
The economy of the UAE is predicted to grow by 4.2 percent in 2023. It has rapidly transformed from an economy once reliant on fishing and pearls, to become a financial powerhouse which offers many advantages for investors, exporters and global companies.
Long term visa benefits
Golden Visas are long-term residence visas that allow business owners and their staff to live and work in the UAE without having a sponsor. Longer residency visas provide longer tenure for both employers and employees in businesses, allowing them to improve long-term plans and develop better business strategies.
Low Tax rates
The United Arab Emirates recently announced that it would introduce a 9 per cent corporation tax which will take effect in June 2023 and is the first such tax implemented by the UAE government. This positions the UAE competitively when compared with other financial centers and developed economies globally.
Stability and Safety
In a world facing profound challenges over the past few years, the UAE offers one of the safest and most stable business environments to set up a business. In addition to being one of the best places to live, the UAE is also one of the best places to raise a family due to its safe and secure surroundings. The crime rate is really low, and violent crimes are almost nonexistent.
A Strategic Geographic Location
UAE is located in the middle of the east and the west and is, therefore, able to connect the two parts of the world. Since there are both airports and seaports in the country, it makes it easier for businesses to do international trade. Moreover, the location enables businesses to trade with all the markets located in the Gulf, Asia, Africa, Europe and CIS countries, making it possible to generate a large customer base.
The LMG Consultants assists our clients to select the best company formation that meet’s their business needs. Our teams assist clients from A-Z through the entire registration process and business strategy and development.