In recent past, we have seen lots of news that reveal the increase in business activities in UAE due to certain measures taken by the UAE government. It is especially important due to the fact that there were dangers of decline in business activities amid the implementation of VAT in UAE. But instead, the reports from international firms have confirmed that business opportunities are getting easier and better in the Gulf country with the passage of time.
The latest report is presented by a UK-based real estate consultancy, Knight Frank. According to the report, UAE has jumped 5 spots in the list of countries with “ease of doing business”. Now it is placed at 21st spot among total 190 countries in the list. UAE is by far the best country in the Middle East as other countries are far behind with Bahrain at 66th place, Qatar at 83rd and Saudi Arabia at 92nd spot in this list. Apart from that, the business friendly Gulf state is also ahead of other major economies like France (31) and China (78).
Now it is expected that UAE will soon enter in the rank of top 20 countries providing best opportunities for ease of doing business. Knight Frank used 10 parameters to organize these rankings. As compared to last year, UAE improved its rankings especially in “resolving insolvency” (from 104 to 68) and “enforcing contracts” where the country moved from 25th to 12th position. But there are still few sectors that need improvement. E.g. it takes 8 days on average to set up new business in UAE while it takes only 6 days in New York and just 2 days in Hong Kong to start a new business.
The current report is quite encouraging for the UAE government and pleasing for the local and foreign entrepreneurs. It also highlights the efforts taken by the UAE government to take the country as world’s leaders in business. If you are an investor and thinking seriously about setting up your company in a country (UAE) that provides one of the easiest opportunities to do business, then you can contact Riz & Mona Consultancy via WhatsApp # 971-56-9971225. We are experienced in providing consultancy for all types of businesses in all the 7 emirates of UAE.