Dubai has been ranked among the top five global cities for entrepreneurs, according to the latest reports. The consumer confidence index in Dubai is higher than in cities like New York, London, Bangkok, Paris, Tokyo & Milan. The consumer confidence index is known as a reliable indicator of consumer sentiment on the economic situation. A location that gives easy access to 1.5 billion populations in three different regions of the world. A business location with one of the largest ports, connecting 140 ports in 6 continents. A global city with a cosmopolitan culture and a tax-free business environment. A city that is home for 42,000 millionaires with the lowest crime rate. One of the world’s safest cities. What else anybody wants in a business location. Dubai offers you everything you expect. The city is equipped with world-class infrastructure, vigorous transportation, a proficient workforce, and magnanimous urban amenities.
Reasons Why Dubai Should be Your Business Hub?
The fastest developing business hub on the planet, Dubai, has transformed itself from the desert city to the leading city with world-class business and lifestyle in the time span of forty years. With great future prospects today, many businesses and leading brands are opening their offices in Dubai. The top 9 reasons you need to go green light for your MENA (the Middle East and North Africa) business setup in Dubai are:
Built with an exceptional approach, Dubai has a prime location. The large coastline and the global aviation hub together ease the transportation and connection of people from all around the globe to come together in one place. Trouble-free transportation reduces the costs of developing businesses and create far better opportunities. The UAE is one of the best-known countries in the MENA region. But one of its key advantages is its location. Not only is the UAE within easy reach of all major business hubs in MENA, but one-third of the world’s population is within a four-hour flight. And two thirds can be reached within 8 hours. That’s hard to beat.
It isn’t just year-round sunshine that brings entrepreneurs to Dubai – the economic climate is just as favorable. A free economy which is always open to foreign business and investment, it is only right to term Dubai as business heaven. To set up a business in the free-zone or the mainland, the involvement of government regulations and policies is minimum.
A range of support is offered by the government for the companies that are looking to set up a business in Dubai. Also, businesses operating in the free zone have legal permission to be 100% foreign owners with minimum import duties. The UAE has zero tax on both personal and corporate incomes. Outside of a few key industries, the only tax to be aware of here in the Emirates is VAT – introduced in January 2018 – which stands at a flat 5%.
Dubai stands out in the Middle East exceeding its peers as it ranks 8th in the world amongst the top global commercial centers in The Global Financial Centers Index (GFCI) with the rating of 740, which is only 50 points less than the first rank based on parameters or 5 key areas:
- Business environment
- Financial sector development
- Infrastructure factors
- Human capital
- Reputation and general factors
New companies looking for a growth base have one destination, Dubai, for it has the reputation of rapid and steady growth. Moreover, Dubai holds its position as an internationally renowned groundbreaker because of:
- A Superb transportation-system
- Low taxation for new companies and startups
- Commercial real estate various solutions
- Thriving on the oil-driven economy and non-oil investments offering a stable economy
- Solid Political landscape
Business Consultancy Support
Setting up a business in Dubai is as simple as providing passport copies and choose a suitable name for your business in Dubai. In Dubai, investors could and will get complete support with the registration, licensing legal procedure, and any setup requirements from a team of professionals at Riz and Mona Consultancy. On top of that, an investor could get additional perquisites like Residential Visa, Bank Account corporation assistance, and a complete suite of company incorporation and management.
Easy Company Setup
Setting up a business in Dubai is simple by design. You would be hard-pressed to find somewhere that is easier. There are just five simple steps of setting up a company here:
- Determine the type of legal entity
- Choose a trading name
- Apply for a business license
- Choose an office space
- Get pre-approvals, register your business and get your license
As well as 25+ free zones, you can also set up on the mainland. Each has its own benefits, meaning there’s a setup solution for every entrepreneur. There are many industry-specific hubs were related companies cluster. These include media, marketing, healthcare, finance, maritime, and education organizations – among many others.
As a result, the types of business incentives offered are tailored to each sector. These typically include:
- 100% foreign ownership,
- Long-term corporate tax exemptions,
- Full capital repatriation,
- Personal income tax and import-export tax exemptions,
- Quick incorporation with a single point of contact for administration
- human resources services
Room for Expansion
Whatever the size of your business right now, you’re probably aiming to grow. This means you need to keep options open because what might be the best choice now, especially in terms of location and suppliers, may change in the future. You need a location that offers flexibility. One that has good access to other markets and one that lets you expand your offering. For example, you could be attracted by the easy setup process and zero taxation offered by many Dubai free zones – but perhaps one day you will want to do business directly with the mainland. Finding the right hub that allows that type of flexibility will be a vital part of your decision-making.
With the growing market and business, Dubai is ranked as the most developed and connected business destination. Business setup in Dubai also provides exposure to a cosmopolitan lifestyle and multinational workforce. Setting up the business in Dubai provides great infrastructure and because Dubai is strategically developed between east and west economies, it has the ability to co-exist which helps Dubai in connecting and expanding business internationally.
Dubai proved its potential to the world by becoming a global leader of the business hubs. This world-class reputation that Dubai earned in the last few years attracts manpower and businesses in a high capacity to Dubai. With the rising speed of growth, Dubai has gained a world-class image as a leading luxury destination competing with cities like New York and Paris. Hence, setting up a business in Dubai makes it a wise decision.
Dubai is a safe city. It’s a crime-free city. This city is free from communal riots, aggressive demonstrations, Agitation. Fortunately, there is no terror fear in Dubai. Although it’s a geopolitical hot spot due to the alertness and smartness of security forces and Dubai police no one has ever dared to look at Dubai with bad intentions. UAE is among the safest country to do business. The country has secured 5th rank on security parameters in Asia-pacific countries, as per the Pinkerton Risk Index report (Pinkerton is the leading provider of risk management services). The report also revealed some more positive points about human safety in UAE like UAE has the lowest per capita natural disaster deaths. Dubai is in the top 20 safest cities in the world, according to a survey conducted by Aon Hewitt, the global human resource company. Dubai ranked 19th in the world and had the highest ranking in the middle east in the criteria of lowest risk cities.
Easy Availability of Manpower
Due to attractive income and global reputation, Dubai attracts a high number of skilled workforces from across the planet. Also, the government of Dubai makes an effort to convert the existing human capital into more efficient and competent employees by investing in large scale training facilities. This also saves the businesses a large amount of money on training the staff.
Riz and Mona Consultancy
Whether you’re looking to set up an international business presence for yourself or your clients, regardless of where you live or your industry, if you’re looking to incorporate in the MENA region, the UAE is a strong contender. In short, the infrastructure is in place for anyone to easily establish a fully functioning corporate entity in a short amount of time and quickly reap the rewards of a truly international environment. In a safe, stable, and forward-thinking nation.
Owing to the different, but often similar sounding propositions each area offers, it makes sense to work closely with a reputable incorporation agent who can help your business or your clients navigate the myriad of incentives.