Do you want to set up a business abroad? Here are the reasons why the UAE is your easiest and best option


The UAE has risen to the top spot this year in the Global Entrepreneurship Monitor (GEM) Global Entrepreneurship Index 2022 report. This means that the UAE is now the best place to do business globally – in In fact, the survey adds that the nation is “the world’s leading destination for building and starting businesses, offering the most encouraging environment for entrepreneurship”.

The United Arab Emirates emerged victorious, beating 46 other economies to claim this well-deserved achievement. And, the report rightly applauded the “government policy adjustments that have helped to increasingly promote business terms for entrepreneurs.”

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Reasons why UAE is the best option for a business

The framework included a series of relevant conditions such as the availability of both good opportunities to start a business and entrepreneurial funding, as well as experience in starting a business, confidence in the ability to meet the challenges posed by COVID-19 crisis, the ability of entrepreneurship projects in the country to generate new jobs, the ease of access to entrepreneurial finance and access to entrepreneurial education in schools. Let’s understand the conditions in depth.

No tax regime

Businesses in the United Arab Emirates operate on a zero tax system, which means there is no personal or corporate income tax. The judicial system in the United Arab Emirates has evolved to match contemporary standards. In reality, a separate tribunal and judicial structure has been set up specifically to deal with matters involving foreign investors.

Exponential growth of the economy

In recent times, the United Arab Emirates has become one of the most important international financial companies (IFCs) in the world. The economy of Dubai and the United Arab Emirates has grown exponentially over the past 10 years. Many investors and entrepreneurs choose the UAE as their business headquarters, structure their wealth in a credible jurisdiction, and use the favorable incentives for foreign investors.

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Liberal and innovative licensing policies

Another reason for the ease with which international investors can do business in the UAE is the introduction of new types of licenses and more relaxed compliance requirements in mainland Dubai. Immediate licenses, business authorizations and reduced licensing costs have all been introduced in the UAE in recent years, attracting a large number of international investors to the country.

“Real Estate Investment Opportunity Initiative”

The creation of the “Real Estate Investment Opportunities Initiative” is a remarkable initiative taken by the United Arab Emirates. Not only did this move lead to the deregulation of the country’s real estate market, but it also expanded the number of investment opportunities available. The most notable feature of this project is that it allows partial real estate ownership as well as a streamlined rent collection process.

Low cost electricity, high speed internet

Commercial businesses and businesses in the United Arab Emirates can obtain electricity connections at low cost. On top of that, internet services have made setting up a business in the UAE an extremely smart choice. Whether it’s high-speed internet, access to government websites, asset registration, online financing or online taxes, the UAE offers it all.

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wfh

Strategic location

Dubai is a multicultural city that has two-thirds of the world’s population within flight reach of eight hours or less, allowing it to serve as a link between East and West, while being at the heart of Africa -Middle East- Asian Triangle. Dubai’s rapid growth and strategic location have earned it a reputation as an easy place to do business.

Other reasons

Other reasons include: secure and robust governance, supply of educated human capital with diverse work experience from all corners of the globe, no capital repatriation restrictions, no social capital requirements, no physical office requirements and Lower installation costs compared to other jurisdictions.

Options for setting up a business in the UAE

First, you’ll want to determine where you want to operate. If you want Dubai to serve as a hub for regional trade, a Free Zone entity will suit you best. If you want to serve Emiratis, a mainland company might be a better option. There are a total of three options: UAE Mainland, UAE Free Zone & UAE Offshore and let’s see what each of them offers.

1) Continental WATER:
If you want to set up your business in the mainland region, you must first gain in-depth knowledge of the mainland UAE market. You have to complete many documents, fulfill obligations and obtain licenses to operate in the mainland of the United Arab Emirates. Businesses in the UAE mainland are managed by the Department of Economic Development in each emirate. The regions of UAE where you can set up a mainland business are Dubai mainland, Abu Dhabi mainland, Sharjah mainland and Ajman mainland.

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dubai

2) UAE Free Zone:
Out of the 3 options for setting up a business in the UAE, UAE Free Zones are particularly popular with foreign entrepreneurs and expatriate business people due to several incentive offers, such as 100% business ownership , corporate and personal tax at 0%, repatriation at 100%. of capital and profits, 100% import and export tax exemption and no foreign exchange restrictions. Free Zones in the UAE offer world-class amenities, benefits and advantages, such as Flexi-office, Flexi-desk setups, access to freehold property, investor privacy and disclosure obligations. limited statement. The process of setting up the business in a free zone can be initiated without even traveling to the UAE. Some of the most advanced and progressive free zones in the UAE are Dubai Free Zones, Abu Dhabi Free Zones, Sharjah Free Zones, Ajman Free Zones and Ras Al-Free Zone. Khaimah.

3) United Arab Emirates Offshore:
UAE offshore companies do not obtain operating licenses. They only receive a certificate of incorporation. Therefore, setting up an offshore company in any jurisdiction is an easy process. However, you must know all the rules and procedures for registering an offshore company in the UAE. Another benefit is that you can own 100%, keep 100% of your profits, and maintain complete trade secrecy. The best jurisdictions in the UAE to set up your offshore company are Dubai Offshore, Ajman Offshore, Jebel Ali (JAFZA) Offshore and Ras Al-Khaimah (RAK) Offshore.

Top 10 Booming Industries In UAE Today

According to local consultancy Danburite Corp, the top 10 booming industries to start in the UAE in 2022 are:

Building, th-commerce, tourism and travel, real estate, health and hospitality, consulting, hotel chains and restaurants and beauty and jewelry. However, The rubber and plastics industry is one of the largest and most important industries in the UAE after oil and gas.

UAE plans to issue crypto license
guldbusiness.com

The key steps to starting a business

  • Determine the type of legal entity.
  • Choose a business name.
  • Apply for a business license.
  • Choose an office space (or not)
  • Get pre-approvals, register your business and get your license.

For more news and current affairs from around the world, please visit Indetime News.

About Tammy N. McFarlane

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