The pandemic may have wiped out thousands of businesses in Dubai, but the emirate’s economy is still booming. As Dubai reopens its economy, the government has also launched incentives to help businesses thrive despite the pandemic. This is why it is advantageous to take this opportunity to set up a business in Dubai.
Here are the amazing benefits you will get from doing business in Dubai.
1. Dubai Has a Dynamic and Growing Economy
One of the foremost reasons you should consider starting a business in Dubai is the economy. Dubai is among the fastest growing economies in the world. Despite the ongoing pandemic, it is expected to rebound gradually once a vaccine is made.
Apart from that, Dubai has managed to diversify its economy away from oil. The emirate’s strategic location has allowed sectors such as trade and logistics, transport and tourism to flourish. Today, these sectors represent over 60% of Dubai’s GDP.
2. Visionary Leadership
Dubai’s rulers demonstrate foresight and astonishing vision for the emirate’s prosperity. This makes them prosperous and progressive cities in the world. Dubai aims to become the center of business and commerce in the world. Setting up a business in Dubai is, therefore, attractive to most foreign investors. In addition, Dubai’s geographic location gives you convenient access to the African, Asian and European markets.
3. Favorable Investment Location with Full Government Support
Dubai’s Department of Economic Development (DED) is responsible for overseeing the emirate’s economic program. This agency is active in providing all the necessary support to foreign and local investors. This is to ensure that all of their efforts will help boost Dubai’s economy. The huge support from the government makes it a good idea to set up a business in Dubai.
4. Free Trade Zones
One of the ways to start a business in Dubai is through a free zone company. Dubai has more than 20 free zones that can accommodate business and industry clusters and makes Dubai RAK company formation beneficial. This allows foreign investors to have full ownership of their business and investments. They can also benefit from the repatriation of capital and profits.
5. Fiscal Paradise
As in any other emirate, Dubai is a tax haven for foreign investors. Whether you are planning to establish a free zone or a mainland business in Dubai, all are exempt from income and corporate tax. Dubai’s tax regime makes it an ideal location for investments by foreign investors.
6. Dubai Legal System
The Dubai government is constantly reviewing existing rules, regulations, and incentives for foreign investors. These measures are intended to assure foreign investors that it will be easy for them to do business in Dubai. These revisions also aim to attract more foreign investment to the emirate. Dubai was one of the first emirates to allow foreigners to own shares and property.
Dubai is also a member of several international organizations to protect your intellectual property. These include the Paris Convention, the Patent Cooperation Treaty (PCT), the World Intellectual Property Organization (WIPO), the World Trade Organization (WTO), the Treaty of WIPO on Copyright, the Rome Convention, and the WIPO Performances and Phonograms Treaty (WPPT).
7. Human Resources Support
You also won’t have to worry about hiring the right human resources when you move to Dubai. Another reason for relocating to Dubai is the ease of access to an international pool of professionals. Thousands of foreigners move to Dubai to work. This gives you access to talented and competitive employees that you can hire for your business.