Dubai has always been very welcoming to travelers and tourists. That is why it’s almost always on the bucket list of people from across the globe. However, lately, the newcomers are moving into Dubai, Abu Dhabi, and the rest of the emirates for a more practical reason! The country has continually set up various policies which have attracted new and budding entrepreneurs!
Why UAE is the Best for Business Setup
UAE is known to be a tax haven as there is literally no personal or corporate income tax. But, there are several other reasons why UAE is a favorite among entrepreneurs and investors, either local or foreign. These are the primary ones:
A Steady Economy
Businesses need a steady, predictable, and booming economy to thrive. As a matter of fact, business owners prefer economics wherein returns are small but a lot more predictable. This allows them to plan their long-term investments. This is also beneficial for preparing for periods wherein there are smaller profit margins, which happens to all types of businesses occasionally.
The economy of the UAE fits this particular description perfectly. It has been predictable and steadily growing for decades now! UAE, including Dubai, Sharjah, and Abu Dhabi, has not seen a single recession for decades. There are consumers in the country of all types that are in need of goods and services.
A talented, multinational workforce
A business won’t be able to operate without its skilled, capable, and talented workforce. Business owners have to make their business plans rely on an adequate workforce. It’s not just for this generation and time, this will still be applicable even centuries from now. This is why entrepreneurs pay special attention to the quality of their hires.
The educational system of the UAE produces capable professionals in every industry and field. What’s more, the talent from several countries across the globe flock to the country for work. This means UE has every support your business needs, from IT support to sales and accounting. There are a plethora of options for entrepreneurs to choose from as suppliers, too. On top of that, it is a country that is very easy for people to migrate to. This means the workforce market expands constantly.
Access to funds
Access to funding is very important as a business needs it to get operations running. There’s a couple of things that are to be taken into consideration with respect to the financial institutions in the UAE. It is not just about the amount of money that is available in the country. It is also important for us to take into careful consideration how quick, easy, and simple it is to send in a business loan application. Of course, interest rates have to be below.
Access to corporate and small business loans in the UAE is fair and open. Anyone can apply, plus there is no need for a great credit score or rating in order to be approved.
All markets in the world depend on each other. They are interconnected, especially now that everyone is competing on a global scale. Being at the center and accessible from all parts of the globe, from Asia and the African continent to the Western countries, UAE has ties to traditional markets, including those that shape the future’s economy.
UAE is an incredibly wealthy country. By this, it does not mean it merely has lots of thriving businesses and affluent families. What we mean is the country has a huge, stable, and constantly growing middle class, which is the key reason why many businesses are seeing the country as lucrative.
The middle class, regardless of where it is in the world, is what is driving economic development. It is the middle class that makes most purchases, has a growing economic aspiration, and takes out loans. The middle class is the target of most businesses and most campaigns for marketing.
Bonus: Local policies foster innovation
Modern businesses often depend on technology. This is true for businesses now more than ever. Automation has already taken over lots of businesses’ crucial functions. It’s also changing how businesses operate. There are rapid changes as well in how advertising and marketing works. Even how consumers operate has changed. All these affect businesses of all types.
UAE prides itself on staying on top of cutting-edge technological developments. For decades now, it has funded technological breakthroughs. Local policies and regulations even foster innovation. With the country’s strong enforcement of intellectual property legislation, business owners have peace of mind knowing their investments are safe and sound.
At this point, UAE is among the best countries for starting a business. Its resources and infrastructure support economic growth and business owners. Financial and economic policies have also proved to foster growth. So, what are you waiting for? Call us today here in FAR Consulting Middle East for more information on business setup in UAE!