Business setup in UAE has been very lucrative, especially in Dubai, before the pandemic hit. This is due the numerous benefits provided by the city.
Why would you want to come have your business setup in Dubai?
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Banking System
Dubai has a very safe and secure environment. The city’s well-developed banking system allows foreigners to open businesses in Dubai and run them without worrying about security. The city’s infrastructure in one of the best in the world. It is the trading hub in the Middle East. The city is highly accessible.
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Exchange Rate
Another important thing that helps business setup in Dubai is its stable exchange rate. The stability ensures that business startups in Dubai can transfer to their countries without worrying about exchange rate fluctuations.
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Incentive System by Govt. of UAE
The Government of UAE encourages startups and entrepreneurs to setup in Dubai. There is a wide range of incentives offered by the government to new business setup in Dubai. There are numerous Freezones that makes business setup in Dubai extremely easy.
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Tax free Environment
New business also avail numerous tax benefits, with 100 per cent tax-free environments in Freezones.
How has the scenario changed since the pandemic?
An initiative of Dubai Chamber of Commerce and Industry,
Dubai Startup Hub recorded a 236 per cent year-over-year surge in membership during the first half of 2020.
They observed that the pandemic has created an opportunity for technology startups, capitalizing on new market opportunities and benefitting from the various programs, initiatives and support offered under Dubai Startup Hub, which continues to drive Dubai Chamber’s entrepreneurship strategy.
There was a large volume of high-potential startups specializing in fin-tech, health-tech, education, e-commerce, sustainability, wellness and supply chain as a response to the changing market conditions, signaling a resurgence in entrepreneurial activity. Furthermore, there was a growing interest among international startups, especially with the Indian, Chinese and African markets in particular.
What does this mean? Will Dubai become a startup haven after the pandemic?
There clearly seems to be a lot of opportunity for business setup in Dubai. With initiatives like Dubai Startup Hub, there is already a growth of new business setups in UAE. Business setup in Dubai has never been easier thanks to the different offers and benefits that the government of UAE is offering.
UAE’s economic growth will heavily rely on startups and SMEs. Angel investors and venture capital funds have continued to inject capital into startups and SMEs, particularly those that tackle pandemic-related challenges. This will further encourage the government of UAE to encourage startup business setup in Dubai.
If you are considering where to set up shop, Dubai is ideal. As mentioned before, it is focused on bringing on entrepreneurs and startups and thus will offer numerous benefits. That being said, there are a few crucial things to keep in mind when considering business setup in UAE. Starting from which location to go for, down to availing a trade license, there are a lot of rules and regulations to keep up with. It can be very time consuming, confusing and in some cases cost ineffective when a business owner tries to deal with all elements alone. That is why Dubai has companies specialized in helping new businesses set up in Dubai. You can leave everything up to them while you focus on growing your business. In case you are wondering where to start, try Company Setup Dubai.
For further information and assistance on how to register your company in the UAE, speak with our experienced consultants. Book your FREE consultation today at +971 558654072 or drop a line on info@test.companysetup.ae
