Dubai’s economy is thriving, but new enterprises are flocking to the city because of its reputation for safety, great education, accessibility, tax structure, and advanced healthcare facilities (as seen by the city’s quick reaction to the coronavirus epidemic).
Many sectors of the economy, such as commerce, export and import, logistics, financial services, hospitality, event management, tourism, and construction, have helped to develop the UAE into a worldwide commercial powerhouse and ultimate investment destination. As a consequence of these features, the United Arab Emirates is a favoured alternative for many businesses. The following are the top 6 reasons to do business in Dubai:
1. Dubai’s Developing Economy
The UAE’s economy remained strong despite the epidemic. To put it another way, tourism recovered the fastest in the world.
Despite the Covid-19 predicament, the UAE is planning for a brighter future by doubling its economy by 2030. Entrepreneurs, investors, and creative minds can also benefit from the country’s cutting-edge infrastructure, better connectivity, highly established incubators, accelerators, and investors, as well as different incentives and recent legislative changes.
2. Location is Ideal
Dubai’s strategic position provides easy access to all three continents, making it an ideal site for numerous economic activities such as international trade (import and export), logistics, tourism (hospitality), and events (event management). Dubai is located in the heart of the United Arab Emirates’ 400-mile-long coastline. Due to its sea and air connections, Dubai is a great transit hub for items traveling from East to West. 2.5 billion customers throughout the Gulf, Africa, Asia, and the Commonwealth of Independent States may be reached through Dubai.
3. Tax Structures are Favorable
Surprisingly, many entrepreneurs that choose Dubai as their home base are expats from high-tax cities and countries such as the United States, the United Kingdom, Switzerland, and France. Profits are tax-free in Dubai, but it is critical to understand the tax requirements of each individual’s home country. People who support self-regulation point to Dubai’s regulatory framework as another motivation to visit the city. Corporate and personal income taxes and withholding tax exemptions are available in the UAE’s 38 free zones, which were established to stimulate international investment. Moreover, you will not be charged with the following;
- Income Tax
- Value-added Tax
- Business or Commercial Tax
- Withholding Tax
- Capital gains Tax
4. Residence Permit
A UAE Residency Visa is provided if you create a business in Dubai or another emirate in the UAE, as well as your family members and expatriate personnel. A UAE Residency Visa allows you to open a current account in UAE banks, lease an apartment for a prolonged length of time, and enter and depart the UAE several times.
Golden Permits, long-term resident permits that allow company owners and their employees to live and operate in the UAE without the need for a sponsor, were made available in 2019 to make business migration simpler. Unlike the previous requirement that a firm operating outside of a free trade zone have a local partner with at least 51% ownership, these visas are granted to qualifying people and their families for 5 or 10 years, automatically renew and provide 100% ownership of one’s business. The objective is to make the UAE more desirable to entrepreneurs and small company owners.
5. High-Class Healthcare System
Dubai’s healthcare system is first-rate, with first-rate facilities and highly skilled professionals controlled by the Ministry of Health and Prevention. There are about 40 hospitals in Dubai, in addition to the four government hospitals, Dubai, Rashid, Latifa, and Hatta. Healthcare in Dubai is available to all inhabitants, and businesses must provide health insurance to cover their workers’ expenditures.
It is hard to live a healthy lifestyle in Dubai unless you find something to do. Visitors and residents alike may enjoy the city’s gorgeous beaches, delectable food, and lively streets ideal for strolling. The most popular sports include skiing, polo, cricket, tennis, cycling, and camel riding.
6. Infrastructure
Dubai International Airport (DXB) is one of the greatest public transit networks in the world, serving over 100 airlines and 260 destinations globally. Furthermore, according to the Airports Council International, Dubai International Airport (DXB) is the world’s largest and fastest-growing passenger and cargo hub.
If you’re starting a business in Dubai, you don’t have to be concerned about locating an office, a retail store, a manufacturing unit, or a warehouse. In recent decades, there has been a massive quantity of new development on a massive scale for residential, tourism, industrial, and commercial purposes. New roadways, better public transit, and a new airport are all being built. The UAE’s infrastructure and transportation have been named among the finest in the world by the World Economic Forum’s Travel and Tourism Competitiveness Report. However, there was a huge disparity between the country’s road conditions and the quality of air travel, ports, and ground transit. Ports are classified into two types: marine and aviation.
The Final Words
While Dubai’s status as the world’s favourite destination is indisputable, it is only going to become stronger in the future. For all of these reasons, an increasing number of individuals are migrating to Dubai to do business, work, and live. Expats from over 200 countries make up over 90% of Dubai’s population. They are mostly lured to the Emirate because of its business and financial prospects.
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Mai Alfalasi Advocates & Legal Consultancy
1203, Green Tower
Baniyas Street, Deira
Dubai, United Arab Emirates
Phone. +971 4 223 0666
Whatsapp. +971 50 208 9986
Email. info@maaflegal.ae
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