Over the past two decades, Dubai has poised itself as one of the best business destinations in the world. A city that was once a sandy desert, with nothing much to show, has been transformed into a dynamic business hub. Dubai offers numerous business opportunities in various sectors including tourism, real estate, law, and transport, just to mention but a few. The city possesses exceptional infrastructure and its consumer confidence index is at an all-time high. It is not surprising that over fifty percent of the world’s top multinationals have operating offices in this great city. Here are seven reasons why Dubai is a good place to start a new business.
1. Legal Framework
A business cannot thrive under retrogressive and sometimes overly stringent business rules. For this reason, Dubai is continuously improving its investment laws to attract more foreign investors. The ease of setting up a business has improved tremendously over the years, as the knight and frank report of 2015 suggests. Additionally, the government’s move to open up land ownership to foreign investors has gone a long way in propelling Dubai’s stature as a global business hub. Finding lawyers in Dubai for your business agreements and other legal requirements is now a walk in the park, thanks to the availability of qualified personnel.
No city beats Dubai when it comes to innovation. Its transformation from a sandy desert to a world-class metropolitan city underlines its great advancement. Dubai boasts of exceptional infrastructure, as it has two of the world’s busiest ports, two international airports and one of the best road networks in the word. Moving from one location to the other will not be a problem, for the city consists of a dedicated transport service. Whichever business you plan to start in Dubai, the city’s strategic location makes it an ideal gateway to other progressive markets, especially in Africa and Asia.
The city of Dubai has one of the lowest crime rates in the world, making it among the safest places to start a new business. The law enforcers are always on the lookout for suspicious activities and are highly trained to handle any crime situations. In case you have any legal issues, Dubai Lawyers will always be on hand to assist you to resolve your cases fast. Court trials take place in both English and Arabic, making it easier for foreigners to understand the proceedings.
4. Tax-Free Zones
The most appealing aspect of doing business in Dubai is that you won’t have to pay for taxes. Dubai is a tax-free zone, and plans are already underway to introduce other tax-free zones within the region. More than three-quarters of goods entering the Emirate are duty-free. Corporate tax only applies to specific companies, especially foreign banks and companies in the gas and oil sector. Hotels and rental spaces also attract a municipal tax that does not exceed 10 percent.
Dubai has adopted liberal labor laws that have attracted a foreign legion of workers, from all over the world, whether you are looking for a simple plumber or a professional lawyer in Dubai, the city now has a diverse human resource contingent consisting of top professionals from over 200 countries worldwide. Expatriates are also in abundance and will always be at hand to offer consultancy services, whenever the need arises.
6. Quality Lifestyle
Dubai is among the highest ranked cities in the quality of life index. The quality of life index provides information on which destinations in the world offer the best opportunities for a healthy and prosperous life. Dubai certainly meets the bill, as it is home to some of the world’s most prestigious health institutions and hosts the most luxurious hotels and resorts. Apart from being home to the tallest building in the world, Dubai has numerous attractions and points of interest. The cost of living is proportional to general income, providing a favorable environment for doing business.
7. Investment Support
The UAE Government always provides incentives to foreign investors, in a bid to elevate the stature of Dubai as a global business hub. The Department of Economic Development is responsible for ensuring that Dubai meets its economics agenda by creating a suitable business environment for investors. While local businesses can apply for investment support in form of business grants and loans, foreign investors can receive fee exceptions and subsidized tariffs on various services.
Considering all the factors mentioned above, there is no doubt that Dubai is the fastest growing city in the world, in terms of investment opportunities. To establish a solid foundation for your new business in Dubai, it is advisable that you consult professional lawyers in Dubai, as well as business experts in your area of interest, for guidance on how to set up a profitable business in Dubai.