The city of Dubai stands as an ultra-modern hub of business and luxury today. From tall skyscrapers to advanced architecture, this city is a utopian vision brought to life. Dubai has numerous businesses mushrooming and thriving in its urban ecosystem. The city is a leading business destination as it welcomes investments from foreign companies.
The port city is also one of the best destinations for startup companies and innovation. The business policies of this city and its administration also help in the influx of business to it. It is the leading business destination in the MENA region, and this is supported by crucial numbers related to business and development.
The Past and Present of Dubai
Decades ago, Dubai was a humble port city with limited business scope. The city was renowned for its oil business and supply. Today, oil businesses are thriving in Dubai, but there are other full-fledged businesses that mushroom all around the city and UAE. In this article, you will learn about the reasons for and business policies that support the establishment and growth of new businesses in Middle Eastern cities.
Dubai has become a hub for Foreign direct investment as more and more foreign companies are expanding to this city. Today, 451 FDI projects are active in the Dubai urban landscape. The ease of trade and business in Dubai is commendable. The ease of FDI depends on the business policies applied in the city. While oil supply and tourism are major industries in this city, new businesses are also focusing on fintech, electronics, shipping, etc. The potential of conducting business in Dubai is high, and a lot of credit goes to the business policies in effect.
Why Start a Business in Dubai?
The numbers might not be enough for you to decide whether to start a business in Dubai or not. Here are some reasons why start a business in Dubai. The city is very developed and evolves further as we speak.
Strategic Location
Dubai port city is located at a strategic point in the MENA region. It has been crucial for business for centuries, and today, it is at its growth peak. The location of Dubai is close to Asia, Europe, and Africa, three continents where you can access multiple business opportunities. Therefore, if you want to establish an international business with roots in different cities, then start with Dubai. The strategic location of Dubai takes care of the logistics and supply chain management. It allows your business to grow rapidly across multiple countries in the MENA region.
Trade Zones
In the city’s business policies, there are free trade zones that come with multiple policy benefits for new businesses. These special economic zones are very beneficial for new businesses because you can set up businesses with 100 percent foreign ownership, even if the offices are located in Dubai. Besides, you can save a lot of taxes because these SEZs have special tax concessions for emerging businesses located in the zone. Important free trade zones in Dubai like the JAFZA and BAFZA offer benefits on customs duties and taxes. The existing free trade zones help business owners set up their companies in the city so the transition process is smooth.
Supportive of Businesses
The policies implemented in Dubai City are pro-business. Because of the new pro-business policies and openness to trade, Dubai continues to grow, and so do the businesses located in it. The city has a pro-business environment, and the administration has also taken measures under the Dubai Economic Agenda to offer free-flowing funding and growth opportunities to new businesses. The business policies of modern Dubai allow foreign ownership with no frills attached. The ease of foreign ownership and the support that new startups get in Dubai is why a lot of business owners prefer the city for new projects. The policies and infrastructure of Dubai help new businesses establish their roots very easily. As a startup owner, Dubai’s flexible business and ownership policies will help you find your footing.
Tax-Free Zones
There are tax-free zones in Dubai that operate under the policies of the emirate. The tax-free zones are great for new and established businesses as they do not have to pay taxes for import or export. The business owners save a lot of money as the taxes and duties are exempt in such zones.
World-Class Infrastructure
The success of businesses and the influx of investment in Dubai come not only from its business policies but also from its infrastructure. New startups and businesses are targeted to operate out of advanced urban centres, so they have better resources at their disposal. As the public infrastructure of Dubai is globally renowned, businesses migrate to this city to tap into growth opportunities. Dubai has high living standards, which attracts the attention of people and businesses. Shifting to Dubai and starting a business in Dubai is like going for an upgrade in an abundant environment.
Visa Regime
The visa regime of Dubai is flexible for business owners and investors, which supports the pro-business environment internally. The visa regime of this Emirati city is uncomplicated, as you get a residency visa and PR very easily if you are here to establish your business or work. The ease of immigration to Dubai is why so many people and business owners aim to settle in Dubai. The visa regime and living standards of the city attract people from all around the world.
Entrepreneurship
The city supports entrepreneurship with its innovative approach, focus on research and development, and its initiatives for SMEs. The city is growing and today has 38,000 SMEs. The support and assistance the Dubai administration offers to emerging businesses is a reason why new business owners migrate their operations to Emirati.
Conclusion
International businesses need to expand to new cities for continued growth. Not just any city, but a well-established city with top-notch infrastructure like Dubai should be your destination. The policies and supportive ecosystem of Dubai help business ventures thrive in this city. Established businesses in Dubai, like Meerkat Business, offer assistance in your entrepreneurship journey in the city.
