Dubai Mainland
In the past few decades Dubai has emerged as the business hub of the Middle East. Situated at the strategic north-eastern region of the UAE Dubai has marked itself as one of the fastest-growing economies of the world with real estate, tourism, trade, and financial services contributing extensively to its GDP. It has attained the reputation of being the biggest trading hub in the U.A.E. and it is mainly due to the availability of outstanding business locations and a business friendly environment― ease of setting up businesses, supportive operating conditions, asset protection, limited liability, utmost privacy and large tax exemptions.
Apart from the above, the unique policies of liberalization offered by Dubai has provided businesses a tremendous growth trajectory. Dubai offers an open market trading environment to businesses with no hidden trade barriers, restrictions, or quotas that may hinder their growth. Perhaps the best part is Dubai can easily be accessed from both air and sea what makes it the most business-friendly location in the middle-east.
Why should you set up your Business in Dubai?
In the last three decades, Dubai has witness tremendous development and took a leap from an oil-exporting economy to an extensive business economy. No doubt, Dubai has earned the reputation of being the best choice of all kinds of business owners and foreign investors. Due to its strategic location and business-friendly government policies, Corporates have shown immense interest to set up their businesses in Dubai.
The factors behind such interest are:
Ease of Doing Business
Setting up a new business in any part of the U.A.E is easy and straightforward. Perhaps, this is the reason why U.A.E has been able to earn the 16th place on the Ease of Doing Business rankings given by the World Bank. If an entrepreneur has got all the required documents approved, then setting up a business in Dubai doesn’t take more than a week. Another factor contributing to the high ranking of the U.A.E in Ease of Doing Business rankings is the number of free zones that the government has allotted to Dubai. These free zones permit complete foreign ownership, complete repatriation of profits earned in the course of business, and attractive tax exemptions.
The Open Market matched with Low Taxes
The government and regulatory bodies under the government hardly interfere in the activities of private firms in Dubai. The best part is, there is zero taxes on personal income. Dubai is based on a free-trade economy and the import duties are also insignificant. In respect to the labour policies, Dubai has liberal policies. This has enabled companies in Dubai to employ employees from any part of the world irrespective of their nationality. Moreover, Dubai offers high security from frauds and money laundering. This has enabled foreign investors to make investments in a risk-free place without anything to worry about.
World-Class Infrastructure
Dubai has an important advantage due to its highly advanced infrastructure. The world-class airport and well-connected seaports are capable of handling thousands of passengers on a daily basis. Moreover, the vast network of highways facilitates easy transportation of goods and traveling between different parts of the U.A.E. The telecommunication infrastructure is prominent and uninterrupted power supply and loads of amenities provide a good base for any kind of business.
Highly Accessible Location
Being located at a strategic position, it falls in between Africa and the Commonwealth of Independent States (CIS). Similarly, its position is also prominent in terms of the Far East and Europe. At least 85 airlines are continuously operating in Dubai and the connectivity of these airlines covers more than 130 destinations globally. Similarly, Dubai is also connected by more than 120 shipping lines to major ports of the world.
High Standard of Living
The overall life in Dubai is comfortable. It hosts a large number of foreign residents belonging to various cultural backgrounds and it makes Dubai one of the most diversified cities in the world. Leading the world in real estate, housing facilities, educational institutions, and recreational activities, Dubai is one of the most preferred location to live, matched with its low crime rates in the world.
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How to Set Up a Business in Dubai?
Certainly there are many reasons to set up a business in Dubai and setting up a business here is a simple and involves a smooth process provided that you have the contacts who may help you understand the process and its requirements. All it requires is due verification of documents which is followed by a few legal formalities and then business owners are all free to set up their businesses in Dubai.
The following steps are involved in the process of setting up a business in Dubai:
The first and the most important requirement is to get a local sponsor. The local sponsor has to be a U.A.E national.
Once you get a sponsor, the next step is to obtain a NOC from the local sponsor.
Declaration of Memorandum of Association (MoA), which includes the basic conditions on which the company or the firm will be carrying out its business. For example: The business the company is involved in, Capital investment, Issuance of shares, etc.
Initial approval from the Department of Economic Development (DED), Dubai.
After the DED grants initial approvals, the company is required to get itself registered under a unique trade name.
Once the trade name of the business is registered, the owner/ president is required to arrange a physical office space for the company.
The next step is to make application for a trade license.
The next step is to make application for a trade license.