As an entrepreneur, when deciding to have your business setup in UAE or any place for that matter, you’d certainly seek perks such as ROI, enhanced facilities and technology, and access to numerous markets and platforms. Dubai offers all this and more. Therefore, company formation in Dubai is beneficial. Moreover, it is built on a solid basis that prioritizes the well-being of the entire firm, including investors, employees, and their families. With the current global crisis, here is a list of reasons why establishing a company in Dubai is still the best option in these difficult times.
Dubai's government provides substantial assistance to those setting up a business in Dubai. Aside from the existing system that enables and prioritizes health, wellness, and lifestyle advantages for all UAE citizens, the government has been generous in slashing the cost of various business packages by up to 98 percent to support startups and SMEs. The Ministry of Economy has also developed a page to help investors understand the proper procedures, steps, and facts that will help them mitigate COVID-19's impact on their firms.
In the midst of the epidemic, the UAE's Central Bank introduced the Targeted Economic Support Scheme (TESS) to help minimize the effects of the disease and provide temporary reprieve from loan obligations such as principal, interest, and profits.
Banks and financial institutions have helped address startup, SMEs, and MSMEs loan repayment. Most have devised innovative strategies to help firms and employees cope with the present health crisis. Furthermore, several business incubators, accelerators, and financing organizations continue to provide monetary support to potential startups in order to help them recover from the pandemic's economic effects.
Dubai has a large number of consultants and specialists prepared to assist the UAE's economy. Amid the current crisis, business coaches and organizations have stepped forward to help investors and employers looking either for assistance in company formation or ways to grow their firms.
Dubai is noted for its flexible and cost-effective company structure, as well as how easy it is to administer, particularly for growing companies and new investors. This hasn't altered despite the pandemic. The authorities here have even offered discounts and price reductions to assist them in dealing with unexpected losses. In addition, utilities, permits, customs taxes, and rental rates have all been decreased to encourage the further building of offices across the country.
The best part of this country is even now, they continue to open-heartedly welcome investors and entrepreneurs to set up their businesses and take advantage of the many benefits. These include low taxes, access to w wide network of international markets, flexible business setup, and proximity to authorities on the mainland or in the free zone.
Dubai tops the Arab list of the wealthiest cities, with a large number of millionaires reaching 68,400, including about 206 billionaires whose wealth exceeds $100 million and about 15 billionaires. Abu Dhabi comes second in the Arab ranking with 24,200 millionaires, making the UAE capital a focus of attention for many global investors.
In order to promote itself as a leading global center for software and artificial intelligence, the UAE government is intending to offer 100,000 golden visas to programming and artificial intelligence talents and innovators.
The introduction of a new law regarding the tax on corporate and commercial earnings marks a new economic milestone in the UAE's period of financial sector developments. According to Federal Decree No. 47 of 2022, the new law is set to take effect on or after June 1, 2023.
Dubai has always been an attractive destination for businesses and entrepreneurs, thanks to its strategic location, world-class infrastructure, and investor-friendly policies. But now, the UAE-based financial sector has reaffirmed its commitment to sustainability goals ahead of COP28, presenting even more opportunities for businesses in Dubai.
