Dubai: An ideal launch pad for aspiring global entrepreneurs
Through its business-friendly environment, favourable tax policies and amazing lifestyle benefits, Dubai has solidified its place globally as one of the most sought-after destination for entrepreneurs looking to establish a business. In first half of 2022 alone, Dubai business setup rose to 45,653 new companies, with individuals and companies flocking to the city to be a part of its dynamic economy.
It is no surprise that the UAE ranked first worldwide in the latest Global Entrepreneurship Index of 2022, surpassing the position of other leading economies such as South Korea, Canada Japan, UK,US and some other EU countries.
This is a testament to the UAE government’s consistent efforts to evolve with the digital advancements and landscape to ensure the country is ahed of the curve on current trends ways of working. We see that the leadership is successfully pivoting from a dominantly oil-based economy to a knowledge-based, digital economy, fuelled by ambitious plans such as Dubai 33 Agenda, UAE Centennial 2071 Vision, and Dubai 2040 Urban Master Plan, all of which facilitate and encourage Dubai business setup.
These policies are expected to aid the growth of the UAE’s economy which is projected to increase by 3 per cent in 2023 and 4 per cent in 2024.
A thriving economy and forward-thinking leadership make the UAE the perfect location for business success in sectors such as retail, digital technologies, hospitality, tourism. The UAE has created an ecosystem that continues to attract and assist entrepreneurs to launch their businesses here with all the confidence of a supportive and dynamic regulatory environment.
We are also seeing the country becoming a hub of digital research and advancements as it goes through a rapid digital transformation, making it more enticing for Dubai business setup. The UAE boasts a robust digital infrastructure coupled with smart processes. This has boosted a rise of start-ups that propelled the UAE’s artificial intelligence (AI), Internet of Things (IoT), Blockchain and other digital sectors.
As the UAE’s most dynamic and truly international Free Zone community, IFZA has played a key role in creating a supportive environment for global entrepreneurs and established businesses by being so much more than a Free Zone. IFZA is a community where businesses are motivated to create, inspired to succeed, and enabled to become part of an ever-evolving ecosystem that nurtures energy, creativity, and excellence.
With a strong emphasis on contributing to the growth of the SME sector, which contributes about 63.5 per cent of the UAE’s non-oil GDP, IFZA have achieved exponential growth since our inception. In Q1 of 2023, we achieved a 177 per cent increase in the number of new companies registered compared with the same period last year.
Ease of doing business in Dubai
Fair legal system and political stability: While the world goes through political turmoil and unrest Dubai continues to boast a robust legal system and political stability, which are essential for business setup. The city’s legal framework is based on international best practices, and its courts are recognised internationally.
Diverse talent pool: Dubai is a melting pot of cultures, with some 200 nationalities residing in the city. This diversity offers start-ups access to a vast pool of diverse and talented professionals with a wide range of skills and experience. This gives entrepreneurs the option to work with people of their own nationality or the opportunity to branch out and explore working with other capable individuals from different countries.
Strategic location: Dubai is strategically located at the crossroads of Europe, Asia and Africa, making it the perfect destination for global hub of trade and commerce, attracting entrepreneurs seeking a Dubai business setup. The city is also home to world-class airports and ports, which connect it to major cities around the world.
Abundant funding opportunities: Dubai is home to a number of venture capital firms and angel investors who are eager to support innovative startups. The city also has a number of government-backed initiatives that provide financial assistance to entrepreneurs. Recently, the Dubai Chamber of Digital Economy rolled out a comprehensive guide to support entrepreneurs navigating the business landscape of Dubai and ensure that they can optimise the opportunities that will set them up for success.
A robust network of free zones
Free Zones are dedicated areas in Dubai that offer unique business incentives such as 100 per cent ownership from the launch of your business and tax exemptions which makes opening and running a business a rewarding and easy process.
For international businesses, they are an indispensable platform from which to tap wealth of opportunities presented by Dubai’s start-up sector.
At IFZA we provide the support and services you need to open your start-up. Our dedicated teams take care of a wide range of processes and enable holistic business setup services, including company formation, medical insurance, corporate banking services, visa processing, and office spaces.
With a network of more than 1,500 authorised representatives and agents, entrepreneurs and established businesses have easy access to IFZA processes and services so they can get to where they want to be, wherever their starting point may be.
In an era where the global marketplace demands adaptability and innovation, the city stands out as a beacon for ambitious entrepreneurs seeking fertile ground for Dubai business setup.
