UAE is an all-time business and travel destination for the world. Company Setup in the UAE is a relatively straightforward and comfortable process.
Experienced business consultants would guide you effectively through the company setup process in the UAE. Business Consultants help in further streamlining the company setup process in the UAE.
When you break down the company setup process in UAE, there is a lot of paperwork and document preparation to get your business license ready and start operating your business in the UAE.
Let’s look at 10 reasons why the UAE is one of the best places in the world to start a business.
1. Ease of Business Setup
The government of the UAE is always supportive of foreign investment and investor-friendly business policies.
Based on the business jurisdiction (Mainland, Freezone, & Offshore) there are a handful of benefits for the investors who set up business in UAE.
Government has made it very easy for the company to set up in the UAE. New business is encouraged greatly as they will sustain the economy in the long run.
2. Tax Residency Certificate
UAE has signed Double Taxation Treaty with almost 70 plus countries. So residents who have a business or employed in UAE can obtain a Tax Residency Certificate.
It will help you in avoiding any additional tax payments in the UAE if you are already paying taxes for your income in the home country.
3. Access to International and Local Banks
UAE houses almost 22 National and International banks. The banks in the UAE are technologically sophisticated with the latest data privacy protection and security.
The banks offer a host of customizable financial instruments for personal and corporate customers.
They offer a wide range of services like international banking, cheque books, credit card, international account transfer, etc.
4. Long term Residency Visa
The new long term residency visa along with the 100 % foreign company ownership is expected to create a rise in entrepreneurship in UAE.
With the long term visas, more talented individuals would flock into the UAE and there will be more sustainable business opportunities arising in the long run.
There is a diverse pool of professionals from over 200 different countries living in Dubai.
There is an availability of professionals from the IT, Civil engineering, designing, healthcare, academics, etc. for the businesses to utilize the services accordingly.
5. Freezones of UAE
Freezones of the UAE are the major attraction for investors all over the world due to its tax-free nature and a host of benefits offered to the businesses.
To name a few benefits from the Freezone company setup in UAE is the:
- Ability to own the company totally (100% foreign Ownership)
- 100% profit repatriation
- Customs duty exemption,
- easy residence visa processing,
- world-class office and warehousing, etc.
Similarly, for mainland business setup you have the flexibility to choose your office location anywhere in UAE, do business with the local UAE market, etc.
6. Business Infrastructure
Excellent infrastructure and warehousing, office spaces, power supply, connectivity, and so on.
UAE is dynamic and constantly growing. The Start-up friendly initiatives are expected to drive more entrepreneurs.
It has a fairly stable financial climate that supports the growth of a wide range of businesses from budding start-ups to multimillion-dollar companies.
UAE has the best infrastructure and communication technology. The energy, petroleum, natural gas, petrochemical products are available at economical prices in the UAE.
Also, there are a handful of financial services available in UAE for the business investors to diversify their investments.
7. Government Support
Government is aiming at creating a robust & diverse economy and reduce the dependence on oil and gas.
The company set up in UAE is fast-tracked with government initiatives like long term visa, fast document clearance & approvals, the introduction of customer support centers, etc.
Also, the introduction of various Freezones that offer specific solutions for diverse business activities and industry sectors have encouraged entrepreneurship & new company formation in the UAE
8. Access to the Global Trading
UAE has established trade relations with several countries in Asia, Europe, and North America. Trading opportunities are very lucrative in the UAE. You can trade with Gulf, African and Asian Countries.
The Air and Sea connectivity is the attraction in the UAE for establishing trading companies. Dubai airport has the world’s largest cargo hub known as cargo village.
Also, the Dubai World Centre is a popular location for logistics and cargo business. The Jebel Ali port is linked to Dubai’s expressway system and to the Dubai International Airport cargo village.
The rapid transportation facilities available in Dubai makes it a favorable business destination. The air-sea-road transport links are very strong and there are borders open to Oman and Saudi via road and international markets via sea and air.
9. No Taxation and Liberal Policies
There are no personal or corporate taxation policies in the UAE. It also has a very low import duty and free trade agreements with most of the countries as well as double taxation agreements.
It has one of the most liberal policies for company setup when compared to the rest of the world.
The UAE’s legal system is very strict and ensures no fraud business practices and money-laundering activities are happening. It also ensures the privacy of the investors and helps them protect their assets.
The tax-free nature of UAE is an attraction for investors and jobseekers here. Though the introduction of 5% VAT has some impact on the consumers, when compared with the global taxation rates, it’s marginal.
Dubai is one of the safest countries in the world with the least crime rate. It houses the best educational institutions and offers a lot of recreational activities for all. The government is providing world-class amenities to the residents.
Dubai is one of the best cosmopolitan cities in the world and in the Middle East. It is the top preference for business travelers and tourists always.
Dubai has managed to successfully diversify from an oil and gas-dependent economy to a trade and tourism backed economy.