By The United Arab Emirates, comprised of seven emirates including Abu Dhabi, Dubai, Sharjah, Ras al-Khaimah, Ajman, Umm al-Quwain, and Fujairah, stands out on the world stage due to its exceptional infrastructure, specialized services, and expert knowledge. With a ranking of 16th in the World Bank’s Ease of Doing Business Report 2020, the UAE’s business climate is highly favorable, and this blog explores the factors that contribute to its status as the world’s business center.
World-Class Infrastructure and Service Sector:
The UAE’s strategic investment in transportation, telecommunications, electricity, and industrial infrastructure has resulted in a world-class facility that supports long-term prosperity and attracts foreign investors. The sophisticated service sector, encompassing freight forwarders, shipping companies, banks, exhibition and conference facilities, hospitals, and schools, complements the robust infrastructure. Business centers for rent in Dubai and other emirates offer well-designed and equipped spaces, providing flexibility for businesses.
International Trade Network:
The UAE’s extensive international trade network spans 179 countries, offering investors access to a diverse range of global markets for goods and services. As the world’s third-largest export and re-export hub, after Singapore and Hong Kong, the UAE’s strategic geographical location and connectivity contribute significantly to its status as a global trade center.
Tax Haven:
Ranked among the top 10 tax havens globally, the UAE, with zero or very low taxes, stands out for not imposing discriminatory taxes on foreign and domestic investors. This tax-friendly environment attracts businesses seeking to maximize returns on their investments, making the UAE an appealing destination for entrepreneurs.
Government Assistance and Effective Business Policy:
The UAE’s commitment to export diversification policies and multilateral trade laws fosters a business-friendly environment that promotes international commerce. Government institutions actively support commercial activity, offering incentives to facilitate foreign investment and business operations.
Strategic Location:
The strategic location of the UAE, particularly Dubai, near a global crude oil transit point, positions it as a well-connected trade center with easy access to major international financial capitals. This strategic advantage enhances the country’s appeal as a global business hub.
Modernization and Progress:
In just over three decades, the UAE has undergone a remarkable transformation from a fishing and agricultural nation to one with world-class infrastructure, supporting unprecedented enterprise achievement. While embracing modernization, the UAE has also preserved its cultural traditions, ensuring equal representation of women in business and government, gender equality, job stability, advanced healthcare, improved education, and an open legal system.
Top Cities Making UAE the World Business Center
Dubai:
Dubai, with its towering structures and vibrant culture, has evolved into a global center for technology and innovation. Notable areas like Dubai Silicon Oasis, with attractions such as Dubai Digital Park and the Dubai Technology Entrepreneurs’ Campus, contribute to its reputation as a business paradise.
Abu Dhabi:
As the political and economic center of the UAE, Abu Dhabi holds approximately 10% of the world’s oil reserves. The city has seen significant investment, and the establishment of the Abu Dhabi Investment Authority, the world’s fifth-largest sovereign wealth fund, further solidifies its position in global finance.
Ras Al Khaimah:
Ras Al Khaimah Free Zone, the city’s primary free zone, has attracted over 12,000 businesses from more than 100 nations across various industry sectors. The financial incentives and low-cost business setup have contributed to Ras Al Khaimah’s reputation as a thriving commercial center.
Procedure for Opening a Business in the UAE
Decide Business Activities and Legal Structure:
Determine the nature of your business activities and choose an appropriate legal structure.
Reserve a Trading Name:
Reserve a trading name for your company, ensuring it complies with legal conventions.
Finalize Business Location:
Select an ideal business location, considering the emirate that aligns with your business goals.
Rent an Office Space:
Secure office space, either through ownership or rental, based on your business needs.
Apply for a Business License:
Submit an application for a business license, adhering to the specific requirements of your chosen emirate.
Get External Approvals:
Obtain any necessary external approvals for your business activities.
Open a Corporate Bank Account:
Provide the required documentation to open a corporate bank account, ensuring compliance with banking requirements.
Documents required for business setup include passport size photographs, passport copies of stakeholders, entry visa or stamp page copies, and other specific documents depending on the emirate.
Make the Most of the World’s Business Center with Shuraa
With an array of benefits and an enticing business environment, the UAE offers endless possibilities for entrepreneurs. Shuraa, with its experienced business advisers, assists in navigating the setup process seamlessly. From documentation to pre-approvals, Shuraa ensures a hassle-free experience as you establish your business in the UAE. Explore the opportunities and advantages of the world’s business center with Shuraa’s comprehensive support.
How to Obtain a Home Business License in Dubai
Home-based businesses are gaining popularity in Dubai as more entrepreneurs embrace the flexibility of working from home. The advantages of setting up a home-based business in Dubai are numerous, including tax exemptions, a competitive economy, a strategic location, modern infrastructure, and technological advancements. If you’re considering starting a home-based business in Dubai, obtaining a home business license is a crucial step. Here’s a comprehensive guide on everything you need to know about acquiring a home business license in Dubai.
Benefits of Home-Based Business in Dubai
Setting up a home-based business in Dubai offers a range of advantages:
Increased Demand for Freelance Services: A survey by job portal Bayt.com revealed that 87% of freelance professionals experienced an increase in demand for their services since the start of the Covid-19 outbreak.
Extensive Social Media Reach: With 99% of the UAE population using social media, home-based businesses can effectively market their services on various platforms.
B2B Opportunities: The presence of companies in mainland and free zones creates opportunities for business-to-business (B2B) collaborations.
Cost Savings: Commuting costs are eliminated, and there is no need to invest in office space, furniture, or additional equipment.
Advanced Technology Tools: Dubai’s status as one of the world’s most technologically advanced emirates ensures access to essential tools like Point Of Sale (POS) systems for home-based businesses.
Strategic Logistics: Dubai’s well-connected seaports and airports facilitate convenient logistics, allowing businesses to access manufacturers, producers, and suppliers.
Complete Business Control: Entrepreneurs have full control over their home-based businesses in Dubai, with the added benefit of repatriating all income and capital in a tax-free environment.
How to Get a Home Business License
Acquiring a home business license in Dubai involves a straightforward process:
Choose the Business Activity:
Select a business activity that aligns with your skills and interests.
Ensure that the chosen activity complies with the regulations of the United Arab Emirates.
Register the Business Name:
- Choose a unique and suitable name for your home-based business.
- Avoid offensive or well-known corporate names.
- Check the name’s availability and register it with the relevant authorities.
Determine Company Structure:
Decide on the appropriate company structure, such as sole proprietorship or Limited Liability Company (LLC).
Apply for the License:
- Apply for the relevant license based on your chosen business activity.
- If opting for the Dubai mainland, consult with Shuraa Business Setup for assistance.
- For free zone locations, apply directly to the chosen free zone, benefiting from their self-regulated and efficient processes.
Receive the License:
Upon successful completion of the application process, you will receive your home business license.
Required Documents
Submit the following documents to the authorities for the home business license application:
- Copies of passports and visas of you and your partners
- Two coloured passport-size photographs of you and your partners
- Entry visa and stamp pages
- Meet specific conditions outlined by the authorities before applying for the license.
Cost of Home Business License
The cost of a home business license in Dubai varies based on factors such as business size, activities, and raw material requirements. While providing an exact figure is challenging, the UAE authorities collaborate extensively to streamline the process, ensuring reasonable costs. Shuraa Business Setup experts can assist in understanding license prices and guide you through the application without unnecessary expenses.
Start Your Home Business with Shuraa
While the process of setting up a home business in Dubai is relatively straightforward, seeking guidance from experts can enhance the experience. Shuraa’s skilled consultants provide comprehensive support, guiding you through the licensing process and ensuring compliance with the latest government regulations. Additionally, Shuraa assists in organizing required documentation and obtaining additional permits if necessary, making the process of starting a home business in Dubai efficient and hassle-free. Contact Shuraa Business Setup to begin your home business journey in Dubai.
