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0The UAE, a country with seven emirates, has rapidly changed since its formation in 1971.
It has become a major global player, thanks to its strategic location, strong economy, and forward-thinking policies.
The UAE’s recent ranking as the world’s top country in the 2024 Global Entrepreneurship Monitor (GEM) report is the sole proof of its thriving entrepreneurial ecosystem. This dynamic nation has grown a fertile ground for businesses of all sizes and sectors namely finance, trade, tourism, and technology to flourish.
In the second quarter of 2024 alone, the country witnessed the registration of a staggering 5,600 new firms, positioning itself as the GCC’s startup capital.
Surely, and evidently, the numbers don’t lie.
Under this blog, we will take a walk through the top five benefits that make the UAE a wiser (eventually will be a WIZER) choice for entrepreneurs.
1. Strategic Location and World-Class Infrastructure
The UAE’s strategic location at the crossroads of Europe, Asia, and Africa makes it an open door to vast markets. Its world-class airports, such as Dubai International Airport, offer seamless connectivity to major cities globally. The country has the best of modern and efficient infrastructure, including advanced telecommunications networks, reliable power supply, and transportation systems. This robust infrastructure facilitates smooth business operations and enhances productivity.
2. Tax Haven, Of Course
One of the plus points is zero corporate tax. This switches on the ability for businesses to retain more profits and reinvest them in growth and expansion. Moreover, the UAE has a relatively low personal income tax rate, making it an attractive destination for high-net-worth individuals and expatriates.
Also Read: UAE Corporate Tax Law for Freelancers and Small Businesses
3. Business-Compatible Regulations and Easy Setup
The UAE government has made it easier than ever to start a business. They’ve simplified the process, making it less complicated for entrepreneurs to set up their ventures.
The country renders a variety of business structures, including free zone companies, mainland companies, and offshore companies, each with its own set of benefits and regulations. In many cases, foreign entrepreneurs can own 100% of their businesses in the UAE, providing complete control and ownership.
For an example, if you’re a tech entrepreneur from India with a brilliant idea for an e-commerce platform to sell Indian products in the Middle East. Before 2021, setting up a business in the UAE’s mainland would’ve required you to partner with an Emirati citizen, who’d own 51% of the company. However, thanks to recent changes in the Commercial Companies Law, you can now own 100% of your company on the mainland. This means you have full take over your business operations and finances, without the need for a local partner. Alternatively, you could set up your business in a free zone like Dubai International Free Zone (DIFZ).
Free zones have always allowed 100% foreign ownership. This means you can enjoy benefits like zero corporate tax, duty-free imports and exports, and simplified business setup processes.
4.Direct Legal Framework and Intellectual Property Protection
The UAE has strong laws in place to protect businesses and investors. They’re part of international agreements that safeguard things like patents, trademarks, and copyrights. This means your business ideas and creations are safe in the UAE.
4.UAE Government’s Back and Incentives
The UAE government is big on supporting entrepreneurs and new growing businesses. They’ve set up programs such as incubators and accelerators to help startups or SMEs grow. These programs offer mentorship, funding, and resources to budding entrepreneurs. There are special visas for entrepreneurs, investors, and licensed professionals in the UAE. This makes it easier for talented people to come to the UAE and contribute to the economy.
But it takes what it takes…
…To set up any business in the UAE, licensing and corporate process is the first thing first to pass the legal test in the UAE. And it really does take a whole lot of processes to process and finally land in the business world.
However, with the right partner, you can shove off these paperworks effortlessly.
Virtuzone can be your trusted partner in this case, solving the hustle of company formation and licensing services, now up to 30% OFF only on Wizer pro app.
So that you can focus on what truly matters: GROWTH.
Download the Wizer pro app and start your biz journey afresh!
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