March 27, 2023 / By mobanmarket
The United Arab Emirates leaped to the number one position this year in the Global Entrepreneurship Monitor’s (GEM) Global Entrepreneurship Index 2022 report. What this means is that the UAE is now the best place to do business globally- in fact, the survey adds that the nation is “the number one global destination for establishing and starting businesses, boasting the most encouraging environment for entrepreneurship.”
The UAE emerged as the winner beating 46 other economies to claim this much-deserved achievement.
And, the report rightfully applauded the government’s “policy adjustments that have moved to increasingly promote business conditions for entrepreneurs.”
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The framework included a range of relevant conditions such as the availability of both good opportunities to start a business and entrepreneurial finance, as well as experience to start a business, confidence in the ability to meet the challenges posed by the COVID-19 crisis, the ability of entrepreneurship projects in the country to generate new jobs, ease of access to entrepreneurial finance, and access to entrepreneurial education at schools. Let’s understand about the conditions in depth.
Businesses in the UAE operate on a zero-tax regime, meaning no personal or corporate income taxes. The judicial system in the United Arab Emirates has advanced to match contemporary norms. In reality, a distinct tribunal and judicial structure has been established specifically to deal with issues involving foreign investors.
In recent times, the UAE has emerged as one of the most significant International Finance Corporations (IFCs) in the world. Dubai’s and the UAE’S economy has exponentially grown over the past 10 years. Numerous investors and entrepreneurs choose the UAE as headquarters for their business, structure their wealth in a credible jurisdiction and utilize the favourable foreign investor incentives.
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Another reason for the ease with which international investors may do business in the UAE is the introduction of new kinds of licences and more lenient compliance requirements in Dubai Mainland. Immediate licences, commercial permissions, and lower licencing costs have all been introduced in the UAE in recent years, attracting a large number of international investors to the country.
The establishment of the ‘Real Estate Investment Opportunity Initiative’ is a standout move done by the United Arab Emirates. Not only has this move resulted in the deregulation of the country’s real estate market, but it has also expanded the number of investment possibilities available. The most notable feature of this project is that it allows for partial real-estate ownership as well as a streamlined rental collecting process.
Commercial enterprises and companies in the UAE are able to get electricity connections at a low cost. On top of that, internet services have made forming a business in the UAE is an extremely smart choice. Whether it’s high-speed internet, access to government websites, asset registration, online financing, or online taxes, the UAE offers it all.
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Dubai is a multicultural city that has two-thirds of the world’s population within reach on flights of eight hours or less, allowing it to serve as a nexus for the East and West, along with being in the heart of the Africa-Middle East-Asia triangle. Dubai’s rapid growth and strategic location have contrbiuted it to gain the reputation of being an easy place to do business.
Other reasons include: Safe and robust governance, an educated supply of human capital with diverse professional experience hailing from all corners of the globe, no capital repatriation restrictions no share capital requirements, no physical office requirements and lower set-up costs compared to other onshore jurisdictions.
First, you’ll want to figure out where you want to operate. If you’re looking for Dubai to serve as a hub for regional commerce, a Free Zone entity will suit you best. If you want to service Emiratis, a Mainland firm might be a better option. There are a total of three options:
UAE Mainland, UAE Free Zone & UAE Offshore and let’s see what each of them offers.
1) UAE Mainland:
If you wish to set up your business in the Mainland area, then you need to first gain a thorough knowledge of the UAE Mainland market. You need to complete a lot of paperwork, fulfill obligations, and procure licenses to operate in the UAE Mainland.
The companies in the UAE Mainland are directed by the Department of Economic Development in every emirate.
Regions in the UAE where you can set up a Mainland company are Dubai Mainland, Abu Dhabi Mainland, Sharjah Mainland, and Ajman Mainland.
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2) UAE Free Zone:
Out of the 3 options to set up a business in the UAE, the UAE Free zones are particularly popular with foreign entrepreneurs and expatriate businessmen due to several incentive offerings, such as 100% company ownership, 0% corporation and personal tax, 100% repatriation of capital and profits, 100% import and export tax exemption, and no currency restrictions.
The UAE Free Zones offer world-class amenities, benefits, and perks, such as Flexi-office setups, Flexi-desk, access to freehold property, investors’ privacy, and limited reporting obligations.
The process of the company set up in a free zone can be initiated without even visiting the UAE.
Some of the most advanced and progressive free zones in the UAE are Dubai Free Zones, Abu Dhabi Free Zones, Sharjah Free Zones, Ajman Free Zones, and Ras Al-Khaimah Free Zone.
3) UAE Offshore:
UAE Offshore companies do not get operating licenses. They are given only a certificate of incorporation. Hence, the offshore company formation in any jurisdiction is an easy process.
However, you need to know all the rules and procedures to register an offshore company in the UAE.
Another benefit is that you can have 100% ownership, keep 100% of your profits, and maintain complete business secrecy.
The best jurisdictions in the UAE to set up your offshore company are Dubai Offshore, Ajman Offshore, Jebel Ali (JAFZA) Offshore, and Ras Al-Khaimah (RAK) Offshore.
As per a local consultancy service Danburite Corp, top 10 booming industries to start in the UAE in 2022 are:
Construction, e-commerce, tourism and travel, real estate, health and hospitality, consultancy business, hotel chains and restaurants and beauty and jewelry business. Though, rubber and plastics industry is one of the largest and most important industries in the UAE after oil and gas.
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Determine the type of legal entity.Choose a trade name.Apply for a business licence.Choose an office space (or not)Get pre-approvals, register your business and get your licence.
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