Talking about the breeding grounds for global start-ups, few places come close to the UAE. Though faced with tough competition from countries like New Zealand, Singapore, Norway and Sweden, the UAE has been able to hold its ground in the battle to attract top entrepreneurs from the world over.
Even countries like Germany and Japan – that claim to be the best in the world for entrepreneurs, struggle to match the spectacular blend of dynamism, growth, technology, infrastructure, strategic location and government incentives that UAE has to offer.
For those who are still not convinced, we have listed the top five reasons why the UAE is one of the most exciting places in the world to establish and grow a business:
1. Economy and technology
Not many people know that UAE is not too far behind the US in being the most technologically advanced nations in the world. The UAE is a leading technology hub that brags about a healthy economy and offers attractive finance options, a strong infrastructure, and extensive government support for entrepreneurs.
2. Low taxes for businesses
There is no dearth of financial incentives in the UAE as it offers a highly tax favourable environment for most industries. This comes as a massive benefit to start-ups as the business setup costs in Dubai are very reasonable. But that’s not all, the government is implementing new reforms to attract the world’s leading business tycoons.
3. Government support
It won’t be wrong to say that the UAE is an incubator for small and medium businesses as a staggering 95% of all enterprises in the UAE are start-ups and SMEs. This is an exemplary example of the entrepreneurial nature of the economy here and explains how the large range of incentives offered by the government is a key driver of the start-up economy in the UAE.
4. Safety and lifestyle
Extremely safe and affordable for the expats, the country has undergone a thorough transformation to a modernistic and contemporary society that boasts a high standard of living, symbolized by the rise of Dubai as a major international business centre. An extremely safe and stable place to reside, the UAE is a very attractive place to live for foreigners.
5. Global connections
One of the biggest attractions that lure global entrepreneurs and investors towards the UAE is its stellar infrastructure, a robust banking system and stable politics. Endowed with a strategic location between the East and the West, the UAE is easily accessible to major emerging economies and links shipping routes thus facilitating the transport of goods between the various regions in the Middle East, Asia, Europe and Africa.
The Perfect mix
It is not just the economy or technology that makes the UAE so alluring for the entrepreneurs. There is a plenitude of inter-related factors, most importantly substantial government support, a safe living environment, dynamic business culture, strong start-up community, and low taxes. When combined, all these factors contribute to the emergence of the UAE as the ideal place for locating a new venture. If you have been convinced by these favorable factors and want to setup a business in Dubai or get word about business setup cost in Dubai, it will be best to reach out to some experienced business setup consultants in Dubai and get the ball rolling.