The United Arab Emirates consists of seven independent emirates. Each Emirate has its own speciality and offers great economic features for business. The location of the UAE is ideal, it shares borders with Oman & Saudi Arabia while having maritime borders in the Persian Gulf with Qatar & Iran. Owing to such an advantageous location, UAE has become a major international business centre.
Expats can start a business in two areas – Freezones & Mainland. There are more than 45 Freezones to choose from. These are formed in order to attract business – foreign investors and entrepreneurs. Freezones have become one of the main factors in the development of international business in UAE & great incentive for moving various large and medium-sized companies to UAE. Apart from this, UAE also offers to establish offshore companies, which can conduct business outside the UAE, but they can acquire immovable property in ownership within the country, participate in investment projects and serve as owners of other companies in the UAE and abroad.
Some of the advantages of starting a business in the UAE are as follows,
- One of the major advantages is due to its geographical location. It makes international trade flow with lesser costs. The country’s network of advanced ports, airports and international transport systems makes it convenient to facilitate trade and business. The UAE also holds international trade agreements with various countries around the world making it easier to conduct business.
- Freezones give various benefits to the business owners such as tax-free business, 100% ownership of the business, no capital investment restrictions, information of directors is confidential, the possibility of 100% capital & profit repatriation, no trade quotas or impediments etc.
- UAE recently introduced long-term residency visas. This means foreigners can work without the need for a local sponsor and own 100% of their businesses on the Mainland. These visas will be issued for a period of 5 or 10 years and will be automatically renewed. Investors with a minimum investment of AED 10 million in public investments are eligible for a 10- year residence Visa. The Golden visa holders get special privileges in the country.
- The country has no currency regulations and no restrictions on the repatriation of capital.
- UAE legislation on foreign investment is continuously improving and aimed at protecting the interests of foreign entrepreneurs. Bureaucratic procedures are practically non-existent. UAE is extremely tolerant of all religions and world cultures.
- The way of life is added benefit. The minimal crime rate, minimal taxation, stability of the current national currency, broad proposals for residential and commercial properties for their purchasing and renting, and the perfectly organized infrastructure – all make starting a business in UAE very attractive.
- The emirates state is wealthy and offers stable financial situations to all companies, leading to a huge inflow of foreign capital in this region. Thus, making the economy even more strong. Moreover, due to the rapid pace of development, UAE is leading in tourism which means that it boosts the economy overall creating favourable circumstances for new businesses.
- New business owners don’t have to worry regarding the workforce they’ll need, both skilled and unskilled, flock to the UAE in search of work from all over the world.
- If new business owners are planning to settle with family they don’t need to worry about education and healthcare. UAE holds strong healthcare and education policy.
So, are you excited to start your business in UAE? If yes, then contact us today and you’ll be in the right hands!