According to the Global Entrepreneurship Index, a report published by Opinium Research and the Mara Foundation, UAE ranks 16th in the list of countries that are most feasible for entrepreneurs. The report covers 85 markets and is based on five broad pillars of finance, policy, entrepreneurial atmosphere, infrastructure and education, with each containing between three and seven indices. A preferred destination for company formation uae by young foreign entrepreneurs today, UAE has even surpassed other developed nations like Germany, Italy and Japan and outranked neighbouring countries like KSA and Qatar.
The UAE government has always spearheaded the move to attract foreign entrepreneurs in offshore company formation in the UAE. The government has understood that this will help in diversifying the economy and in generating more jobs. As emphasised by Crown Prince of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the thrust of the UAE economy is on creativity and innovation, with a definite move towards a knowledge-based economy.
Here are 7 reasons why UAE features in the list of top young entrepreneur friendly destinations in the world:
1. Positioning: UAE is positioned as “preferred global investment destination” by the UAE government in line with the UAE Vision 2021. Launched in 2010, the Vision 2021 aims for the Socio-economic development of the UAE with an emphasis on shifting to a diversified and knowledge-based economy.
2. Policies: With clearly defined legislative and regulatory frameworks in place, young entrepreneurs are confident that their rights and interests will be protected making UAE a fertile ground for the success of their business venture.
3. Focus on Innovation: UAE Government is at the forefront of keeping up with the latest global economic trend.His Highness Sheikh Mohammed bin Rashid Al Maktoum highly encourages investment in innovation and creativity. This has led to some of the some of the biggest names in the digital world to invest in Dubai and UAE. A prime example is the recent acquisition of Souq.com, a home-grown ecommerce venture by Amazon, the global ecommerce giant.
4. Foreign investment friendly: Foreign investment is at the heart of UAE’s growth strategy for prosperity and regional expansion. Young entrepreneurs have discovered that UAE has the perfect climate for business setup, with remarkable opportunities.
5. Digital infrastructure: With high smartphone adoption rates and social-media usage rivaling even than of the United States, the UAE government is a leader in digital adoption; paving the way for the country to transform itself into a leading digital economy in the region.
6. Thriving digital economy: Digital entrepreneurs have found a haven in the UAE. “The report on the ‘State of Digital Investment in MENA 2013-2016’ reveals that UAE attracts the most amount of investment into digital entrepreneurship in the Middle East and North Africa region. Today, UAE has gained precedence as the hub for tech start-ups in the region.
7. Dubai SME: A governmental body, the Mohammed Bin Rashid Establishment for SME Development (Dubai SME) was set to foster entrepreneurs in Dubai. It facilitates an environment for developing new businesses and a wide range of services like Development Advisory, Capability Building, Business Incubation, One-Stop Licensing, Funding, and Market Access Opportunities and more.
If you are entrepreneur dreaming to set up your tech start-up or setup your business in Dubai or any other emirate in the UAE, it is advisable to get in touch with a company formation expert in UAE who can make your dreams a reality, without the hassles.