The UAE is one of the world’s most famous business destinations. Organisations of all shapes and sizes call the Emirates home, from startups to prestigious multinationals such as Facebook, Google, and Microsoft, to name just a few.
Of course, this vibrant business landscape doesn’t exist out here by chance. Entrepreneurs and business owners from every corner of the world flock to the UAE for a reason; in fact, for many reasons.
So, if you’re looking to start a business, expand into new markets, or relocate overseas, here are eight great reasons to do business in the UAE.
Against the seemingly constant fluctuation of global markets, settling into a jurisdiction with a stable currency is critical. And the UAE offers just that.
Our currency, the UAE Dirham (AED), has been pegged to the dollar since 1973 and has set a constant rate since 1997. The result is an economic landscape protected from many of the fluctuations that impact this part of the world; and one that holds its own against other global players such as the British Pound or Japanese Yen.
It is impossible to talk about the benefits of doing business in the UAE without mentioning its appealing tax environment.
Today, the UAE is still free from income tax for all residents. Corporation tax is also zero for businesses, outside of a few industries considered to be of national importance, such as oil and gas exploration.
VAT is also incredibly low, at a flat 15%. Other liabilities such as customs tax can also be avoided by setting up in one of the nation’s many free zones. Free zone businesses also benefit from zero currency restrictions and the freedom to repatriate all capital and profits.
The UAE is not just a great place to work; it’s a great place to live too. The country’s rulers have invested heavily in its healthcare sector, resulting in one of the world’s best systems.
In a 2018 global survey , the UAE healthcare system ranked in 10th place with an efficiency score of 59.7, ahead of Canada, Norway, Sweden, and the USA, among many others. Hong Kong scored highest with 87.3.
From its strategic location at the heart of the Middle East, the UAE is one of the best-connected countries in the world.
Dubai alone offers direct flights to 97 countries. From a personal perspective, this means you’re only ever a flight away from your loved ones. From a business perspective, this puts two-thirds of the world’s population within eight hours of flying time.
This hyper-connectivity also lends itself to global trade. The UAE is at the crossroads of Europe, Asia, and Africa, with easy access to the vast markets on every continent. Flight links are just one part of the UAE’s incredible infrastructure. It also offers busy links via both road and sea.
Furthermore, this location also affords the UAE an accommodating time zone that overlaps with most of the world’s foremost business hubs, from the USA to the Far East.
A global community
There can be few nations in the world more accommodating to expatriates. The expat population in Dubai accounts for over 80% of the population. And it’s made up of people from all over the world, with an estimated 200 nationalities calling the UAE home.
This vast expat population has trodden a well-worn path, meaning the systems for immigration and relocation to the UAE are now among the most efficient in the world. Wherever you’re from, you’re sure to receive a warm welcome in the Emirates.
An open and free system
The UAE prides itself as a nation on its open and free system. Supportive economic policies, minimal government control or intervention, and few barriers to entry in the private sector combine to facilitate seamless Foreign Direct Investment (FDI).
Such is the ease and efficiency of our business environment that the UAE ranks 16th out of 190 countries in The World Bank Ease of Doing Business Index with a score of 80.9 out of 100. This puts our country ahead of prestigious locations such as Germany, Japan, and China.
A safe environment
The UAE is one of the safest countries in the world, regularly ranking highly in the Global Peace Index. Last year, we also placed in the top ten countries in Gallup’s Global Law and Order Report.
Consistent investment in law and order has served to keep crime rates low, and created an environment of safety and wellbeing for its Emirati and expatriate community.
Start your business in the UAE with Worldwide Formations
By following the steps above, it is possible to start a business in the UAE with minimal fuss.
However, it is always advisable to undertake the steps with the assistance of a registered company formations agent to eliminate any potential hassles that might arise.
With more than 15 years of experience in company incorporation, Worldwide Formations can help you get your business up and running within a week or two. We’ll manage every aspect of the company formation process.
First, we’ll help you outline your business activities, as it’s critically important that you list every activity that applies to your business when making your application. Failure to do so can lead to fines or even license revocation.
Next, we’ll help you choose a company name – a process that takes on more importance here in the UAE. That’s because, as well as the need for a name that’s catchy and captures the essence of your business, you’ll also need to stick to the UAE’s clearly defined naming conventions.
With these decisions made, we’ll also manage both your trade license and visa applications, liaising with all government bodies and authorities for you. We can even assist with the opening of your corporate bank account.
All you need to do is wait for the green light to start trading.