With oil prices reaching stability, 2017 promises to be a great year for the entrepreneurs in UAE. The data from project tracking service MEED (Middle East Economic Digest) Projects reveals a stupendous $4 billion worth of mall projects slated to start in 2017. This is a giant leap from the $502 million investment in this sector in 2016. There’s much excitement in the business circles of UAE with Expo 2020 just around the corner. The Hyperloop, the transport system which is almost supersonic in its speed will cut travelling time from Dubai to Abu Dhabi to mere 12 minutes which gives you yet another reason to set up a business in Dubai. This also has been the cause of considerable impetus in the business sector in UAE.
Here are top 7 reasons why setting up a business in UAE in 2017 will be one of the best decisions you make:
1. You get to choose your work
As an entrepreneur you get to choose what work you want to do, you are the boss, and so you decide.
2. Flexible timing
There is no fixed schedule that you need to follow. But being an entrepreneur doesn’t mean that you can escape from doing your work. Although you wouldn’t have to worry about fixed timings, you can work whenever you want to, and no one would question you.
3. You get to voice out your thoughts
As an entrepreneur, you can generate ideas which will benefit your business venture. As an employee, you would not have the right to voice out your thoughts, but as the boss, it wouldn’t be hard to give ideas and implement them.
4. You do not report to anyone
As the boss you would not be answerable to anyone, common factors that an employee would have to follow in a corporate environment would not apply to you. You would not have to work under a senior management where you would be forced to complete tasks by following certain rules and regulations.
5. Enjoy tax breaks in the UAE
Owning a business in one of the free zones means that you won’t have to pay corporate tax or income tax. You still wouldn’t have to pay personal income tax outside the free zone in the UAE ‘mainland’, but the corporate tax payment depends on your industry.
The tax position will undergo a few changes with the expected introduction of VAT on the 1st of January 2018 for the UAE, with other Gulf Cooperation Council (GCC) countries will follow soon by January 2019.
Considering that VAT is an indirect tax, companies won’t be shielded from its impact, and so you will have to start thinking about putting in place tax administration systems. While there are chances that you could remain exempt, the suppliers outside the free zones will not be, and so VAT will affect the business model of firms operating within them. The expected rate of 5% is very low when compared to 20% in the UK and up to 27% elsewhere in Europe.
6. Experience is key
It is important that you have experience, as time goes by you learn how to deal with situations and that would mould you into a great entrepreneur.
7. You get to change the world
As an entrepreneur of a company in Dubai, you not only get to change your life but also the lives of many. Your business can be a reason to make a change in the world, and so it is important that you make right decisions this year and inspire the people around you.
A company formations expert can help you in setting up your business and they will make the road to entrepreneurship a smoother one.