Dubai has gone a long way since its humble origins to become the thriving and productive economic center it is today. This is largely owing to the discovery of oil in the region in the mid-1960s, which sparked fast economic expansion and transformed the city from a modest trade hamlet to one of the world’s most lively social and business centers in just 40 years.
When we consider how far the city has come in such a short time, it’s clear to see why many entrepreneurs find launching a business here to be such an appealing possibility. In reality, Dubai’s Department of Economic Development (DED) reports a 13% rise in tourism over the previous year.
But, while it’s so easy to get caught up in the bright lights, fancy cars, penthouses, and “five-star everything” that have come to define Dubai over the years, it’s also easy to overlook the precise elements in place that make this city so appealing to large and small enterprises. Let’s look at five reasons why Dubai is an excellent place to start and expand a business in almost any field.
Why do most entrepreneurs prefer Dubai?
Dubai is the world’s fifth-fastest expanding city economy, according to the 2014 Metro global Report. Considering that the city-state was placed 18th the previous year, this is a huge 13-point rise, putting it far ahead of some other large cities, including London, which was ranked 26th. Here are some reasons why most entrepreneurs prefer Dubai :
- A large and readily available workforce. Finding the appropriate individuals to work with is one of the most difficult aspects of starting a new business. Dubai has triumphed once more. Its flexible and cost-effective labour regulations, combined with its pleasant working environment, make it simple and – probably most crucially – relatively inexpensive to hire personnel from practically anywhere on the planet.
- Infrastructure, location, and reputation. Dubai’s location, infrastructure, and business reputation make it not just a fantastic destination to conduct business from but also an exceedingly easy place to attract business to.
- Low entry obstacles and government support. Aside from the external considerations that make this a fantastic time to start a business in Dubai, the actual mechanics of starting a business are also appealing.
- Forming a new company is simple and inexpensive, and it can be completed in a few weeks. Furthermore, the government’s low-barrier-to-entry laws and pro-business policies encourage investment in new firms while facilitating commerce between the UAE and the rest of the world.
- Taxation Facilities. Finally, it’s hard to discuss the advantages of conducting business in Dubai without mentioning taxation – or, more accurately, the absence thereof. Except for the oil and banking industries, Dubai businesses pay a flat rate of 0% corporate tax, giving them an unrivalled competitive advantage in international trade.
Therefore, you must know all the strategies to grow your business in Dubai. Positive economic data in a climate that encourages entrepreneurship is one thing. Still, as with every company anywhere in the world, a thorough understanding of the complexities of the market you want to penetrate is essential.
