What You Ought to Know If You Want to Start a Company in Dubai
Today, Dubai is known for its magnificent appearance Dubai is basically a symbol of prosperity and success. This is quite a turnaround story, considering what Dubai looked like just a few decades back. Nonetheless, thanks to the spirited leadership and Dubai’s ambition and hard work, this mere desert habitation has become an economic mammoth and the place to be. The type of economic prosperity in Dubai is very impressive. The Dubai government has helped to nurture and promote the economic state by introducing favorable corporate tax system and business friendly policies. Some of the things you need to know about starting a company in Dubai are discussed herein.
It is Not a Hassle For Foreigners to Start a Company in Dubai
The first economic free zone in the UAE was established by Dubai. This was meant to offer incentives to foreign businesses for them to set up shops in the country. The model allows none native entrepreneurs to retain full ownership of their businesses and companies. This is advantageous considering that certain countries with different models require an entrepreneur to have a partner who is a citizen owning 51% stake on the company.
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Starting up a company in a country that is using a free zone model is very beneficial for businessmen and women because they get to be exempted from both corporate and income taxes for a fifty year period. There are a variety of industries that Dubai focuses on these are the media, information and communication technology and healthcare industries. Some of the communities that every entrepreneur should consider joining once in Dubai are the Dubai Silicon Oasis and the Dubai Internet City.
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Dubai Has a Very Competitive Market
When it comes to Middle East and North Africa’s entrepreneurs, Dubai is definitely their go to hub. This is because, most of these businessmen and businesswomen find it very difficult to get a visa to the United States or Europe, and they end up relocating to Dubai. Dubai has a large market base and the competitive atmosphere, which many consider to be a strengthening factor to their businesses. Entrepreneurs in Dubai Benefit from being able to network with business professionals from different capacities who offer a variety of opportunities in growing their businesses. According to research, Dubai is the best entrepreneurial city in UAE. Dubai attracts the best talents and minds from all over the world.
Available Local Support
Startups require the support of different stakeholders in order to be successful. Dubai happens to be a city opulent in resources. Entrepreneurs starting out in Dubai benefit a lot from being surrounded by professional and well-educated workforce, which helps them to establish their businesses. Thanks to free zones in the UAE, anyone can succeed when coupled with the support available. All that is stopping your success is you not taking the action.