Never wait for opportunities, create them. When your long wait for an opportunity does not find a result, never give up. There are so many of them waiting around to get explored by you. While coming to being an entrepreneur, one of the ideal locations to prefer would be the UAE. To set up a business in UAE Freezone is not a complicated one if you have the proper guidance. There are some reasons why the UAE occupies the top rank in the lists of ideal locations for business setup. When it comes to the UAE, Dubai is the favourite location for most people. Company formation in Dubai is the motive of all entrepreneurs looking for investor-friendly government and international exposure.
Perfect Client Bases
UAE is rich in client bases irrespective of the field you are planning to invest in. Be it fields like real estate, technology, retail, manufacturing, or fashion, UAE has ready access to client investments. This indicates the initial pull any startup could receive in the UAE market.
The Market Diversity
Choices of business in UAE would in fact create confusion among someone planning for a startup. The excellent and impressive client base available in UAE is the prime reason for this. Each of the Emirates in UAE specializes in diverse business cultures. According to the Ministry of Economy for UAE, Abudhabi is well known for the rich client base in industries including aerospace, defense, photochemical, and information technology. At the same time, Dubai is known for its investment in tourism, exporting, and financial sectors. Manufacturing facilities in sectors like minerals, metals, chemical, and food processing, transport, and electronic equipment have well-maintained foundations in Ras Al-Khaimah. To set up a business in the UAE Freezone becomes easier with these diverse market availability.
Learn from Expert Entrepreneurs
Being a hub of business, UAE has entrepreneurs from all around the world. This would be a chance for the budding entrepreneur to strengthen contact with many of the experienced business experts. This would help you to learn from their experiences and would let your business grow. Along with learning from experts, you can also get well with like-minded business people.
Entrepreneurial Culture
The major part of entrepreneurs in the UAE belongs to the startup or SME category. This is a clear indication of the fact that the UAE accepts startup missions to a great extent. Evidence of this is that The World Economic Forum has pointed out a few startups to shape the fourth industrial revolution. Out of the 100 startups pointed out, 27 are from the UAE.
High Networth Individuals
For every entrepreneur, the primary aim is to create a profit margin for their business. For that, they have to create a proper target group. For startup businesses that target wealthy clients, UAE stands on top. UAE has approximately 410,000 HNWIs living in the Middle East, with combined wealth holdings of USD 2.1tr. UAE is the largest wealth management centre, according to the Middle East Wealth Report 2017.
Funding Support for Startups
A recent law passed in UAE announced 5% of government capital projects will be allocated to small and medium enterprises. This is an initiative to boost small and budding businesses in UAE. In addition, this is a mission to encourage them to enter into major project contracts with government agencies and form alliances to compete for government projects.
Creating a Favourable Work and Reside Ambience
UAE occupies the top position in the world for quality of life and is known for its safe and secure work environment. This makes it more beneficial for entrepreneurs to run their businesses and stay with their families. Looking from a commercial perspective, UAE is ranked 11th in the world for overall ease in doing business. In addition to them, there is no personal tax, corporation tax required in Freezone businesses, or any requirement to submit returns for the vast majority of businesses. This obviously reduces the operational burden of running a company here.
Extended Visas for Entrepreneurs
From 2018, the Government of UAE started issuing five-year visas for people looking forward to starting a business in the country. Eligible candidates for the five-year entrepreneur visa must have a business with a minimum capital of AED 500,000 or the approval of an accredited business incubator in the country This is a clear fact proving the range of support given to budding entrepreneurs who wish to set up business in UAE Freezone.
Freezone benefits
The business setup in UAE is divided into three zones. Among these, the business set up in Dubai Freezone has some of the additional advantages. To set up a business in UAE Freezone, there is no corporate and personal tax for 50 years and complete foreign ownership. And depending on the nature of the business, one should obtain the right business license in Dubai.
These are some of the main reasons why the UAE is considered to be an attraction for entrepreneurs.
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