Is Dubai good for Entrepreneurs? The time really has never been better to pack your bags and move to Dubai! With 0% income tax, strategic location, and falling rents, starting your business in an incredibly welcoming environment has never been easier.
In fact, over 20000 new businesses launched in Dubai in the last few years, and most of them were overseas entrepreneurs. Furthermore, here are 7 reasons why Dubai is the right destination for ambitious entrepreneurs.
0% income tax:
It’s slightly a myth to say that Dubai is tax-free. Actually, their corporation tax is only obligated to gas, oil and natural resources companies. And recently VAT charged 5%. However, Dubai has much to recommend when it comes to tax with no direct tax on personal income and corporate profits, 100% return of investment and profits permitted and low customs duties with many acquittals. Even more, the city is an attraction for any employees you may have because of no income tax compared to 30-50% income taxes in most major countries. Simply, they’ll get to keep everything they earn!
Defeating many concerns about high living costs, you can find a win-win situation as you save far more because of low taxation.
Since the property market was opened for foreigners in 2006, the city has always had a fickle market relatively. However, compared to some of the world’s most luxurious cities like New York, London and Singapore, Dubai’s property cost is still cheap. One quick example is enough to clarify the concept: A prime two-bedroom apartment in Singapore costs around 5.5 million dollars, whereas the average residential unit cost in Dubai is around 462 thousand dollars in specific locations leading Dubai to the second place in terms of housing investment currently according to Saville.
In the last years, people used to be concerned about choosing Dubai as a residency because of high property prices. Yet, according to the UAE, house prices have fallen by over 5.9% in the last few years. In addition, Property Monitor approximates that rents and house prices have been down by over twenty-two per cent in the last seven years in some areas like the International City in Dubai. It is an excellent bargain but you can’t depend on this recession for too long, especially with a rapidly growing economy like the UAE. So if you plan to make Dubai your home, the right time is now.
Easy relocation for entrepreneurs
With almost 92% of the Emirate’s population being made up of expatriates, as the Dubai government estimates, you can be sure that relocating to this city is a usual easy process for both you and your employees.
Making the process even more comfortable, specialized companies help you relocate your business and take care of all tiring details such as licenses, orientation, requirements, and other procedures that can drain energy.
With that all considered, you will find the relocating process consuming less time and less research with minimum details.
What makes Dubai a great city for entrepreneurs (among other reasons) is how easy it makes your contracting enforcement, property registration, construction permissions and other procedures. Not to mention its geographical positioning at a crossroads between the Middle East, the rest of Asia, Africa and Europe, making easy business engagement with international companies. Fewer complications and an excellent fundamental for your global oriented business.
One of the major concerns for business entrepreneurs is having to hand over a part of their business when working in a foreign country. Still, Dubai has overcome these concerns with its many free zones where you can maintain 100% of your foreign business ownership. A respectful and encouraging indicator that puts the UAE at the 21st position in the 2018 World Bank Doing Business report.
Safe & cultural diverse location
The idea of flying their family to the Middle East has been concerning many entrepreneurs, especially with the conflicted areas in different countries. Still, you don’t have to worry about that when it comes to the UAE. Fewer countries in the world are safer. Also, living in Dubai gives cultural benefits for you and your family. With the cheap flight advantage, you are only 4 hours away from the great Egyptian pyramids, 6 hours from the Bangkok excitement and 6 to 8 hours from the greatness of Europe. Add up to that, you will enjoy not one but many cultures across Asia, Europe, Africa and the Middle East.
More rights for women
Whether you are a woman and concerned about the business environment or you are a man who is concerned about the rights of your female employees, you can be sure that won’t be an issue when living in Dubai as the government is committed to achieving equal rights and opportunities for women through many organizations such as the Dubai Business Women Council that helps in many aspects of women employment.
To sum up, with a flourishing business landscape helped by government incentives and ease of setting up new enterprises, Dubai is an appealing destination for the business-minded dreamers. Taking the previous points into consideration will help you notice the country’s progressive, forward-thinking strategies to polarise business owners and entrepreneurs from all over the world with a welcoming environment, fantastic location, facilitation and huge efforts that leave no doubts that the time has never been better for entrepreneurs to start up their business in Dubai.