Planning to start a new business in UAE? It is a perfect decision, as doing business is hassle-free in the UAE. The government encourages both business and investment policy, besides foreign investment. It offers an incentive for starting a new business in the UAE.
Why consider a business startup in the UAE?
A business startup in one of the wealthiest countries, the UAE, is nothing less than a dream. UAE is renowned for its fidelity to foreign investment. It offers an open policy for international businesses. The reputation of the UAE attracts foreign companies as they provide various schemes. It is a way of promoting the UAE for its exceptional beneficial features.
Foreigners opening their business in the UAE need no Emirati shareholder. The amendments are now to invite more entrepreneurs and to establish companies fully. There are no nationality requirements. Foreign companies can now open their branches as the need for the country’s citizens as agents are cancelled. All these changes are due to the pandemic. The UAE is changing policies and welcoming foreign visitors, entrepreneurs, and startups.
The UAE has Dubai, Abu Dhabi, Ajman, Sharjah, Fujairah, Umm al Quwain, and Ras al-Khaimah, seven emirates. Each emirate has its unique procedures. Thus, before starting a new business in UAE, check their latest details for your safety.
Advantages in UAE-free zones
1. The UAE’s free zones permit the creation of business startups without a local sponsor’s partnership. It is aiming to invite foreign investors. However, these zones belong to the state territory and feature custom duties, taxation, etc.
2. There are many free zones in the UAE: Sharjah free zone, Dubai free zone, RAK free zone, and more. Some are reserved, and others are providing licences for businesses.
3. The biggest advantage of the free zone is the income source from leasing office spaces. The free zones conduct their administration, and so the licensing fees also vary.
The key advantages of the free zones are:
1. Ownership of shares of a company for 100% without any local agent involvement.2. You can send profits and capital back home, and there are no restrictions on the currency.
2. Duty-free goods import, exemption from personal, corporate, or income taxes.
3. Excellent communications and infrastructure.
4. Resident visas are readily available.
Opening in the UAE a business startup will ensure benefits:
Developed infrastructure: There are business centres, industrial facilities, and offices in a large number. At the same time, new buildings are being constantly constructed.
Registration for offshore and on-shore companies is possible, as the process of registration is quick. Doing it with professional consultants is helpful as it creates no obstacles in fulfilling the constituent documents.
A glance at the benefits of doing business in the UAE
It has a growing economy and is dynamic, attracting foreign investors and global companies. The wealthy emirates have a stable financial climate that, right from multi-million dollar conglomerates to startups, thrives.
Foreign ex-pats planning to set up business in the UAE can enjoy procedures and minimal documentation. Thus, setting up of a business startup, business registration, licencing, etc. is easy.
The UAE government permits foreign participation to be 100 per cent. A long-term visa is for 10 years for professionals, property owners, and business owners in the new international visa system. The country also offers incentives to businesses operating in free zones.
Conclusion
The UAE’s economy is showing significant growth and is attracting business startups aiming to bring in foreign investors. It is a hassle-free business setup process.
