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Thursday, 16 August 2018

The 5 Most Powerful Reasons to Set Up Business in Dubai

Reasons to Set Up Business in Dubai
In the past decade, the United Arab Emirates (UAE) and, in particular, Dubai, has developed as a global industry hub. Due to the strategic location and open market, foreign investors and business owners from around the world are looking towards the Emirates for investments and as a destination for opening new and existing businesses.

In order to continue attracting diverse foreign businesses and investments, the UAE offers a variety of enterprise entity choices such as a Free Zone Company, a Limited Liability Company, a joint venture, and an Offshore Company. The government keeps their economy free and open and have minimal regulation and interference of private sector activities.

If you are considering opening or moving your business overseas, the UAE should be your top choice. If you are unsure why read on to learn the five most powerful reasons to set up business in Dubai.

1. The tax advantages 

The most significant (and obvious) reason to set up business in Dubai is that of the wonderful tax advantages that this Emirate offers. In fact, the city does not implement an income tax, nor corporate tax or personal tax.

Furthermore, Dubai doesn't have any foreign exchange restraints or trade quotas. Plus, there are low customs duties at 4% with numerous exemptions.

This should all sound very agreeable to any business owner who is looking to maximize profits (which should be every business owner). There is a reason that people praise Dubai for being a business-friendly locale!

2. The 100% foreign ownership 

In addition to the benefits of Dubai's tax structure, the UAE also allows 100% foreign ownership of companies, which is a practice that is quite different from that of many countries around the world where you need a citizen to act as a partner.

If you choose to open your business in Dubai, you don't need to have an Emirati partner and, as 100% repatriation of assets and gains is allowed, you can opt to keep your money in Dubai and move it in and out of the country as frequently (or infrequently) as you desire. This is preferable, considering the very stable exchange rate between the US dollar and the UAE dirham.

3. The complete anonymity 

The government of the UAE strives to keep the economy as open as possible and interfere as infrequently as possible. For this reason, you can carry out your business dealings in Dubai with as much anonymity as you desire. You don't even need to have public records of your directors and shareholders.

When you are ready to incorporate your company, you don't need to meet with authorities in Dubai; instead, you can have a registered agent do it on your behalf.

The complete anonymity is a large reason why many international companies have chosen to move their dealings to Dubai.

4. The flexible banking options 

Depending on the country where you are choosing to locate your firm, setting up an offshore company bank account can be one of the most challenging parts of the process. However, that certainly isn't the case in Dubai where banking options are some of the most flexible in the world.

In Dubai, you can efficiently and seamlessly open a corporate bank account that supports multiple currencies. Keep in mind that it may take up to four weeks to open the bank account, although this is a lot shorter period than that offered in most regions of the world.

5. The friendliness towards expats 

By now, you understand that Dubai is one of the most friendly destinations towards businesses, but what about the actual people? Again, Dubai wins on this front as the city-state is one of the most expat-welcoming destinations on the globe.

Opening a business in Dubai makes obtaining a UAE residency visa incredibly easy, which in turn allows you to rent property, seamlessly enter and exit the country without issue, and receive a Schengen visa with less stress. All of these things are crucial, especially considering the Dubai airport is a global aviation hub.

While you may not permanently want to move there (although you will never know until you try!), at least you know that the option exists. And, it isn't a bad place to reside — just ask the almost 90% of the population who are expats.

What are you waiting for?
If you are ready to take your business profits to the next level or are ready to take charge and become your own boss, speak with the best business formation service in Dubai as they can professionally guide you through the business setup, registration and licensing procedures in the UAE. After all, you want to get it right the first time to decrease the likelihood of unnecessary issues or challenges occurring later on.

Are you considering setting up a business in Dubai? What is standing in your way? Let us know your thoughts in the comments below!

Raj Herry is the Founder and Chairman of Flying Colour Business Setup Services. His extensive experience comes from more than 15 years in the field of company incorporation for Dubai Mainland, all Free Zones across the UAE and offshore companies worldwide. He also owns several business centers offering furnished and ready-to-move offices in Dubai.

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