Reasons you need to setup a business in Dubai
As per a recent report, Dubai ranked first in the Arab world and 11th globally in ‘future readiness’ for 2019. In a media release, the Global Competitiveness of Talent reported by the Institute for Administrative Development in Switzerland, in cooperation with the Dubai
Competitiveness Office in the Department of Economic Development (DED), evaluated various cities across the globe. Their criteria on which the cities were judge included – investment in developing local talent; future readiness based on currently available talent and future readiness as a magnet for international talent.
In the past year as well, Forbes had listed Dubai as one among the top influential cities in the world. Comparing Dubai with the leading metropolitan cities such as New York and London – Forbes distinguished the city to be commercially affluent. Forbes also quoted that Dubai has immense foreign investments, upholds a corporate environment, economic growth and technological outburst.
All these attributes have extensively contributed in the growth of Dubai. However, these are not the only reasons you need to setup a business in Dubai. Situated right in the corner of the Arabian Peninsula, Dubai offers lot of reasons that incline entrepreneurs to setup a business in Dubai.
Here are the top reasons why you need to setup a business in Dubai
Company formation in Dubai is highly endorsed by the entrepreneurial ecosystem. This is relatively nurtured by the Dubai government and the entire judicial system. Moreover, the cultural frameworks, supportive institutions and the capital structures offered for Dubai company setups favour entrepreneurial ecosystem.
According to the Global Entrepreneurship and Development Index (GEDI), UAE ranked 19th, while most of the highlight was given to Dubai based on the entrepreneurs’ aspiration, attitude and activities in the city. Also, the Global Innovation Index report (INSEAD) ranked UAE 47th in innovation performance. For which yet again, Dubai has a large part to play. These accomplishments have not only contributed towards the country but also created an ecosystem for the local and international entrepreneurs making it one of the top reasons to setup a company in Dubai.
Innovative Commercial Setups:
Another reason why you need to setup a business in Dubai is the regions invention-based commercial market. Dubai encourages ground-breaking and innovation-based company formation in Dubai. The Dubai government believes that innovation is a catalyst for the growth of economic development.
Dubai provides ultimate support and offers liberty to Innovative Businesses. Be it a mainland company formation in Dubai or a free zone region, innovation company setups are uplifted. Dubai free zones supporting innovation led activities are Dubai Biotechnology and Research Park, Dubai Media City, Knowledge Village, Dubai Internet City, Dubai Design District and several others. Also, Research and Development activities are received well under Dubai Mainland business setups. Dubai aims at creating an economy completely regulated by innovation and an environment directed through invention, research, high-tech and developed application.
Import export business, trading and tourism are the cornerstones of Dubai’s diversified economic growth, among the various other sectors. Company formation in Dubai is also ideal as it uses economic diversification as a reliable catalyst for GDP acceleration.
However, this diversification is not only limited to these sectors – the maximum economic growth and GDP acceleration is derived from the Small and Medium Enterprises SME’s. SME’s diversify the economic system of Dubai on various grounds. A recent new report from Dubai Economy noted that Dubai enjoys an extremely diversified economy with its GDP contribution coming in from over 20 sectors. Moreover, the year 2020 has spurred massive foreign investments in diversified commercial module.
The Mohammed Bin Rashid Establishment for Young Business Leaders and the Mohammed bin Rashid Al Maktoum Foundation are the two major initiatives of the government strongly supporting the development of budding entrepreneurs in the region. Similarly, Dubai SME, an agency of Department of Economic Development in Dubai offers financing options and many support services including advisory and incubatory services to small and medium enterprises. Dubai SME offers support services to startups and established businesses.
Not only economically, the government motivates company formation in Dubai by creating an environment that encourages business leaders to think innovatively. Some other governmental authorities that support entrepreneurs are Dubai Chambers, i360 accelerator, Arab Science & Technology Foundation, etc. The Dubai government also equally motivates foreign investors by introduces ownership benefits, financial bonus, tax-advantages and more.
Interested in setting up a company in Dubai?
Speak to an expert on company formation in Dubai from Shuraa Business Setup. Call +97144081900, WhatsApp +971507775554 or email us on firstname.lastname@example.org