Small and Medium Enterprises (SME) has played a central role in empowering the private sector that has diversified UAE economy system. Since 2009, after the economic downturn, UAE has quartered itself to deal with any kind of global financial crisis.
Hence, segregation of business communities, categorizing entrepreneurship, fostering creativity & innovation and encouraging knowledge-based business-modules became the chief goal.
In less than no time, UAE had over 400,000 SMEs that contributed nearly 60% of the UAE’s GDP. Dubai alone accommodates over 95% of these SME establishments, that estimates 40% of Dubai’s economy. Thus, it is obvious that Dubai understands the credibility of these Small and Medium Enterprises. Dubai is the right place to start an SME business because it creates measures to enhance prospects.
Dubai continues to create opportunities for SMEs. Here are some of the examples that describe why you must start an SME Business in Dubai:
- Dubai hosts various high-profile event and exhibitions to create a platform for SMEs in the country. Such events see the entry of corporate giants with huge investments but also aids SME business in Dubai.
- Governmental agencies and private sector create a reserve for encouraging SME business in Dubai. As per a recent report the Emirates Development Bank has scheduled to allocate 1 Billion Dirhams for SME financing in 2022-23.
- The Dubai SME also offer various convenience for entrepreneurs willing to start an SME business in Dubai. They are provided with feasible interest rates, easy installments and relaxed laws.
- After the implementation of VAT SME companies or an SME business in Dubai can easily take loans. Gaining credit from banks is now easier for SMEs in Dubai as their finances will not be recorded as per the tax law and the turnover will not be dubious for the lenders.
- Dubai comprehends that the SME businesses are undoubtedly a major backbone to the pecuniary upliftment, that has fortified the SMEs as a strategic priority in even engagement made by the government.
- The Dubai government is generating equal participation for SMEs. SME businesses in Dubai will have no tender bonds, no advanced payment guarantees and other such leverages for the most-awaited exhibition to be held at Dubai South.
- Furthermore, ‘Superstore of the Future’ will propose a tender making it convenient for the small and medium of the retail sector to various upcoming business opportunities in Dubai.
- SME business in Dubai would also see 245,000 new jobs in the subsequent years from the event, hospitality and tourism will grow by Dh143 billion, IT start-ups and business consultancies are also going to be largely benefited.
If you want to start an SME business in Dubai, contact Shuraa Business Setup. Our business consultants do not only provide you free business consultation but also offer cost-effective measures to start a business in Dubai and across the UAE.
For more details on SME business in Dubai or any other business setup services in the UAE contact Shuraa Business Setup today!