What to Know About Starting a Company in Dubai
Dubai is today known for its stunning appearance. Everything about it is a symbol of prosperity and success. This is a motivating story with regards to Dubai’s appearance a few decades ago. Nonetheless, thanks to the spirited leadership and Dubai’s ambition and hard work, this mere desert habitation has become an economic mammoth and the place to be. The economic prosperity experienced in this area of the Middle East is quite impressive to say the least. The government in Dubai has fostered an environment friendly for business by introduction of friendly business policies and favorable tax systems. Here are some facts one should know about starting a company in Dubai.
It is Not a Hassle For Foreigners to Start a Company in Dubai
Dubai started the First economic free zone in the UAE. This was meant to offer incentives to foreign businesses for them to set up shops in the country. The model allows none native entrepreneurs to retain full ownership of their businesses and companies. This is a great advantage because in other countries, which do not have the free zone model, an individual must have a local business partner who owns fifty-one percent stake in the company.
What Do You Know About Formations
Starting up a company in a country that is using a free zone model is very beneficial for businessmen and women because they get to be exempted from both corporate and income taxes for a fifty year period. The healthcare industry, information and communications industry and the media industries are usually the main focus in Dubai. If you are planning to begin a startup in Dubai, the best communities you can join are Dubai internet city and Dubai silicone oasis.
Resources Tips for The Average Joe
Dubai Has a Very Competitive Market
When it comes to Middle East and North Africa’s entrepreneurs, Dubai is definitely their go to hub. This is because, most of these businessmen and businesswomen find it very difficult to get a visa to the United States or Europe, and they end up relocating to Dubai. Many entrepreneurs tend to feel that their businesses are strengthened by the size of the markets and the level of competition in Dubai. Entrepreneurs in Dubai Benefit from being able to network with business professionals from different capacities who offer a variety of opportunities in growing their businesses. According to research, Dubai is the best entrepreneurial city in UAE. It attracts the best talents and minds in the world.
Readily Available Local Support
Startups require the support of different stakeholders in order to be successful. Dubai has quite a wealth of resources in a number of ways. Those who start out in Dubai have an edge because of the professionals and well-educated workforce present there. Thanks to free zones in the UAE, anyone can succeed when coupled with the support available. All that is stopping your success is you not taking the action.