Dubai, UAE is one of the most thriving cities in the world and has surfaced to be one of the world’s leading international business centre.
Dubai continues to make global headlines, making it an attractive destination for businesses and tourists alike. Dubai offers businesses a distinctive environment with its rich culture and diverse multicultural population from over 190 nationalities. Dubai is known for its quality of work and life unparalleled in the Middle East.
Starting a business in Dubai is relatively easy when compared to some of leading global markets. With abundant free zones, low import duties, excellent infrastructure and a strategic location, it is a great choice to form a company in Dubai.
Why Setup a Business in Dubai?
1. Diverse Economy
Dubai is the most prosperous economy within the GCC region for diverging away from oil. The economy has been booming with tourism, trade, transportation and logistics, accounting for over 60 percent of Dubai’s GDP. A significant revenue increase in exports, manufacturing, and transport and hospitality sector has assisted Dubai to maintain its economy after the setback during the recession in 2009.
2. Legal Structure
Trade Laws, Investment Laws, company regulations and incentives are constantly improving to advance foreign investment. Dubai is the UAE’s first emirate to encourage foreign ownership in its property market. The new UAE Companies Law is set to improve the economy’s competitiveness and performance of the business environment.
3. Free Zones for Business Setup in Dubai
There are more than forty Free Zones in the UAE that typically allow full foreign ownership. The major free zones in the country are located in Dubai, including the Jebel Ali Free Zone Authority (JAFZA), Dubai Technology and Media Free Zone (TECOM), Dubai Airport Free Zone Authority (DAFZA) and Dubai International Financial Centre (DIFC). The lack of personal income tax and capital gain tax for free zones companies remain one of the biggest incentives for foreign company formation in Dubai.
4. Government Support
The Department of Economic Development (DED) of Dubai supports the emirate to transmute into an innovative, diversified, knowledge and service-based economy to improve the business environment and increase productivity. The DED develops economic plans, support and identify strategic sectors, and provide crucial administration services to domestic and international businesses and investors.
5. Advantages of Business Setup in Dubai
Dubai being one of the seven emirates of the United Arab Emirates (UAE) benefits from other business setup advantages provided by the country itself.
- Low Import Duties
- No Taxes
- Double Taxation Agreement
- Free Trade Agreement
- Robust and Competitive Economy
- Strategic Location
- World-class Infrastructure
- 100% repatriation of capital and profits
- No foreign exchange control