Reasons Why You Should Start a Business in Dubai

INTRODUCTION  

Dubai is known to be the best place to start a business in. Dubai offers some advantages for anyone starting their business there. Some facilities make it so that it benefits business startups. Acquiring a Dubai business visa or residence visa does not require a sponsor in some cases.  

If you are looking to start a business, then this article will help to let you know why it is now the best time to set up your business in Dubai.  

Dubai’s economic growth has been increasing steadily over the years. In line with its development, UAE has also included benefits for foreign nationals to start their own business in Dubai.  

When you are visiting Dubai, foreign nationals are required to have a valid visa to enter UAE. Visit Dubai E Visa Online to apply for your visa online.  

STARTING A BUSINESS IN DUBAI – WHY IS NOW THE RIGHT TIME?  

To say that you should start a business in Dubai now is a cliché. It’s a sentence that has been overused. However, it is overused as it can be backed up with solid reasons. Here are a few reasons why now is the right time:  

• Residency visa 

UAE has now made it easier for you to get your visa. A ten-year residency visa with a Golden visa can be acquired without a sponsor. If you are an investor, entrepreneur, or skilled professional, you have the option to acquire a long-term visa without a sponsor. Further, you can renew the residency visa as well.  

People with the Golden visa can sponsor their families with the help of that visa. Students, graduates, skilled workers, and humanitarian workers also have a shot at getting this visa.  

Another type of visa you can apply for is a five-year green visa. The benefit of this visa is that, once again, you are not required to have a sponsor. And with this visa, you can sponsor your family and even first-degree relatives.  

• No more local sponsorship requirement  

Previously, anyone starting a business in Dubai and registering a company on the mainland had to have a local sponsor. Beyond that, the local sponsors were entitled to 51 percent of the share. Hence, to avoid the requirements of the local sponsors, companies were often established in the free zones. However, the restriction that comes along with the free zone is that you can trade only with companies that are within the free zone.  

All of these restrictions are no more as UAE now has no local sponsor requirement for foreign ownership of the mainland. Thus, you can start a business on the mainland and not worry about losing a major part of your shares.  

• Entry permit  

UAE offers an entry permit for entrepreneurs, investors, and such with an entry to explore the business opportunities in Dubai. Much like the residency visa, you do not require a sponsor or a host for this permit as well.  

• You can now regulate your virtual assets.   

UAE now has a framework for regulating your virtual assets such as cryptocurrency. The government in UAE has now introduced the Virtual Assets Regulatory Authority (VARA) so that your virtual assets can be regulated. Further, you can also acquire a permit to start a business offering virtual asset service.  

• Operation 330bn  

UAE is looking to elevate its industrial sector and its contribution to the global economy. Operation 330bn for industrial sectors and manufacturing sectors is founded upon core goals to increase their contribution to the GDP from Dh133 billion to Dh300 billion by the year 2031. One of the goals is to make UAE the central hub for future industries.  

• The Entrepreneurial National Project  

UAE has a wide range of projects and setups to support startups and SMEs in Dubai which are part of major sectors. One such project is Entrepreneurial National Project. The goal of the project is to have 20 unicorns in UAE by 2031 and to attract young and skilled professionals and foreign capital to the country.  

From the aforementioned points, it becomes evident why Dubai is the best place for you to start your business. You can set up your startup in Dubai easily with all the benefits that are assigned for foreign nationals starting a business.  

READ ALSO: FUTURE OF EB5 GOLDEN VISA

SOME THINGS TO KEEP IN MIND WHILE STARTING A BUSINESS IN UAE  

• Get yourself a registration agent  

While starting a business in UAE, you will be required to register your business and such. If you hire an agent, all of the processes will be easier for you. Everything from opening a bank account to arranging an auditor and so on will be made easier with their help. Moreover, you will get proper guidance and assistance throughout.  

• Find the perfect location for your business  

Your business should be accessible to your target audience. So, your location should also correlate with the product or service you are selling and with your target audience’s location as well. You will not be able to see a profit if the locals cannot find your business to be accessible. Hence, do proper research on the location of your business.  

• Get initial and final approval  

Your business set up in Dubai need to get initial approval to start planning your business set up in UAE. This approval will assure you that there are no objections to you starting a business in Dubai. And the final approval will have to be acquired once you have all the documents, addresses, and legal information.  

CONCLUSION  

Dubai is a thriving hub for business startups and businesses in general. If you are an investor, entrepreneur, or skilled professional, then there are very few reasons for you to not start a business in UAE.  

Dubai provides several facilities to make the process of business setup easy and convenient. So, when you are starting up a business in Dubai, make use of all the benefits UAE provides for businesses for foreign nationals.  

The addition of new reforms has increased the influx of foreign nationals starting their business in Dubai. Similar to them, you should also start your business in Dubai. Within the first nine months of 2021 alone, Dubai got Dh15.9 billion in Foreign Direct Investment alone. In the presence of these statistics, it becomes pretty solid as to why you should start a business in Dubai.  

When visiting Dubai, foreign nationals need a visa to enter Dubai. Dubai E Visa Online will assist you in acquiring one. You should apply for your visa online through the website and your processed visa will be sent to your mail within 3-4 days.