Over the course of the last forty years, Dubai has experienced a remarkable transformation, emerging as a prominent international center for commerce and affirming its status as the premier city within the United Arab Emirates (UAE). In the 2019 World Bank report on the ease of conducting business, the UAE was positioned at the commendable 11th rank globally, attesting to its favorable conditions for entrepreneurial activities. Additionally, in the same report, the country was ranked 25th for its friendliness towards new business ventures, out of a total of 198 economies.
What sets Dubai apart as the ultimate city for business start-ups?
1) Secure and Safe Environment
Dubai provides a highly advanced banking system, offering a secure environment for foreign individuals to establish and conduct business operations. In the year 2017, the UAE, especially Dubai, was home to 12 banks that were recognized as among the Middle East’s 50 most secure banks. These banks, supported by respected private entities, the Dubai/UAE government, or international banking institutions, guarantee the provision of reliable and secure banking services for entrepreneurial ventures.
2) Transport and Logistics Infrastructure
Located in the heart of the Middle East, Dubai has established itself as a prominent trading hub, attracting a multitude of new businesses. This is largely due to its state-of-the-art infrastructure network, which seamlessly connects the city to a vast market of over 2 billion people spanning Asia, Africa, and the Middle East. Boasting an extensive transportation system, Dubai is served by more than 120 shipping lines and 85 airlines, providing unrivaled accessibility to over 130 global destinations. Moreover, the absence of trade barriers, quotas, and exchange controls presents new businesses in Dubai with boundless import opportunities.
3) Numerous Free Zones
Dubai accommodates approximately 30 Free Zones, which attract numerous foreign companies through their favorable tax-free atmosphere, adaptable ownership policies, and simplified incorporation procedures. Seeking assistance from business setup consultants in Dubai can optimize the process of establishing a business presence within these zones.
4) Stable Exchange Rates
The UAE Dirham (AED) has been widely acknowledged as one of the most stable currencies on a global scale. Its exchange rate has been pegged to the US Dollar since 1973, standing at 1 USD to 3.67 AED. This remarkable stability empowers start-ups in Dubai to engage in international transactions with confidence, as they are shielded from the risks associated with exchange rate fluctuations.
5) Multicultural Environment
Dubai’s remarkable economic growth has captivated a broad spectrum of skill and expertise from all corners of the globe. The favorable cost of establishing a business in Dubai serves as a motivating factor for international investors, fostering a cosmopolitan atmosphere that is highly conducive for burgeoning start-ups.
6) Friendly Immigration Laws
Dubai upholds an immigration policy that is favorable towards expatriates, streamlining the procedures for business proprietors and their staff to obtain residency. The duration of residency generally spans from 2 to 3 years and can be effortlessly extended, thereby fostering an accommodating atmosphere for new enterprises.
Avenir Consultants 