Dubai Government Continues to Position the Emirate to Attract Global Startups
No doubt, Dubai has become the preferred destination for startups and multinational corporations wishing to expand to the Middle East.
However, the big question is, how does the emirate measure up against other startup hotspots such as Japan, Singapore, New Zealand, Norway, and Sweden? Especially when you consider factors like government policies, economy, and geographical advantage.
Government Policies and Support to Foreign Investors
According to a report by Dubai SME, an agency of the Department of Economic Development, a whopping 95% of all businesses in the Emirate of Dubai are startups and SMEs. The UAE government recognizes that startups and SMEs are the anchors of any economy and have continued to promote business-friendly policies and initiatives.
Recently, Dubai Airport Freezone (DAFZA) announced plans to decrease the costs of setting up a business in the UAE. The UAE government has also come forward with a plethora of policies, all geared towards positioning the country as a level playing field for investors from across the globe.
Some of these initiatives include the 10-year residency visa policy for qualified entrepreneurs, investors, and highly-skilled professionals. The country is also enforcing policies that will allow foreign investors full ownership of companies established outside the free zone.
Technology and Economy
In a 2017 report, Digital Planet described UAE as a digitally advanced country, exhibiting high momentum. The report further noted that the United Arab Emirates, alongside Singapore and New Zealand, are leaders in driving innovation, building on their existing advantages in efficient ways.
In a similar report, the Global Innovation Index described the UAE as the number one environment for innovation in the Arab World. The report states that the country's culture of innovation is exemplified by new research institutions and technical centers set up to promote research, creativity, and innovation.
Besides being technologically advanced, the Dubai government continues to roll-out policies and initiatives to drive tech innovation and attract tech investors and entrepreneurs. One of such policies is the 5-year residency visa extended to entrepreneurs who have the approval of an accredited business incubator in the UAE.
Apart from boasting some of the best infrastructures in the world, the Emirate of Dubai is strategically located between the East and the West, making it a top choice for anyone interested in setting up an import-export business.
Over the past few decades, the emirate has linked shipping routes and facilitated the transportation of goods between the different regions in the Middle East. Asia, Europe, and Africa. The UAE's government tax incentive for goods coming through the various free zones also contribute to making the country a preferred destination for establishing an import-export business.
When it comes to setting up a new business, Dubai remains a top choice for entrepreneurs and investors, not just because of the country's economy but because of the unique mix of factors such as government incentives, technology and innovation, strategic location, and the dynamic business environment.
Looking at all these factors, you will agree with me that Dubai is an exciting place to start and grow a business.
For further information about setting up a business in Dubai or any part of the UAE, please do not hesitate to reach out to us.