The most accurate definition of the term “startup” was given by guru of this field, Steve Blank: “A startup is a company created to find a replicable and scalable business model.” That is, this is a young business based on the original idea and the enthusiasm of its founders. For any startup to be successful, regardless of its nature, it is required, on the one hand, the basic idea of this business to be really worthwhile, and on the other hand, favorable starting conditions – the lowest possible taxes and expenses, opportunities for attracting additional funding from interested investors and hiring the best employees, in a word one needs a business incubator.
This country is an ideal place in terms of opportunities for a new business, and this has already been proven by more than 500 successful young companies, which grew from startups. Registering a company in Dubai is a suitable option for many new entrepreneurs who have a new idea:
- 0% income taxes for companies and individuals in free zones;
- Opportunity to attract investment in your business, including financing from government funds.
- Affordable visas for company owners and employees,
- Any infrastructure is available – offices, warehouses, access to transport, energy, etc.,
- Access to the labor market – you can organize any form of employment, including remote work.
- Quick process of registering a new company and receiving all permits.
- Proximity to the developing markets of a number of developing countries with a total population of more than 2 billion people;
- A high degree of technology penetration in society (for tech projects);
- High standard of living and high income of the local population and expats.
To open a business in Dubai with a limited budget has become even more comfortable with the appearing of large joint ventures such as Astrolabs Dubai and Impact Hub Dubai. Moreover, there are many business incubators in Dubai, such as Cribb and the in5 Innovation Center, which were created to support companies that were not yet operational at the time of their development.
It is effortless to register a new company in the free zone of Dubai – most of the documents can be submitted online. To reduce the cost of creating a new business, IT entrepreneurs are participating in the Dubai Future Accelerators program. According to this initiative, those who have passed the selection receive free accommodation, airline tickets, and can use the services of experienced mentors and equipped workplaces. Those who have already gone from a start-up startup to a successful company recommend starting a business in, Dubai Internet City, a free economic zone that specializes in modern digital technologies.
Besides, they plan to implement the SME 2021 plan shortly, one of the programs that will offer a strategic initiative to help increase the number of small and medium-sized enterprises. A new platform will be created where the problems of owners for small and medium businesses can be voiced.
Undoubtedly, developing a startup to the point where it becomes a recognized small or medium-sized enterprise is not an easy task. This will require courage, endurance and dedication. However, this is an inevitable step that will ultimately allow the business to reach its full potential.