A systematic and purposeful policy of business support has led to the fact that the economy of the UAE has grown multiple times over the past 50 years, and the small fishing town of Dubai has become a metropolis with a developed infrastructure: hotels, ports and airports, shopping centers, and artificial islands. It should also be noted that due to a significant migrant influx, the country's population has grown from less than 100,000 (1960) to almost 10 million (2018). How did the UAE as a whole and Dubai in particular, manage to achieve such impressive results? The article describes top nine reasons why Dubai is the perfect place to do business. So, here they are:
- Opportunities for doing business. One of the main success factors of this country is the Ease of Doing Business. Thanks to the thoughtful and consistent policy of the local authorities, Dubai has become the ideal place for doing business. The following things are among the top reasons why Dubai is the perfect place to do business: developed infrastructure, zero taxes, ease and speed of all bureaucratic procedures and active support of business by local authorities.
- Taxation. It may be hard to believe, but most of the taxes that people from Western countries (and not only Western countries) are accustomed to are not applied here – there is no profit tax, no corporate taxes, export/import duties and inheritance tax. The absence of taxes means great business environment which lets business to grow fast. It also provides perfect investment environment for business investors as there are no taxes on their income either.
- Receiving Residency Visa. The ease of obtaining a residency visa very successfully supplements the ease and simplicity of doing business in the country. In fact, companies in Dubai have no difficulties to invite best international socialist and that fact has become a powerful impetus to business development. It also applies for your family members who can also obtain their residency visa in the UAE quite fast and without any complications.
- The ease to move to UAE – the entire multinational environment and the great level of service makes the moving to the UAE to be the fast and uncomplicated process. And, since it is highly multinational expat city, you get very fast new friends and environment.
- Preferences in free zones. There are dozens of free economic zones in the country – special areas where the foreign ownership of the company is allowed, accounting requirements are simplified, and 100% repatriation of capital is possible. All this together with the simplified procedure of company registration in one of the zones, and access to local banks allows you to open a business and start working quickly. These Free Zones are located in various parts of the UAE and may be general or specialized, for example, in education, healthcare, commodities, etc.
- Access to the labor market. As it was already noted, good prospects for career growth, ease of obtaining a residency visa, high social standards have led to the fact that most of the country's residents are expats. A number of various specialists come here, so you have different options to choose from. And in case you cannot find personnel with the required skills in the UAE, you can easily invite such from abroad as getting employment visas is fast and uncomplicated process and the UAE is the place which is highly attractive for employees.
- Safety. This is also an important factor for growth and development. The country has a low crime rate; there are no unrests and social protests, so we can say that the UAE is a safe country in every respect. Thus this place is absolutely great for you and your family.
- International Experience – Dubai is quite unique in terms of great mixture of nationalities and cultures thus moving to Dubai means getting unique international experience in business and private live which is hard to get somewhere else.
- Steady Politics & Economic Growth – UAE strictly follows its long/term development plans and enjoys high level of economic growth and stability combined with the multi- faceted economy and the positioning as the global business hub.
Here we have listed top reasons why Dubai is the perfect place to do business, although many other factors that make Dubai the 14th city on the list of cities with the happiest people.