- July 31, 2019
- Posted by: Aswani
- Category: Blog
UAE is one of the fastest growing economies in the world that promises a fertile ground for growing businesses. The country has always been open to expats and the recent initiatives by the government proves the fact. There is a large portion of investors who consider UAE as the number one spot for Business setup in UAE and the reasons are many.
What makes UAE the best place to setup business?
UAE is easily accessible to most of the major economies, which makes the transportation of goods between various regions, specifically the ones in Middle East, Asia, Europe and Africa, easier.
UAE provides highly advanced infrastructural facilities in all fields. The country’s most futuristic city, Dubai, is on its way to setup the world’s biggest wholesale city, with an investment worth AED 30 billion. The market will be built close to Al Maktoum International Airport and will house more than 15,000 traders from various nations. It will also include integrated trading parks as well as an international trade exhibition facility.
Variety of business premises
The diverse options that UAE provides with respect to type of company formations is another feature that captivates investors. You can setup a company on mainland, offshore or free zones. The option is not limited to the types of company formations; even when it comes to free zones, you have umpteen ones to choose from.
Political & social stability
The UAE has been witnessing a remarkable political stability throughout these years. A federation of 7 emirates, each with its own ruler, forms the country. The policy of openness and tolerance embraced by the country are some of the main reasons behind the political stability and social harmony that prevails in the country. UAE has one of the lowest violent crime rates in the world.
Ease of doing business
The UAE ranked 11th globally and 1st regionally according to the World Bank’s Ease of Doing Business 2019 report. UAE scored remarkable ranks in the below areas:
Getting electricity – 1st rank
Paying taxes – 2nd rank
Dealing with construction permits- 5th rank
Registering property – 7th rank
Enforcing of contracts – 9th rank
Protecting minority investors – 15th rank
Protection of intellectual property rights
UAE maintains protection of intellectual property rights, trademarks and has strict laws concerning piracy.
Favorable business regulations
In a move to encourage business and foreign investments, the UAE has signed major business international treaties and it maintains strict export control laws to prevent the movement of illicit goods.
UAE supports open trade and has stable trade relations with countries across the globe. The country gives great importance to private sector growth and maintains liberal policies with respect to foreign exchange controls, visa policies and import regulations.
UAE also maintains strong relationship with key trade associations.
The UAE enjoys a stable economy, and this is mainly possible due to the strong financial reserves, large sovereign wealth fund, promising investor home economies, consistent government spending, progressive policy of economic diversification and increased foreign direct investment.
No corporate tax.
The UAE does not charge corporate tax on industries except for oil companies and foreign banks. In the case of businesses registered in the free zones, they need not have to pay corporate tax for a certain period.
When you have countless reasons to invest in a country, why wouldn’t you?