While most global economies, including that of the UAE, recover from the impact of Covid-19, speculations on the future economic situation of each country are making the rounds. The leaders of the UAE and each emirate have focused, in recent years, on shifting the country’s dependence from oil to multiple non-oil sectors such as manufacturing, tourism, finance, consulting, agriculture and trading. The economy has shown high resiliency during the pandemic, and is expected to undergo a fast recovery in the coming months.
The government and its proactive policies have played a major role in navigating through this tricky and challenging phase. In recent months, the government has announced several new reforms and policies, which could possibly have a significant positive impact on the UAE’s economy. Changes in inheritance laws, company formation laws, social laws, opening of business with Israel and Qatar, and Expo 2020 are just a few of the major announcements that could have a lasting impact on the country.
This invites a highly positive outlook for the future and overall business ecosystem in the country. Add to this an already and ever improving world-class infrastructure, low taxation and no income tax, safety, and its location in the heart of the world, and it presents a very lucrative opportunity for people from all over the world to do business in the country, and set up their base in the UAE.
We, at Flyingcolour, have been offering advisory for company formation, structuring and inheritance planning for the past 17 years, and we are keeping ourselves up-to-date on the changing commercial rules of the country. We are excited on what the future holds for the UAE.