COVID-19 has changed the way people do business. The changes have been felt in our personal and professional lives, leading to changes at varied levels. While many business models have totally changed, many other new opportunities have come up. Leading from the front are the visionary leaders of the UAE who have announced diverse measure to get businesses back on track.
The UAE has taken a proactive approach to meet the challenges head-on by implementing a wide range of stimulus initiatives in order to ensure that businesses thrive. Because of these measures, many establishments have been able to lower the impact of Covid-19 on their business. The preventative measures have also ensured that the country’s economy doesn’t suffer and such measures have resulted in a higher demand to open new companies post Covid-19.
The UAE is a dynamic economy, known for its strength to promote the startup sector which is critical in establishing the region’s position as a strong business hub. It is a well-known fact that the emergence of the startup sector as an important contributor to the UAE’s economy can be attributed to the diverse government-led initiatives designed to accelerate growth and provide a conducive environment that fosters entrepreneurship. Though the impact of Covid-19 is still prevalent, we now notice a momentum in the UAE economy which indicates that it is back on the growth track. There is a healthy increase in the number of new investors entering the market. The economy has shown tremendous resilience and this has led to enhanced confidence among international investors. That is where Flyingcolour, a leading professional business formation company based out of Dubai, comes in to facilitate the process of setting up businesses in the UAE.
Virtual working a new norm
It is a well-known fact that virtual working has almost become a norm. It is observed that many government departments are getting the work done virtually and the same holds good for many private service providers too. This has increased the convenience of starting a business from anywhere in the world. At Flyingcolour, we can help our clients to open their business without even their physical presence in most cases. Convenience has become the norm and it is this aspect that is providing the driving force for business setups.
Cost benefits
A series of measures to facilitate company formation, formulated by the UAE Government have been helping in the opening of new companies. The benefits are spread across diverse aspects and cost is one of the major areas that has been addressed. Cost benefits that are provided are becoming highly attractive. This is, therefore, the right time to start a business at a low and attractive cost.
Companies and businesses formed during the time of ongoing global crisis have strategically kept track of their expenses right from day one. This has helped them to avoid unnecessary expenses and save substantially. Learning from the experience of launching right in the thick of a crisis, many companies have understood the importance of adapting to changing circumstances. There is also strong emphasis on reducing costs as well as generating cash through positive measures. Thus, many investors are starting their companies during these times, to take advantage of this fact.
The UAE has proven to be a safe place during these tough times, both economically and healthcare-wise. The strength and resources of the government and the people of the country has been noticed globally, enticing people from different parts of the world to shift to the UAE, along with their businesses and families.
The time is right to open a new company and there can be no place better than the UAE to do so!
