Despite the economic challenges the world has faced this year, the UAE has emerged wiser, stronger and more than ever action driven to become a global platform for knowledge-based, sustainable and innovation-focused businesses, of any size and background. Startups and SME’s are at the heart of the economic vision of the UAE government for the next 50 years. The country’s ecosystem is committed to stimulating entrepreneurship, foreign trade and partnerships, attracting investments, talents and skills.
With business incentives, exceptional licensing platforms for freelancers, small businesses, creatives, artists and innovators, the UAE now presents people from across the globe with various cost-effective ways of starting a business. The UAE government has sustainably developed incubator programmes, funding platforms, innovation laboratories and resources as well as access to infrastructure needed for specialists to obtain residency while working remotely, or businesses to trade locally or internationally while being based in the UAE.
Freelance licensing for as low as Dh580, e-trader online license for as low as Dh1,200, 100 per cent foreign ownership for mainland DED entities, remote work residency visa for entrepreneurs, Golden five or 10 years visas for entrepreneurs or bright young minds and researchers, remote business setup and notary services, virtual trade through exceptional blockchain systems implemented by the government, are only a very few exceptional projects and products UAE government has on offer to local and international investors.
There is now a strong narrative from the authorities in regards to young talent acquisition, nurturing and growth as well as valuing retirees that would like a stable, relaxed and comfortable retirement place.
Latest civil law changes as well as a range of changes to social and lifestyle reforms, offer security and safety of one’s residency, as well as savings and assets. These changes are the latest in a series of reforms that have been accelerated in the UAE since the Covid-19 pandemic recession. Also now, for the first time in the history, UAE expatriates will be granted UAE citizenship. The citizenship law will let the individual to retain their original nationality, allowing them to become dual citizens, thereby boosting trade and business in the country.
Why invest in the UAE now?
• A transparent and forward-thinking business environment
• UAE offers more opportunities and fewer barriers in innovation-led business ecosystem in the ME.
• Dubai is worldwide known as one of the most agile innovation hub. Lowest operating costs. The best expat lifestyle. Active community.
• Exceptional diplomatic ties worldwide.
• With a UAE residency , business and travel worldwide as well as visas are simpler to be obtained.
• Goods and merchandise greatly valued and high quality mark accepted worldwide.
• An agile government
• Agile and fast changing legal and business environment, focused on accommodating new businesses and sustaining constantly changing business operation needs.
• A tax free environment with 100 per cent repatriation of capital and profits to the country of investors partnered with state of the art banking system and access to worldwide funding.
•Remote and fast business registration
• Remote business registration with online identity verification process.
• License approval and business registration within 24 hrs and maximum of three working days.
• The UAE Central Bank has cut the reserve requirements for bank demand deposits from 14 per cent to 7 per cent and increased its economic stimulus package to Dh256 billion (US$70bn), also reducing the amount of capital banks have to hold for their loans to SMEs by 15 per cent to 25 per cent.
The is the founding partner and CEO of the Bizzmosis Group