This could be the year that you take your company to the next level. It could be the year that you finally get the wheels turning for that business dream you have been sitting on for too long.
No matter where you are with your business, there is a good chance that moving it to one of the most vibrant locales for entrepreneurs in the world will take it to the next level.
Here’s why you should start considering a business setup in the UAE.
1. The UAE has free zones that are perfect for onshore businesses
If you want to set up your business outside of a free zone, then you are going to have to find a UAE national who can act as your partner. This isn’t impossible to do, but there is another way that enables you to maintain 100% ownership of your company.
UAE free zones.
In addition to 100% ownership, the benefits of setting up a business in one of these free zones include a speedy startup and a duty-free customs boundary. In other words, these free zones extend some of the most liberal terms for trading and business.
If you do opt to take advantage of these free zones, make sure you identify your tax responsibilities based on the kind of business you have, as well as educate yourself on the recently implemented VAT tax.
2. The UAE has a blossoming economy
There has never been a better time to set up shop in the UAE as the economy is booming. As all of the Emirates provide stable financial situations to firms from around the globe, the UAE has become one of the most attractive options for those looking to shift base or open an offshore firm. The significant inflow of foreign assets has only proven to make the economy even more robust.
Out of all the Gulf countries, for the past 40 plus years, the UAE has the most liberal trade regime with an open economy, high per capita income, and high annual trade surplus. No wonder that today, so many startups and multi-million dollar conglomerates call it home. Just think: Your business could soon be one of them.
3. The UAE has flexible policies aiding your business to grow
Most business owners want to find themselves in a position where they can increase their international trade and expand their global presence. If that sounds like you, then setting up a business in the UAE is the way to go as their flexible policies provide you with the freedom necessary to trade internationally.
From the ability to grow your team thanks to the easy availability of visas, to the freedom to diversify your offerings with the broad array of license types and business activities permitted, the freedom that their policies offer gives you unrivaled flexibility regarding developing your company.
And of course, there is no corporate tax, no personal income tax, no currency restrictions, and there is smooth, hassle-free legal procedures for licensing and registration.
However, keep in mind what not to do.
Obviously, if it were ridiculously easy, then everyone would be doing it. So, before you go bounding into it, make sure to learn from the mistakes of those who have come before you and don’t do the wrong things.
You want to make sure that you are basing your business plans off of up-to-date information. The rules and regulations in the UAE are always changing, which is why it is highly advisable that you work with a company that specializes in helping business owners through the process of setting up a business.
Otherwise, as a foreigner, it can be hard to keep up with the developing requirements when it comes to office sizes and preconditions, the business model you are planning to open, the conditions and charges for opening up a bank account, the specifications of local sponsors, and other factors.
You don’t want to find yourself in an unpleasant situation because you were operating under old information.
Have you ever considered opening a business in the UAE? What do you see are the advantages and disadvantages? What challenges do you foresee hindering you from making it a reality? Let us know your thoughts in the comments below!
Raj Herry is the Founder and Chairman of Flying Colour Business Setup Services. His extensive experience comes from more than 15 years in the field of company incorporation for Dubai Mainland, all Free Zones across the UAE and offshore companies worldwide. He also owns several business centers offering furnished and ready-to-move offices in Dubai.