The United Arab Emirates is in the Middle East, bordering the Gulf of Oman and the Arabian Gulf, between Oman and Saudi Arabia. The UAE is a country, consisting of seven smaller ‘Emirates’ Abu Dhabi, Dubai, Sharjah, Ajman, Fujairah, Ras al Khaimah, and Umm al Quwain which have their own rules and regulation. When you are planning to start up a business in United Arab Emirates, you need to consider a range of commercial issues that influence the decision of setting up in a country.
Why is the United Arab Emirates Good for Business?
The United Arab Emirates now enjoys the inherent strengths that characterises most developed economies and stands out as a favorite destination for global investments and a prime location for doing business. The local government is encouraging investment and startups in many ways, therefore this is a good time to get on board.
The Emirates is also comparatively easy for foreigners to do business in. It is easy to set up a company and, coupled with the fact that the government now offers long-term visas for investment, business in the UAE is booming.
UAE government entity has now mandated to develop business, entrepreneurship, investment and industrial and export activity in the Emirate. UAE is accepted to have one of the most developed economies in the MENA region and the country has an open economy with a high per capita income and a sizable annual trade surplus.
Why is the United Arab Emirate economy good for businesses?
The UAE has one of the most open and dynamic economies in the world. The UAE’s economy is aimed to be competitive and one of the best economies worldwide. The UAE continues to be a strategic hub, with business-friendly free zones and a quickly growing economy.
The UAE launched an economic diversification program to reduce reliance on oil and transform its economy from a conventional, labor-intensive economy to one based on knowledge, technology and skilled labor.
A number of global business indexes have recognized the advantages that the UAE brings to international business. The UAE economy is heavily reliant on revenues from petroleum and natural gas, especially in Abu Dhabi.
The United Arab Emirates is aiming to increase the productivity of the national economy, support national companies, invest in scientific research and promising sectors, focus on innovation, entrepreneurship and advanced industries, development of a national strategy to shape the future of the UAE’s economy and industry and place the UAE among international important economies. A knowledge economy can be achieved by a generation of UAE inventors and scientists and by supporting them in technical sciences.
The economic and political environments which are highly conducive for businesses to thrive, make the nation a favorable destination for enterprises across the spectrum – from large multinational conglomerates, and small and medium businesses (SMEs) to fleet-footed, innovative startups.
Starting a business in the Emirates is quite easy for foreigners. If you’re planning on starting a business in the UAE, you must first consider the type of company you will form. Like in any other country, the Emirates has many different legal corporate structures. Whether you decide to undertake the process yourself or hire any business setup agents to fast-track your setup, make sure that you get good advice about the implications of your decisions.
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