Firm setup services in Dubai 2023: What makes Dubai so good for business ? Dubai as a city is uniquely placed for international business and trade, making it the perfect home for international businessmen and for businesses going global. Its seat on the coast of the United Arab Emirates is the centre of a triangle, the corners of which are Europe, Africa and Asia. As such, Dubai is a central point for ease of commerce with these three continents, maximising reach for businesses. It is also home to the largest harbour on the planet, which, coupled with its location by the Gulf of Oman, makes it the perfect port for maritime trade via the Arabian Sea.
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What is a free zone? Free zones are geographically demarcated areas within the UAE (even if most of them are not fenced or gated) permitting 100% foreign ownership and are in most cases, dedicated to a specific industry. They were designed to support strategic transformation in key industries (e.g. finance) and many are built with public finance and boast state-of-the-art facilities. For instance, the Dubai Media City – a free zone in the emirate of Dubai – has infrastructure and licences adapted to the needs of the media industry. Similarly, the Dubai International Financial Centre (DIFC – see below) attracts companies in the financial services sector, drawing in insurance, financial services and investment firms and banks wanting to grow their international client-base.
Visa facilitations for professionals: There is a lot Dubai, and the whole UAE, is doing to attract the best professionals. The Dubai Virtual Working programme, the Retire in Dubai programme, and the 10-year Golden Residency Visa are all examples of how keen Dubai is to retain talent and attract foreign professionals and encourage them to settle here. This is a great boost for businesses and entrepreneurs from all over the world. Untiring support to SMEs: At a time when most businesses were shut down globally as a result of the Covid-19 pandemic, Dubai’s leadership has provided exemplary support to SMEs and start-ups. This has led to an increase in trade and the emergence of many innovative ventures to respond to the pandemic.
Benefits of free zones: With more than 50 different free zones across the UAE and with many more under development, free zones have helped make the UAE an attractive option for foreign businesses looking to relocate or expand their global footprint. The common benefits of doing business in a UAE free zone include: 100% foreign ownership of the enterprise; Access to world class logistic facilities; Availability of a large pool of multicultural, skilled professionals; Benefits from economies of concentration (given the zones dedicated to industries); Ease of recruiting international employees, with all free zones providing one-stop-shop services for work visas; Tax holidays – usually guaranteed for 15 or 50 years; 100% import and export tax exemption; 100% repatriation of capital and profits; Corporate tax exemptions for up to 50 years; Eligibility to apply for the UAE Tax Residency Certificate.
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