Choosing the right base is the foremost principle that successful business owners often abide by. And so, the city you choose as a business foundation has much to do with how your venture turns out in the long haul.
With such a boosting economic progression, it’s easily acceptable how Dubai has turned into a global enterprise. In addition, the updated visa and labour reforms have added to its versatility as a popular destination for startups, organisations, and millionaires.
To your surprise, Dubai isn’t just a productive business hub but home to 3,000 new firms that joined the Dubai Chamber of commerce in April 2022. It has brought Dubai into the limelight with the largest chambers of commerce in the world.
Being a desirable tourist attraction, many vacationers visit Dubai but end up setting up a business here, which isn’t the case for other tourist sites. Also, with airlines offering commutes to all the major cities, entrepreneurs find it easy to begin their official journey from here.
Top 7 Factors that Make Dubai a Popular Destination for Businesses
Since Dubai is flawless in every way, entrepreneurs can’t help but be fascinated by it as the best place they can probably head to. Yet, have you ever determined which factors are working behind this progression and making it an ideal location for startups and millionaires? Well, let’s delve into the details below.
The 10-year Golden Visa Program
Presently, providing a 10-year golden visa has proven to be one of the major perks of residing in Dubai. Business owners often worry about a place’s long-term set while strategizing their future success. Surprisingly, the golden visa helps convert their official dreams into a reality by providing an extending residence of 10 years.
While celebrities are making full use of it, entrepreneurs are not lacking behind. Since Dubai aims to bring excess talent into the emirate, it’s no wonder young professionals opt for it. In addition, the abundance of business-friendly policies and initiatives has attracted the most impressive global talents and skilled entrepreneurs to this popular destination.
Flexible Tax Laws
Dubai is highly desirable when it comes to tax-free investments, and that too makes it a popular destination. Until recently, the city was known for having zero corporate tax for most businesses.
However, there will be a 9% levy for most firms. Fortunately, there’s still an exception for startups and SMCs operating in free zones. The latest law targets bigger companies, which can pay a standard tax rate of 9%. For additional assistance to startups, there’s no tax until they start making a profit up to AED 375k.
The Availability of Economic Free Zones
One major benefit of free zones is that no external approvals are required since they come with their own rules. With over 30 free zones in Dubai, your startup will receive visa assistance, corporate bank accounts, suggestions, and networking opportunities.
The Dubai government initiated free zones to bring in international investment to set up businesses in the city. In a nutshell, it’s a popular destination for businesses where entrepreneurs can immerse themselves in multiple ownerships and taxation benefits.
The Transformation of Dubai Expo City 2020
After the successful execution of Expo 2020, this popular destination isn’t shutting down but upgrading itself. Expo City Dubai will be a futuristic city, opening in September, including retail offerings, business hubs, and recreational areas for visitors.
In addition, it’ll be an eco-friendly community with zero air pollution, plastics, and unnecessary electricity consumption. With such a progression, successful enterprises like DP World and Siemens have already expressed the desire to settle within the premises.
Easy Provision to Funding and Investors
Dubai isn’t only home to the new businesses but also grants multiple options for funding and investors. From conventional banks to venture capitalists, crowdfunding, and angel investors, there’re many ways at your disposal.
Also, the city easily accesses some of the most emerging MENA markets. This popular destination makes it easier to scale and expand your business to states like Egypt and Saudi Arabia. Presently, the Dubai government has launched an AED 370 million fund to proceed with the capital growth of businesses, which will ultimately reinforce the city’s economic position.
The Demand for a Better Lifestyle
Dubai is a popular destination with something to offer for every taste and budget. With luxury resorts, top-notch hotels, and award-winning restaurants, every tourist has a soft spot for this city. Besides, secured commercial and residential communities are present within the city, with all the basic amenities of life at your doorstep. For instance, properties in Business Bay and Downtown Dubai are perfect locations for residence and arranging offices. Similarly, luxury residences in Palm Jumeirah attract many.
And for that reason, more and more businesses are setting up their outlets here. Whether educational institutes for kids or medical centres for the aged, developers and millionaires have started to call it their second home.
The Supremacy of Cyber Security
Whether it’s public security on the streets or cyber protection on digital platforms, nothing can beat Dubai regarding the security of the masses. Since cutting-edge organisations are all moving to the web, there’s a growing necessity for online security. Among every one of the authority tasks, business owners don’t have spare time to focus on the potential frauds their business profile could endure.
For that purpose, Dubai is a popular destination for settling an enterprise compared to other western cities. It isn’t only filled with cyber experts and pays special care to even the slightest of mishaps occurring online.
There’s no doubt that the business-friendly environment with zero corporate tax continues to draw big players to Dubai. However, the above initiatives have successfully deepened the self-assurance of private investors and entrepreneurs. Besides being a popular destination for tourism, the city showcases equal business opportunities for everyone. So, are you ready to delve into the city of superlatives and scale up your entrepreneurial dreams?