Are you considering starting up a business in Dubai but are having second thoughts because of the challenges of the pandemic? With the onset of the pandemic early last year, businesses have closed down, companies have gone bankrupt, health crises have hit the whole world. It’s a good thing, the economy is slowly and steadily getting back on its feet and businesses have reopened. Several businesses in Dubai have been blooming because of the opportunity it has given foreign investors.
A good number of business giants from Europe have already invested in businesses in Dubai. One of the major reasons is that UAE is a tax-friendly country.
Here are 6 top reasons why European Entrepreneurs Are Moving to Dubai to Establish their business:
Expats can have 100% ownership of their business in Dubai. Just an FYI, the majority of business activities in Dubai is owned by expats. The expats are even given a resident visa good for three years. And what’s more, expats can also become residents of the UAE and sponsor their family members as well as their employees.
The recent amendments of the UAE’s commercial companies have added commercial and industrial business owners to own 100% of their business in Dubai.
Dubai provides easy global connectivity to the world. It has the world’s busiest airport. Because of this strategic location, it is easy to connect with suppliers in the Middle East, Asia and African subcontinents.
To entice business investments, UAE is tax-friendly. This has been one of the top reasons why investors from Europe and the US go to Dubai. In the past 2 years before the pandemic, the EU (European Union) the economy has relatively shrunken compared to its global counterparts, including Dubai. The recovery of the European market seems to be relatively slow due to restrictions. The major drawback for EU businesses is that the corporate tax has levied business profits.
Dubai on the other hand is the opposite. There is no corporate tax. Income tax and sales tax are not charged to businesses owned by expats. This is why not just small businesses but major companies from Europe move to Dubai for business.
Technological Hub of the Middle East
This city has already been branded as the city of the future because of its visionary leadership. Investors have staked their money in the latest technological tools across the sector to promote their business. Dubai is leading the way in heading towards the future by being open to the development of artificial intelligence, virtual reality, and crypto-currency. Moreover, the pandemic has pushed us to realize that technological development is no longer a luxury but is needed and unavoidable.
Open for Business and Tourists
To date, Dubai is one of the cities that have the best safety measures in place. Now, more than ever the city has opened itself for tourists and businesses with proper covid 19 protocols in place, thereby making the city safe. The UAE is now the country with the most vaccinated population having administered 21 million doses. With the rumored “double-dip” recession in Europe, investments flock to Dubai.
Dubai lifestyle is one of the most sought-after lifestyles in the world. Voted as one of the safest cities in the world to live and work, Dubai is the best place for expats and business entrepreneurs. It has been the home of 10 million people across the globe and 80% of the residents are expats. Most of which have a thriving local business. European expats call Dubai their luxurious destination.
If you are considering a lifestyle that Dubai offers, even just 3 of these 6 reasons are good enough but you have all 6 reasons!