UAE is known to provide environments that are ideal for new investors and entrepreneurs who are looking to set up their businesses in the UAE. According to the World Bank, UAE is 21st in providing easy business operations.
Some reasons for UAE being a good investment location are:
- Its geographical location
- Level of infrastructure present in the UAE
- Absence of corporate taxes
- Ease in the business setup in Dubai process
New residence and business laws
In May 2018, the UAE stated that full foreign ownership in companies and long-term visas were to be allowed for selected entrepreneurs and specialists. This law will be beneficial for new startups and entrepreneurs in the UAE. It will attract even more foreign investment and provide opportunities for professionals that are looking to set up their own businesses.
Furthermore, this law will help create opportunities and provide encouragement for fresh graduates to operate their own business setup in Dubai. Simultaneously, it will strengthen the UAE’s recognition as an ideal environment for investments and entrepreneurship.
Even though the world has seen a growth in globalization, there are not many countries that provide relaxed laws in regards to setting up and operating the business like the UAE. Since the news laws have been announced, the UAE has been met with immediate responses from numerous foreign investors and entrepreneur UAE.
Entrepreneurs are welcome
The UAE has been working rigorously over the past few years to create free zones. These free zones have been issued with procedures for immigration and labour, full ownership of the companies to owners of all nationalities, easy setup procedures etc. to encourage foreign investment.
The new scheme introduced by the government of the UAE is the Gold Card. Gold Card is issued to people that qualify as investors, as an entrepreneur UAE, professionals, researchers, and overachieving student’s permanent residency. This residency program has been created to attract qualified individuals who can contribute to the growth of sustainability and economic stability of the UAE for the future. The scheme is expected to help increase Foreign Direct Investment (FDI) by attracting entrepreneurs.
Establishing your company in one of the free zones in the UAE, such as Fujairah Creative City has its unique advantages for business owners. Let’s take a look at some of them:
• You do not have to be physically present in the UAE to set up your company
The government allows individuals to set up their own companies in the UAE without having to be physically present in the UAE. The procedures are very easy to follow. There is no need for NOC’s from current sponsors for setting up the new company.
• No need for annual audits or share capital blockage
The companies do not need to waste time and capital on creating audits for their companies at the end of each year. Furthermore, the government does not require the companies to block finances from the shares in order to set up the company.
• Owners are allowed to repatriate their corporate earnings
The company owners are allowed to keep 100% of their company earnings to themselves. There are no laws against the repatriation of the currency set by the government of UAE.
• The easy and fast registration process
The process of obtaining registration for business operations only takes a couple of days. After the company has been registered, it can immediately start operating.
• No limit on UAE residency
The government provides unlimited visas for residency. This allows companies to hire staff and workers according to their own needs without having to worry about visa issues.
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