Open Duty-Free Goods Business in UAE
UAE is the leading business hub in the world. Recently, India and UAE have signed an FTA which has been the headline of all leading tabloids and digital newspapers. UAE has seven independent unique emirates that offer distinct characteristics and attractive opportunities to investors and developing countries.
The bilateral economic agreement with India has come into force in May 2022 allowing the open duty-free goods in UAE. The comprehensive economic partnership agreement signed by India and UAE aims to increase bilateral trade from $60 billion to $100 billion in the next five years.
This new FTA deal will open the doors for both nations. It will help in the expansion of the export and imports sector by using all their strengths that will enhance the economy.
Trade Benefits after signing CEPA
The trade benefits of the comprehensive economic partnership agreement are immense. This partnership between the UAE and India will create huge job opportunities and will leave an everlasting impact on India.
- 90% of the Indian Exports are now open duty-free goods in the UAE.
- 80% of the UAE goods at zero tax will be permitted in New Delhi.
- Annual gold imports up to 200 tonnes or a fourth of its buys from all the nations or UAE will be accepted at the concessional tariff by New Delhi.
- This pact will create over 500,000 new jobs across different sectors such as gems and jewelry, textiles, pharma, medical devices, sports, and other furniture sectors.
- The duty-free access to the UAE markets for gold exporters of India.
Benefits of Setting up Business in UAE after the FTA
Flexible UAE Legal Framework
The UAE government is focused on boosting the economy and they have altered the framework to attract more foreign investors. The rules and regulations are simplified and procedures are expedited which means one can retain a license and other things in no time.
Skilled Workers
The UAE hosts a series of skilled and unskilled workers across the world. These talent pools of workers have diversified experiences and can easily handle the operations. The hiring of workers in the UAE is beneficial for both companies and employees due to cheap taxes and high earnings.
Expanding Economy
The UAE has an amazing trade-free policy. It has always been an economy with a high per capita income and high trade surplus for the past 40 years. It is home to the world’s biggest companies and startups who are running their businesses successfully.
Strategic Location
UAE is a strategic location at the intersection of the Europe Asian Trade lines and East-west with the advanced sea and air transport firms, ports, and airports. They are well-connected to the major international transport centers. The centralized location provides quick access from several countries and residents that can easily travel to Asia, Africa, and Europe.
We at FlyingColour Business Setup Services help you in setting up the business in the most effective manner. We help you with the proper framework, documentation, and more in no time.
