Dubai is the place that is known as the gateway to Middle East business world. Numerous financial experts and business experts have diagrammed this city as the best place to setup your business on the account of the offices, provided with, world-class framework, quality transportations, gifted workforce, and cosmopolitan workspace. Over the years the UAE has grown significantly and have provided huge opportunities for expats who would like to set up their business in this prosperous region. European businesses can’t ignore the opportunities UAE has to offer and especially UK businesses are flocking into the region to ride on the wave of corporate success of the region. Increasingly, many Britons are making UAE as their home.
With the approaching Expo 2020, some of the added Benefits for setting up a business in UAE are as listed below:
- No Income Tax
UAE is the country that does not impose tax on the income of the business. On the other hand, UK imposes approx 19% tax on the revenue. This is one major reason that makes Dubai an attractive option for businessmen. UAE is free of many taxes, which are common for other nations, such as:
- No Tax on Free hold properties
- No Corporation Tax
- No Stamp duty
- No National insurance contributions
- Quick Government Services
UAE government is aiming to be one of the most efficient service providers and hence as a step towards the right direction, His Highness Sheik Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai propelled the Emirates Government Services Excellence Program in March 2011 so as to raise the productivity of the government.
For example, now a trade license can be issued in 2 to 3 working days. The government keeps taking initiatives to simplify the process for setting up business in UAE.
There are many government services that are instantly provided online for the ease of the users, there are even government apps which help to pay bills, fines, rents and much more.
- Security & Safety
UAE is well known for its top notch security and safety which assures that it’s every citizen lives a worry-free and secured life. General Authority of Ports, Borders and Free Zones Security, Crisis and Emergency Management and many such government bodies ensure highest level of security for everyone.
- UAE is one of the first to have customer happiness center provided by the government
- UAE has strict rules and regulations and constant security check mainly regarding hygiene and laborers
UAE never settles down and always keep finding ways to upgrade and improvise versions for security checks.
- Ease of Doing Business in UAE
The United Arab Emirates is positioned 11 among 190 economies in the simplicity of working together, as per the most recent World Bank yearly appraisals. The position of the United Arab Emirates up scaled to 11 positions in 2018 from 21 in 2017. UAE has achieved this position by
- Reducing the cost of business incorporation of company,
- Improvised the minority investor protection,
- As UAE is now the center of import and export hence actions has been taken to ease the import export of the products by digitizing the certificates of origin. The governments of United Kingdom and UAE also agree to join hands in mutually developing a new approach at enhancing the Trade and investment relationship between both the countries.
- Having lowering cost for construction permits be warned for constant security checks
- Easy Transportation
The UAE provides easy and safe public transportation for daily office commuting as well as inter- emirates travelling. Metro trains come with special compartment for women for easy and safe traveling. Certain rules and regulations have been imposed to assure its hygiene and the same goes for the public buses. Dubai transportation facility is easy to use and cost effective. By next year 2020 there will be an extension of metro till the exhibition for the ease of the commuters.
- UK-UAE Bilateral Relationship
In the fifth UK-UAE Joint Economic Committee (JEC) meeting in London, UK and UAE has
mutually agreed upon to continue deploying UK Export Finance’s (UKEF) £9 billion (Dh42.55bn) market capacity to support British exports and investment into the UAE.
Also, both governments have agreed upon to develop a new economic partnership statement to set a combined approach to enhance the UK-UAE bilateral trade and investment relationship.
UK International Trade Secretary Liam Fox says that UK’s relationship with the UAE is “deep” and with some 100,000 UK nationals living in the Emirates, British government is on stand-by to support those businesses who want to enter the lucrative market of the UAE.
This blog is written by Ms. Noorain, Business Advisor at Flyingcolour Business Setup, Accounting & VAT Services in Dubai and across UAE. Feel free to call or contact us for all kind of business setup and expansion consultation in UAE. Please send inquiry to info[at]flyingcolour[dot]com or or call +971 4 4542366.