Have you ever dreamed of moving overseas and living in a foreign country? What about setting up your own business? You can achieve both at the time, and the perfect place to do this in is Dubai.
There are many reasons to both set up a business in Dubai, as well as reasons which make this city a great place to live. In this article, we will look at why now is a great time to move to Dubai and start your own business there.
Dubai Is An Economic Powerhouse
Dubai has long been recognised as a regional hub for business and commerce. This trend unlikely to change, and in fact will likely increase in the future. In our Global Competitiveness Report, the UAE economy was ranked 16 th out of 138 countries, making it the highest in the region. Many institutions, including the UAE Department of Economic Development, along with the International Monetary Fund (IMF) consistently predict strong economic growth for Dubai, even as other economies are slowing down.
This growth is great news for investors and business owners, because it means more business opportunities and more favourable conditions for building your business. Many sectors are strong in Dubai, with commerce and tourism doing particularly well in the coming years.
Incentives For Business Owners
Another good reason to set up a business in Dubai is that the government offers favourable conditions for overseas business owners. In some countries, it can be difficult to impossible to establish a business as a foreigner, even if you seek residency.
Recent changes to regulations mean that foreign nationals can establish their own business even without a local partner for certain types of enterprises. For certain types of businesses, such as joint liability companies, SME licences, home-based business licenses, and industrial or commercial sole proprietorships, a local sponsor is required. However even in these cases, the process is not too onerous, and the sponsor can be a silent partner who owns a minimum 51% share in the business, or even a local service agent (LSA). If you work with a LSA, you can retain 100% of the business and simply pay the LSA an annual stipend. Check this article for more advice on how to start a business in Dubai.
Strong Real Estate Market
Another reason to choose Dubai to relocate and start a business is the strength of its real estate market. The city’s property market has gone from strength to strength since the UAE government opened up property ownership to foreign buyers in 2002. Since then, nationals from all over the world have flocked to buy residential and commercial properties, attracted by the thriving economy as well as high quality of life on offer.
After an incredible boom in property prices between 2002 and 2008, the market has settled down somewhat, with growth slower in the last decade. However, the market overall is stable, and certain areas of the city and in particular specific property types have experienced growth in the last couple of years. Commentators predict that the market will see growth again, with certain developments in particular likely to experience continued growth, such as Dubai Marina and Palm Jumeirah.
This is a strong incentive for foreign nationals to relocate to Dubai, because they can feel confident that when they buy a home here, this represents a strong investment for the future. This is reflected not only in property values, but also rental returns on investment. If you choose to buy a property in Dubai and later rent it out, you can be confident in good returns: the market delivers favourable returns of 6 to 7% to investors, according to recent reports.
Perhaps best of all, buying a property in the UAE is not subject to taxes, so you will save considerably on outlay costs compared to, say, buying an apartment in New York City.
Great Lifestyle For Expats
Finally, Dubai offers a great lifestyle, to which its thriving expat community will attest. Lifestyle factors should not be overlooked: it is easy to focus on elements such as business opportunities and investment potential when make the decision whether to set up a business overseas. However, you should keep in mind that you also need to live there, and make a critical assessment of whether this is somewhere you can be happy.
Dubai has a lot to offer when it comes to lifestyle. First, it is a safe city in a politically stable country. So, unlike some other foreign cities, you can feel safe going out at night, or generally going about your business. It is also a multicultural city, with an exciting melting pot of nationalities meaning not only can you get any kind of food you want and buy a diverse range of products, but it has a generally culturally-inclusive attitude. It also has an incredible range of entertainment and amnesties, from shopping malls to high-quality education and health services. Finally, the weather is good (as long as you don’t mind the heat): being located on the fringe of the desert, it only rains here a handful of days a year. And there are some great beaches for when you want to cool off!
I hope you enjoyed this blog post about why this year is a great year to move to Dubai and start a successful new business.
Interested in more articles about business in Dubai or UAE?
Read Related Resources:
• Why You Should Consider Investing In Dubai Real Estate
• How To Finance Your Home In The United Arab Emirates
Great Lifestyle For Expats
Finally, Dubai offers a great lifestyle, to which its thriving expat community will attest. Lifestyle factors should not be overlooked: it is easy to focus on elements such as business opportunities and investment potential when make the decision whether to set up a business overseas. However, you should keep in mind that you also need to live there, and make a critical assessment of whether this is somewhere you can be happy.
Dubai has a lot to offer when it comes to lifestyle. First, it is a safe city in a politically stable country. So, unlike some other foreign cities, you can feel safe going out at night, or generally going about your business. It is also a multicultural city, with an exciting melting pot of nationalities meaning not only can you get any kind of food you want and buy a diverse range of products, but it has a generally culturally-inclusive attitude. It also has an incredible range of entertainment and amnesties, from shopping malls to high-quality education and health services. Finally, the weather is good (as long as you don’t mind the heat): being located on the fringe of the desert, it only rains here a handful of days a year. And there are some great beaches for when you want to cool off!
I hope you enjoyed this blog post about why this year is a great year to move to Dubai and start a successful new business.
Interested in more articles about business in Dubai or UAE?
Read Related Resources:
• Why You Should Consider Investing In Dubai Real Estate
• How To Finance Your Home In The United Arab Emirates
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