Over the last two decades, Dubai has grown up to be one of the most flourishing business hubs in the world. Equidistant from both Eastern and Western parts of the world, Dubai is also a great connecting point for both leisure and business travellers. The city is located strategically by the seaside, making it ideal for moving shipments and logistics, one of the prime preferences for many exports companies. However, it is also perfectly connected to the rest of the world by air and its transport facilities within UAE is simply excellent. The easy access to everything needed for the smooth functioning of business is one of the most evident reasons for choosing Dubai as the most ideal destination to start a business.
Moreover, when the entire world was struggling to go back to normal after being badly hit by the COVID-19 global pandemic, Dubai proved it is far ahead in managing critical situations in uncertain times.
There are many factors that have established that business setup in Dubai is far more worthwhile in terms of the ROI. The most visible ones are the most advanced facilities, high-level technology and easy access to multiple platforms and markets. But, above all, it is the strong foundation on which it is built that makes it ideal even to deal with uncertain situations. The infrastructure of Dubai is focused on the well-being of its business ecosystem that comprises investors, professionals, and their families.
As the world is yet to come to terms with the crisis due to the global pandemic that it the world in 2019-20, here we will discuss why Dubai should be your first choice to set up a business in these uncertain times:
1. Full-scale support from the Government
Dubai provides an investor-friendly environment to the global businesses community. Businesses get full-scale support from the local government. It is amongst the top cities in the world that have built an excellent infrastructure equipped with facilities and benefits that give prime preference to the health, wellness, and lifestyle of residents. To assist and support start-ups, the UAE government has also been high-minded in bringing the cost of business packages to 98%. Additionally, to encourage investors the Ministry of Economy launched the ‘Stimulating the Business Environment to Address COVID-19 Virus Effects’ page to help them reduce the impact of COVID-19 on their businesses.
2. Targeted Economic Support Scheme
At the height of the pandemic, the Central Bank of UAE has launched Targeted Economic Support Scheme or TESS to mitigate the repercussions of the pandemic and provide temporary relief from payments of principal, interests, and profits from loans.
3. Aid From Financial Institutions
Banks and financial institutions have been generous in addressing the payment of loans of startups, SMEs, and MSMEs. Most have devised new schemes to minimize the effect of the current health crisis on employers and their employees alike. Additionally, many startup incubators, accelerators, and funding authorities continuously offer funding support to startups with promising futures to help them recover from the economic effects of the pandemic.
4. Various support from the country’s network of professionals and organizations.
Dubai has one of the most abundant numbers of consultants and experts who are willing to help the UAE’s economic sector. Business coaches and organizations have volunteered to assist investors and employers seeking help to boost their businesses amidst the ongoing crisis.
5. Low-cost Setup and Business management
Dubai is known for its flexible and cost-effective company formation and how easily it can be managed especially for booming businesses and starting investors. Despite the pandemic, this has not changed. Dubai authorities have even given discounts and fees reduction in order to help them cope up with their company’s sudden losses. Aside from this, utilities, permits, customs fees, rental fees have also been reduced to aid the continuous opening of offices nationwide.
Dubai and the rest of the UAE continuously welcome investors, professionals, and experts to set up their business in the country and enjoy maximum benefits such as low tax, access to international markets, flexible business setup, and prime location to any authorities available in the mainland or in the free zones.