Asking a savvy 14-year-old recently why he thinks Dubai is a destination of note, he responded: “Isn’t it obvious?” The city sports the tallest building in the world – the Burj Khalifa, manmade islands, and some of the most breathtaking architecture of all the world cities.
It is the only place in the world where the Police drive around in Bugatti Veyron cars, certified the world’s fastest police cars by the Guinness Book of Records. And in the middle of the Arabian Desert, Dubai managed to build and maintain the world’s largest flower garden since 2013.
Life in Dubai is far from average.
But the city is more than diamond-studded cars and luxury shopping. It offers some of the most sought-after benefits to individuals and businesses to set up shop in. In 2020, Dubai ranked as one of the Top 5 investment destinations of choice worldwide. Within the UAE region, the city took the top spot for Foreign Direct Investment (FDI).
Dubai is a gateway to three distinct regions: Asia, the Middle East and Africa. The city is well-positioned on the eastern part of the Arabian Peninsula on the coast of the Persian Gulf to be a business hub for Western Asia. It sits within the Middle East, but is by far the most politically and economically stable in the region, with a favourable government approach to attract international investment in the Emirate.
More recently, African companies have started choosing Dubai over the European destinations of choice, such as Paris and London, to set up headquarters.
Dubai’s diversification of its economy, along with the rest of the UAE, into banking, tourism, technology and an array of other industries outside of the oil sector since the turn of the century has served it well, establishing a stable currency and making it a hub of choice in almost any industry imaginable.
Businesses and individuals in Dubai enjoy tax-free earnings. Additionally, Dubai offers zero duties on imports and exports, making it an attractive option for setting up. Because of tax-free earnings for individuals, the city also attracts an international talent pool that is second to none.
Dubai offers 30 Free Zones – geographically demarcated areas within the city where 100% foreign ownership of a business is permitted. In the case of setting up a new company as a non-UAE citizen, IFZA, for example, offers a highly cost-effective process that include an extensive suite of licenses to entrepreneurs, start-ups and established multinationals alike.
More importantly, having a physical business presence in Dubai has a multitude of benefits over anywhere else in the UAE. Dubai has three major seaports, some the largest in the UAE. With the third busiest airport in the world, Dubai is a logical meeting place, and for accessibility to UAE government departments, such as organizing visas and other paperwork, being situated in the city offers incomparable advantages for international businesses.
Setting up an international business in Dubai is literally as easy as 1, 2, 3. At IFZA, you are a mere five steps away from establishing your business, and our top-caliber partners assist with the process every step of the way.
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