UAE is one of the most widely accepted economies among the MENA region. The Department of Economic Development, DED, is devoted to remain a key driver of all the economic activities and in building up an environment for sustainable economic development and prosperity for Dubai and the UAE in line with the Dubai Strategic Plan 2015. UAE economy provides an extremely supple business climate and there are many opportunities to do business in the country. Almost all businesses have huge and expanding growth opportunities in UAE.
Dubai, well recognized as UAE’s Commercial capital, is a world leader in enterprise and modernization, which has earned the city with great global distinction. This has made Dubai a crucial business, trading and tourism hub. It is said to be the most dynamic, business friendly city with a huge track record of executing vital projects. It has turn out to be the fertile ground for small business setup in dubai. Dubai is home to large multipurpose business centers and an outstanding player in the international market.
Business practices in UAE are in line with normal international standards. Global manufacturers and exporters may conduct businesses by concluding transactions directly with the importers and traders who are well established in Dubai. An LLC, Limited Liability Company, is said to be the most common form of business entity formed in Dubai that enables foreign investors to engage in commercial business activities, except for banking, insurance etc. Limited Liability Company can be the most preferred vehicle for a JV between foreign party and a UAE party.
In order to boost up the manufacturing sector, Dubai Government has established two Industrial Zones, the Dubai Investment Park and Dubai Industrial City in addition to the existing ones. Dubai has gained enough reputation for its Free Zones and trading posts. Dubai Free Zone Council acts as a main medium in ensuring coordination of free zones’ activities. It represents the zones in the Executive council of Dubai and other local, federal and global bodies. Dubai Free Zone Council has drawn a general framework for the registration and licensing of companies within the free zones.
Companies, Persons or workers are exempted from the payment of all taxes in relation to their operations with the free zone. Starting up a business in dubai Free Zone can be equally attractive for investors and businesses across the globe. Free Zones contribute much in stimulating the economy by attracting the Foreign Direct Investment. It generates thousands of job opportunities. Free Zones offers investors with 100% free ownership, 100% import/export tax exemptions, 100% repatriation of capital and profits. It also amplifies zero corporate tax, zero personal tax and zero employment restrictions.
Many crucial milestones have been achieved by Dubai during the past decades. Dubai’s most of the business successes have been the product of visionary leadership of H.H Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE. He is also the Ruler of Dubai. H.H Sheikh Mohammed Bin Rashid Al Maktoum always think beyond the present and ensures that Dubai stays to the fore in creating world-class business environment for investors. Dubai will establish its presence over the emirates as a universal trade hub that attracts global entrepreneurs and business legends for start up business in dubai. Morison Menon is a business consulting firm which will assist you in setting up a business in the dream city. If you are keen to extend business presence in Dubai, Morison Menon can help you. For more information please visit http://www.morisonmenon.com.