Be an Entrepreneur in the UAE, Today!
When you hear the country United Arab Emirates, what exactly do you have in mind? I guess it’s the Burj Khalifa, the tallest hotel in the world, right? But aside from the magnificent sceneries of the Burj Khalifa, the dancing fountains, vast dunes and the breathtaking beaches of the Emirates, there is another factor that drives people to UAE. That is investing in a business or being an entrepreneur.
It is no doubt that the country entices a lot of entrepreneurs inside and outside of the Emirates. For starters, UAE is among the fastest-growing economies in the Arabian Gulf. According to The Brookings Institution, Dubai alone is ranked as the world’s fifth fastest-growing city economy, serving as “a global hub for transportation, tourism, trade, and professional services”. Along with a very competitive tax rate of about 0%.
Let me give you some points on why this is the right time for you to turn into an entrepreneur in the UAE.
If you are an entrepreneur looking for a country to invest in or an expat or citizen who wishes to be an entrepreneur, one of the first things you need to look at is the country’s economic growth. And UAE will not let you down in these terms. Last October, the International Monetary Fund announced its forecast for economic growth in the UAE to 2.9% in 2018 and 3.7% in 2019. Even higher than their previous forecast in April of 2% and 3%, respectively.
Some factors which shared the strengthening economic growth of the Emirates are the increase in oil output and the rebounding prices of oil, which has given the government more money to spend on infrastructures and transportation development. This paved the way for a more accessible and feasible trading enterprise among traders and countries.
Thrilling Opportunities for Expo 2020
With its tagline “Connecting Minds, Creating Future”, Expo 2020 is set to begin in October 2020 and end in April 2021. The 6-month expo is expected to attract 25 million visitors from 190 participating countries from all over the world which demands local entrepreneurs.
Expo 2020 aspires to create a meaningful and long-lasting business partnership for the generations to come, both locally and internationally, entrepreneurs and residents, alike. It is a once in a lifetime celebration and the largest event ever staged in the Arab world.
With the expected number of attendees of entrepreneurs and visitors during the Expo 2020, it is a good opportunity for investors to establish a business career in the United Arab Emirates.
Residency for Expats in the UAE
Given that the United Arab Emirates has a good geographical advantage point. It has been the crossroads of the trade routes of East and West, countries from Europe and Asia. It helps to effectively organize the flow of international trade with minimal costs, making it more appealing for foreign investors to start a business venture in the emirates.
The new residency structure naturalizes expats that fall under specific categories of investors, entrepreneurs and outstanding students in the fields of arts and sciences. These will enable them to live, work and study in the UAE without needing a sponsor.
Investors and entrepreneurs must meet the minimum investment requirement to be eligible in the new residency scheme.
The list for the benefits of turning to an entrepreneur in the UAE goes on, but what is important is you start now. All big businesses start small, take your first step by contacting Fairway Group to learn more about opening a business in the UAE.