Why is Dubai a Magnet for Business Startups?
Over the years, Dubai has displayed immense transformation. From a rather small desert city into an absolute booming metropolis, it has become a business and leisure hot spot of global proportions. The city boasts a number of world-class infrastructures and attractions, seven-star hotels, and some of the tallest buildings on the planet.
That being said, Dubai is indeed a thriving community with endless opportunities for business and commerce anyone could hope for. With its unique climate, location, and stability, the city has unlimited potential for growth and development.
These attributes have inclined people from around the globe to start a business in Dubai. Check out more reasons why this city is the perfect place for you to start your own venture.
Dubai is what bridges the East and West, special thanks to its strategic location. Found on the southeast coast of the Persian Gulf, it is placed on a vital ancient trade route that has proved essential in modern-day trading. The city is naturally a pit stop for businesses moving from East to West and vice versa.
With its hot climate, the city is a focal point for tourism and travel. Dubbed as a tropical paradise for tourists from across the world, Dubai makes an attractive area for investors planning to capitalize on a strong tourism sector.
Infrastructures & Continuous Construction
Countries like Singapore, Australia, and the USA have their own contribution of skyscraping buildings and state-of-the-art infrastructure. Dubai, on the other hand, has outshined them all by constructing the world’s tallest building, the Burj Khalifa.
When it comes to road and maritime networks, Dubai is second to none and comparable to the bests internationally. There are also additional projects set to break more world records with the tallest residential building, the largest water canal, and the highest Ferris wheel, to say a few.
Dubai’s construction industry is occupied all year round. Aside from creating more jobs, it also provides more business avenues and options for investors. There is so much to offer, and more is sure to come as the city continuously expands and develops.
Dubai is tax-free, and this means income and properties are not taxed by the government. This allows businesses and foreign investors the absolute freedom to reap all their earnings. This factor is one of the major reasons why the city serves as a haven for business startups. As far as business is concerned, for the first time in the history of the land a 5% tax has been levied as VAT.
Political & Economic Stability
The government of Dubai offers political and economic stability to its residents through various programs. Be it health, education, residency, recreation or other aspects, the administration is doing its best to offer the finest environment for investors and businesses.
Subtle nuances of setting up a business
Setting up a business in the region is not difficult, however it is important to be cognizant of the land. If you want to get a deeper understanding of the market, involve a consultant.
Make sure the consultant has personal experience in heading a company in the region and understands the soil and her people. Go through the profiles carefully, look for testimonials and then sign based on what reputed companies have to say about the person.