Category: entreprenuership

Can you picture working in a vibrant, safe atmosphere where you are not taxed on your income? Although it might sound like a pipe dream, in Dubai, this has long been the case.

High-net-worth individuals (HNWIs) are moving to safer nations with lenient immigration and business rules while nations in the East struggle with trade disruptions and sharply rising gas prices. The United Arab Emirates (UAE) is at the top of the list of nations with a net positive inflow of HNWIs due to reasons including excellent career prospects, safety, and ease of relocation. Of the 10.08 million people residing there, 8.92 million are foreigners, proving that the UAE is still a popular place for foreign investors.

To entice foreign investors, the UAE is adopting a number of legislative modifications to its legal framework. For instance, the UAE has established the 5-year Green Visa and the 10-year Golden Visa, which enable foreigners to sponsor themselves for their residency permits rather than needing an employer to do so. Over the past few years, many people have relocated to Dubai, the most populous city in the UAE, as a result of the launch of new programs for remote workers and independent contractors, as well as easier Covid-19 limitations. Foreigners are drawn to Dubai because moving there is simple, affordable, and provides for zero income tax structures.

Over the past ten years as a business owner in Dubai, I’ve learnt a lot about how to successfully launch a firm in this bustling metropolis. Here are three crucial stages for starting a firm in the Middle East’s commercial center, based on that experience.

Step 1: Choose a business activity in step one.

Choosing the appropriate business activity for your organization is the first step. The best strategy to choose a business activity is to first consider your interests and objectives, then conduct market research to see if that activity is appropriate for the audience you are trying to reach. Dubai offers a wide range of businesses in which international investors can prosper because the UAE is one of the top four economies in the Middle East and North Africa (MENA) region. The UAE set a milestone in 2021 for having the fourth-highest MENA region gross domestic product (GDP). E-commerce solutions, real estate, health & wellness, and construction services rank among the top industries in Dubai. It is clear from Dubai’s thriving startup scene that its citizens are receptive to innovative ventures and concepts.

Step 2: Pick a legal system for your business.

In Dubai, investors have a selection of multiple jurisdictions in which to base their businesses. The distinctions between a mainland corporation and a free zone company must be understood. Each jurisdiction has its advantages and disadvantages.On the one hand, opening a company in a free zone can be advantageous if you want to take advantage of 0% corporate and personal tax and 100% foreign ownership. The inability to conduct direct business within the UAE market through a free zone company results in a disadvantage.

On the other hand, opening a mainland company in Dubai enables you to conduct direct commerce within the UAE market, albeit there can be limitations on foreign ownership. You must have a local partner that owns 51% of your company’s shares in order to get certain permits and engage in certain business activities.

In Dubai, there are more than 30 free zones, and they usually serve enterprises in a particular sector. For instance, the Dubai International Financial Center (DIFC), a financial free zone in Dubai, mostly serves professional businesses in the financial services industry, but the Dubai Internet City (DIC), a free zone in the same city, primarily serves computer enterprises in the area. If you want to establish a free zone business in Dubai, you must choose a suitable zone which is free and based on your industry and business activities.

Step 3: Apply for the required approvals in step three.

Last but not least, in order to operate your firm, you must submit an application to get the required approvals. Apply for your license at the Dubai Department of Economy and Tourism (DET), formerly the Department of Economic Development (DED), if you’re establishing a mainland business in Dubai. You must obtain your license from the responsible government if you are establishing your business in a free zone.

You must then submit an application for a business bank account after receiving your business license. To open a bank account, you must, among other things, have a valid UAE residency visa.

Applying for your UAE resident visa and Emirates ID is thus a crucial stage in the process if you want to meet your banking and commercial obligations.

You might need to submit an application for additional licenses and approvals depending on your line of work. For instance, the Dubai Financial Services Authority (DFSA), the DIFC’s financial services regulator, will require a Financial Services Permission (FSP) if you want to establish a business in the DIFC that provides financial services.

I believe that if you take the three steps I’ve learnt from my twelve years of professional experience in Dubai and apply them to your business setup there, you’ll be well on your way to making this global center your home. These measures will provide you access to the UAE’s diversified market, but they may also give you the chance to develop your company into other MENA nations.

According to a concession agreement struck with the Deendayal Port Authority earlier this year, global port operator DP World will invest $510 million to build and run a new mega-container terminal in the Indian state of Gujarat.

The greenfield terminal at Tuna-Tekra in Kandla, with an annual capacity of 2.19 million TEU (20-foot equivalent units), will assist DP World in growing its footprint in Asia’s third-largest economy.

The joint venture among DP World and India’s government-backed National Investment and Infrastructure Fund, Hindustan Infralog Private, was given the terminal’s concession by the Deendayal Port Authority earlier this year.

A 20-year extension is possible for the build-operate-transfer concession, which has a 30-year term.

Sultan bin Sulayem, group chairman and chief executive of DP World, stated that the company will be able to “deliver trade opportunities, by connecting northern, western, and central India with global markets, thereby generating value for all our stakeholders” as a result of the new terminal.

“India has a significant opportunity landscape. In order to encourage the expansion of commerce and industry, the signing of this concession deal “will further strengthen India’s supply chain,” he stated.

According to a statement from DP World, the project, which is scheduled to be finished in 2027, entails building a terminal next to the current Deendayal Port using a public-private partnership approach.

It will include a 1,100-meter berth that can accommodate modern ships with more than 18,000 TEUs.

The berth can be extended to 1,375 meters under the terms of the concession agreement, according to DP World.

According to the announcement, the facility would be connected to a system of roads, railroads, and designated freight routes to accommodate the rising need for logistical solutions.

According to S.K. Mehta, chairman of the Deendayal Port Authority, “The Tuna-Tekra mega-terminal will be among the biggest container terminals to be set up in the country.”

“It will aid in boosting the port’s productivity and cargo handling capability. As one of the busiest ports in India, we are dedicated to improving our ability to serve the country and businesses by easing traffic and promoting trade efficiency.

According to marine research and consulting services provider Drewry, the world’s container throughput will increase from 858 million TEUs in 2021 to 932 million TEUs by 2025.
To help meet rising demand in important trading markets, DP World earlier this month announced plans to increase container handling capacity by nearly 3 million TEUs by the end of the year.

The corporation, which now oversees 9% of the global handling capacity and ranks among the top five port operators worldwide, said that the expansion will increase its overall gross capacity to 93.6 million TEUs.

According to DP World, key markets will see capacity increases this year at Caucedo (Dominican Republic), Yarimca (Turkey), Sokhna (Egypt), and Jeddah (Saudi Arabia), totaling 1.2 million TEUs, 579,000 TEUs, 500,000 TEUs, and 200,000 TEUs, respectively.

Other markets include terminals in Luanda, Dakar, Berbera, and Vancouver in addition to Callao in Peru and Saigon in Vietnam.

With a total capacity of almost 6 million TEUs, DP World now runs five container terminals in India, namely two in Mumbai and one each in Mundra, Cochin, and Chennai.

The ports operator’s total capacity in the nation will increase to 8.19 million TEUs with the addition of Tuna-Tekra.

Globally, the Swiss shop has more than 100 locations and will carry on with its own identity and management.
Rolex, the largest watch company in Switzerland, has made an unexpected acquisition of Bucherer, a 135-year-old luxury retailer, under which both businesses will continue to function as independent brands.

Bucherer will be integrated into the Rolex group once the takeover has received approval from the competition authorities, according to Rolex, which did not disclose the deal’s value but claimed it will increase the company’s global presence.

According to a statement released on Thursday by Geneva-based and privately held Rolex, “Rolex chose to purchase the watch retailer, which was, until recently, an independent entity, following the decision made by Jorg Bucherer to sell his company’s business in the absence of direct descendants.”

Rolex’s “desire to continue the success of Bucherer and maintain the close partnership ties that have connected both companies since 1924” is reflected in this decision, which was made. The two companies have collaborated for almost 90 years, with one supporting the success and expansion of the other.

The Hans Wilsdorf Foundation, the only owner of Rolex, only owns and manages one store worldwide, which is located in Geneva, the company’s home city. It offers its timepieces for sale through authorized merchants all around the world.

With more than 100 sales outlets worldwide, Bucherer, located in Lucerne, sells a number of high-end watch brands. It has stores in Switzerland, the US, England, Germany, France, Denmark, and Austria.

Since 1924, Bucherer has distributed Rolex watches as an authorized retailer, and 48 of its stores carry Tudor watches, which are less expensive than Rolex models.

The watch retailer has watch repair shops and serves as both brands’ authorized after-sales service center.

Rolex and Tudor run their businesses separately, with Tudor having its own CEO.
The management team at Bucherer will remain the same under the acquisition conditions of the most recent agreement, and Mr. Bucherer, the last person to have met and worked with Hans Wilsdorf, the original founder of Rolex, will continue in his role as honorary president of the Bucherer group.

The Rolex group is sure that this acquisition is the greatest move for all of the watch and jewelry partner brands, as well as for all of the Bucherer group’s employees, according to the firm.

As part of its expansion strategy, Bucherer purchased American watch retailer Tourneau in 2018. A year after purchasing The Watch Gallery in the UK, it made the transfer.

After spending was muted in 2020, it picked up in China and the US in 2021, but the war in the Ukraine, rising inflation rates, and supply chain concerns later had an impact on demand.

According to Deloitte, 2021 was the strongest year ever for the Swiss watch sector, with exports increasing to 21.2 billion Swiss francs, breaking the previous record set in 2014 and surpassing pre-coronavirus levels.

According to the consultancy, the US will account for 15% of Swiss watches exported there in 2022, making it the industry’s largest single market for the past two years.

Deloitte’s poll of business executives found that the US is the next major growth market, followed by China, India, and Gulf nations.

While China hasn’t yet restored its export share to what it was before to the epidemic, Hong Kong’s market is still declining. With 30% and 6%, respectively, Europe and Japan continue to be stable.

Over a million watches were produced by Rolex, which is famous for its Daytona, Submariner, GMT, and Master II models, in 2022, and they brought in more than $13 billion in revenue.

Luxury watches are regarded as reliable stores of value, especially in a market that is unstable and where inflationary pressures are considerable, according to Deloitte.

Consumers who buy watches as investments are motivated to do so, per the consultancy’s research, to resell at a higher price (36%), or to diversify their investment portfolio (33%).

Chinese consumers (55%) are most interested in portfolio diversity, while Singaporeans (49%) prefer resale potential and Italians (31%) are most likely to buy a watch for family members to inherit.

Users of the app can connect their bank accounts to track their net worth and get information on how much they spend, save, and invest.
Saeid Hejazi had gotten into the habit of manually tracking his finances on Excel before Aramex, the largest courier company in the Middle East, acquired his online retail start-up Nahel in 2013.

He remembers that the process of manually categorizing the data he copied from bank PDF printouts into Excel was tiresome and aggravating.

I continued the habit after getting Nahel, but I realized there had to be a better way.

“I wasn’t the only one experiencing this difficult situation; others did as well. Wally was created after seeing the market lacked any superior products.

Mr. Hejazi and his brother Sami launched Wally, a personal finance app that aids users around the world in tracking and managing their accounts, in 2014.

Users are able to monitor their net worth, expenditures, and financial goals in one location thanks to the app’s connections with 15,000 banks in 70 different countries.

Wally, according to Mr. Hejazi, “helps the overbanked to take back charge of their finances and begin achieving their goals.”

“Too many people have a lot of credit cards, loans, and bills, which makes it challenging to monitor them, create a plan for them, and assess their progress.”

The Covid-19 outbreak sparked considerable worry about individual financial matters and brought attention to the value of saving, having an emergency fund for unforeseen expenses, and planning adequately for retirement.

According to a July poll by Sharia-compliant savings and investment company National Bonds, more than eight in ten savers in the UAE think it’s critical to have an emergency fund in place to weather challenging economic times.

According to a different survey conducted in 2022 by the insurance provider Friends Provident International, 45% of UAE citizens still need to begin saving for retirement.
Wally was created before open banking, which gives users the option to share their financial information with a third party, therefore at first, the app’s users had to manually keep track of their accounts. However, Mr. Hejazi claims that the software had already utilized some parts of machine learning at the time.

Wally 3.0, which enabled users to link their bank accounts to automate the tracking process, was released by the co-founders in 2020. The program was initially introduced in North America before being gradually expanded to 15,000 institutions in 70 other countries.

The app’s co-founders released version 4 this year, calling it WallyGPT, the first generative AI personal finance tool available in 70 nations.

“WallyGPT has been constructed from the ground up using machine learning and artificial intelligence,” claims Mr. Hejazi.

This enables consumers to conduct research, plan and track their objectives, get investment advice, and learn about financial services without being limited by the conventional charts and tables.

In the case of a 20-something who is getting married soon, WallyGPT can assist them in determining their current net worth, researching the costs of getting married anywhere in the world, creating a savings plan and monitoring its development, suggesting some investment opportunities (like mutual funds or exchange-traded funds), and more which will help them to reach their goal little faster.

and suggest a credit card that will reimburse their wedding-related travel costs, the CEO says.All of these advantages are “hyper-personalized, instantaneous, tailored, and intelligent,” he claims, adding that WallyGPT’s conversational style brings it closer to being the ultimate financial software.

A user can utilize WallyGPT to ask sophisticated inquiries about their finances, investments, savings, and more after linking their bank accounts to the app and suggest a credit card that will reimburse their wedding-related travel costs, the CEO says.

All of these advantages are “hyper-personalized, instantaneous, tailored, and intelligent,” he claims, adding that WallyGPT’s conversational style brings it closer to being the ultimate financial software.

Through an agency approach with a regional vendor who is subject to UAE Central Bank regulation, WallyGPT is offered in the UAE. According to Mr. Hejazi, the Central Bank (Sama) of Saudi Arabia controls and issues licenses for the app.

“We’re going to concentrate on increasing the number of users in our top five markets in terms of user growth. We are presently working on capabilities that will give WallyGPT autopilot functionalities in terms of product development. The idea is to enable users to “set it and forget it,” according to the co-founder.

For instance, WallyGPT will be able to petition for debt reconciliation on your behalf if you are paying excessive interest on all of your loans, allowing you to start saving. Based on asset performance, WallyGPT will be able to balance a user’s portfolio for investment.

The software, which is available for free, intends to generate income by offering services for debt management, investment optimization, and the search for new financial solutions.

According to Mr. Hejazi, the company with its headquarters in DIFC has a data privacy agreement with OpenAI, the company that created ChatGPT, that guarantees the data given with them is not utilized for training and is removed after 30 days.

No personally identifying user information, such as user IDs, emails, or names, is shared by WallyGPT.

In contrast to WallyGPT, Mr. Hejazi claims that human financial advisers are only available to wealthy and high-net-worth persons who have to have a minimum amount in cash and assets (at least Dh300,000 or $81,000) to take use of their services, and their costs are costly.He says that WallyGPT is superior than human advisors in that it is free and offers more individualized, quick, and knowledgeable replies.

Additionally, WallyGPT allows users to manage their entire financial situation, including passive investing, whereas robo-advisers only assist clients with a particular, limited aspect of their finances—passive investing.

He proposes using WallyGPT as an example, which “helps users cut down on unneeded expenditures to find more investable cash or pay down debts.”

There are 20 members of the WallyGPT team, almost all of whom are developers, and the company has an engineering office in Bengaluru.

Due to the strong economic momentum in its home market of the UAE, Majid Al Futtaim Holding, one of Dubai’s major private sector businesses and the largest mall operator in the Middle East, recorded a substantial increase in profit and revenue.

According to Ahmed Ismail, chief executive of Majid Al Futtaim, net profit for the six months ending in June increased by an annual 74% to Dh1.7 billion ($463 million), while revenue for the reporting time increased by 5% to Dh18.9 billion.

For the first half of this year, earnings before interest, taxes, depreciation, and amortization increased 13% to Dh2.1 billion.

Although currency devaluations in several of the areas where we operate, the year is off to a solid start as revenue is up 5%.
More encouraging is the fact that, thanks to “a booming economy in our home market of the UAE,” our profitability is increasing at a faster rate than our revenue.The second-largest economy in the Arab world, the UAE, made a remarkable recovery from Covid-19’s slump last year, and growth momentum is expected to continue through 2023. After expanding by 7.9% in 2022, it increased by 3.8% annually in the first quarter of this year, helped by strong growth in the non-oil sector as it works to diversify.

According to data from the Federal Centre for Competitiveness and Statistics, which Abdulla bin Touq, the Minister of Economy, cited earlier this month, the gross domestic product increased to Dh418.3 billion in the three months ending in March, with significant contributions from the majority of the sectors and economic activities that are “the key pillars of the national economy.”

GDP excluding oil increased by 4.5% annually to Dh312 billion.

The privately held corporation owns and manages 29 shopping centers, 18 hotels, and mixed-use neighborhoods. Its commercial interests range from the retail and leisure sectors to real estate development.

During the reporting period, “multiple factors” including the reallocation of capital to the business’s more lucrative and higher margin areas were the primary drivers of profitability.

With a 40% increase in sales and a 22% increase in ebitda, “our residential [properties] company has recorded record results. In fact, our whole properties business has generated another set of records. Naturally, operational effectiveness and financial restraint play a role.
According to him, Dubai residential costs were nominally lower than their last peak, and the company plans to start construction on a new project before the end of the year.

One of the key engines of the UAE’s non-oil economy, the real estate sector, has also maintained growing pace into 2023 following significant increases in the previous two years.

The expansion of the 10-year golden visa program, residency permits for remote employees and retirees, as well as economic benefits from Expo 2020 Dubai have all contributed to the sector’s growth.

Despite global socioeconomic challenges, the property market demonstrated good performance in every sector in the first half of the year, according to a report published in July by Consultancy CBRE.

According to CBRE, while average prices in Dubai’s market increased by 16.9% in the year to June 2023, the market in Abu Dhabi saw 4,737 transactions for sale in the first half of the year, an increase of 88.6% yearly.

Majid Al Futtaim reported that the Tilal Al Ghaf residential property development and UAE-based shopping malls were the main drivers of the company’s property business’s revenue growth of 39% to Dh3.4 billion and ebitda increase of 22% to Dh1.7 billion.

According to the company’s financial statement, which was published on Nasdaq Dubai, the property business was the main driver of revenue and profit growth throughout the reporting period.

Foot traffic in shopping centers grew by 12%, with the Mall of the Emirates having its best first-half foot traffic ever. Tenant sales increased by 7%, with the company’s malls in the UAE contributing the most to revenue.

However, the retail sector saw a 2% decline in revenue to Dh14.1 billion and a 7% decline in ebitda in the first half of the year, according to a statement released by the company on Monday. “Currency devaluations across the group’s footprint” were mostly to blame, it was noted.

Revenue increased by 8%, and ebitda rose by 5%, at a steady exchange rate.

The company said its digital retail business continued strong, with a 13% increase in revenue to Dh1.2 billion. The company launched five additional outlets in the region during the first half.

Majid Al Futtaim’s entertainment division saw a 4% annual increase in revenue to Dh822 million as the movie industry continues to bounce back from “delays and adjustments to its content pipeline”.

With the inauguration of Snow Abu Dhabi in June—the group’s fourth snow destination in the region—the company increased the scope of its entertainment business in the first half.

In the first half of the year, it opened 11 new outlets, which resulted in a 31% increase in revenue for its lifestyle businesses to Dh473 million.

At the conclusion of the first half, Majid Al Futtaim had net borrowings of Dh15 billion, with the majority of the debt expiring in 2026 and later, in order to maintain “a strong financial and liquidity position supported by a well-balanced financing structure.”

As it seeks to diversify its funding sources, the corporation secured $500 million in May through a green sukuk, its fourth in about four years. The corporation stated at the time that it would refinance a previous $800 million bond commitment with the proceeds.

The business will ‘eventually’ use its green financing structure to draw green equity funds.
To address the growing cooling demand in the UAE, the second-largest economy in the Arab world, the National Central Cooling Company, also known as Tabreed, and Adnoc are looking into more geothermal energy projects. The first geothermal energy project for the Gulf region was just unveiled by Tabreed and the Abu Dhabi-based energy firm, and it’s anticipated to provide 10% of Masdar City’s cooling requirements.

To expand the use of this technology, we will keep investigating the geothermal potential in the entire Abu Dhabi and Al Ain region. Managing director of Tabreed, Antonio Di Cecca.

The district cooling network at Tabreed’s sustainable research and development hub will get chilled water from the Masdar City project’s absorption cooling system after hot water heated by the heat from the wells passes through it.

This is a physical facility that will be connected to Masdar City’s current district cooling network. Before Cop28, we’ll be able to commission the plant. Construction has already begun, and we are on schedule, according to Mr. Di Cecca.

In contrast to intermittent sources of energy like sun and wind, geothermal energy uses the heat produced within the Earth’s core. High capacity factors for geothermal energy facilities allow them to operate for long periods of time at maximum output for longer periods.

According to the International Energy Agency, the usage of air conditioners and electric fans accounts for nearly a fifth of the total electricity used in buildings around the world, or 10% of all worldwide electricity consumption.
According to the EPA, the need for energy for space cooling is anticipated to more than treble by 2050. According to Mr. Di Cecca, cooling accounts for more than 50% of the electricity used in buildings in the United Arab Emirates, and that percentage can reach 70% during peak hours.

“Population growth [and] access to better lifestyle options will increase the demand for air conditioning, so policymakers and governments must make critical decisions on how to address [this],” he said.

Demand management and improving equipment efficiency are only two of the many options available.

District cooling, which entails a network of pipes filled with chilled water from cooling plants, would be crucial since it aids in aggregating demand, according to Mr. Di Cecca.

According to the World Population Review, the population of the UAE, which is currently 9.89 million, is expected to keep increasing until 2033, when it will reach a peak of 10.71 million.

One of the biggest utilities in the Middle East, Tabreed, has been quickly growing its activities there.

The corporation disclosed its green financing strategy last year in an effort to entice green equity funds to make investments in its enterprise.

Our goal, according to Mr. Di Cecca, is to investigate the market and see if there are any promising options before using this framework.

Particularly in the GCC states, the marketplace for green and sustainable bonds and sukuk is flourishing as governments in the oil-rich economic bloc strive to meet their net-zero pledges.

Masdar, an Abu Dhabi-based provider of clean energy, sold its initial green bond this month on the London Stock Exchange to raise money for its newest sustainable energy initiatives.

By selling 10-year senior unsecured notes, Masdar finished its $750 million green bond issue on July 19. Due to the significant demand from domestic and foreign investors, the offering was 5.6 times oversubscribed, and the order book reaching a high of $4.2 billion.

Are you wanting to start up a successful business this year? UAE offers a wealth of business prospects for aspiring entrepreneurs because it is one of the top business destinations in the world. The UAE economy is anticipated to develop annually, and you can even participate in this remarkable growth. A business setup in Dubai is a fantastic opportunity to grow your company and build a reputable brand. In just three to four days, you may start up your firm in 2023. You must have the required paperwork and government approvals, though.

But with significant knowledge and expertise, Flybiz company setup advisors can assist you in setting up a firm in Dubai. To start up a business  in Dubai quickly and successfully, use the advice below.

1. A very attractive business idea

Create a thorough business strategy before opening a company in Dubai. How are you going to draft this business plan? Learn about your rivals and decide what makes you different. Additionally, consider how they were carried out and make a decision regarding how to improve it. Depending on your business activity, choose the type of business. In Dubai, the DED offers more than 2000 business opportunities; pick the most successful one and submit it with your application.

2. Excellent location

Finding a very lucrative location offers a variety of company prospects. Whatever your line of work, location in Dubai is a major source of income. Businesses can be established in the city’s freezone and on the mainland. However, based on your business, you must pick the best location.

It’s a separate area with its own laws and rules when it comes to free zones. The free zone authorities will keep an eye on the businesses and provide the necessary business license. For new businesses and other types of institutions, the freezone offers more benefits. Companies operating in free zones enjoy numerous benefits, including full profit repatriation, single window clearance, and tax exemption.

For investors and company owners, setting up a business on the mainland is a sophisticated alternative. Within the limits of Emirati sovereignty, the enterprises are permitted to conduct business. A mainland license enables your company to reach out to potential customers and guarantees flexible business growth. You must follow the laws and ordinances of the UAE government when conducting business on the mainland.

Therefore, pick the ideal location for results for your business and launch it.

3. Business Permit

Starting a business in Dubai is not possible without a business license. The UAE government offers business-friendly regulations, expedited timescales, and straightforward approval processes. As a result, investors and new businesses frequently choose to operate under a Dubai business license. According to the new FDI law, you won’t need a local sponsor to start your business in Dubai mainland in 2023. As a result, the entrepreneurs are the sole owners of the onshore business.

There is no requirement for a real office space to register your business. The greatest DED package is provided by the Flybiz business setup team for obtaining your business license. Additionally, we collaborate with government agencies to streamline the procedure and deliver the required paperwork for prompt approval.

The four most popular licenses offered in the United Arab Emirates are commercial, industrial, professional, and tourism. You can choose any license and begin doing business in Dubai.

4. Stunning name

Having a reputable name will attract more customers. When a brand name is ingrained in our memory, we return to it repeatedly. However, you must adhere to all naming guidelines while choosing a company name. For instance, you should refrain from using acronyms, references to religion, vulgar language, etc. Ensure that it concludes with the name of your legal entity, such as LLC or Pvt. Ltd. Once you’ve decided on a name, submit a DED registration form to finish the trade name registration process.

5. Decide on a budget.

When starting a business, every dollar counts, so you need to have a predetermined budget. The cost of incorporating a business includes salaries, stock inventories, unreported expenses, licenses, marketing, and advertising. The costs could change, so you should set up money for unforeseen charges. Think big and make future plans while starting a business in Dubai. Make sure your budget allows for potential capital-intensive opportunities and future development.

These are a few suggestions to keep in mind as you prepare to launch your business in Dubai. However, receiving assistance from a knowledgeable startup consultant in the UAE will streamline the procedure and save you time.

There are several procedures involved in starting a business in the UAE as a foreigner, including securing the required visas. Here is a thorough explanation of the procedure:

1. Choose Your Business Activity: The first step is to choose the type of business you will be running. The kind of license you need to apply for will depend on this.
2. Select a Business Name: Your company should have a distinctive name that adheres to the UAE’s naming customs.
3. Select a Business Structure: There are a number of business structures available in the UAE, including the Limited Liability Company (LLC), Free Zone Company, and Sole Proprietorship. The decision is based on your business activities, the amount of control you wish to keep, and your financial situation.
4. Select a Location: You have the option of establishing your company in one of the several free zones or on the UAE’s mainland. Each has distinct benefits and rules.
5. Publish Your Company :After deciding on the aforementioned, you can move on with registering your firm. This entails delivering the required paperwork to the appropriate agencies, which may include an application form, a business plan, and copies of passports.
6. Obtain a Business License: Submit an application for the correct license based on your line of work. This might be a license for a business, profession, industry, or tourism.
7. After your business has been registered, you can open a corporate bank account. Your business registration paperwork as well as any other conditions required by the bank must be provided.

    

8. Acquire visas
   STEPS IN VISA PROCESSING: Infographics
   To live and work in the UAE as a foreign business owner, you’ll require a visa. Learn the procedure from infographics.

   Please keep in mind that the procedure can change based on the particulars of the economic activity and the jurisdiction (mainland or free zone). It is always advisable to speak with a company setup advisor to make sure you adhere to the proper protocols and laws.

9. 
10. Documents Needed for Foreigners Starting a Business in Dubai
    The particular paperwork needed for foreigners to open a business in Dubai depends on the license type selected. The following are some essential documents you will normally require:

    A copy of your passport is required for all business-related operations in Dubai. A copy of your passport will need to be provided.

    Visa Copy: If you are not a resident of the United Arab Emirates, you must present a copy of your visa.

    Business Plan: In this document, you should describe the objectives, plans, and budget for your company. It’s a crucial step in the establishment of your company.

    If you’re submitting an application for a license on the mainland, you must include a letter of intent from a local sponsor. A letter of intent from a regional sponsor is required. Please be aware that only a small number of activities call for this.

    This certificate of good conduct attests to your lack of criminal history. It’s a crucial step in the process of setting up your firm.

    Your financial assets and liabilities are displayed in your financial statement. It’s essential for displaying your ability to manage a business’s finances.

    Depending on the particulars of the company you have selected license and operating area, you might also need to produce additional documents in addition to these.

    Considerations for Expats Before Starting a Business in the UAE or Dubai
    Prior to opening a business in Dubai, take into account the following:

    Recognizing Local Business Practices: Acquaint yourself with the conventions and procedures that apply locally.
    Select the Ideal Location: Since each offers unique advantages, decide whether to locate in the mainland or a free zone.
    Recognize the costs associated with launching a business, such as license fees, visa charges, and operations expenditures.The price of launching a business in the UAE as an expat
    Depending on the sort of business, the location, and other elements, there are different beginning costs in Dubai. However, you should budget between AED 15,000 and AED 25,000 for a trade license.

Global business hub Dubai is well known for its friendly business climate, advantageous location, and strong economy. It provides an abundance of options for business owners everywhere, including visitors and non-residents. This article examines the steps involved in launching a business in Dubai as a foreigner, the advantages it provides, and the factors to take into account.

In most cases, foreign business owners can now retain 100% ownership of their companies while also taking advantage of the UAE’s reduced corporation tax rate and 0% personal income tax. One of the most recent developments is the long-term visa, which permits foreigners to reside in the UAE for extended periods of time and perhaps retire here once their jobs are over.

With the right guidance, even non-residents can establish enterprises in the UAE and manage them from anywhere in the globe.
Here are some study results that demonstrate why foreigners choose to call the UAE their home:

• In the UAE, 37% of expats intend to retire. This is an increase from 28% in 2021, and the introduction of the Golden Visa and Retirement Visa programs is probably to blame.
• In the UAE, 68% of expats are happy with their lives. This shows that the UAE is a well-liked place for expats to settle, even though it is somewhat below the global average of 72%.
• The employment prospects, the standard of living, and the climate are the main draws for expats to relocate to the UAE.
• Dubai, Abu Dhabi, and Sharjah are the most well-liked cities in the United Arab Emirates for foreigners.
• Over 2,000 residents and expatriates were polled in 2023 by the National Bonds.

  Here are a few more intriguing survey results:

• The UAE is regarded as an excellent place to save money by 76% of respondents.
  64% of respondents said they were close to establishing a trustworthy fund.
• In the UAE, 80% of respondents said it was simple to get a visa.
• Overall, the study revealed that expats enjoy living in the UAE and are typically content with their life there.

  Does Dubai Allow Foreigners to Open Businesses?
  Yes, Dubai aggressively promotes international investment and permits non-residents to create and run their own companies. The government has put in place rules that encourage foreign direct investment, making it a desirable location for businesspeople everywhere.

  Here are some pertinent recent news and updates:

  The Dubai Department of Economic Development (DED) stated in January 2023 that it will streamline the application procedure for company licenses for non-residents. The new procedures are intended to facilitate non-resident business establishment in Dubai and increase international investment in the emirate.
  The Dubai government stated in April 2023 that it will exclude non-residents who are launching firms in specific industries from the obligatory local sponsorship requirement.Technology, media, and healthcare industries are excluded from the local sponsorship requirement.
  The Dubai government is making it simpler than ever for people who are not citizens to open enterprises there. I advise anyone thinking about launching a business in Dubai to follow recent news and updates to be informed about the most recent rules and specifications.

• Benefits of Foreign Entrepreneurship in Dubai
  The United Arab Emirates (UAE), the second most appealing nation internationally for millionaires, is predicted to draw 4,500 millionaires by the end of 2023, according to an article from Arab News. This is due to the UAE’s cheap taxation system, one of the quickest immunization rates in the world, and Dubai’s role as the site of the first World Expo following COVID-19.

  This flood of ultra-wealthy people has also been facilitated by the UAE’s immigration policy, which are intended to draw in private money and foreign talent. Notably, wealthy Russians are beginning to immigrate in huge numbers to the UAE in an effort to avoid the effects of Western sanctions on their nation.

  However, China will see the highest net exodus of millionaires, with 13,500 leaving the nation in 2023. By the end of this year, over 6,500 millionaires are anticipated to leave India, while just 3,200 will leave the UK, primarily as a result of post-Brexit economic developments and regulatory changes influencing tax status.

  Dubai provides a variety of advantages for international businesspeople, including:

  Dubai is one of the world’s fastest-growing and most diverse economies, which offers a stable business environment.
  Tax-Effective Economy: The UAE has one of the world’s most competitive tax systems, with a low income tax and no VAT on residential property for companies operating from free zones.
  Dubai’s strategic location makes it simple to access new markets.

  World-class Amenities: The city provides first-rate public spaces, healthcare, and infrastructure, which raises the standard of living for business owners and their staff.

  Dubai consistently ranks as one of the world’s safest travel destinations thanks to its low crime rate and strict adherence to the law.
  Low corporation tax rate: The UAE has one of the lowest company tax rates in the world at 0%. You won’t be required to pay corporate taxes on your profits as a result.

  There are no limits on foreign ownership of firms in the United Arab Emirates. This implies that regardless of your nationality, you can own 100% of your company.

  Dubai is a prominent global center for trade and commerce.

  Government that is open to business: Dubai’s government is quite open to business. They are dedicated to fostering a smooth and effective business climate and provide a number of incentives to entice international investment.

  Overall, there are more advantages to beginning a business in Dubai as a foreign national than disadvantages. Dubai is a fantastic choice if you’re searching for a business-friendly climate with a low corporate tax rate and no limits on foreign ownership.

To $30.3 billion, real gross domestic product increased.
The first quarter of 2018 saw Dubai’s GDP expand by 2.8% annually to Dh111.3 billion ($30.3 billion), maintaining the “robust momentum of growth” the emirate experienced in 2022 when it grew by 4.4%.

Dubai’s growth is higher than the Organization for Economic Cooperation and Development countries’ seasonally adjusted growth output of 1.6%. The US economy expanded by 1.8% in the first quarter compared to the European Union’s 1.1% growth.

“The continuing rapid development in the first quarter of the year is another testament to Dubai’s strong fundamentals, sustainability, and resilience, as well as its ability to continually develop new pathways for business and creativity to flourish,”

“Dubai continues to outperform some of the world’s leading economies, backed by its exceptional investment environment, robust infrastructure, and business-enabling ecosystem.”
A strategic springboard has been built to usher in a new cycle of growth and value creation, according to Sheikh Hamdan, with the establishment of Dubai Economic Agenda D33, which plans to grow the emirate’s economy by a factor of two during the following ten years.

Dubai’s trade industry added Dh25.5 billion to the economy in the first quarter compared to the same time in 2022. According to a statement from the Dubai Government’s media office, which used statistics from the Dubai statistics and Statistics Establishment of the Dubai Digital Authority, it represented 22.9% of economic production.

The transportation and storage industry in the emirate surpassed all others, growing 10.3% in the first quarter compared to the same period a year prior, bringing in Dh15.6 billion and making up 14.1% of output.

The activities connected to land transport for people and products, sea transport, storage and handling, postal services, air transport for people and goods, and related supporting operations were all included in the transportation and storage sector.

 

The first quarter saw a 3.2% increase in financial and insurance activity in Dubai, which contributed Dh14.2 billion to the economy and roughly 13% of GDP.

As Dubai welcomed 4.67 million foreign tourists in the first three months of the year, an 18% rise over the same period in 2022, the emirate’s lodging and food services climbed by 5.6%, contributing Dh4.5 billion to the economy.

Strong cross-industry and public-private partnerships is further bolstering the economy’s momentum, which is still increasing in both its core sectors and its newly emerging segments.

According to him, comprehensive initiatives centered on entrepreneurship, economic diversification, and the recruitment of talent and investment throughout sectors are promoting growth and stabilizing the economy’s momentum.

“This economic structure is going to continue to function as a key lever for D33 as we seek to bolster Dubai’s offerings as a top three global city, and an excellent place to invest, live, work, and visit,”

Real estate activity increased by 2.4%, driven by an increase in property sales, with the industry contributing 7.4% to overall economic growth.