Category: entreprenuership

The statutes also establish a national register, set standards for private healthcare facilities, and cover veterinary medicine.

A new set of laws to enhance the regulations for healthcare jobs has received approval from the UAE government. Tuesday saw the sharing of this. There were also some adjustments.

People who find themselves engaged in healthcare without the appropriate license or without fulfilling the requirements will face harsher penalties, under the new legislation.

The regulations also include information on caring for animals, standards for private healthcare facilities, and the creation of a national list.

The laws also specify how to take care of animals, how private healthcare facilities should operate, and how to compile a national list.

Following are some salient features of the new laws:
regulating a range of healthcare occupations, including anesthesia, therapy, cosmetics, and nursing.
increasing the severity of the penalties for those who work in healthcare without authorization or in violation of the rules.
The statutes emphasize the value of proper conduct and obligations for healthcare professionals.
updating the severity of the penalties for errors and the viability of continuing to operate and provide patient care for private healthcare facilities.
the compilation of a national list of qualified healthcare professionals.
enabling businesspeople and international investors to establish and own veterinary services. This increases the country’s appeal for foreign investors in the veterinary industry.

The United Arab Emirates’ Dubai is quickly rising to prominence in the Middle East as the preferred location for innovators and businesspeople. Due to its hospitable environment and supporting ecosystem, Dubai has become a vibrant destination for startups and rising technology firms, drawing in entrepreneurs from all over the world. Due to its advantageous location, first-rate infrastructure, and business-friendly legislation, Dubai is quickly becoming as the Middle East’s equivalent of Silicon Valley or even New York.

The United Arab Emirates is ranked 16th in the world by the Global Entrepreneurship Index 2021, with Dubai playing a major role in this rating. Several elements, such as financial backing from investors, government assistance, and an expanding number of bright and driven entrepreneurs, are what drive Dubai’s entrepreneurial scene. The city is a great area for entrepreneurs to start their enterprises since it provides a variety of encouragement and assistance programs for startups, such as loans, incubators, accelerators, and co-working spaces.

The friendly attitude of Dubai toward immigrants is one of the main factors contributing to its growth as a center of entrepreneurship. With visa laws that make it relatively simple for entrepreneurs and other innovators to obtain residency permit qualified workers to enter the city, Dubai has made it simple for skilled and talented persons to come there.

Due to this, Dubai has seen a sharp increase in immigration as a result of the bright people and businesspeople who are opting to settle there from all over the world.

The Dubai Chamber of Commerce and Industry reports that between 2014 and 2019, the number of startups in Dubai surged by over 120%, and there are currently over 30,000 of them in the city. Dubai attracted more than $3 billion in capital from local entrepreneurs in 2020, making it the second-best city in the world for startup funding. This is a reflection of the increasing interest from investors in Dubai’s startup scene and its future potential as an innovation hub.

Additionally, disruptive technologies like bitcoin, blockchain, and satellite technology are seeing Dubai emerge as a leader in these areas. The Dubai Blockchain Strategy and the Dubai Futures Accelerators program are two of the city’s latest efforts to encourage the adoption of these technologies. Due to these measures, Dubai has drawn some of the top tech businesses and entrepreneurs in the world, further solidifying its standing as a center for disruption and innovation.

Immigration statistics also confirms this trend, indicating that more innovators and entrepreneurs are relocating to Dubai. After Sydney and Melbourne, Dubai was the third most popular location in the globe in 2019 for billionaires to relocate, according to a research published by New globe Wealth. The study also showed that Dubai saw the greatest net inflow of millionaires in the Middle East in 2019—1,000 millionaires. The city’s growth and prosperity have been further propelled by the migration of wealthy individuals, which has led to a boom popular for high-end products and services and greater investment.

In summary, Dubai is quickly emerging as the center of entrepreneurship and creative thinking in the Middle East, attracting top talent and investment with its advantageous location, business-friendly atmosphere, and government assistance. The city has established itself as a global leader in these domains thanks to its dedication to cutting-edge technologies and disruptive industries like blockchain, satellite technology, and cryptocurrencies. As the city develops further, it presents never-before-seen chances for investors, inventors, and businesspeople to take use of the Middle East’s enormous potential. Dubai is positioned to emerge as the Silicon Valley of the Middle East, a thriving and dynamic center of invention and creativity because to its distinctive fusion of tradition and modernity.

Venture capitalists from all around the world are drawn to Dubai, the United Arab Emirates’ booming city. Due to its advantageous location, business-friendly legislation, and business climate, Dubai may provide exceptional prospects for driven individuals seeking to grow their businesses.

I made the decision to move my venture capital organization from Canada to Dubai in 2019. The venture capital and private equity sectors, in my opinion, are far less competitive than those in North America, which implies that there are more options and equity flexibility when it comes to supporting entrepreneurs. I’ve learned from this experience that entrepreneurs considering relocating their company to Dubai should weigh the advantages and disadvantages of doing so.

Possible Benefits Of Conducting Business In Dubai
The possible tax advantages and company rules in Dubai are among the biggest draws for entrepreneurs looking to expand. Dubai has a tax climate that is favorable to businesses. The United Arab Emirates declared in 2022 that it would impose corporation taxes for the first time. “The the nation’s statutory tax rate will be 9% for taxable earnings beyond 375,000 UAE dirhams ($102,000), and zero for taxable income up to that amount,” according to CNBC, in an effort to encourage small firms. In my view, this can help business owners maximize their earnings and reinvest them to grow their operations more quickly. Furthermore, according to CNBC, there are no taxes on personal income, real estate, or equity investments, which might make Dubai a desirable location for business owners looking to optimize their gains in financials.

Additionally, the government has created free zones for foreign investors that provide specialized assistance and expedited processes. These free zones offer a number of benefits, such as the capacity to repatriate cash and profits, exemption from corporation and income taxes, import and export tax exemptions, and 100% foreign ownership. This simplicity of setup, in my experience, frees up entrepreneurs to concentrate on running their main businesses and making a name for themselves.

Dubai might also present beneficial networking chances. According to my observations, the city draws workers from a variety of backgrounds, which promotes a multicultural workplace culture that fosters creativity and teamwork. In order to expedite the growth of their business, entrepreneurs can leverage a vast network of like-minded individuals, potential clients, investors, and mentors.

In my opinion, Dubai offers a special benefit to business owners in the technology and e-commerce industries as well: the chance to enter comparatively unexplored and less competitive regions. Even while other big IT hubs may already be overcrowded, Dubai is still growing into a significant force in the e-commerce and technology industries. Entrepreneurs can establish themselves as leaders in their sector and gain market share by being innovators and providing creative solutions.

Businesses looking to grow in Dubai can take advantage of this ecosystem and its progressive programs that promote innovation and creativity.

Difficulties To Get Ready For
As alluring as this may sound, there are a few challenges that business owners in Dubai may encounter when they first set up shop. Understanding the regulatory and legal framework and overcoming cultural differences seem to be the two most frequent obstacles you may encounter.

It takes time and effort for entrepreneurs to get the gist of local business practices and culture before they can overcome cultural gaps. You can achieve this through networking with nearby business owners, going to cultural orientation seminars, and doing in-depth study. You can also close the divide among you and local practices by hiring personnel who is deeply culturally aware.

Organizing Yourself to Succeed
Take these things into account before opening a store in Dubai: Does the Dubai market have a need for your good or service? Can you operate within the legal and regulatory framework and adhere to its rules? Do you possess the tools and abilities needed to start and maintain a presence in Dubai?

If all the pieces fall into place and you’re prepared to relocate your company to Dubai, start by obtaining legal and financial counsel to decide on the best legal structure for your company and your visa, register the company, and establish your financial framework. The next stage would be to establish your business by choosing appropriate facilities or office premises to begin your new venture.

As a business owner who has experienced the relocation process to Dubai, I have put up a few pointers to make sure everything goes smoothly.

• Carry out in-depth industrial market research. Does it have a market? What kind of competition is it? Are there other business owners in your sector with whom you could collaborate and expand?

Speak with a financial specialist. Should you move to Dubai, would your savings exceed your expenses? Does moving your company abroad make sense financially?

• Establish internet networks. Make a virtual relationship with entrepreneurs you find on social media who currently reside in Dubai. If you have established mutual ties, networking with local entrepreneurs after your move will be considerably easier.

For business owners, expanding to Dubai may have many benefits, but there may be some difficulties along the road. It’s crucial for entrepreneurs who are thinking about starting a business in Dubai to conduct due diligence, get in touch with industry professionals, and expand their network in order to position themselves for success.

As of Friday’s close of business, Apple was the only corporation to have a market cap of $3 trillion. The Nasdaq has seen its highest first-half increase in forty years as a result of the Big Tech stock boom that it has been riding.

Apple’s stock increased by more than 2% on Friday to a record $193.97. With 15.7 billion shares outstanding, that price of the stock increased Apple’s market worth to a level not seen before.

Apple has been in this situation before. On January 3, 2022, the company briefly traded above the $3 trillion mark but was unable to hold that position.

The company’s stock barely moved up by 0.2% as it closed Thursday at an all-time high share price for the third straight day. Apple easily exceeded the $190.73 threshold required to hit $3 trillion.

The tech giant’s exorbitant value follows the hazardous introduction of the Apple Vision Pro previously this month and a stronger-than-anticipated quarterly earnings report in May, despite slumping sales and profit.

The Vision Pro, an augmented reality device that will be available next year, pleased tech journalists who saw a prototype. But with limited widespread consumer adoption, it is entering a young market. With few apps and experiences currently available, Apple’s headset will cost a pricey $3,499 and bind users to a power pack the size of an iPhone.

As investors hopped on the AI bandwagon, Big Tech firms as a whole experienced a rise, helping Apple’s (AAPL) stock soar 49% this year. With a 190% increase this year, Nvidia (NVDA) is currently leading the S&P 500, followed by Meta (META) at 138%.

The Nasdaq experienced its highest first-half percentage increase since 1983, increasing by 31.7%.

Apple’s performance on the stock market this year contrasts sharply with 2022. For the first time since early 2021, Apple’s market cap was below $2 trillion in the beginning of 2023.

As a result of the tech surge, markets closed higher both for the month and the first half of 2023 on Wall Street.

The S&P 500 experienced its greatest monthly performance since January in June, up 6.5%. Additionally, it had growth for the third straight quarter, rising 8.3% in the second quarter. Approximately 15.9% higher so far this year, the S&P 500 has had its best first half since 2019.

Dubai, and UAE in general, has a diverse economy with a tremendous range of successful industries including real estate, finance, tourism, technology, logistics and transportation, and more.

Its infrastructure has state-of-the-art facilities and a world-class transportation system. But Dubai is also known for other things that have made it such an attractive place for freelancers, startups, SMEs, and multinational corporations.

Here are the reasons why entrepreneurs are moving to Dubai in such high numbers, based on my own experience.

1. Business Environment

Dubai has made great strides in moving from an oil economy to a modern, service-based one. In fact, did you know that over 95% of Dubai’s GDP is now non-oil-based?

Even though I live in Dubai now, I never realized this stunning fact until a business partner of mine mentioned it to me.

Indeed, tourism is now one of the major economic sources of income in Dubai and part of the government’s strategy to keep the flow of foreign cash coming in.

But Dubai is much more than a tourist attraction. It’s an innovation and entrepreneurship hub that offers plenty of incubators, accelerators, and co-working spaces that make it easy for startups to thrive and are part of a comprehensive supporting ecosystem.

More importantly, Dubai offers a range of funding opportunities that are readily available to entrepreneurs. These range from venture capital and angel investors for startups to government loans and grants.

This is an incredibly important cog in the machine that makes it easier for entrepreneurs to grow their businesses.

2. Low Taxes

Dubai has some of the lowest taxes in the world, and that’s one of the major reasons why entrepreneurs are flocking to this modern city-state.

Anyone that wants to maximize their profits and save money on taxes has to have Dubai in their crosshairs.

You see, Dubai doesn’t have any of the following taxes:

1. Personal income tax
2. Value-added Tax (VAT)
3. Capital gains tax
4. Corporate Tax (until June 2nd, 2023)
5. Withholding Tax

As you can see above, there is a corporate tax rate being introduced from June 01, 2023. The United Arab Emirates (UAE) Ministry of Finance has decided on a 9% rate for taxable income surpassing 375,000 UAE dirhams (around $102,000) and a zero tax rate for taxable income up to 375,000.

That way, small companies and startups will still benefit from having no taxes imposed on them.

However, it seems that free zone businesses will still avail of having no taxes as long as they “meet all necessary requirements”.

But even with this new corporate tax, Dubai will remain one of the best countries in the world for doing business.

It also remains at the top of low-tax hubs that include Montenegro (9%), Gibraltar (10%), Ireland and Lichtenstein (12.5%), Hong Kong (8.5%-16.5%), and Singapore and San Marino (17%).

3. Easy Business Setup

Since 2021, it has been much easier to set up and run a business in Dubai as it was no longer mandatory for foreign investors to have Emirati partners, which means that foreigners are now allowed full ownership of businesses in Dubai.

Before this law, you had to find an Emirati national and give them 51% of the ownership of your own company. It was just part of doing business in the UAE.

When moving your business to Dubai, free zones, also called free trade zones, are where you want to be as companies there are exempt from almost all types of taxation, and it’s easier to open a registered business there.

Here’s what you need to do to officially open a business in a Dubai free zone:

1. Specify the type of legal entity
2. Choose a trading name
3. Apply for a business license
4. Find an office space
5. Get pre-approvals
6. Register your business
7. Get your license

You also need to supply minimal documentation that includes a Letter of intent, Business plan, passport copies, etc.

Freelancers need even fewer documents (Application for registration, CV, Bank reference letter, Registry Identification Code Form).

It’s my recommendation to find a reputable local company formation service that will do this much faster and, additionally, open a banking account and deal with residency for you and your whole family.

As an alternative to Dubai free zones, you can start your business on the Mainland (anywhere in the UAE) or offshore.

4. High Quality of Life

Entrepreneurs have enough stress in their lives already. For that reason, choosing a country with a high quality of life and great amenities is a must.

UAE and Dubai are certainly among the top countries in this regard. Emphasis on health and safety is one of the top priorities for the UAE government (not for poor migrant workers, unfortunately), and Dubai is one of the safest cities in the world, with a crime rate of only 0.5 to 1 per 100,000 people.

For those with kids or thinking about having kids, there are around 200 high-quality private schools all around the city and 26 international branch campuses of universities from 12 different countries.

Tuition at private schools ranges from AED 1,725 to AED 107,000 per year.

When it comes to entertainment and leisure, Dubai must be at the top of the list worldwide, with many water parks, theme parks, museums, theaters, and world-class sporting events. Not to mention beaches, parks, and, of course, incredible golf courses.

5. World-Class Healthcare

Speaking of quality of life, I had to put Dubai’s healthcare into a separate category. Affluent people moving to a different country often put quality healthcare near the top of the list of their worries, demands, and expectations.

You’ll be happy to know that Dubai has a top-notch healthcare system that’s often ranked in the top 10 most efficient healthcare systems in the world.

Foreigners from around the world travel to the city-state for treatments, which also fuels the local economy with what is called “medical tourism.”

However, you need to be aware that although Emirati nationals have low-cost or free treatments at public facilities and clinics, expats have to pay for them. These fees can, in some cases, be quite high, but the services you get in return are also quite high.

Moreover, you can’t even get a residency visa without proof of health insurance, and if you hire domestic workers, you will need to provide healthcare for them, as it’s mandatory for employers to provide health insurance to their employees.

6. Residency Permit

There are several ways you can gain residency in Dubai. For entrepreneurs, two will be the most important – residency by property investment and by entrepreneurship.

Both of these are part of the so-called Golden Visa program that gives long-term residence to entrepreneurs and investors, among others.

If you invest at least AED 1 million into a UAE property, you can obtain a three-year visa. Those that invest more than AED 5 million get a five-year visa.

Investors who own shares in an existing company worth at least AED 72,000 or those launching a company with a capital investment worth the same amount can also get a visa.

And lastly, global entrepreneurs (along with their families) wanting to relocate to Dubai’s startup ecosystem can apply for a Golden Visa for entrepreneurs via the Dubai Future Foundation, UAE’s economic development agency.

Again, I recommend finding a reputable local agency that specializes in residency permits, as this will give you the least headaches.

7. Ideal Location

The city-state is known as having the perfect location at the intersections of Europe, Asia, and Africa, making it a gateway to the Middle East.

Dubai has invested heavily in infrastructure and is now known for its state-of-the-art facilities and top-of-the-line transportation system. The Dubai airport is the third largest airport in the world but is also the home to the world’s largest fleet of the world’s largest passenger aircraft (the Airbus A380).

The Jebel Ali Port is the world’s 9th busiest seaport but boasts the largest man-made harbor and is the biggest and busiest port in the Middle East.

Any entrepreneur, SME business owner, or executive will appreciate these as it helps them move goods and people and makes it easy to communicate with clients and partners around the world.

8. Government Support

Some governments are great at giving support to businesses, while with others, businesses would thrive without their “help”.

The Dubai and the UAE officials fall into the first category as they have kick-started many useful initiatives with real-world applications.

For instance, they have set up industry-specific free zones throughout the city in hopes of giving a boost to Dubai property.

They also made it easier for entrepreneurs to start businesses, such as online business registration and licensing, simplified methods for getting visas and work permits, and a range of other support services like the Dubai International Financial Centre (DIFC).

What I personally like the most is the Dubai Future Accelerators program which was designed to directly connect you with officials from top-level government entities and the private sector in Dubai.

It’s also there to develop and execute visionary solutions to key challenges facing the city and to scale faster in a potential market of 2 billion people. This gives entrepreneurs not only access to resources and networks but, more importantly, mentorship and funding.

9. Multilingual and Multicultural Population

Having a pool of capable workforce you can choose from is one of the foremost requirements for any business. Luckily, Dubai has a cosmopolitan and young population with people from all over the world looking for jobs.

Entrepreneurs can easily find a talented workforce with people who speak many different languages.

Most importantly, English is the language of business and commerce in Dubai and is widely spoken, so you won’t have trouble quickly adjusting.

10. Access to Emerging Markets

Being at the crossroads in the Middle East, Dubai has the perfect location to access emerging markets.

Everyone knows that these still underdeveloped countries can provide the most growth for companies as the potential is limitless, and there aren’t as many competitors as in developed countries.

Dubai’s many air transport connections provide easy access to emerging markets in Asia and Africa, with countries like China, India, and Nigeria, basically on your doorstep.

11. Excellent Networking Opportunities

Ever since I moved to Dubai, I’ve met many like-minded entrepreneurs and business executives. Nowhere in the world was I able to meet that many driven people in such a small amount of time.

The city is well-known for its dynamic business community and a range of networking opportunities for business professionals.

It’s a host of many business events and conferences throughout the year, with people from a wide range of industries and sectors flocking there.

These events are the perfect chance to connect with other business professionals and not only see the latest innovations and trends in the industry firsthand but also showcase their products and services.

Is Dubai Expensive to Live in?

Dubai is ranked as the 23rd most expensive city by the Mercer Cost of Living Survey. However, it’s all relative, and it could be an expensive city for you to live in or cheap, depending on where you live now.

For instance, Dubai is about 25% less expensive than New York City and only around 4% less expensive than nearby Abu Dhabi.

Houses and apartments are expensive, especially in trendy neighborhoods and the city center.

Renting is comparable to other metropolitan areas too, but again, it depends on where you’re looking. The biggest shock for renters is that many landlords charge a year’s worth of rent upfront.

Is it Strict for Women in Dubai?

UAE and Dubai are still highly traditional. However, UAE ranks number one in the Gulf for gender equality and 49th in the world. Women can freely open businesses, and they get a lot of government support in recent years.

They can drive, own real estate, work, and get an education – nevertheless, some of these actions still require approval from their guardian.

Report shows emirate’s progress in attracting digital entrepreneurs.

Start-ups in Dubai raised more than $2 billion collectively last year, double the financing secured in 2021, as the emirate sets its sights on becoming the global destination of choice for digital entrepreneurs.

More than 30 per cent of funding rounds in the Middle East and North Africa region are attributed to start-ups headquartered in Dubai, according to a new report by Dubai Chamber of Digital Economy on the emirate’s venture capital landscape.

It said 87 per cent of all funding rounds for UAE-based companies are for start-ups based in the emirate.

“The country’s proactive vision in developing legislation and initiatives in the digital field creates a favourable environment for start-ups and fast-growing companies, which has attracted unicorn companies and investors from around the world and consolidated the UAE’s position as a global hub for the digital economy,” said Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working System and chairman of Dubai Chamber of Digital Economy.

Last year, the UAE announced its Digital Economy Strategy with the goal of increasing the contribution of the sector to gross domestic product by 20 per cent over the next 10 years, up from 9.7 per cent in 2022, as it seeks to leverage cutting-edge technologies and attract high-skilled talent.

The new initiative is also a step towards Dubai’s target of attracting 300 digital start-ups to the emirate by 2024 to help it boost its non-oil GDP.

The Dubai Chamber of Digital Economy has attracted 30 digital start-ups during the first quarter of 2023, it said last week.

Dubai is home to more than 40 per cent of all scale-ups in the Mena region and 90 per cent of all scale-ups in the UAE, the report said. It defines scale-ups as start-ups that have raised $1 million or more in capital.

The 306 scale-ups based in Dubai have collectively raised more than $11.7 billion in funding from 2010 to 2022, which represents 60 per cent of the total cumulative fundraising in the Mena region, the study said.

The report reflects Dubai’s “long-term commitment to developing smart digital solutions and deploying these to build a new and future-facing model for the economic sector in the UAE, and Dubai in particular, and underline the emirate’s position as a global capital for the future economy”, Mr Al Olama said.

The number of scale-ups in Dubai has increased 26 per cent year-on-year from 242 in 2021 to 306 in 2022, underscoring the emirate’s ability to attract entrepreneurs, the report said.

Dubai has also grown to become the only city in the Mena region to be home to start-ups that raise late-stage funding in the so-called Series E and Series F rounds, highlighting the growth of venture capital in the emirate from a time of mainly seed stage and earlier rounds of financing.

Regionally, 749 scale-ups across Mena (excluding Israel), have raised a total of more than $19.5 billion cumulatively over the past decade.

Of this, scale-ups in the UAE accounted for 65 per cent of the total capital raised across the region, the report said.

In 2022, scale-ups across Mena raised $6.5 billion, or one third of the region’s lifetime total. Six mega-rounds valued at over $300 million were completed in 2022, signalling the level of maturity of these companies. Mega rounds contributed to over 35 per cent of all scale-up funding in 2022.

While Dubai and the UAE have been ahead of the curve in the Mena region for establishing start-ups, building scale-ups and attracting venture capital, Saudi Arabia and Egypt follow and round out the top three countries, the report said.

The UAE is becoming a preferred choice for newly established businesses to raise funds, expand, and hit the billion-dollar mark.

The Dubai Government will continue to support and nurture the emirate’s flourishing startup and small-and-medium enterprise (SME) ecosystem with an aim to support 30 companies to reach unicorn status by 2023, said Hadi Badri, CEO of the Economic Development Department at the Department of Economy and Tourism, Dubai.

“For aspiring unicorns, there’s no better time and no better place than now to do business in Dubai and use Dubai as a gateway to the broader region. Entrepreneurship and innovation are in our blood and our DNA. We, as a government, are committed to providing the right support and infrastructure to foster that growth,” Badri said during the opening remarks on the third day of the World Government Summit at Madinat Jumeirah.

Dubai has created some of the region’s top unicorns such as Careem, Swvl, Emerging Markets Property Group (EMPG), and Kitopi.

The UAE is becoming a preferred choice for startups to raise funds in order to expand and reach unicorn status. Recently, Indian startups presented their pitches in Dubai to raise funds as part of the “India-UAE startup corridor”.

“As part of the Comprehensive Economic Partnership Agreement (Cepa), it was decided to have an India-UAE start-up operation, under which there were several programmes of which is, identifying 50 promising startups from India, bringing them here and uploading them so that at least 10 of them become unicorns by 2025,” Dr Aman Puri, consul general of India, Dubai said in January.

Saudi Technology Ventures has projected that the Middle East and North Africa (Mena) region could create more than 45 unicorns by 2030 worth $100 billion plus in equity value.

There are over 1,150 unicorns in the world and at least 47 countries have one unicorn. The US (612), China (174) and India (65) have the highest numbers of unicorns.

Hadi Badri said the venture capital (VC) market and ecosystem remain vibrant in the UAE. “In 2022, the Middle East and North Africa VC investment exceeded $3 billion VC funds invested in the UAE, which represented 40 per cent of all that funding. Yet, the UAE only represents three per cent of the Mena population,” Badri said.

In order to satisfy the demands of the entrepreneurship community, the UAE has successfully developed a legislative framework that is continually evolving, reaching or surpassing the highest international standards.

One of the most alluring places in the world for investments is the United Arab Emirates. It boasts one of Asia’s fastest-growing economies, which has drawn a lot of investments, startups, and business owners. This remarkable achievement was made possible by a comprehensive set of legal regulations and business ethics that the government put in place to promote investment and create a welcoming atmosphere for both investors and entrepreneurs. These changes have obviously been made in connection with the UAE hosting Expo 2020, which will undoubtedly have a significant influence on the economy of the UAE, stimulating economic growth and creation of job, for years to come.

In order to satisfy the demands of the entrepreneurship community, the UAE has successfully developed a legislative framework that is continually evolving, matching or surpassing the highest international standards. Due to the prosperous and alluring economic environment this has produced, which is conducive to investment, some of the largest regional organizations have decided to put their headquarters in the UAE. Due to this, the UAE has become a significant economic center in the Middle East. In addition, a significant set of guiding concepts have been added. The idea of collaboration between the public and commercial sectors is arguably the most significant. This has made it possible for local and international organizations to establish a basis of mutual trust and respect with the global business community, producing a commercial environment that is more favorable to both parties.

The UAE has also created a variety of projects and policies that attempt to link both the public and private sectors with business owners, making it easier for them to reach out to potential clients. Additionally, these programs encourage direct collaboration between these crucial sectors, giving the chance to exchange ideas, knowledge, and services in the most effective way. Due in large part to ongoing innovation, the corporate sector is today much more accessible and has given rise to numerous previously unattainable prospects. This has turned out to be a double-edged sword, though, as the same developments have raised the potential of fraud, cybercrime, and intellectual property theft, all of which can be harmful to business owners.

Regarding the advancement of business law, the UAE has emerged as a global leader. The most significant of the several significant laws and orders that have been passed to safeguard the interests of corporations are: 2016’s Law No. 19, which prohibits commercial fraud. Federal Decree No. 20, passed in 2018, forbids money laundering and fights terrorism financing. Law No. 7, passed in 2002, which codifies the protection of intellectual property. Additionally, Federal Decree No. 19 of 2018 on Foreign Direct Investment, Federal Decree No. 9 of 2016 on Bankruptcy, and Law No. 37 of 1992 on the Preservation of Trademarks are included on the list. The use of the rights to intellectual property without the express written or verbal consent of the right holder or their authorized representative is also prohibited by Article 40/92, which also grants legal protection to the right holder’s creations or intellectual property.

These regulations contain a number of unmistakable shared ideas, such as a dedication to openness and the complete and truthful exposure of each commercial entity’s financial situation. Additionally, it offers the most secure and modern financial systems, which promote investment and safeguard investors, to businesses and the investment community in the UAE. It is also obvious that there are particular punishments for breaking commercial law, which are listed in Articles 339 to 373 and include fines and incarceration as penalties. Articles 1, 2, 3, 5/1, 13, and 14 of Federal Law No. 4 of 2002, which criminalizes money laundering, outline a range of punishments that are part of laws that address money laundering.

Entrepreneurs must go through a number of steps before launching any project or initiative, such as fully researching their market or service, persuading a bank of the viability of their project, and hiring a legal expert to ensure they use carefully drafted agreements that protect themselves and their stakeholders by adhering to UAE commercial laws.

The UAE has put in a lot of effort to establish the best possible environment for business owners, from a flexible and comprehensive legislative framework that safeguards both the business owner and investor to the development of platforms that link startups with other institutions in the public and private sectors. Due to these initiatives and the swift growth of the regional economy, the UAE has become the preferred location for Middle Eastern businesspeople.

Business executives from India have found success in the United Arab Emirates (UAE), where they have built international brands in the world’s oil heartland. Dubai, the most populous city in the United Arab Emirates and one of the cities with the greatest growth rate in the world, draws Indian entrepreneurs because it is convenient for conducting business, has access to top-notch infrastructure, welcomes investors, offers world-class living standards, has no income tax, and is close to Africa, Europe, and India.

All of these business moguls arrived in the Gulf in the 1970s and rose to the top from lowly positions. Before moving to Bahrain, Jagtiani was well-known for operating cabs in London. He later relocated to Dubai and established his Landmark Group there. This organization today has more than 45,000 employees along with more than 1000 stores spread over the Middle East, India, and the Persian Gulf. Pillai left his father’s Kerala farm to launch a construction company in Saudi Arabia. He currently employs over 70,000 people across his various enterprises, which include those in the hotel and hospitality, steel, cement, and the oil and gas sectors.

There are plenty more who have established the standard for achievement. One of these individuals is Sunny Varkey, a son of educators who runs more than 250 schools in 13 nations and is one of the most influential educators in the Gulf. Then there are gold dealer Firoz Merchant, a dropout of school who visited Dubai for his honeymoon but never left, and petrochemical boss Yogesh Mehta, who serves as the chief executive officer of Petrochem Middle East, the biggest chemical distribution company in the Middle East and is ranked number 12 in the world.

The idea that the UAE was famed for luring Indian business tycoons with inexpensive labor disproves the claim.

Indians now dominate the construction, healthcare, retail, financial services, manufacturing, logistics, hospitality, and the whole service sector. They have made their imprint across all industries. They hold a prominent position and are the main contributors to the economy.

Early settlers

For the most part because of their trade and commerce, India has had touch with the UAE for many decades. UAE served as a major destination for Indian blue-collar laborers in the early years. An influx of Indian workers arrived after the 1960s oil discovery. They were primarily from the state of Kerala. However, as the oil sector grew and free commerce in Dubai expanded in the 1970s and 1980s, there was a sharp increase in the number of Indian migrants.

3.5 million Indian expatriates live in the UAE as of now, making up the largest ethnic group there and constituting 27% of the nation’s almost 10 million residents.

Growth

It has drawn a lot of Indians, particularly business owners and tech experts, who are relocating to Dubai, a secure global city with a diverse and multilingual population. Today, highly accomplished professionals make up about 35% of the Indian population in the UAE.

“A number of businesses owned by the Indian diaspora have been able to grow into multinationals in their own right because to the business climate in the UAE. These companies include, among others, the Lulu group in retail, Aster in healthcare, and Sobha in real estate. According to Navdeep Suri, a former Indian ambassador to the UAE and a co-chair of the Federation of Indian Chambers of Commerce and Industry (FICCI) national committee for the Dubai Expo, these enterprises have investments in India and represent a true bridge in commercial relations between India and the UAE. An advocacy and trade association based in India is called FICCI.

“Indians are regarded for their technical proficiency and dedication to discipline. Indian expatriates have an advantage over people of other countries because of these characteristics. Indians have made a significant contribution to the employment sector of the nation as well as established themselves as businesses.

“Dubai, in particular, bridges the time difference between the far West and the far east, particularly when there are crucial meetings or calls. Living in Dubai makes it simple to travel to these areas and makes doing business there easier because we operate all over the world, from the US to Europe and even Japan. Due to the geographic advantage, accessibility is extremely high.

“Due to its strong and stable business ecosystem, Dubai continues to draw investors from India even as the UAE and India cooperate and get closer.

Dubai ranks first among other nations on the happiness rating as well, according to the speaker, thanks to its advanced technology and extensive infrastructure. The Singh Foundation assists business owners in Tier I and Tier II cities in raising capital for their projects. Additionally, it collaborates with Ketto.org to pay for children’s procedures whose parents cannot cover the price.

“Many Indian start-ups and entrepreneurs looking to grow have made investments in Dubai. 200 of the 3,000 start-ups in Dubai were created by Indians, according to Singh, who was recognized as one of the Times’ 40 under 40 young people and was listed among Fortune India’s 50 most powerful female entrepreneurs in 2020.

In Dubai’s real estate market, Indian investors come in first place. According to figures from the Dubai Land Department, more than 5,000 Indians invested more than Dh10.89 billion in Dubai’s real estate market in 2019.

Indian Prime Minister Narendra Modi made reference to the contribution of the Indian diaspora, which is heavily involved in charitable endeavors, during his visit to the United Arab Emirates. Since 2014, Modi has made two trips to the UAE, and he stated that “India is delighted of the reality that more than 30 lakh Indians constitute a component of the development process of Gulf countries.”

The UAE is home to a diaspora of 3.5 million Indians who serve the nation well and make significant contributions to its development.

Young second-generation Indians are currently growing their influence, either as business owners or as successors to family firms, armed with foreign degrees and computer know-how.

Growing Indian business activity in the United Arab Emirates contributes to improved diplomatic and commercial ties between the two nations.

1. Advertising

The UAE has received a significant market share in advertising dollars over the last few years. In 2019, Euronews reported that global advertising in the MENA region reached USD $579 billion in the last year, with a significant portion of this directed in Dubai. One area that saw a large investment was digital advertising, which accounted for over $50 billion of advertising in the region.

If you are considering establishing an advertising agency in the UAE, brand development is important, as is a strong social media presence. Setting up in the area can also help you network better with area businesses.

2. Information Technology and Web Development

As part of the Smart Dubai  campaign, Dubai has formalized its goal to be a smart city that embraces technology and the future. It is listed as the top smart city in the MENA region in the Smart Cities Index. As such, it has served as a mecca to many tech-based businesses and is home to more than 1,200 tech startups.

Opportunities exist for a variety of IT and web development innovations, including app development online PR firms, online marketing and online security. Nearly every sector offers business opportunities based on the creation of new technologies, so getting your idea in front of stakeholders can help you penetrate this market.

3. Business Consultancy Service

One of the most promising business opportunities in the UAE is business consultancy services. If you are an expert at global expansion, you may be able to help other businesses in the area since there are so many entrepreneurs and new startups flooding the area. Be sure that you obtain all of the necessary licenses before beginning operations.

4. Financial Services

With so many business opportunities in the UAE, there is a high demand for financial services, including bookkeeping, accounting and auditing. If you are knowledgeable in this area, you may be able to gain part of the market share, especially if you are targeting small businesses and startups so that you are not competing with the large international accounting firms in the region. These services are coveted even more now since the VAT was introduced in 2018 and businesses need help making the necessary calculations and accounting reports related to it.

It does not require much capital for you to start a bookkeeping firm in the UAE. However, you will need to obtain a business license and have the necessary credentials to get started.

5. Transportation/Logistics

With its world-class infrastructure and strategic location, Dubai is a prime location for logistics operations. Dubai serves as an important point in the supply chain, and companies that can meet this need are in high demand. Additionally, transportation services including trans-city transport services and local taxi services are necessary to help citizens and tourists alike to travel the city.  Experts can help you obtain the necessary licenses and approval to start this type of business.

6. Travel Agency

Dubai is a much coveted tourist destination. 15.8 million people visited Dubai in 2017. With disruption to the travel industry in the early part of 2020, there is expected to be a surge in the tourism industry after lockdowns are lifted. With the city’s beautiful hotels, beaches and shopping malls, many people will continue to travel to the historic location, so opening a travel agency in the near future may wind up being a profitable opportunity.

A reputable company can assist you with the process of getting your agency’s trade name improved and locating an appropriate location where you can lease space for your agency.

7. Education

With approximately 85% of the population in Dubai being expats, there is an immense need for educational services in the area, especially ones that can offer services in multiple languages. To establish a school, college, or education service, you will need to obtain the necessary certifications and licenses. You will also need to develop the necessary infrastructure unless you are purchasing a franchise.

Digital learning in the UAE is also on the rise and can allow you to take advantage of this business opportunity in the UAE without as large of a capital overlay.

8. Healthcare

The healthcare industry serves as a beacon to individuals from nearby countries due to more affordable healthcare options in the UAE. Additionally, the Dubai Healthcare City free zone is specifically directed toward the healthcare industry.

If you want to start a healthcare clinic in Dubai, you will need expert assistance to help you procure the necessary licenses and visas for your providers.

9. Retail Businesses

Unlike many other areas around the globe, Dubai has observed a rise in retail business due to a number of factors, including a solid economy, an increased standard of living, a larger number of foreign tourists and a rise in its population.

When considering this business opportunity in the UAE, you will need to think about what type of retail establishment you want, such as a storefront, warehouse, or sales office.

10. E-Commerce

Because the e-commerce sector in the MENA region is not as developed as in other industrialized countries, there is a lot of room for growth in this sector. With more sales online than in stores in the early part of 2020, companies wanting to sell their products online can take advantage of this sudden surge.

This type of business is particularly appealing to entrepreneurs who want to start their business with a laptop and an idea. Due to technological innovations, sellers can set up this type of business in Dubai and then run it from wherever they are physically located while benefitting from Dubai’s favorable tax environment.

11. Apparel and Jewelry

Dubai is a fashion destination for tourists, and apparel companies are taking notice. They often use textiles that derive from this area to appeal to the global marketplace. Apparel and footwear is the area’s largest retail sector.

Additionally, Dubai has a great resource of precious stones and is one of the most sought-after markets for jewelry.

To establish this type of business, you will need to carefully consider your business activity when forming your business. Options include import/expert, design, tailoring, costume rental, and many others. Next, you will want to consider which area is most suited for your business, such as the Dubai Design District, which  is well known for its high population of designers and artists.