Dubai has been making headlines for its booming economy and rapid rise in tourism. But with an increase in trade, there is also an increased need to protect intellectual property rights. Here are five things you should know before opening up your business in Dubai:
Dubai’s economic growth rate is expected to grow at 4% this year due to the recovering oil prices, according to Bloomberg. -The Emirate of Dubai has the second-highest GDP per capita globally after Qatar, according to The World Bank Group. This means that many people have disposable income which can be spent on your product or service. If you’re looking for a country where it won’t be hard for you to set up shop, look no further than Dubai!
One thing you should know about Dubai is that they want to be seen as a country with state-of-the-art facilities. The government offers entrepreneurs 100% foreign ownership of companies along with a very low tax rate. This allows for a lot of room to grow and a wealth of opportunity for business owners looking to Setting up a business in Dubai market.
#5: Educating the workforce one of the biggest benefits of being a business owner in Dubai is the fact that there is a large English-speaking population. More than 80% of people living in Dubai speak some knowledge of English, so you won’t have to worry too much about looking for employees who can communicate with your customers. In addition, many people living in Dubai are bilingual with the ability to speak both English and Arabic.
#4: Well-developed transportation system One of the advantages of being a business owner in Dubai is that they have excellent public transportation, including taxis, buses, water transport, and trains. The train also connects all the major cities in the region which is particularly helpful for business owners who are trying to expand their market. This is one of the reasons why Dubai has the lowest number of cars per thousand people in the world.
#3: Proximity to high-growth markets You can’t have a conversation about Dubai without mentioning that it has some of the most rapidly growing economies in the world. Dubai has positioned itself at the center of high-growth markets: India, China, and Pakistan. The Emirate is also well-connected to Europe and Asia through air travel which makes it easy for people from all over the world to come in and out.
#2: Shorter business formation process In Dubai, you can start a limited liability company in only two to three days. This is one of the main reasons why Dubai has become a hotbed for entrepreneurs from all over the world looking for business opportunities, particularly those who are time-pressed or have never opened up a business before.
#1: Growing economy Despite the global financial crisis that saw skyrocketing oil prices and the failure of Dubai World to pay back its debts, the Emirate’s economy has recovered strongly due to its diversified portfolio of business sectors. The outlook for growth in the region is also strong with oil prices beginning to rise again, allowing Dubai’s economy to follow suit.
I hope this article was helpful! Please leave your comments below if you have any further questions for me!