⁉️ Why Choosing Dubai for Your Business?
Dubai is often seen as a futuristic city, a symbol of modernity and economic success. But did you know that it’s also a top destination for entrepreneurs from around the globe?
Here’s why entrepreneurs and business leaders consider Dubai the ideal place to start their business:
- Advantageous Tax System: One of Dubai’s major benefits is its very favorable tax system. Companies pay either 0% or a maximum of 9% in taxes, depending on the type of business and profits. Additionally, there is no VAT for clients outside the UAE, and only 5% VAT for clients within the UAE. And the best part? There’s no income tax!
- Strategic Location: Positioned perfectly at the crossroads of Europe, Asia, and Africa, Dubai is a global trading hub. It’s the perfect place to meet and collaborate with investors and entrepreneurs from all over the world.
- Exceptional Quality of Life: Besides being business-friendly, Dubai offers a luxurious and safe lifestyle, with modern infrastructure, top international schools, and sunny weather almost all year round. The service quality in Dubai is outstanding, and the people are friendly and welcoming!
🧐 What are the different Types of Businesses in Dubai?
Dubai offers several options for entrepreneurs looking to set up a business. Here’s a brief overview of the three main types of businesses you can create:
- Offshore: These businesses cannot operate within the UAE and require a minimum current turnover of 10 million dirhams (AED).
- Mainland: This type of business allows you to operate both within the UAE and internationally. Although it’s no longer mandatory to partner with a UAE national (since 2023), setting up a mainland company requires physical office space, with costs depending on size and location. Collaborating with the government is often easier with a mainland company.
- Freezone: Ideal for online and digital businesses, freezone companies can operate without physical office space, using only a mailbox. They offer maximum flexibility for entrepreneurs.
🤷♀️ How to Start a Business in Dubai?
The costs to start a business in Dubai depends on several factors, including the number of partners, the number of visas required, and the Emirate where the company is registered.
- Consult a Professional: To avoid administrative hassles, it’s best to consult an expert. They will handle everything from obtaining the license and visa to opening bank accounts. They can also recommend which licenses to choose to facilitate bank account opening and ensure legal operation. Their advice will save you time, money, and effort!
- Request a Complete Quote: Ensure that the quote includes bank account opening, insurance, fingerprints, and medical tests. These steps can be complex but are crucial for a successful start.
- Choose the Type of Business and Licenses: Depending on your activity and needs, the expert will guide you toward a freezone, mainland, or offshore setup and recommend the most suitable licenses.
- Open a Professional Bank Account: This is often the most challenging step in Dubai. Many entrepreneurs opt for online banks, but these may not always meet professional needs. It’s advisable to pay a bit more for a comprehensive and reliable service.
💬 My Personal Experience
Personally, I worked with a specialized company that managed all the paperwork for my partners and me, from A to Z. They took care of everything, from fingerprints and medical exams to opening our bank accounts. Three years later, they’re still there to help with our administrative needs, providing us with invaluable peace of mind. Our only focus: growing our business!
➡️ Conclusion
Starting a business in Dubai is incredibly straightforward and attractive. With its advantageous tax system, strategic location, and exceptional quality of life, Dubai is the perfect place to launch your project or take your business to the next level. For more information and personalized guidance, feel free to schedule a meeting with me. I’ll be happy to connect you with the right people based on your project and budget.
Come see why so many entrepreneurs choose Dubai as their dream business destination!
By Elodie @dubai-connect