Is Dubai the Right Place for your Start Up Business?

As the world continues to discover its ‘new normal’ in a post-pandemic landscape, more and more people are turning to the idea of their own start up business. Traditionally seen as a risky endeavour, the global economic upheaval has created the right mix of elements to expand the way individuals view their careers and financial futures. So, for those who have that ‘great, game-changing idea’ is Dubai the right place for your start up business?

There is an old adage about challenges revealing our true capabilities and that is certainly true of the UAE in recent times. Strong investments, a world-class infrastructure and a successful vaccination campaign have showcased a unique ability to adapt, overcome and thrive. These undeniable qualities are perfectly suited to the drive and ambition of start ups looking for the right home. Here are just some of the key factors to consider for your start up business:

A Positive Environment

Dubai, and the UAE, continues to strengthen its global reputation as an ambitious, inclusive and innovative destination, even in light of the recent pandemic. As a young nation, it has always worked hard to build on its unique qualities and to attract and utilise international talent and investment for the betterment of communities and society. From its post-Covid stimulus assistance to its legal adjustments, free zone capabilities to visa expansion, the UAE Government is committed to creating a country in which entrepreneurs and start up businesses can thrive and become vital economic contributors.

A Resilient Economy

One of the best indicators that Dubai is a good location for a start up business is its robust economy, particularly following the upheaval of 2020. Recent figures announced show that Dubai’s non-oil trade has grown by 10% to Dhs 354.4 billion in the first quarter of 2021. Exports grew 25% in terms of value and 20% in terms of volume. The value of imports rose by 9% and re-exports by 5.5%. Sheikh Hamdan Bin Mohammad Bin Rashid al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council commented on the exciting news, “We have been able to achieve this by virtue of good governance, advanced infrastructure, strategic location, status as a regional and global hub for trade and the generous stimulus packages that the government has launched in support of trade and business.” Currently the UAE’s top trading partners are amongst the fastest growing economies in the world including Saudi Arabia, Turkey, India, China and the US.

Finding the Right Fit

Although the enviable geographic location, infrastructure and environment of Dubai and the UAE are extremely attractive for a start up business, it is essential that individuals find the right fit for their organization. From licenses to free zones, visas to bank accounts, getting the right support and expert advice can make all the difference. Traditionally the banking sector has been slow to achieve the same level of functionality on behalf of business initiation, but recent developments particularly in stricter KYC requirements have elevated how we compare on a global scale in this area. That said, setting up a bank account for your start up business can still be one of the most complicated and time-consuming elements. Ensuring that you have the right information in order to avoid obstacles or delays, will keep you on schedule. At EER our dedicated Corporate Services Division knows exactly how important it is to have the right guidance at this crucial time. They can provide you with the right answers, options to suit your needs and bespoke service support so you can focus on what you know best. If you would like to enquire about how EER can help you with setting up a start up business, get in touch today on corporateservices@eerme.com or call us on 971 4 4211819.