Dubai is an emirate that has undergone a tremendous change in its economic positioning over the past five decades. Under the visionary rule of its leaders, the city has become a global business hub that boasts of a highly dynamic and diversified economy. Today, Dubai is one of the world’s largest offshore businesses and re-exporting centre with a strategic location that connects the East with the West.
Years of statistical data shows that the city has grown beyond expectations through brilliant economic planning that spanned over the years. With low operational and logistical costs, liberal tax policies and an international outlook, Dubai were able to achieve a great degree of diversification and a stronger economy.
Recent financial projections, for instance, shows that in 2018 Dubai was able to attract a whopping Dh38.5 billion as a foreign direct investment which was valued as a growth of 41%. The city’s foreign investment policies and new business formation rules have undoubtedly affected this increase in FDI along with the continuous encouragement and support from the Dubai Economic Department (DED).
Following this trend, around 6,700 business licenses have been issued in the first half of 2019, which amounted to a 29% increase in net FDI at about attracting Dh.680 million into the country.
Convinced about starting a business in this country? Here are some of the game-changing rules that brought about such dramatic valuations.
Gold Card Visa for investors
One of the biggest changes of the year was the introduction of the Gold Card visa for investors in the UAE, which is more or less a permanent residency option for foreign entrepreneurs. The visa card was awarded to around 400 investors who had invested not less than Dh.10 million via new company formations and exceptionally talented individuals in the fields of science, art, culture and research.
The primary idea behind Gold Visa Card is to retain the current FDI and encourage these investors to generate more revenue within the country’s jurisdiction. With increased mobility and freedom to do business within and outside the country, the government hopes that more and more of investors consider UAE, specifically Dubai as a great location to start a business.
Long-term visas to JAFZA investors
To attract exceptionally talented foreign entrepreneurs and investors into the country and secure more FDI, the UAE government further announced the 5 years and 10-year visas for foreign investors. Foreign individuals interested in starting a business in the country can now consider Dubai as a favourable location to start a business.
100% Company Ownership for 122 economic activities
The most recent decision from the UAE government allowing 100% company ownership for 122 economic activities redefined the country’s efforts to increase foreign direct investments. Business investors across the globe now deem UAE and especially Dubai as a lucrative location to start a business.
The availability of world-class infrastructure, lenient tax laws, favourable rules and regulations, long-term visas and skilled labour are all contributing factors that will drive more and more investments into the country. This unequivocally reconfirms Dubai’s position as a popular destination to start a business. Consult with our experts today for more information.