The COVID-19 pandemic has brought about phenomenal changes in the way businesses work. Apart from economic turbulence, there have been major changes in work culture, business priorities, and other aspects that affect business. However, numerous businesses hustled, stood the test of time, and also recorded significant growth in revenues. Among other strategies, expanding to international markets is a great way to increase profitability by banking on foreign investments, better reach, networking, and diversification.
Dubai is one such destination that can offer abundant opportunities for entrepreneurs. The ease of doing business in Dubai is one of the primary reasons for it being a preferred business destination.
Sanjeev Jain, the CEO of Ace Advisors India, thinks that it is a great move for businesses to expand their business to Dubai. In a recent interaction, he talked about the advantages. Sanjeev says that the ease of business stems from Dubai’s rapid growth, strategic location, and conducive business culture. He also thinks that the amalgamation of various cultures in the city makes it easy to find an audience for all types of businesses. Dubai has a stronger economy as compared to other cities around. It is also a preferable option because it is easy to get electricity, and construction permits. Registering property and enforcing contracts are also convenient in UAE.
Sanjeev also talked about the abundance of options and favorable corporate structure in Dubai. Some other benefits that he talked about include the absence of any personal or corporate income taxes. According to Sanjeev, the zero-tax regime is the most attractive aspect of the UAE. He also talked about safe governance, no physical office requirements, and lower costs of establishing a business.
Educated people from across the globe come to Dubai with their diverse experiences. Sanjeev says that this ensures that businesses benefit from a talented workforce that ensures better business outcomes. It is also an advantage that there are no share capital requirements or capital repatriation restrictions.
In the post-pandemic world, an increasing number of people are now choosing to invest in Dubai. This can be attributed to changing work structures, resume in tourism activities, and many other factors.
There are three types of corporate structures in the UAE. They are Free Zone, mainland, and offshore. The recent changes to Commercial Companies Law announced by the UAE have also made doing business in the Mainland more alluring. Now there is no need to appoint a local agent as the majority owner of onshore or mainland companies. Organizations in the retail sector can specifically benefit from this change.
Mr. Jain concluded with tips and said that the choice between a Free Zone company or a mainland entity depends on your business goals. If the goal is to serve as a hub for regional commerce, it makes sense to be a Free Zone entity. A Mainland firm is a better option if you wish to serve Emiratis.
Once you choose the right option to meet your needs, strong business ethics and determination will make it easier for you to excel in business and grow exponentially, says Sanjeev.
Mr. Sanjeev Jain is the CEO of Ace Advisors India, an Investment banker & International Business Consultant. Ace Advisors India is an Indian consulting & advisory firm that assists businessmen and entrepreneurs to expand their business abroad. AAI comprises ex-bankers, lawyers, and other experienced professionals who are equipped to help with multiple aspects of business and family migration through end-to-end consulting for the clients.
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