The United Arab Emirates is an alliance of seven emirates and one of them is the magnificent city of Dubai. Referred to as the ‘City of Gold’, this place has drawn people from every corner of the world.
Over 30% of the UAE’s population is Indian, making it the biggest ethnic community there. And a number of them have started successful startups that contribute to the country’s, and specifically Dubai’s economy.
Let’s check a few factors that make Dubai an alluring destination for startups.
Dubai was once a sleepy port in the Gulf. Within a span of just a generation, it became a hub for international business.
Dubai is now concentrating on earning revenue from non-oil sources. It is adopting innovative methods and technology, to get on par with other business hubs in the world.
This is giving people a plethora of opportunities to experiment and invest in upcoming areas of business in Dubai.
2. Ease of doing business
The city of Dubai is known as an expat’s paradise. Doing business is getting easier owing to the adoption of the open trade system, with hardly any barriers to free market activity.
Also, Value Added Tax is reimbursed in their supply chain. Talks about giving 100% ownership to SME companies are in progress too.
The city offers exciting opportunities for foreign direct investment. Also, the free trade agreement between India and UAE allows domestic exporters in various sectors like textiles, agriculture, dry fruits, gems, and jewelry to get duty-free access to the UAE market.
This will help in taking the two-way trade to $100 billion in five years from the existing $60 billion.
World-class technology coupled with continuous innovation keeps Dubai at the forefront. The infrastructure of the country makes living easier and more attractive.
Professional and qualified talent from around the world are attracted to this city due to attractive salary packages, a better standard of living, world-class educational opportunities, and a fantastic healthcare system in place.
4. The Golden Visa Program
Under the Golden Visa Program, a five- and 10-year residency package is offered to investors, entrepreneurs, researchers, medical professionals, and outstanding students, among others.
Since its launch, a whopping 44,000 people have moved to Dubai on a golden visa, according to government data.
5. A waiver on personal income tax
Another reason that is causing this exodus of Indian entrepreneurs, is the complete waiver on personal income tax and minimum capital gain tax.
Also, regulations around cryptocurrencies and Web3 are easier in Dubai. This makes the climate for startups conducive and favorable. Especially for the upcoming ones.