With so much political and financial uncertainty around the globe right now, it’s no wonder that more and more international entrepreneurs are looking to relocate their business to the UAE. The UAE was ranked number one for the third consecutive year by the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024. The country was also recognised as the best global destination for starting and operating new business ventures.
As one of the fastest-growing economies in the world, the UAE offers tremendous opportunities for entrepreneurs to expand their businesses in what is undoubtedly an exciting place to operate. Business – and life – happens fast in the UAE, and that dynamism can be highly desirable for entrepreneurs who want quick results and rapid growth.
As well as the lifestyle perks such as personal safety, year-round sunshine, and a vibrant multicultural society, several other factors make the UAE an alluring destination for entrepreneurs who wish to relocate their business, perhaps chief among them is 0% personal income tax and 9% corporate tax.
Strategically and geographically, the UAE’s location between Europe, Asia, and Africa is another significant advantage when it comes to international trade and logistics. Served by some of the world’s best airports in Abu Dhabi and Dubai, plus seaports and free zones, the UAE has superb infrastructure to aid day-to-day business dealings. The government here welcomes international entrepreneurs and has implemented numerous pro-business policies as well as a strong legal framework that supports foreign investment.
The UAE’s reputation for remarkable growth in thriving sectors such as technology, finance, real estate, tourism, on top of a robust commitment to sustainability, is well known around the world and provides exciting pathways for business owners. Lastly, a stable economy and currency that is backed by strong oil reserves and economic diversification initiatives provides a sense of security for entrepreneurs contemplating moving their business to the UAE.
Moving your company to a foreign country might seem like a daunting prospect; however, there is ample support available to maximise the opportunities. Speak to the experts, do your research and keep the following in mind:
Tough Competition
As I’ve already pointed out, there is massive potential to grow your business in the UAE. However, it’s not an open goal. The UAE business landscape is competitive, and plenty of other entrepreneurs have their eyes on the prize. Therefore, I recommend doing your homework and conducting detailed market research before making the move. Having a clear strategy about what you want to achieve and how you’re going to achieve it is also crucial.
Culture Club
Moving to an energetic country like the UAE can be thrilling, but it’s important to remember that cultural differences should be understood and respected. Adjusting to local business etiquette and habits takes time.
Money Matters
As with any international business relocation, there are a number of upfront costs that must be considered before taking the leap. Having access to sufficient cash flow and capital is essential when setting up a business in the UAE, so be prepared.
Proper Paperwork
When it comes to establishing a business internationally, every country is different, and that’s why you need to be aware of the legal framework you’ll find in the UAE. Choosing the right jurisdiction and licence for your business can make or break your operation. Be thorough when deciding between mainland, free zone, or offshore. There are also different benefits to weigh up between the emirates. For example, Dubai has a strong global brand and vibrant networking scene, whereas Abu Dhabi tends to work well for energy, sustainability, and finance companies. You’ll find lower setup and office costs in Sharjah, Ras Al Khaimah, and Fujairah, alongside growing support for SMEs. Next, you’ll need to choose your business activity, register the trade name, and choose your office space in line with licensing requirements, before getting final approval and applying for visas.
Build Your Community
If there’s one thing I’ve realised is fundamental to doing good business in the UAE, it’s this: relationships matter. Networking here is vital, and success can depend on who you know as well as what you offer.
Be Visible
While it may not be second nature to many entrepreneurs, marketing yourself has a huge bearing on the success of your business in the UAE. I see too many business owners neglecting their marketing, and then complaining that they’re not growing fast enough. Quick, consistent growth means raising your game and putting yourself out there.
My final piece of advice for international business owners thinking of relocating here is to commit to being present in the country as much as possible. Remote control rarely works in practice and visibility on the ground goes a long way. The UAE embraces new businesses and welcomes ambitious people, so it makes sense to benefit from the inspiring spirit and relish the experience of living and working in such a thriving country.
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