All countries are not made equal. While every country has its own unique opportunities for making money, it is easier to make money in some compared to others. Smart business people understand this and set up businesses in countries with the highest potential.
Smart Move – How Starting a Business In Dubai
One country that presents the best opportunity for gains is the United Arab Emirates, and specifically the emirate of Dubai. In case you are considering starting a business in Dubai but are unsure of it, here is why starting a business in Dubai is a smart move.
The people have a high disposable income
While a business can thrive in any economy, the reality is that, the size of the economy matters. You are more likely to thrive in a rich economy than in a struggling third world country. On this front, Dubai makes for a perfect place to launch a business.
That’s because, the United Arab Emirates is one of the richest countries in the world. As of 2018, the UAE had a GDP per capita of $67,293.48. This means that the people of Dubai have a very high disposable income, as compared to a huge portion of the world.
It also means that, you can sell high margin products in Dubai and still draw in clients. In fact, the people here are more likely to be predisposed towards high value – high-cost goods.
That’s because, to them, status matters more than saving a few coins, when making a purchase. As such, if you position your business well in Dubai, you are likely to make it big.
It’s strategically located
One of the reasons why Dubai is famous as a global business hub is its strategic location. It connects three continents, namely: Asia, Africa, and Europe. Dubai is one of the few geo-strategic locations in the world, the others being Singapore and Hong Kong.
Its attractiveness as a geo-strategic hub is enhanced by the fact that it is a free trade zone. Dubai has charged a federal corporate tax of 9% on taxable profits above AED 375,000 since June 2023 (profits below that are taxed at 0%), and qualifying income of eligible free-zone companies can still be taxed at 0%. That remains a big deal, and for a business that can position itself well, especially in the import/export space, it can reap big returns.
It’s one of the few locations in the world where you can make millions of dollars in a few years, importing and exporting goods all across the world.
Opening a business in Dubai is easy
When it comes to opening a business internationally, ease of registration is critical. The last thing you want is to deal with bureaucracies in a foreign nation. In Dubai, the business registration process is very straightforward. Besides, there are agencies like the Trade License Zone that specialize in helping business with the registration process.
They help businesses comply with all laws and regulations, including the law that requires foreign businesses to find a local sponsor in Dubai.
Simply put, setting up a business in Dubai is much easier than in most countries. That’s a plus because it leaves you the time to focus on strategizing on how to beat the competition and win market share.
