What Time Is It In Uae Dubai Right Now – There is no better time than now to start a business in Dubai. You may be inclined to dismiss that opening note as a cliché or an oft-repeated adage. However, given the impressive economic developments of the last two years, this statement seems more relevant than ever. More and more foreign investors are relocating their base to Dubai to capitalize on some of the progressive economic reforms implemented by the government, such as long-term visas and full foreign ownership.
The new reforms have had a positive impact on the business start-up landscape in Dubai, as evidenced by the flow of foreign direct investment (FDI). According to data from the Dubai FDI Monitor, the city attracted FDI worth Dh15.9 billion across 378 projects in the first nine months of 2021. Data like this is a strong indicator that now is the best time to form a company in Dubai. Let’s discuss why now is the right time to open your business in Dubai:
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Foreign investors, entrepreneurs and skilled professionals now have many options to make Dubai their second home by obtaining a wide range of long-term visas. The Golden Visa is your best chance to obtain a 10-year renewable residency in the United Arab Emirates. Eligibility for the Golden Visa is open to investors, entrepreneurs, scientists, specialists, exceptional students and graduates, humanitarian pioneers, frontline workers and skilled workers. No sponsor is required to obtain a UAE Golden Visa and holders of this visa can also sponsor their families. You can avoid the hassle of obtaining a visa by seeking the help of business formation consultants in Dubai.
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By obtaining a green visa in the UAE, holders can sponsor themselves for five years. Green visas can be a game changer for Dubai as they eliminate the need for a visa sponsor. Green visa holders can easily obtain residence permits for their family members, such as spouses, children, and even first-degree relatives. Investors/partners, qualified employees and self-employed people can apply for the UAE Green Visa. The application process can be simplified by applying through business formation advisors in Dubai.
The United Arab Emirates has introduced a commercial entry permit that does not require a sponsor or host. By obtaining this visa, foreign investors and entrepreneurs can come to the UAE to explore the business and investment opportunities available here. It is advisable to contact business formation services in Dubai to know more about this visa.
The business environment in Dubai has changed drastically in recent years. This dynamism of Dubai’s business landscape came to the fore when the government issued a law to regulate virtual assets in the emirate. The Dubai government established the Virtual Asset Regulatory Authority (VARA) this year to regulate virtual assets such as cryptocurrencies. In addition to developing general policies related to virtual assets, VARA will regulate and issue permits to virtual asset service providers who wish to establish a company in Dubai.
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Registering a company in mainland Dubai had one key disadvantage. Until recently, partnership with UAE National was a mandatory requirement for company incorporation in the UAE mainland. Foreign investors found this requirement extremely restrictive, as the UAE national sponsor was entitled to at least 51% of the company’s shares.
Many foreign entrepreneurs started their businesses in UAE free zones to get around this ownership restriction. However, free zones only allow companies to carry out transactions within free zones. This all changed when the UAE government recently removed the local sponsorship requirement, paving the way for 100% foreign ownership in mainland companies.
Investors who are in the industrial or manufacturing sector can set up a company in Dubai to capitalize on the UAE’s industrial strategy called Operation 300 Billion. The strategy aims to develop the UAE’s industrial sector and increase its contribution to the national economy. Through this strategy, the government aims to increase the contribution of the industrial sector to GDP from Dh133 billion to Dh300 billion by 2031. The strategy is based on basic objectives such as:
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Registering a company in Dubai as a startup or SME offers entrepreneurs unparalleled advantages. The UAE supports entrepreneurship through various programs and projects, and the Entrepreneurial Nation Project is the most important initiative among them. Under this project, the government aims to establish a Dh1 billion private equity fund to support UAE startups and SMEs operating in important sectors. The main goal of the project is to make the UAE home to 20 unicorns by 2031, attracting qualified professionals and foreign capital to the country.
When it comes to setting up a business in Dubai, this is the right time for foreign investors as the government has implemented a wide range of economic reforms. However, without the help of business start-up consultants in Dubai, you will be adrift like a sailor without a compass. Business startup consultants like Jitendra Business Consultants (JBC) can guide entrepreneurs in the right direction with their sound advice. JBC is part of Jitendra Consulting Group (JCG), one of the most reputed company formation service providers in Dubai with over 20 years of experience. JBC offers all business services under one roof such as company formation and liquidation, value added tax (VAT), corporate tax consulting, economic substances regulation (ESR), anti-money laundering (AML) and beneficiary final ownership (UBO).
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