Dubai is seen as a global hub for starting a business. Recently Dubai stood in the first position among the cities in the world to start a business according to the Global Entrepreneurship Index 2022. This is largely due to the amenities this city provides for doing business. Facilities like financing, low risk, technology infrastructure, and low tax burden for new entrepreneurs facilitate the growth of any startup in Dubai. Dubai ranked 77 in the economic index and 18th on Global Financial Centers Index (GFCI) and secured a score of 69/100 in the corruption-free index. All these positions state that this city favours entrepreneurship and that there is much potential for a new business to grow and bloom.

For the past 20 years, Dubai has been a center for large IT companies. It has been attracting new tech start-ups and a large number of freelancers to come and work from here. In this way, it has been acquiring all the impressive talents in the city and giving a powerful message to the world.

Doing Business In Dubai: Why is it Ideal for Entrepreneurs?

Dubai has enhanced its entrepreneurship policies by making it more friendly and do-able
In its approach. It offers good infrastructure and liberal policies so that any enterprise could soon rise even if it started from scratch. Here are some important reasons why setting up and running a business in Dubai has been ideal for many entrepreneurs:

• Dubai offers a rewarding experience with benefits to any business set up by foreigners with ownership of a hundred per cent. It allows extended H1Bs for entrepreneurs, or anyone who’s interested in getting their business started in the emirates.
• The city has a top-notch infrastructure with all amenities, which serves for the smooth running of any business. The tech infrastructure also enhances collaborations, meetings, and networking for enterprises.
• Small and medium-sized businesses can take advantage of public-private partnerships, accelerators, incubators, venture capital firms and government projects.
  This city provides a conducive environment with brilliant market access, free or minimum tax burden, an ideal location for international business, and economic freedom that boosts the entrepreneurial spirit.
• Dubai offers a strong and vast financial infrastructure by providing easy loans for medium and small entrepreneurs with a minimal tax burden. This makes Dubai a hub of start-ups, currently housing more than 10,000 medium and small start-ups.
• It has become an ideal location for women entrepreneurs as they are provided with special and privileged assistance to launch their businesses.
• The incorporation rate of Dubai in company formation is nearly 4.5 days, which makes it the best city for setting up a business.
• Emirates has decided to boost its economy by investing in tourism as it attracts tourists because of its amazing infrastructure. This decision will play a critical role in enhancing its post-oil economy.

The sole motto of this city in order to grow its economy is to attract tech startups globally and build the strongest infrastructure that would support the technology ecosystem. So the city invites fresh talents to operate from Dubai and venture into its business plan. Dubai is reshaping into a tech hub, and while doing so, they are investing millions of dollars to achieve its set targets.

Dubai Future Foundation : Role of the Government in Inspiring Future Entrepreneurs

Not only easing the entry of foreign capital, but the Emirates also facilitates business studies for the young entrepreneurs. Dubai Future Foundation, in partnership with institutions locally inculcates the spirit of business in the city's growing population. They have launched programmes and courses to nurture the idea of doing a business to achieve their target in no time. The government is taking this basic step of involving its youth and easing enrollment in business studies. It has also promised further incentives for the enterprises looking forward to setting up and operating a business in the Emirates.

Despite the turmoil created in 2020 by the Coronavirus, Dubai has remarkably stood by its entrepreneurs by issuing nearly 42,000 new working licenses. It is almost 4 per cent rise from the previous year.

Setting up a business in Dubai has become relatively easy, with most of the administrative work getting done online. Applicants to popular programmes in Dubai Future Foundation are provided incentives in the form of accommodation, airfare and workspaces with access to best coaches. Dubai allows entrepreneurs to think creatively and work with private and public sectors to push existing boundaries.

Takeaway

Dubai is one of the ideal locations for new startups to grow and flourish. The city has pushed its limits to acquire young talents from all over the world and settle them under a roof. It has overpowered itself by providing all necessary physical and digital infrastructure to run any enterprise smoothly. Wish to begin your entrepreneurial journey in the Emirates?
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