Gulf Region has become an ideal place for human development over time because it has a strategic location. Gulf Region includes countries like Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. The Gulf Region has the best business environment in the whole world.
People of the Gulf Region have entrepreneurial spirits. The Gulf Region startup industry is scaling new heights. Most of the startups and big companies are choosing Dubai as their base. Company setup in Dubai is a way for an entrepreneur to transform his dreams into reality. This is because Dubai is the epicentre of business in this region.
The UAE government is focused on helping entrepreneurs in new Business Setup in UAE. To make the country’s economy stronger the government encourages foreign investors. Startups in the whole Gulf Region are gaining momentum as the investors are increasing day by day.
This article discusses why the Gulf Region is becoming a startup haven.
Advantages of Location
The Gulf Region has access to markets of Asia, Europe, the Middle-East, and Africa. And the markets are fast developing. So, the Gulf Region is the ideal location to set up your startup.
Dubai has a world-class infrastructure in terms of business parks, travel, offices, buildings, and other amenities. Dubai boasts a technology park which provides startups with good support programs. Dubai also has a world-class transportation. This is what attracts people for Company Setup in Dubai.
Even Bahrain’s small population, which is approximately 1.5million people, cannot stop it from becoming a test bed for various startups.
Diversity in Sectors
There are diverse sectors of business. For example analytics, Cleantech, e-commerce, virtual reality, artificial intelligence, fintech, and augmented reality. Entrepreneurs are also interested in the Internet of things, gaming, robotics, event management, media, art, smart cities, travel, tourism, etc.
A large number of startups are focusing on e-commerce, but some are also showing interest in logistics and creative business ideas. Education and healthcare are taken very seriously in these regions. Freelancing allows business setup in minimal cost.
Tax and Legal Framework
Business Setup in UAE is increasing because UAE has very low taxes and hence it has become a natural choice for the entrepreneurs. Free Zone economy also attracts investors and entrepreneurs. Free Zone is where there is no import duty on goods. The UAE government provides 100% corporation tax and 100% repatriation of capital funds for the Free Zone.
Under the foreign direct investment law, any foreign investor can enjoy only 49% of the business while his local partner enjoys 51% of the same. But under free zone setup, you can enjoy 100% business ownership. It also allows you to take the profit to your country.
Except for criminal law, the government has simplified all the rules to attract more foreign investors.
Registration, license, every process is simple consisting of minimal to no paperwork. They also have easy access to local currency which helps a lot in business. Visas are also very flexible.
So, you can easily understand why the Gulf Region is becoming a startup haven with the advent of time. Dubai, being the world’s most future-forward city is implementing the next generation technology in its development. And with so many Free Zones it has become very easy for an entrepreneur to establish a startup and turning his dreams into reality.