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Inayat-ur-Rahman, business editor
The UAE looks set to attract more foreign investment this year as the government introduces various business-friendly measures to facilitate global investors moving their operations to the country.
Rising inquiries about new visa options offered by the government to set up business in the UAE suggest that the emirate will attract more high-net-worth individuals and millionaires this year, according to a business consultancy.
Business Link, an Emirati business consultancy with operations in Saudi Arabia, said they received a lot of inquiries and clarifications about golden visas, silver visas, investor visas and freelancer visas as foreign investors are eager to pass the relocation Their business comes to be part of the UAE success story to the emirate.
In addition, pro-business policies, stable economy, favorable tax policy and strategic location are some of the key factors that attract global investors to the UAE.
Hatem ElSafty, founder and CEO of Business Link, said: “The UAE’s business-friendly policies and forward-thinking approach have made it a hub for foreign investment, and we believe that by 2023 there will be an influx of more international companies seeking to capitalize on the country’s opportunity provided.”
Business Link said the UAE will take things to the next level with a series of new policies that will make the country more attractive to foreign investors.
The business consultancy firm detailed that new regulations and visa reforms have been introduced to facilitate foreign companies setting up bases in the UAE. This will include streamlining the process of obtaining licenses and permits and reducing the time it takes to complete various bureaucratic procedures.
Another new policy that will be introduced in 2023 is the establishment of special economic zones. These zones are designed to attract specific types of foreign investment, such as technology, manufacturing and financial services.
Referring to the UAE Ministry of Economy, Business Link said that despite the challenges posed by the Covid-19 pandemic, the number of newly established businesses in the country has remained stable. This demonstrates the strong resilience and ability of the UAE business environment to adapt to changing economic conditions.
The government has also implemented various initiatives to support the growth of small and medium enterprises (SMEs) in the country. For example, the UAE Development Bank provides financial and other support to SMEs. Meanwhile, the Dubai SME Program offers a variety of services, including mentoring and networking opportunities, to help SMEs grow and succeed.
The trend of new business setups in the UAE is expected to continue to grow in the coming years. The government’s continued efforts to promote and support entrepreneurship and innovation and the country’s favorable business environment are likely to attract more investment in real estate, e-commerce, logistics and transportation, hotels and tourism.
“The focus on technology and sustainability will become more prominent in driving new business growth in the coming years,” said Business Link.
Overall, the UAE’s business-friendly policies and strategic location, stable economy and favorable tax policies will attract more foreign investment in 2023. New policies and regulations will make it easier for foreign companies to set up and operate in the country.
At the same time, SEZs will provide specific incentives to attract specific types of foreign investment. These factors, combined with the country’s growing population, will ensure that the UAE remains an attractive destination for foreign investment in the years to come.
Business Link is a UAE-based business setup consultancy with operations in Saudi Arabia. Since our founding in 1999, we’ve helped more than 20,000 people achieve their business goals. We specialize in helping new and existing businesses establish and expand in the UAE and Saudi Arabia. Our services range from company formation in mainland and free zones to PRO, corporate legal services and business licenses for all business types.
Meanwhile, the Ministry of Industry and Advanced Technology (MoIAT) has reduced fees for 14 major and sub-services and waived fees for one service effective January 1, 2023. The move is in line with the Make in UAE initiative’s objectives to create an attractive business environment for local and international investors, and to support entrepreneurship and SMEs in the industrial sector by reducing the cost of doing business in the UAE.
In line with the declaration of 2023 as the Year of Sustainability, the service charge reduction will encourage sustainable industries by facilitating the deployment of advanced technologies to reduce emissions and increase circularity in the industry.
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