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The UAE also offers more than 40 free zones, 20 of which are in Dubai.These zones allow foreign business owners to enjoy a lifetime tax exemption and a 50-year corporate tax exemption
The UAE’s world-class business environment, investor-friendly legislative ecosystem and groundbreaking reforms have made the country a top global destination for relocation of international companies, professionals and talent.
After rising from 21st in the World Bank to 11th globally in ease of doing business by 2022, the UAE sees a faster pace of immigration from businesses and professionals keen to take advantage of a vibrant investment climate underpinned by sweeping reforms and policies , to facilitate and speed up the establishment of companies through electronic platforms.
According to Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, dozens of international companies are setting up regional bases in the UAE, and the country is making continuous efforts to strengthen its position as a global tech hub. The drive is part of the NextGen FDI program, which aims to attract advanced technology companies from around the world through a range of incentives. These include simplified licensing and financing, provision of golden visas, incentives for commercial and residential leasing, relocation guidance, cloud infrastructure and affordable education for families.
The minister hopes that many companies will announce their relocation to the UAE by the end of the year.
“As a global mobility service provider, we see significantly higher numbers of senior executives looking to settle in the UAE than any other country in the world. We also observe that those who choose the UAE for business, employment or retirement use it as their permanent home. AS Niche service provider of mobile services, we have handled 468 relocations in the past 8 months (from April 2022 to November 2022),” noted Simon Mason, Chief Operating Officer and Chief Revenue Officer, Writer Relocations, Writer Relocations is a major player in the global relocation industry.
According to Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, dozens of international companies are setting up regional bases in the UAE, and the country is making continuous efforts to strengthen its position as a global tech hub.
The UAE is also seeking to attract companies in areas such as food technology, robotics and blockchain, and encourage them to set up global or regional headquarters in Middle Eastern business hubs. Dubai and Abu Dhabi have become the regional headquarters of a large number of global technology and financial companies.
According to the minister, timing is critical as many companies want to move from elsewhere because of inflation, and a more stringent regulatory environment in many parts of the world, including Asia, especially Singapore and Hong Kong.
The World Bank’s top ranking makes the UAE the first regional economy to break into the top 20, although the country has led the Arab world for the past six years. According to the World Bank, the UAE has introduced four different major economic reforms, such as the removal of business linkage fees and easy-to-follow improvements to the online registration system for new businesses.
“The UAE is one of the fastest growing markets in the world and has become the destination of choice for millions of expatriate professionals and their families. The UAE is known for its safe business environment, growing economy, world-class career opportunities and strong Famous for its regulatory structure, it has firmly established itself as one of the most liveable countries in the world,” Mason added.
The success of the UAE is due to its commitment to providing expatriates with a unique living experience and a high standard of living that not only surpasses their home country, but is generally among the best in the world. While the country is a melting pot of cultures, people from more than 210 countries have chosen to make it their home, Mason said.
The UAE also offers more than 40 free zones, 20 of which are in Dubai. These zones allow foreign business owners a lifetime tax exemption and a 50-year corporate tax exemption.
According to the UAE Ministry of Economy, there are several factors that have created today’s prosperous environment, including business-friendly policies and regulations, a relaxed tax regime, a 15-minute business setup process through the e-Basher platform, complete businesses within 15- Set up within 30 days, opportunity for 100% foreign ownership (updated June 2021), free and unfettered trade regime, business conducted in English; strategic location to trade with GCC countries and Asia, and offers for entrepreneurs 10-year Golden Visa.
— issacjohn@khaleejtimes.com
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