Doing Business In UAE
While oil and gas are industries associated with the United Arab Emirates for a long time, the heavy development and promotion of other industries has trebled over the last few decades. Investors now have plenty of opportunities in the hospitality, textiles, tourism, and many other sectors. The country is known to be among the least corrupt with a high standard of living, which are two good enough reasons for an investor to establish a business in any of the United Arab Emirates including Dubai, Abu Dhabi, Ras Al Khaima, and Sharjah.
Dubai has reached many milestones in the engineering and construction industries with landmarks such as the recent Al Burj Hotel, which is among the tallest buildings built entirely on reclaimed land. To promote business and attract investors emirates like Dubai has developed free zones with a variety of incentives and state-of-the-art infrastructure. In addition, there are no personal and corporate taxes in effect. Although there are taxation laws they are not practiced.
A trade license is required for those who desire to import products into Dubai, which attracts a 4% import duty. Specific categories such as the import of food, construction material, and medical products, to name a few, are exempt from import duty. An almost non-existent crime rate makes the UAE one of the safest places to invest and live in the world. Major corporations like Oracle, IBM, and Hewlett-Packard have already established themselves in Dubai Internet City.
UAE Free Trade Zones offer many attractive incentives to investors and businesses. This includes 100% free ownership, complete exemption of import and export tax, and 100% repatriation of capital and profits. A 15-year tax holiday on corporate taxes that is renewable for an additional 15 years is also one of the major incentives. Incorporating a business in the UAE is also easy with the least amount of paperwork. Among the major Free Trade Zones with over 20,000 companies in existence is the Jebel Ali Free Zone, Hamriyah Free Zone, Dubai Internet City, Dubai Media City, and Sharjah Airport International Free Zone. These trade zones are well equipped with an extensive infrastructure that includes offices, industrial parks, and warehousing facilities.
The Jebel Ali Free Zone was the first to be established in the UAE at the largest man-made harbor of Jebel Ali Port. Over 6,000 companies have established themselves in the trade zone that includes many in the Fortune Global 500. The zone is ideal for assembling units and features high-tech offices, storage, and warehouses. Investors can also find a number of potential business partners in the region.
Dubai Internet City is already home to a number of the top corporate houses including Dell, IBM, and Microsoft. The zone provides extensive support for budding entrepreneurs and investors with a program designed to help businesses evaluate the future potential of setting up shop in the zone without very large investments. With a host of incentives and a tax-free holiday, the UAE is definitely among the top places to invest in and establish a business.