While we are all going through chaotic times during the COVID-19 pandemic, and the future seems ambiguous, the current situation presents an excellent opportunity for those looking to start their own businesses. So, if you are an aspiring entrepreneur eyeing the Dubai market, then IT IS the right time to set up your business in Dubai. Let us understand why.
Lower Registration Cost for Businesses Now
The new initiatives, policies, and economic stimulus packages offered by the Dubai government waive off many fees for new businesses and SMEs, making it cheaper to register a business now.
With the new favorable payment terms, SME suppliers to government agencies will receive their payment within 30 days instead of 90 days, providing additional liquidity to SMEs.
UAE-based trade finance banks have also introduced new packages to support SMEs.
Some UAE banks offer reduced minimum average balance requirements for all SME account categories, proving greater liquidity.
More Supporting SME Laws and Business Ecosystem Now
Dubai’s more favorable business ecosystem and new, supportive SME laws have created a conducive business environment and a perfect launchpad for aspiring businesses.
The UAE government has taken significant measures to establish solid foundations and impressive infrastructure for the start-up ecosystem. With new regulatory frameworks, more venture capital investment, banking partnerships, and increased government support, there cannot be a more perfect time to set up your business in Dubai than now.
Access to a Larger Talent Pool Now
With many people having lost their jobs due to the ongoing Covid-19 crisis, there is a larger talent pool available for you to access and recruit for your business.
You also have the option to employ remote workers from around the world for areas like customer service and IT support and design, which becomes a more cost-effective HR solution for you.
Cheaper Digital Marketing Rates Now
Digital marketing and online advertising rates have declined across many platforms, making it an excellent opportunity to increase brand awareness campaigns for your brand.
Also, with more people sitting at home going online in the current times, there are more potential customers likely to be exposed to your business online. So, now is a good time to set up your company and market it online.
If you can’t afford digital advertising, then you could seek word-of-mouth support from fellow community members who are in a mood to help during difficult times. So, you have more chance of people supporting your business now by sharing a word or two about it.
As part of their community support, some social media influencers are offering free publicity to local businesses on their platforms, which otherwise would charge a high amount.
Ample Investment Opportunities Now
Dubai is an investment hotspot for SMEs, start-ups, and major corporations alike. The tremendous potential present in the market currently makes Dubai a fantastic venture right now. There are a lot of investment opportunities available with huge marketing events planned soon.
The forthcoming Expo 2020 is poised to create significant economic growth in Dubai, bringing knowledge, innovation, and rising business opportunities for everyone under a single roof.
Cheaper setup costs, more favorable government laws, helpful banks, and access to a big talent pool are some of the primary reasons why starting your business in today’s uncertain times makes sense.
However, setting up a business in Dubai can be a challenging process, especially during the current tough times. There are many aspects to company formation that need to be addressed, such as license registrations, legal requirements, and resident visas. Therefore, it is more important than ever now to seek expert advice on business setup in Dubai, so you make the right choices and free yourself from worries.
If you are an entrepreneur looking to set up a business in Dubai, then Contact Creative Zone or call us on +971 4 567 7333 to talk to one of our business setup advisors and learn more about company formation options in Dubai.