If you are planning to relocate to the UAE or already enjoying the expat lifestyle offered by the region, then there is no better time or place to unlock your entrepreneurial spirit. Make ‘some day… today’ and approach the business set up process equipped with knowledge that your fellow expats the world over have voted Dubai as the second best city in the world to start a business.
Courtney Trenwith of Arabian Business, shared results of a HSBC global survey which interviewed 21,950 expats with 198 nationalities, including 2,000 based in the UAE, during March-May 2015. The results have set Dubai as a prime startup business location.
Dubai was highlighted for boasting a good business environment, world-class infrastructures and good work-life balance, scoring between 85-87 percent, compared to the global average 56 percent.
This growing global interest and confidence in the region is no surprise for CREATIVE ZONE Managing Director Steve Mayne.
“We have now helped more than 3,000 companies set up in the UAE, close to 100 per month, which is an increase of 20% to the same time last year.”
“Our client base is so diverse, including UK, France, India, Australia and Canada while the business mix comprises everything from independent freelancers, consultancies to large scale companies,” Mayne said.
“The UAE and Dubai in particular, are well and truly open for business.”
Dubai also offers a higher level of confidence in the local economy, with 56 percent of Dubai expats citing this sentiment, in addition to two-thirds (68 percent) who like the emirate’s political stability.
HSBC said those opinions were backed by the World Bank’s Ease of Doing Business Index, which ranks the UAE 22nd out of 189 countries, scoring it well in areas including paying taxes, trading across borders, dealing with construction permits and registering property.
“Given these supportive conditions, it’s not surprising that Dubai attracts twice as many expats looking to start their own businesses (9 percent) compared to the global average (4 percent),” HSBC Middle East head of retail banking and wealth management Khalid Elgibali said.
“This is a ringing endorsement of the government’s diversification efforts and its investment in setting up the infrastructure needed to nurture entrepreneurs.”
HSBC survey respondents earned on average $124,000 per year, nearly 20 percent more than the global average of $104,000.
Many expats also said they enjoyed generous benefits packages from employers, with more than half (55 percent) receiving accommodation support, compared to the global average of 33 percent.
“On the whole, the UAE continues to be a popular choice for expats as three in five (60 percent) feel their overall quality of life is better here. This validation from expats shows that the country is one of the best destinations globally for those looking to move abroad to make a better life for themselves and their families,” Eligibali said.
To get the best advice and guidance for setting up your business in Dubai, please call +971 4 567 7333 or email [email protected].
Source: Courtney Trenwith, Arabian Business – Tuesday, 29 September 2015