The Ministry of Economy recently unveiled NextGenFDI, an initiative designed to bring the world’s best digitally enabled businesses to the UAE.
With a 20-strong partner network of government ministries, banks, free zones and other private institutions, NextGenFDI gives companies and entrepreneurs everything they need to launch, grow and thrive in this business-nurturing region of the world.
As the initiative’s official corporate partner, Creative Zone is on hand to manage all company formation requirements.
In this article, we’ll cover the benefits of taking part in the NextGenFDI initiative, along with an overview of our services and the business environment in the UAE.
What is NextGenFDI?
NextGenFDI is an initiative launched in July 2022, designed to encourage digital-first businesses to set up and grow in the UAE.
The initiative is overseen by the UAE Ministry of Economy in partnership with ADGM, DIFC, Dubai Internet City, Dubai South, DMCC, Emirates NBD, WIO Bank, Sharjah FDI Office (Invest in Sharjah), Sharjah Research Technology and Innovation Park (SRTI Park), Sharjah Media City (Shams), Sharjah Islamic Bank, ARADA, Ras Al Khaimah Economic Zone (RAKEZ), G42 cloud, Citizens School, Creative Zone, and more.
To entice businesses to the region, NextGenFDI offers all of the necessary fundamentals for market entry in this part of the world. This includes banking, licensing and visa services, as well as support from free zones and FDI offices. Within its first six to twelve months, the initiative aims to attract 300 digital companies to our shores
Speaking shortly after its launch, Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said of the initiative, “We want to ensure that the world’s most promising digital companies can access all the benefits that our business-friendly environment offers. NextGenFDI is designed to ensure that our market entry process is as streamlined and coordinated as our technology ecosystem.
“This is a once-in-a-generation opportunity to bring some of the finest minds to the UAE and contribute to our drive to become the world’s leading innovation hub for years to come. If you’re a company with a strong idea, the UAE would like to see it materialise, and we’re here to make that process as simple and efficient as possible.”
NextGenFDI is just one of many recent reforms, initiatives and incentives designed to help the UAE bolster its position as one of the world’s leading business, investment, and innovation hubs. Others include 100% foreign ownership of mainland companies, long-term visas, and the decision to officially switch to a Monday-to-Friday working week.
Why should you get involved in NextGenFDI?
The main reason to get involved in NextGenFDI is the access it provides to an extensive partner network. Together, partners enable rapid company formation, license applications and bulk visa approvals, and they also provide commercial and residential lease incentives.
Companies from diverse industries are invited to apply for these services. However, some will be better suited to NextGenFDI than others. First and foremost, the initiative is open to more established applicants looking for a regional presence and currently investing in digital initiatives.
In regard to the types of businesses that will benefit most, this is likely to be global technology firms, data science companies, software, programming and coding companies, and digital asset entrepreneurs.
If this sounds like you, Creative Zone is on hand to help you get started with the NextGenFDI program in just a few simple steps.
First, we’ll take the time to get to know your business and requirements. With this information, we’ll help you choose the jurisdiction best suited to your needs and identify suitable business premises.
Next, we’ll manage your trade license application on your behalf and assist with the visa, bank account opening and lease agreement process. With these steps complete, you’re ready to trade in the UAE.
Why do business in the UAE?
Whether you set up here independently or through the NextGenFDI initiative, there is a long list of reasons to do business in the UAE.
For example, there is the UAE’s low tax environment, with a 0% rate on corporate and personal tax and a flat rate VAT of 5%. Customs tax exemptions are also available if you are setting up in a free zone.
The UAE’s strategic location is another huge benefit. At the heart of the Middle East, it is primed to trade with markets around the world thanks to direct links to Europe, Asia, Africa and beyond.
Finally, the corporate environment is open and welcoming. The UAE is built for business. So, if you’ve got an innovative idea, you can be sure to find the support you need to help it flourish out here.
Get started in the UAE with Creative Zone
With our simple yet ground-breaking model, Creative Zone has helped over 45,000 entrepreneurs from every corner of the world to launch and grow their businesses in the UAE.
As an official partner of NextGenFDI, we can guide you through every step of the company formation process, ensuring that it is fast, affordable and hassle-free. As well as managing your license and visa applications, we will liaise with all government departments and other authorities to ensure you have all approvals required to trade.
Our support extends far beyond the essential admin, too. We’ll introduce you to key NextGenFDI stakeholders depending on your requirements, from the Ministry of Economy and national banks to free zones, FDI offices and more.