In the last three decades, Dubai has transformed from a small desert city into one of the major investment destinations in the world. Recently, the government implemented new incentives that will make Dubai a major destination for start-ups. Some of the incentives include extended visas for older professionals, 100 percent ownership of companies and many more.
Apart from start-ups, Dubai is also an ideal destination for real estate investment. Apartments for sale in Business Bay have attracted a lot of attention in the Dubai property market. Along with this, off plan projects in Dubai also promise great ROI.
Whether you’re in the tech field or are looking towards establishing a real estate business, here are the reasons why Dubai is the best city for your start-up:
In the recent past, a lot of businesses and startups have been flooding in Dubai due to the generous incentives to start and grow. This has led to the continued growth of the economy. The rebounding of oil prices has given the government more money to spend which has significantly led to the growth of the economy.
New visas for older expatriates
A new law that came into effect in 2019 will enable expatriates to extend their residency visa after retirement. This is a major incentive for older entrepreneurs and professionals to stay in Dubai even after retirement. Also, the law will attract individuals approaching their retirement age to start their businesses in the city. The extended residency visa will not only help to nurture growth but it will also provide a broader and more stable economic platform for startups.
The Dubai Expo 2020
The Expo is slated to start from October 2020 to April 2021. Since the event will attract millions of visitors, there will be an increased demand for companies that offer ancillary services. Some of the startups that will benefit from the expo include event management companies, hospitality businesses and supply and logistics companies.
With only a few months to go, tenders are being awarded to companies. The event itself will provide a ready market for a wide array of small and mid-sized companies that specialize in the specific needs of the visitors. Other business will benefit from the increased flow of people in the city.
100% foreign ownership
Initially, to set up a business in Dubai, a foreigner would require sponsorship from an Emirati with a minimum 51 percent stake. However, as part of the new visa system, the government announced that foreigners would not require a sponsor to start a business.