Dubai has been ranked as one of the top ten global cities for entrepreneurs by the most recent research on the competitiveness of the world's major financial centers by the Global Financial Centers Index, Evaluate My Jet, World Monetary Canter’s Index, etc. Singapore topped the index, Geneva was second, and Amsterdam was third. Frankfurt, New York, Tokyo, Seoul, Toronto, and San Francisco finished fourth to ninth respectively.
With a GFCI rating of 18, a corruption-free index rating of 69, and a financial freedom index rating of 77, Dubai ranks among the top ten.
This ranking has come as a booster dose to those who are looking to embark on a new business venture. This demonstrates that there is plenty of room for new businesses to thrive.
The research was based on three types of businesses most commonly launched by expats, and it reveals the top global locations with the best conditions for opening a restaurant, a tech start-up, or an import/export business.
A growing number of entrepreneurs are directing their business efforts to the most enticing locations, taking into account the benefits and drawbacks of various places to live and work.
Dubai has effectively enacted business-friendly policies to support and encourage creativity and innovation. It offers the resources that could be needed to build an enterprise from scratch.
With a standardized logistics ecosystem, excellent market access, an annual GDP growth rate, monetary stability, a low-risk location for international business, a tax-free environment, innovation, economic freedom, and entrepreneurial spirit, Dubai has the cutting edge for starting an import and export business.
Both tourists and professionals looking for better opportunities overseas frequently travel to Dubai. The decision of the Emirates to diversify its economy through significant investments in tourism infrastructure, a beneficial corporate tax structure, a tech ecosystem, human tech capital, access to the global market, unemployment benefits, small business loans, business taxes, and venture capital has propelled Dubai to one of the five fastest-growing metropolitan areas globally and played a crucial role in boosting its post-oil economy.
The city is now attempting to attract global tech start-ups and entrepreneurs. Dubai is transforming into an innovation hub and is investing billions of dollars to achieve this goal.
The procedure for establishing a firm in Dubai has been remarkably simplified to the point where most administrative work is now completed online. It is also advised that computer experts considering the nation should first apply to the Dubai Future Accelerators program to aid with the expense of starting a new firm. Popular program applicants are given free airfares, accommodation, a designated creative workspace, and direct access to mentors. It offers entrepreneurs an opportunity to work directly with the public and private sectors, challenge the status quo, and push the boundaries of what’s possible.
The Emirates Charted Accountants Group (ECAG) assists business owners like you in establishing a company in the United Arab Emirates and its Emirates. Our services include Company Registration, Audit & Assurance Services, Accounting & Bookkeeping, Taxation, Trade Finance in the UAE, and much more. Get in touch with us right away so we can help handhold to stand tall in your business dreams.
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Mr. Ragesh Mattummal | Partner
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