Dubai Business Opportunities
Dubai Business - Dubai Business Opportunities by Dubai City Guide Summer 2008
Dubai represents vast revenue opportunities for different commercial activities. The growing economy validates the continuing potential for new and established businesses in Dubai. The tax-free income system, international commercial network and advanced infrastructure are some of the advantages attracting the myriad investors to Dubai.
For over 20 years, Dubai has kept its economy open to the entire world and what began slowly with oil and gas industry investments has now become a big part of the emirate’s growth. The hospitality, construction and real estate industries entice millions of investors to Dubai each year. The governmental hold over private investments are kept at a minimum to encourage expatriates to start and operate their own businesses in Dubai.
Because Dubai is a free economy and open system, there are many benefits to be gained from doing business in Dubai. These include:
• No taxes on personal income or corporate profits (oil and foreign banking companies must pay annual flat rate fees)
• Customs exemptions with some restricted items allowed at 4% duty charges
• 100% profit and capital repatriation
• Non-existent foreign exchange controls and trade quotas
• Financial stability and good currency exchange rates (US$1=AED 3.678)
• Entry visa exemptions for nationals from 33 countries, including USA, Canada and EU nations
• Massive expatriate and native labour force
Besides the above, as a prominent trading hub in the Middle Eastern region, Dubai offers easy access to an immensely potent economic sector for international business. Some key attributes of Dubai’s limitless commercial possibilities include its outstanding rate of annual domestic imports, the constant growth, which has more than doubled over 20 years, prosperity through the strategic regional location, economic diversification, easy accessibility and open trade system.
Dubai is also well-known for its free trade zones, where 100% business ownership is allowed for foreigners. Free zones are highly sought-after in Dubai, because they have several other incentives to assist the investors settle in, build up and make their businesses profitable in the long run. These include a renewable 15-year no taxation guarantee, exemption from customs duties, flexible investment plans, abundant energy supply, advanced infrastructure and complete administrative plus staffing solutions.
