A guide to the UAE's ambitious plan to become A startup HUB by 2031

A Guide to the UAE’s Ambitious Plan to Become a Startup hub by 2031

The time has come for entrepreneurs across the world to give wings to their startup dreams without worrying about hefty taxes or stringent legal requirements. In other words, the time has come for global entrepreneurs to put their focus back on the landscape of business setup in Dubai. The UAE government has announced a new program to make the country home to billion-dollar worth startups by 2031.

The program, officially called the Entrepreneurial Nation Project, aims to solidify the UAE’s status as the preferred destination of foreign investments. The rollout of the project is likely to lure in more and entrepreneurs into the country. However, does the UAE have the right ecosystem for facilitating a conducive environment of company formation? Business set up consultants in Dubai analyse the latest programs announced by the government to provide a favourable business condition for foreign entrepreneurs. You can read ahead to know further.

The UAE Entrepreneurial Nation Project

The UAE Entrepreneurial Nation Project is the most recent initiative rolled out by the UAE government to build a robust ecosystem for unicorn startups. It aims to make the country home to 20 startups by 2031, each valued at USD 1 billion. The UAE Entrepreneurial Nation Project will offer support to startups through a series of public-private partnerships.

The initiative aims to help entrepreneurs to expand their businesses, export their products and explore the lucrative opportunity of online sales. The country also plans to set up a private equity fund of AED 1bn (USD 272 million) to lend to UAE SMEs in strategic sectors. The initiative is expected to enhance the process of business setup in Dubai. Once the fund is secured, business setup consultants in Dubai can help you start the company.

Presence of Startup Incubators

A startup incubator is a collaborative initiative designed to enable new startups to register business growth and success. Startup incubators play a great role in solving some of the common problems faced by startups in the pre-funding stage. The UAE is home to a handful of incubators that provide robust solutions to the problems faced by young startups. Most incubators help startups by providing workspace solutions such as co-working spaces, Flexi-desks apart from offering them networking opportunities, mentoring, business advice, legal advice, training and collaboration.

Many incubators provide seed funding for startups as well. Some of the best-known startup incubators in the UAE are Area 2071, Hub 71, Dtec by Dubai Silicon Oasis (DSO) Free Zone, Fazaa Center for Business Incubators and Accelerators, an incubator programme by Dubai International Financial Centre (DIFC), Scality by Dubai Airport Free Zone (DAFZA) etc. Business set up consultants in Dubai can help entrepreneurs start a company in any of these startup hubs.

Presence of Free Zones

The free zones are special trade zones designed to facilitate ease of doing business for foreign investors in the UAE. There are over forty free zones that provide a flexible environment of business setup in the UAE for entrepreneurs. Free zones are industry-specific investor hubs that provide business opportunities for specific sectors. For instance, DSO and Dubai Internet City are for tech companies, Dubai Media City, SHAMS, Ajman Media City etc. cater to media firms, and Dubai CommerCity exclusively serves e-commerce firms.

Entrepreneurs can enjoy benefits including 100% ownership, zero personal and corporate taxes, zero import/export duty, most modern infrastructure etc. Unlike the mainland, the rules of business setup in UAE free zones are less stringent. This means entrepreneurs need not run around government departments for special approvals. Seek advice from business setup consultants in Dubai to open a company in free zones.

Opportunities in UAE Mainland

The process of business setup in Dubai mainland is also a profitable option for entrepreneurs. The mainland provides more activities and more legal structures for investors wishing to start a business in Dubai or across the UAE. More importantly, you can trade anywhere in the UAE if you start a mainland company. Recently, the government has allowed 100% foreign ownership in certain activities under a commercial license in the UAE.

Opportunities for Innovative Tech Startups

DIFC, one of the leading financial centres in the Middle East offers an Innovation License for startups, entrepreneurs and technology firms. The license is aimed at promoting innovation, creativity and entrepreneurship in the UAE. By obtaining a DIFC innovation license, entrepreneurs can grow and scale their startups leveraging the free zine’s independent English Common Law based legal and regulatory framework, world-class intellectual property and data protection regime. The license holders get access to DIFC’s co-working spaces, networking events etc.

Start a Unique Business with Jitendra Business Consultants

The process of business setup in Dubai has always been conducive for startups and it will remain so. The government announces new reforms now and then to promote startups. However, startups require the guidance of the best business setup consultants in Dubai such as Jitendra Business Consultants (JBC). Being the leading provider of business setup services in Dubai, JBC can provide legal and regulatory advice for aspiring entrepreneurs.

Our business setup consultants in the UAE are highly qualified to help you with complex formalities like immigration laws, labour laws, visa procedures etc. Our bespoke services include PRO services, bank account opening, e-commerce license assistance, VAT registration, accounting services etc. JBC also provides compliance services related to Economic Substance Regulations (ESR), Ultimate Beneficial Ownership (UBO), Anti-Money Laundering & Combatting Financing of Terrorism (AML-CFT) etc.