The United Arab Emirates is an alliance of seven emirates and one of these emirates is the magnificent city of Dubai. Known as the "City of Gold", this place has attracted people from every corners of the world.
Over 30% of the population of the UAE is Indian, making it the largest ethnic community there. Several of them have started successful start-ups that contribute to the economy of the country, specifically the economy of Dubai.
Let's look at some of the factors that make Dubai an attractive destination for start-ups.
Dubai was once a sleepy port in the Gulf. In just one generation, it has become the center of international business.
Dubai is now focusing on earning revenue from non-oil sources. It adopts innovative methods and technologies, to align itself with other business centers in the world.
This gives people a lot of opportunities to experience and invest in the upcoming business areas in Dubai.
Dubai is known as an expat’s paradise. Doing business is made easier due to the adoption of an open trading system, with no barriers to free market activity.
Furthermore, VAT is refunded in your supply chain. Talks are also underway about giving 100% ownership to SMEs.
The city offers interesting opportunities for foreign direct investment. The India-UAE Free Trade Agreement also allows local exporters in various sectors such as textiles, agriculture, dried fruits, gems and jewelry to access the UAE market without customs duties.
This will help increase bilateral trade to USD100 billion in five years from the current USD 60 billion.
World-class technology coupled with continuous innovation keeps Dubai at the forefront. The infrastructure of the state makes life easier and more attractive.
This city attracts professional and qualified talent from all over the world due to its attractive salary packages, a better standard of living, world-class educational opportunities, and an excellent health care system.
Under the Golden Visa Program, a five-year and 10-year residency package is offered to investors, entrepreneurs, researchers, medical professionals, and outstanding students, among others.
Since its launch, 44,000 people have moved to Dubai on a golden visa, according to government data.
A waiver on personal income tax
Another reason that has caused this exodus of Indian entrepreneurs is the full exemption from personal income tax and minimum capital gains tax.
Also, regulations on cryptocurrencies and Web3 are easier in Dubai. This makes the starting climate conducive and favorable. Especially for upcoming ones.
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