As a hub connecting East and West, Dubai offers privileged air access to other parts of the world and welcomes people of all looks. In the past, the city’s economy relied on oil, but today it represents only 1% of GDP and attracts growing and experienced entrepreneurs.
“Entrepreneurs are like everyone else: they seek to settle in a pleasant environment with access to education and leisure facilities. Of course they can easily establish their business.” Entrepreneurial Manager Natalia Chicheva promises Dubai Chamber of Commerce.
“I had a lot of support”
This semi-governmental organization provides support to entrepreneurs. Its branch is dedicated to entrepreneurs, Dubai Start-up Hub Provided assistance to more than 2,000 entrepreneurs last year.
“There are different stages in the entrepreneurial journey: from the concept of the idea to the registration of the company to its international development,” Comment by Natalia Chicheva.
For example, The Couture, A trend that combines sport and luxury, local sports, has gained an international dimension in two years.
“I felt there was a huge place in the market for comfortable, quality and affordable working women’s clothing, which gave me the idea to start my own business.” Its founder and CEO Lindsay Doran explains. “I had never started a business before, so I learned the job; but as a female business owner I had a lot of support here.” She agrees.
15,000 new licenses were issued in the first quarter
Dubai not only strives to increase the number of start-ups it offers, but also to support and develop these companies, making them success stories.
In the first quarter of this year, Dubai Department of Economics Has issued more than 15,000 new licenses, 19% more than in the past. They are designed for professional, business, tourism and industrial activities.
Another organization that can help companies: the site MAGNiTT It explores all investments in venture capital and start-ups.
“Governments, businesses at all levels are very interested in innovation and start-ups.” Says its founder and CEO, Philip Pahoshi. “So, when they’m making their policy or trying to identify potential investments, when the starting players see who their competition is … we’ll try to put all this data together to inform these players.” He mentions.
Incubator Intellog Developed in support of creating start-ups in the aviation, travel and tourism sectors.
“We have allocated 1.4 million dirhams to these companies without participating in the seed fund.” Mentions Yusuf Lutta, Managing Director of Development and Investment in Dubai Tourism and Business Marketing Department.
Taps One of Intel’s success stories. “It’s a company that takes care of passengers’ luggage before they leave for the airport.” indique Yousuf Lootah. “We helped her with market research and pricing.” Before joining he said: “As a result of this effort, Dnata Team It took a majority stake in the company: it allowed 90 centers to open worldwide. “
Legal and financial construction
Dubai recently clarified Full ownership procedures For foreign investors.
“Today, I believe it’s easier to build a business here: the cost of procedures is lower than ever,” Says expert Philip Pahoshi.
In the United Arab Emirates, taxation is particularly low: the federation uses a zero corporate tax rate and 5% VAT.