While this pandemic may appear as a setback, for many budding entrepreneurs, it can be the stepping stone they need. An environment like the UAE, especially, fosters entrepreneurial growth in several ways. While most may think that a new business is not viable during a global crisis, startups like Venmo, Groupon, and Uber are here to prove them wrong. Starting during or just after the 2008 recession, these businesses boomed beyond their founders’ wildest expectations, giving them the opportunity to provide meaningful services.
Similarly, starting your own business can be a leap of faith that pays of tenfold as the UAE moves towards a knowledge-based economy. However, not everything is the same. The “new normal” when it comes to the business world includes an increase in remote work and contact-free business models. More importantly, businesses need to conduct a thorough risk assessment and have a contingency plan in place. Identifying possible risks and prioritizing solutions based on how deeply those risks can adversely affect your business will not only help you react faster to an emergency, it will also ensure that your company minimizes potential impact during any future crisis.
Accordingly, Dubai Economy has created an enticing environment for investors by developing its business registration and licensing services. The government is making efforts to promote a sustainable, knowledge-based economy across various fields and activities. Over 17,000 new business licenses have been issued in the UAE in 2020, and the no-tax policy is a huge help. A way that foreign entrepreneurs can take advantage of this is by getting a license through ADGM.
Within ADGM, there are multiple license options available that cater to foreign expats. ADGM licenses support cross-border activities, allow 100% foreign ownership, and follow English Common Law. With ADGM, financial companies can have a base in the UAE and provide services to the expanding MENASA market.
How can you protect your new business against risk? With an ADGM Special Purpose Vehicle (SPV). As a foreign investor, an SPV can protect your assets, make you the ultimate business owner, and give you 100% control over your business. Choosing this option minimizes your risk and leaves your business secured.
With targeted incentives, location marketing, legal certainty and a service-oriented, unbureaucratic administration, the UAE continues to be among the world’s topmost attractive jurisdictions for entrepreneurs. Get in touch with our experts to find the best way to start and secure your dream business.