As more and more entrepreneurs flock to Dubai, it is not difficult to see why. Dubai’s 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. The business set up process has become simple and attractive to many. But where exactly are these entrepreneurs setting up?
Dubai’s New Business Boom
New businesses are booming in Dubai. According to a report released by the Business Registration and Licensing Sector, the five most popular areas for business setup in Dubai are Al Garhoud, the Burj Khalifa area, Oud Al Muteena 3, Trade Centre 1, and Oud Metha. These areas account for 43.7% of the total new business licenses in 2020, which add up to 16,826 licenses (and counting).
Areas of Popularity
Al Garhoud attracted 2,535 new licenses, with ‘Professional’ activity accounting for the largest share. Out of 12,192 businesses operating in the area, 6,096 hold Professional licenses, nearly 50%, followed by 5,940 Commercial licenses (48.7% of the total). Of the new licenses, 97% were issued for businessmen, 2.2% were issued to women entrepreneurs, and 0.8% to companies.
What drives the popularity of Al Garhoud? Containing a great mix of commercial and residential complexes, Al Garhoud is also in close proximity to the Dubai International Airport and popular malls like Deira City Center and Dubai Festival City.
The Burj Khalifa area attracted 2,022 new licenses during the first half of 2020. Commercial activity accounted for the largest share (59.6%) of the total number of active licenses at 21,941, followed by licenses for Professional activity at 38.3%. Businessmen formed 95.3% of the total, while Women entrepreneurs formed 2.8% and companies 1.9%. In terms of legal forms, LLC came first with 12,720 licenses, followed by Sole Establishment (4,231) and Civil Company (3,201). This area gets its popularity from being a famed tourist destination and being surrounded by landmarks like the Dubai Mall.
Being one of the top no-tax destinations in the world, Dubai’s popularity with expats is not evaporating anytime soon. Entrepreneurs often use Dubai for business purposes, tax planning, and asset protection. This is where we step in. At Sanctuary, our bespoke structuring services aim to help you, the expat business owner, to gain complete control over the shareholding and decision-making of your business. You can rest assured that our team of experts will ensure that your interests in real property, holding companies, operating companies, bank accounts, and other assets are entirely protected and legally secured.