Why the world’s richest entrepreneurs settle in Dubai – and the way you are able to do the identical
When it comes to the world’s most extravagant travel destinations, Dubai is at the forefront. With its impressive man-made islands, opulent buildings, and wealthy residents, it’s long been a popular hotspot for wealthy travelers in search of sun, sea, and excellent designer shopping – but these days it attracts a longer-term audience that sees Dubai more than just a place to enjoy a lavish vacation.
The entire UAE enjoys a tax-free lifestyle that is increasingly attracting the attention of wealthy business tycoons, entrepreneurs, and even social media influencers and freelancers who are flocking to Dubai in growing numbers for their slice of the good life. With year-round hot weather, spectacular sandy beaches, and some of the most impressive luxury shopping malls in the world, moving is a breeze for many.
In 2019, it was reported that 2,000 millionaires did just that, and the numbers have continued to rise since then. It is not only the pleasant luxury scene that attracts them in droves, but also the security, the business-friendly environment and the high-quality infrastructure.
Health, wealth and happiness
For all the obvious benefits of moving to this spectacularly sunny country, there is the small issue of residence to consider
Dubai is currently the most prominent financial center in the Middle East – and there are rumors that it could soon become the happiest too. Her Excellency Ohood Al Roumi, Minister of State for Happiness and Wellbeing, aims to make the city the happiest and smartest city in the world. There’s even a happiness agenda overseen by the government’s 60 Chief Happiness and Positivity Officers – so it seems there is a lot more to laugh about beyond the financial appeal of moving to a tax-free state.
However, for all the obvious benefits of moving to this spectacularly sunny country, there is the small issue of residence to consider. Not everyone is eligible to live in Dubai permanently, but there are certainly some ways you can make that dream come true – especially if you are business savvy.
A serious business nation
To be successful, you must align your company with one of 2,000 permitted business activities
One of the main reasons why Dubai attracts entrepreneurs and investors from all over the world, besides the 0 percent tax rate, strategic global location and easy incorporation process, is the fact that foreigners have been able to own 100 percent of their businesses for the past few years Not surprisingly, we’ve seen such a surge in numbers since this change was first posted.
Add to this the introduction of long-term visas and moving is now easier than ever for entrepreneurs – but that doesn’t mean it’s challenging. It can be a complicated process, but with the right help it can be achieved much more seamlessly, and there are plenty of business start-up experts living in Dubai who can help ease the load.
A permit can easily be issued by starting a Freezone Company – which explains why up to 80 percent of the local population are expats. However, it does mean that those who already have businesses elsewhere in the world may need to think outside the box to make sure they qualify.
Setting up a company in Dubai requires a thorough understanding of the steps involved, so contacting a company formation agent is essential. To be successful, you must align your company with one of a list of 2,000 permitted business activities. So the sooner you consult them, the better.
Know your options
You need to apply for the application that is relevant to you in order to complete the application process. Photo credit: Gumbao / Bigstock.com
Once you’ve done the first steps, you can move on to setting up your Dubai Freezone business – and with it your big move to the UAE. Commercial licenses in Dubai vary, ranging from commercial to professional to industrial – and you need to apply for the one relevant to you in order to complete the application process.
Building the Freezone application itself is relatively straightforward and will require you to provide your agent with some documentation about your plans. Then you can sit back, relax, and let them do the rest, which is usually a pretty smooth process.
The bottom line
The idea of moving to Dubai may seem complicated, but it can be a lot easier than you think. With the right knowledge, not only can you get permanent residence, but you can also start a brand new business in a country where the economy is booming – so if you’ve hesitated too long with your dream, 2021 could be the time for the jump.