Britain and the UAE share a special trade relationship and it has only strengthened over the years. More entrepreneurs from the island nation are currently attracted to the process of business setup in Dubai due to the conducive investment climate the emirate offers for foreigners. However, new entrepreneurs must be aware of the changes that happened to the regulatory and investment landscape of Dubai as of 2022. Consulting with business setup consultants in Dubai is recommended before moving your license application.
Meanwhile, the following article explains everything British investors must know about setting up a business in Dubai:
The UAE and the UK share a strong bilateral relationship as evidenced in the data released by the UK’s Department for International Trade. As per the report, over 5,000 British companies are already registered in the UAE, with bilateral trade set to reach £25 billion (AED 27.1bn). The number of British-origin startups in Dubai is predicted to increase further as more entrepreneurs have started seeking new trading opportunities post-Brexit. Moreover, the UAE has a better record of handling the Covid-19 situation compared to the UK.
You need to choose between free zones and mainland
British investors interested in the process of business setup in Dubai must make the strategic decision of choosing between a free zone and the mainland. A mainland license allows you to trade in the UAE market but a free zone license permits you to do business only within the free zone premises or internationally (imports, re-exports etc). Free zones offer better infrastructure, complete repatriation of profits, robust infrastructure, easy set-up process etc. Consult with business setup consultants in Dubai to make a strategic decision.
Dubai is a Strategic Location
Dubai is a key international market as well as a great location for businesses to reach many lucrative markets in the world. The emirate is considered a gateway to the GCC countries and it enables access to around two billion people living within just a couple of hours’ flight of the emirate.
Hub of diverse industries
The process of business setup in Dubai gives you access to the emirate’s highly diversified economy. You can set up a profitable business in diverse sectors such as energy, fashion, architecture, tourism, retail, e-gaming, e-commerce, online tutoring and many other sectors. This diversity offers British investors plenty of opportunities to set up a business in Dubai and thrive. Even then advice of business setup consultants in Dubai is recommended for easily navigating the process.
Strong UK connections
The UAE and the United Kingdom have strong social, economic and political ties. As global allies and major trading partners, it makes a lot of sense to start your business here.
English widely spoken
While Arabic is of course the official language of the UAE, English is widely spoken, which makes things easier for ex-pats from the United Kingdom wanting to do business.
Live in Dubai with a British passport
British citizens are welcome to live in Dubai on a British passport. You will need to apply for a long-term residence visa if you are planning to set up your own company in the emirate.
Tax Considerations
The UK and the United Arab Emirates have a double taxation agreement which means that you will not be taxed twice on your income. If you have set up your company in Dubai and have a residence visa in the emirate, you may pay no income tax at all if you set up your business in a free zone. You will of course have to pay some other taxes such as VAT on purchases.
Retire in Dubai in Style
Dubai has a number of schemes designed to allow UK citizens to retire in Dubai. Most common is the Golden Visa system. You are expected to purchase a property worth a certain value, and then have leave to remain for at least five years.
A Great Number of British ex-pats living in Dubai
Statistics suggest that are about 240,000 British citizens living in Dubai, so you will feel very much at home living in the emirate as a British ex-pat.
Consult with Jitendra Business Consultants
British entrepreneurs interested in process of business setup in Dubai can consult with the best business setup consultants in Dubai such as Jitendra Business a Consultants (JBC) to simplify the incorporation process. JBC’s company formation advisers are highly qualified to provide advice on key legal aspects such as licensing procedures, selection of activities, visa processing, the opening of corporate bank accounts etc. Consult with JBC soon to reap success in the highly profitable e-Commerce sector in Dubai.
