How has the UAE managed to make itself a global destination over just a few years?
The United Arab Emirates, once known for their oil reserves and oil exports has managed to deviate themselves from the notion of being an “oil rich” country but instead has made themselves a global powerhouse. Has the UAE managed to make themselves a top destination for investors, retirees, and businessmen globally?
Incorporating a Business
In the middle of 2020, the United Arab Emirates had a mere 405,000 companies registered in the UAE, right as the COVID-19 pandemic was in full swing, and it had slowly provided exposure to businessmen around the world to tax-free trading, a small VAT fee, and complete ease and protection of doing business. However, by the year 2024, that figure had crossed 1.021 million companies. Why? Owing to the UAE’s focus on technological advances, transparent business regimes, and tax-free income, making itself a global powerhouse. This is owing to their focus on startups, the low cost to set up a business, and the global access they provide, owing to one of the most ideal geographical locations.
Digital Nomads
In the crypto era, where you could be based anywhere in the world and manage your trading, the UAE (namely Dubai) became one of the most sought-after destinations for digital nomads to call home. Reason? Safest country in the world, with an almost zero percent crime rate. With technology being the forefront of all visions, they took advantage and ensured they were in line with global trends, and gave many digital nomads, crypto traders, and freelancers a place to call home. With lower cost of living than any large city globally, Dubai really took a leap and made themselves a global hotspot for digital nomads and travelers.
Self-Sponsored
With the Gulf world, an age-old practice has always existed, which is what you call the sponsorship route. In the Gulf region, for you to do business, be on a visa, or for you to stay in their country, you would have to have a local sponsor for you to be able to legally reside in the country, a practice that the neighbors of the UAE are still following to this day. With the UAE’s focus on moving forward, and deviating from just another GCC Country, they have introduced many visa categories for individuals, businesses where there is no need for a sponsor, where you are independent and have full mobility to be able to do business as you would like without an “expiry date”
We are following the UAE trend very closely and have been making active contributions to the UAE’s market, helping fellow Australians branch their businesses, wealth, and investments to the UAE, and have had great success. Get in touch with us to know more!
