UAE Supports Startup Hubs
The UAE is no doubt one of the best global startup hotspots in the world. Even developed countries such as Singapore, New Zealand, Japan, Germany, and the US have a hard time competing with what the UAE has to offer. If you ever plan to set up company in Dubai or other emirates of the UAE, you would be happy to know how its government supports startups like yours.
Because of UAE’s goal to make its country a place for startups, you would be surprised that more than 90% of all enterprises in the country is made of small and medium-sized enterprises (SMEs) and startups. This explains how coworking space Dubai become more and more popular because of the different small grassroots companies emerging across the country.
There are different programs and initiatives the UAE puts forward to encourage startups to invest in UAE and support their growth. One of these is the Khalifa Fund for Enterprise Development. It is a non-profit agency that helps in setting up SMEs and putting up programs to foster innovation among small companies.
Dubai, one of the wealthiest Emirates of the UAE, offers government reforms headed by the Department of Economic Development (DED) to achieve sustained economic growth. The reform includes the plan to allocate funds for SMEs to start, grow, and expand their business. Thus, it is not surprising to see that a lot of entrepreneurs are turning their head to the UAE for government support.
Aside from direct backing of the UAE government to startups, there are also other indirect ways the UAE is encouraging people to start businesses and companies in the country.
It is worth noting that the UAE is strategically located between the East and West. It has shipping routes and transportation systems that link its country to the rest of the world. It serves as a gateway to not only to the Middle East, but also to Asia, Europe, and Africa.
To make things even more interesting, the UAE is a friendly country to expats and foreign investors. It has a relatively affordable cost of living compared to other international business hubs in the world. Not only that, but UAE remains as a safe country in spite of the conflict in the neighboring regions.
Among the benefits of starting a business in the UAE is the low taxes. In some regions, taxes are even cancelled out altogether. Dubai, for instance, allows startups to avoid paying government fees for up to three years. Moreover, it has become cheaper to start a business in the UAE due to the increased availability of shared offices.
No doubt; because of the booming economy of the country, exceptional government support, global connection, the relatively low standard cost of living, and safe environment, the UAE has become an irresistible place for startups.
If ever you decide to build your dreams in the UAE, you need an office space for rent in Dubai. Thankfully, you don’t have to search far and wide to find the right place. Austria Business Center offers a beautiful and fully-functional working environment for startups and SMEs. Visit their website or office today and see how they can help you grow your business.