And 3 Things You Should Know About Daily Life There
Thanks to its cutting-edge business infrastructure, futuristic vision, and unparalleled investment opportunities, Dubai is quickly becoming one of the business capitals of the world.
There is no doubt that moving your firm to the UAE can be a winning business move – but relocating abroad is never easy, and setting the right expectations is key to establishing a thriving company. Here’s what you need to know before starting trade in Dubai.
Tapping Into a Thriving Business-Focused Environment
Over the past 50 years, the UAE has radically transformed its economy, becoming a global leader in terms of business and economic performance. According to the UAE Ministry of Economy, several factors come into play to create today’s thriving environment, including:
- Business-friendly policies and regulations
- 0% corporate and personal tax
- A 15-minute business set-up process through the e-Basher platform
- Complete business set-up in 15-30 days
- Opportunity for 100% foreign ownership (updated in June 2021)
- A liberal and free trade regime
- Business is conducted in English
- Strategic location for trading with GCC countries and Asia
- Availability of a 10-year golden visa for entrepreneurs
The UAE also offers more than 40 Free Zones, 20 of which are in Dubai. These zones allow foreign business owners to benefit from complete lifetime tax exemption and 50 years of corporate tax exemption.
Accessing a Large and International Talent Pool
It is undeniable that the human capital – and the expertise and knowledge of each employee – is the backbone of every company. When relocating to Dubai, you can expect to tap into one of the world’s largest, most varied, and prestigious talent pools.
Today, the UAE welcomes over 200 nationalities and nearly 9 million expats, most of which reside in Dubai and Abu Dhabi. For companies relocating here, this translates into a great availability of highly-skilled professionals.
Leveraging World-Class Infrastructure and Economic Stability
The UAE is well-known for its futuristic vision in terms of quality of living, technology, and economic growth. For businesses relocating their offices here, this means being able to leverage political stability and economic prosperity, as well as favorable investment opportunities.
The Government of Dubai also provides world-class business infrastructures, streamlined banking services, and schemes designed to help foreign investors.
Daily Life in Dubai: 3 Things To Know
The UAE is home to over 3,209 foreign companies, 2,446 of which are based in Dubai. So, when relocating your firm here, you’ll be sure to find a dynamic community to rely on. But, as an expat, there are a few things to keep in mind about life in Dubai before moving there.
Set Expectations About the Cost of Living
When selecting a country to relocate to among the best expat destinations, the cost of living is one of the main aspects to consider. Life in Dubai can be expensive, and most expats spend an average of $946,88 to cover living costs and $1000-$1,400 to rent a one-bedroom apartment.
What’s more, most Dubai landlords will accept advance payments in the form of single or multiple checks. So, you will need funds to cover multiple months’ worth of rent and, while UAE decriminalized bounced checks in 2021, failing to keep up with payments can have severe consequences.
Get to Grips With the Rules of Driving in Dubai
Traffic in Dubai is well-managed and strictly regulated, and the city uses a high-tech traffic control system. Some important tips to keep in mind when driving in the UAE include:
- Always wear a seat belt
- Apply for a valid UAE driving license
- Don’t use your phone while driving
- Swearing at other drivers or making rude hand gestures is punishable by law as public indecency offenses
Pro tip: In Dubai, and the rest of the UAE, car insurance is mandatory. Take advantage of today’s online platforms as the door to leading car insurers and compare quotes and plans before choosing a policy that suits your needs.
Learn the Dos and Don’ts of Public Life in Dubai
While Dubai is one of the most liberal Emirates, there are some rules of etiquette to be respected – in your personal, social, and business life alike.
What’s more, the UAE is a Muslim country, meaning that some behaviors might be offensive or illegal (i.e.: drinking alcohol in public, dressing inappropriately, or showing public displays of affection).
Make sure to review business and personal etiquette rules before taking your first trip to the UAE.