It's a great time to start a business in Dubai and Abu Dhabi!
The UAE always leads the world when it comes to setting records.
As a property launch takes place every 17 hours, the UAE also sets another record almost as quickly - Dubai and Abu Dhabi were both ranked as the best cities for entrepreneurs and start-ups.
Here's all you need to know...
Business and start-ups love Dubai!
Research by financial technology specialists SumUp found that the UAE ranked high in terms of taxes, quality of life, and internet speeds, making it an ideal place for startups and small businesses.
Dubai ranked third in this ranking, distinguished by its exceptional tax benefits. It's easy to understand why entrepreneurs flock to this city when there's no income or capital gains tax, even for the highest earners. Having a favourable tax environment means business owners can maximize their profits, making Dubai a financial haven for startups.
Corporate tax is not even payable by small businesses who earn less than $1 million annually. The majority of Dubai workers make less than that each year, so companies and their employees have been able to grow.
However, Dubai's appeal goes beyond taxes. Over 7,670 online searches for "how to make it in business" are made every month in Dubai, and there are over 72,500 millionaires who live there, making it an ideal place to network and grow as a company.
The booming property market and business-friendly regulations in Dubai have made it a particularly attractive hotspot for those in the real estate industry. The quality of life in Dubai is also one of the highest among the top five cities.
Dubai offers the same tax benefits as Abu Dhabi, but with one added bonus: it holds the highest quality of life score (197.22) among the top 10 cities. There are 2.5 new businesses per 1,000 people in Abu Dhabi, and there are 24,200 millionaires in the area.
Competitive global environment
As Dubai and Abu Dhabi make waves in the business world, New York tops SumUp's list as the best city for entrepreneurs. There are 349,500 millionaires in the city, making it a magnet for business growth. With its financial ecosystem and global reach, London continues to be a strong hub for entrepreneurs.
Dubai and Abu Dhabi offer low taxes, high quality of life, and supportive business environments for entrepreneurs.
For support with your business set up and accounting requirements, contact Zyla Accountants today to schedule a meeting with our friendly, expert team.