On account of the recent economic reforms, the environment of business setup in Dubai has become more conducive to tech startups. Furthermore, the government has implemented forward-looking policies and strategies to support foreign investors planning to start a tech company in Dubai. The UAE vice president and Dubai ruler Sheikh Mohammed bin Rashid recently said the world will see a “historic” new era driven by technology.
These words, without a doubt, are a testament to Dubai’s commitment towards developing and promoting a knowledge-based economy powered by new technologies. Apart from modern infrastructure and ease of doing business, tech entrepreneurs can also benefit from the recent visa reforms announced by the UAE. Moreover, the licensing process can be expedited with the help of business setup consultants in Dubai. Let’s have a look at the key benefits of setting up a tech-based business in Dubai in 2022:
Excellent IT infrastructure
The UAE has developed excellent infrastructure for the development of the IT sector. More tech giants and industry players are keen to shit their base to Dubai on account of the well-developed infrastructure. As per the Global Competitiveness Report 2019 released by the World Economic Forum (WEF), the UAE was ranked first in the mobile phone subscriptions indicator and second in the electricity access indicator, mobile-broadband subscriptions indicator, mobile-cellular telephone subscriptions indicator and the ICT adoption pillar.
The country ranked fourth in the fiber internet subscriptions indicator and 12th in the infrastructure pillar. These achievements related to the tech infrastructure have made foreign investors upbeat about the landscape of company registration in Dubai.
Golden & Green Visas for Tech Investors
The UAE has started issuing Golden Visas and Green Visas to attract foreign investors, entrepreneurs and highly skilled professionals into the country. The Golden Visa provides a 10-year residency for foreign investors and professionals without sponsorship while the Green Visa offers a 5-year residency without sponsorship. Tech entrepreneurs and their skilled employees can apply for these visas to enjoy long-term residency in the UAE. However, there are certain conditions and eligibility criteria for which you can consult with the best business setup consultants in Dubai.
New National Program to boost Tech Exports
The UAE on October 2022 announced a new National Program to boost the country’s tech exports to AED 15 billion by 2031. The Program was announced to drive automation in the UAE industrial sector and will cover 1,000 technological projects. Setting up a tech business in Dubai is the perfect way to leverage the benefits of this program.
The UAE Digital Economy Strategy
The UAE launched the ‘Digital Economy Strategy’ in April 2022 to double the contribution of the digital economy to the country’s GDP from 9.7 percent to 19.4 percent within 10 years. The strategy also aims to improve the UAE’s position as a leading digital economy hub in the region and across the world. The strategy includes over 30 initiatives and programs targeting six sectors and five new areas of growth. Moreover, a Council for Digital Economy has been established to support the goals of the strategy and enhance the implementation of its initiatives in all key sectors.
Support from Dedicated Technology Free Zones
The UAE has more than 40 active free zones that offer flexible regulations and incentives for foreign investors. Moreover, over 30 of the free zones are located in Dubai offering modern infrastructure, a wide range of licenses, 100% foreign ownership etc. Furthermore, the procedures of company incorporation in Dubai Free zones are more lenient.
Free zones are designed to support specific industries and there are some progressive UAE free zones that are exclusively built for the tech industry. Some of the top technology Free zones in Dubai are Dubai Internet City, Dubai Silicon Oasis (DSO), and D-tec (a startup ecosystem within the DSO). Business setup consultants in Dubai can help you navigate the regulations of the free zones.
Consult with the Best Business Setup Consultants in Dubai, UAE
Navigating the process of business setup in Dubai might be complex for foreign investors wishing to start a tech-based business in the emirate. However, you can have professional advice from business setup consultants in Dubai to easily obtain a tech company license. Providers of business setup services in Dubai such as Jitendra Business Consultants (JBC) can take care of the documentation, approvals, visa processing and bank accounting opening requirements.
We have a team of highly qualified company registration experts in Dubai who can guide you on the UAE immigration and labour laws. JBC can also help you comply with regulatory requirements related to AML-CFT, ESR, UBO and the UAE Corporate Tax. JBC can also guide you on obtaining Green and Golden Visas in the UAE. We can help you to incorporate your dream company in Dubai without any hassle.