With the launch of new government incentives by Dubai, 2019 will be the best time for startups.
With the advent of Dubai Expo 2020, the economy of Dubai is predicted to grow with exciting business opportunities for new entrepreneurs.
Some of the new initiatives have been specifically targeted to female business owners and young entrepreneurs.
With the launch of latest government initiatives like five year visas, 100 percent foreign ownership outside free zone and 10 years visas for certain category of professionals, business owners and investors –
Here are few points as to why Dubai is the ideal location for startups in 2019.
Fast Growing Economy
In October last year the International Monetary fund forecasted the economic growth of UAE from 2.9 percent in 2018 to 3.7 percent in 2019.
Several factors have contributed to this in relation to improving oil production and price of oil. Which in turn has allowed the government to increase its budget of $55 billion.
The UAE government has also allocated a budget of $60 billion which will be put into infrastructure, health and education sector.
A strong economy will of course attract investors and entrepreneurs to expand their operation and attract well experienced talents.
Visa for older expats
Another brilliant initiative that was introduced in 2019 was the extension of the UAE residency visas after retirement.
This is will provide a relief to especially older professionals to remain in the UAE and become business owners. The visas will be valid for 5 years.
This will attract seasoned investors and professionals to reside here and make UAE their home.
Opportunities for Expo 2020
The attraction of approximately 25 million during Expo2020 will also give rise to a demand for companies providing ancillary service for the event.
This will benefit the hospitality industry, events company and firms providing supplies and advertising material.
It will be up to businesses on how they can utilize these influx of visitors and convert them to business and in turn this will also boost the economy.
100% Foreign Ownership
The introduction of 100 percent foreign ownership in certain sectors will also attract many foreign entities to make UAE their business hub. This also falls in tandem with the 10 year visas for certain category of professional, business owners and investors.
This will result in allowing owners to plan better and give more emphasis on training local talent.
The visa system will also provide a next generation of new entrepreneurs and professionals to the UAE which will definitely boost the labor market.
Also new 5 and 10 year visas for brilliant student and post graduates will boost this factor.
New initiatives like Expo 2020 Youth Connect schemes aims to attract young students to become leaders and innovators of tomorrow.
The UAE youth programme targets 21 to 30 year old to become innovative in business through education.
The economy of UAE is undeniably predicted to grow with the launch of multiple initiatives from the UAE government. 2019 will be the right time to setup your business in Dubai .