21 10 2020

Business culture in the United Arab Emirates

Business culture in the United Arab Emirates

Over the course of just a couple of decades, colossal changes have taken place in the United Arab Emirates. Now the UAE is a financial center that constantly develops and creates new industries, and earlier the country specialized only in pearl mining and fishing. Most of all, the UAE is famous for its favorable taxation conditions, stability in the political system, and the inflow of investments from abroad. Every year the United Arab Emirates is only gaining popularity as the best place to open a company, do business and invest.

The government makes its tangible contribution to the development of the business and investment sectors by encouraging the creation of start-ups and business investment. Therefore, right now is the best time for foreign investors to enter the international market through the United Arab Emirates. Foreign citizens are provided with all the necessary conditions for doing business. Also, it is worth noting an innovation from the government, namely, long-term resident visas. New visas are issued for investment, so the process of starting and developing a business has become even easier. Growth rates are rapidly going up and are not going to stop.

According to statistics, only in 2017 131 thousand companies were registered on the territory of the United Arab Emirates. Also, it is worth considering that more than 80% of the UAE residents are foreigners. From this it can be concluded that there is no lack of opportunities for foreign investment in the Emirates.

 Also, the United Arab Emirates said that foreign nationals are now allowed to own a company in full ownership, if the activity corresponds to one of the 122 allowed. The priority is precisely the sectors that are currently experiencing growth, such as logistics services, renewable energy, hospitality, manufacturing and catering services. But it is important to keep in mind that each individual Emirate has the right to impose its own restrictions.

The United Arab Emirates prioritizes personal relationships, face-to-face interaction is very valuable, despite all the Arab conservatism. The simplicity of the local business culture is worth noting. Absolutely everyone can achieve success if they behave correctly and move towards their goal.

People who are planning to open their own business in the United Arab Emirates should consider several aspects at the beginning. The first step is to review the industries that have a high level of popularity at the moment. Then to understand what services or goods the population needs, perhaps they are not yet available or the market, on the contrary, is oversaturated with them. Today, the oil and gas, aerospace and automotive industries are experiencing explosive growth. There are opportunities in areas such as advertising and marketing services, food and beverages.