Dubai is not only a popular tourist destination, but also a real magnet for talented professionals from all over the world.
Diversification of the economy through powerful investments in tourism infrastructure and introduction of preferential corporate taxation has made Dubai one of the five fastest growing mega-cities in the world, and also played a key role in creating a post-oil economy.
Now Dubai has set a new goal – to become a center of innovation, attracting high-tech start-ups and entrepreneurs from all over the world.
The United Arab Emirates launched an online navigator from the investment company VentureSouq, which is designed to help entrepreneurs, investors and companies determine for themselves the most suitable free trade zone in the country.
It is quite logical that the state consciously goes to the introduction of a special economic and legal regime in a certain territory. The main objectives of the organization of free zones are:
– Attraction of foreign investments, production technologies and innovations.
– Creation of new jobs, and, consequently, attracting highly qualified specialists.
– Development of international trade.
Foreign investors who want to own a company with a 100% ownership right must obtain a license to operate in a free economic zone. Dubai actually proved the effectiveness of free zones, becoming the first city where this successful concept was tested. Currently, free economic zones are open in the city in a number of spheres: aviation, automotive, design, healthcare, IT, education, printing, production and logistics, media, trade of gold, training, start-ups, finance and some others.
The platform compares 11 popular free economic zones in 19 industries, including e-commerce, fin-tech, games, etc. It offers two interactive tools: Industry Matrix, which defines specific allowable sectors in different free zones, and the Free Zone Comparator, which offers a comparison of various legal, regulatory and economic conditions for creating a business.
The representative of VentureSouq declared: “The free zone navigator is designed to help companies at an early stage, both regionally and internationally, quickly and efficiently enter new markets. We view access to markets as the main obstacle for companies seeking regional growth. Navigator Free Zone Navigator will become one of many tools that we implement to ensure transparency of business in the whole region. ”
45 UAE free trade zones offering simplified start-up and operation procedures, as well as 100 percent foreign capital, are intended to attract start-ups and investors.