The United Arab Emirates stands at the top in the “Ease of Doing Business Index” ranking in the middle east region and is currently ranked 16th in the World Bank’s latest Global Ease of Doing Business Index with a total score of 80.9 out of 100.
This means that by global standards, the United Arab Emirates is one of the easiest places to conduct business.
As one of the world's best places to do business, the United Arab Emirates is booming with countless business opportunities.
When you are analyzing which countries are best to start up, you need to do a PESTLE analysis which stands for:
Political
Economic
Social
Technological
Legal, and lastly
Environmental factors of the country.
PESTLE Analysis is usually used to analyze a location's economy to determine your business's risks and opportunities.
In using PESTLE analysis, the United Arab Emirates has shown favorable advantages in each component.
Firstly, in terms of the Political and Legal factors for businesses, the UAE is very Start-up friendly. There are numerous business-friendly laws to help start-ups and grow companies such as their zero corporate tax law for free zones entities. The UAE has also implemented low taxes for the convenience of foreign investors that wish to start a business in the country. There are a total of 6 simple Start-up procedures that will only take eight days to complete – a straightforward process and easy steps involved in the company registration!
In terms of Technology and environmental factors, the United Arab Emirates has implemented and incorporated science and technology to make the lives of its citizens more convenient. One of which is their transportation system which has expanded to every part of the country and across the emirates. Whether you’re commuting or driving, getting to your destination has never been easier in this country. The United Arab Emirates has also incorporated innovation as the key to a convenient and environmental sustainability lifestyle, using futuristic technologies for the good of the public and the environment which also benefits a lot of businesses as well.
Lastly, in terms of Economic and Social Factors, the United Arab Emirates has a very strong and flourishing economy. Their economy has a high per capita income and annual trade surplus, which provides a stable financial condition to big or small companies. There is also a healthy competitive business environment that can make companies improve and grow their businesses. The country is also a multicultural society that’s filled with different cultures, mostly due to it being a tourist destination site which means that there is a wide market for any type of business.
No matter what type of business it is, they will be able to find a market here in the United Arab Emirates.
But if you’re still searching for what type of business to start, here’s a list of the current major industries in the UAE.
Travel and Tourism industry – As mentioned before, the United Arab Emirates is a popular tourist destination, especially their famous cities: Dubai and Abu Dhabi which are both known for their luxurious establishments and eye-catching attractions and destinations. Because of this, there is a wide market, especially for those in the service, food, and hotel businesses.
E-Commerce industry – of course, paired with touring, shopping is also one of the favorite travel activities of visitors – especially online shopping. In this technological age, The E-commerce industry has grown in the past few years as people prefer to shop online than physically go to a store. It’s more convenient to do it that way because it saves them time and energy to tour around.
Health Care industry – because of the pandemic, the UAE, most specifically Dubai, has had significant growth in this industry. According to research, they are expected to reach an estimated value of $500 million in the next few years. Because of this, they have developed itself as a destination for healthcare tourism that offers patients from around the world affordable high-quality treatments and procedures.
Trading – specifically in Dubai, trading is one of the best businesses to do in the country. Not only is the geographical location favorable, but they also have a healthy competitive trading ecosystem and economy, business-friendly trade laws and regulations, tax benefits, a wide market, and open trade.
Financial Services – with a multitude of businesses in the country, consulting and financial services are always in demand. Especially for those that are planning on growing their businesses. A lot of people find it better to hire a professional to fix their financial systems for them. It saves them the time and energy to focus on other important things in their business. Because you’ve made it this far, here’s a little gift for you. No matter what business you’re planning on doing, if you need professional help setting up your business, check out Freelance Finance Controller, owned by a professional freelance CPA with decades of experience and can surely help you in achieving the goal of your business. Contact them or book now to start your consultation.
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