EMERGING SECTORS IN DUBAI
Dubai is the most populous city of the UAE, which comprises 3.3 million people, and it is known for being a global business and technology hub.
The emerging sectors are mainly:
- Fintech (Dubai is dominating the MENA Fintech business, which has grown to USD 2.5 billion).
- Information and Communication Technology (Fourth-place global ranking for advanced ICT market in terms of household computers).
- Healthcare and life sciences (By 2026, healthcare spending is anticipated to represent 4.6% of the nation’s GDP).
- Renewable energy (By 2050, UAE intends to produce most of its electrical energy from solar sources).
- Entertainment, streaming and gaming (The UAE anticipates having 100% 5G by 2025, which will help gaming and streaming businesses).
START-UP OPTIONS IN DUBAI
Due to its innovation-focused ethos and pro-business regulatory environment, Dubai is the ideal place for Information and Communication Technology (ICT) firms. The technology sector makes up a sizeable portion of the Dubai economy, contributing 4.1% of the Emirate’s real GDP in 2018 and growing by roughly 2.7% annually.
Dubai is running various incubators and accelerator programs to support the launch of innovative start-ups with aspirational growth potential. The prominent ones are:
- In5 (Dubai Internet City)
- FinTech Hive (Dubai International Financial centre)
- Dtec (Dubai Silicon Oasis)
OVERVIEW OF FREEZONES IN DUBAI
Dubai is a contemporary metropolis that has grown tremendously over the past few decades, thanks to its advantageous position, pro-business regulatory environment, and sophisticated infrastructure. The city draws companies from all over the world, and its numerous free zones have played a crucial role in this success tale.
Dubai’s free zones are dispersed throughout the city. Free zones offer convenient access to its top-notch logistics and supply-chain infrastructure to make selling throughout the region and the world as simple as possible from start-ups to large multinational corporations and re-exporters etc.
Generally free zones can be categorized as a hub for unique business sector such as:
- Aviation (Dubai Airport Free Zone, Dubai South Free Zone)
- Commodities (Dubai Multi Commodities Centre DMCC)
- Construction (Dubai Multi Commodities Centre DMCC, Dubai Silicon Oasis, Dubai World Trade Centre)
- E-Commerce (Dubai Airport Free Zone, DMCC, Dubai South, Jabel Ali Free Zone)
- Education (Dubai International Academic City, Dubai Knowledge Park, Dubai Healthcare City, Dubai Silicon Oasis)
- Energy (Dubai Silicon Oasis, Dubai Science Park, DMCC)
- Fashion and Design (Dubai Design District, DMCC)
- Finance and Banking (DIFC, DMCC)
- Food and Agriculture (DMCC, Jabel Ali Free Zone)
- Healthcare (Dubai Healthcare City, Dubai Science Park)
- Hospitality and Tourism (DMCC, Dubai World Trade Centre)
- Humanitarian (Dubai International Humanitarian City)
- Industrial (Jabel Ali Free Zone, Dubai Silicon Oasis)
- Technology (Dubai Airport Free Zone, Dubai International Financial Centre, Dubai Internet City, Dubai Silicon Oasis, Dubai World Trade Centre, DMCC)
- Logistics (Jebel Ali Free Zone, Dubai South)
- Media (Dubai Media City, Dubai Production City, Dubai Studio City)
- Outsourcing Services (Dubai Outsourcing City)
- Trade (Jebel Ali Free Zone, Dubai South)
GENERAL BENEFITS OF FREEZONE COMPANIES
- 100% foreign ownership.
- 100% repatriation of capital and profits.
- 100% exemption from corporate and income taxes.
- 100% exemption from customs duty.
- Easy access to regional and international markets.
- Modern and sophisticated infrastructure.
FREEZONES THAT SUPPORT START-UP OPPORTUNITIES
DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) FINTECH HIVE
DIFC free zone is a leading financial center for the Middle East, Africa, and South Asia. DIFC is one of the most technologically sophisticated financial centers in the world (MEASA).
For a FinTech, InsurTech, RegTech, or Islamic FinTech startup wishing to take advantage of limitless prospects, it is the only place to be.
The DIFC Fintech Hive offers licenses, co-working support, accelerator programs, a community of like-minded people, and a supportive regulatory environment.
DUBAI DEVELOPMENT AUTHORITY (DDA)
DDA, under its patronage, offers freelance permits to eligible individuals through various clusters, namely, Dubai Media City, Dubai Internet City, Dubai Knowledge Park, and Dubai Design District. The business segments include:
- Technology
- Media
- Education
- Design
Dubai Internet City’s in5 helps early-stage businesses grow and succeed, in5 provides incubation to entrepreneurs and startups. Professionals in the tech, media, and design industries receive benefits from in5.
TAKEAWAY
There are various procedures and requirements that you need to prepare and take into consideration to successfully register a startup business in Dubai. Creation Business Consultants will help you throughout the entire process. From selecting the right jurisdiction for your startup, completing and draft the proper documentation to complete your business and office registration etc. Our team of corporate structuring experts will leverage our experience to help simplify the process while simultaneously providing you with all the details needed to run your company in Dubai. Contact a member of our Corporate Structuring team to learn more about setting up a company in the UAE and Saudi Arabia, email us on [email protected] or call UAE +971 4 878 6240 Saudi Arabia +966 54 511 2494.
