Investors across the world will now be given the opportunity to form a company in Dubai without having to be in the UAE following the agreement between Department of Economic Development (DED) and Dubai Investment Development Agency (FDI). This partnership has enabled foreign investors to make use of a network of 650 business centres that are spread across 85 cities in 45 countries. From January 2018, the FDI has taken continual efforts to attract sustainable businesses in Dubai in line with the goals of Dubai 2021. This is also done to promote Dubai as a competitive destination to establish businesses.
One of the goals of Dubai 2021 is to support new start-ups by enabling them to grow and expand in the UAE. In fact, the DED has been successful and has accommodated several foreign investors in expanding their business in Dubai. “This initiative is in line with Dubai’s objectives to reach out to international investors and companies, remove hurdles for those looking to benefit from investment opportunities and economic development in Dubai, and sustain economic growth” claims Fahad Al Gergawi, the CEO of Dubai FDI.
The FDI plans on expanding the network of business centres and will try covering GCC countries including Saudi Arabia, Bahrain, and Kuwait to strengthen the relationship between these countries and Dubai. In the last ten years, Dubai has grown to have a solid economic foundation and improve legislation which has allowed the emirate to keep pace with the rapid economic development. In fact, Dubai has formulated clear policies and laws that have helped businesses to have a smooth start.
Research on this new scheme shows that there is going to be a tremendous growth which will enhance Dubai’s international image as a pro-business and investor-friendly location. This is also anticipated to increase the ease of doing business by the foreign investors.
Mr. Gergawi further notes “Dubai’s strategy, supported by free and open economies policies and competitiveness, allows companies to benefit from the movement of goods to various regional and international markets, which is positively reflected on the promotion of global trade” Presently, this service offered by DED is available to countries such as China, India, US, Russia, Germany, Switzerland, and other commercial units.
So, if you are also planning to start a company, start implementing right away!