Dubai is one of the best spots for business owners, and it has quickly transformed itself into a business behemoth. It has become a global business destination and rises above a local trading group or community. It reaches out to every entrepreneur who wants to start his business here. It includes not only one nationality but almost all nationalities considered ideal places for starting their businesses worldwide. Germans, Indians, Americans, Russians, and British entrepreneurs are now moving from their homes to Dubai. The main reason is that the global markets here in Dubai and the lucrative opportunities they offer, including no tax exemption and 100% foreign ownership, attract more investors and entrepreneurs worldwide.
Can German Entrepreneurs Start Businesses in Dubai
If we talk about the German community, over the last decade, Dubai has become home to many German entrepreneurs and business owners. They surely have played a role that helped the emirates towards economic growth and dynamic development. The renowned business owners from Germany that are on the list of richest entrepreneurs are Saygin Yalcin (owner of Suka.com, SellAnyCar.com, and Founder of Joe Suis) and Wolfi Hohmann (owner of Wolfi’s).
The truth is that German entrepreneurs are immigrating because of the threat of increasing taxes on high earners and the wealthy. Left-wing parties in Germany proclaim that they want to reintroduce wealth tax and will increase income tax rates. Also, they are planning to implement a one-off wealth tax for the wealthy upon leaving Germany.
If you are a German entrepreneur and want to start your company here in the emirate, that can be a great opportunity. Because there are so many benefits you can get and incentives for starting a business here in Dubai.
Benefits of Starting Your Business as a German Citizen in Dubai
Following are the benefits of starting a business here in Dubai for German citizens are:
- Tax-free: A 0% tax rate means your company will retain more profits without income or corporate tax.
- 100% Foreign Ownership: In UAE, you will get complete ownership of your business, which means you can keep 100% ownership of your company here.
- Strategic Location: For German citizens, it is the best place as it gives you access to the crossroads of Asia, Africa, and Europe and with many flights, each day to Frankfurt, Hamburg, and Berlin as also not to mention the rest of the world, because you’re going to meet your customers wherever they are.
- Business-friendly country: The UAE government is well known for its business-friendly attitude and the feasibility it gives its entrepreneurs for setting up a company in the UAE.
For Germans Which Business Is Best in Dubai?
German entrepreneurs are almost successful in every sector when they set up companies in the UAE. There are many opportunities they can avail and start their business in import and export, logistics, software and technology, and any other field they want to start their business.
UK-based Entrepreneurs Moving to Better Business-Friendly Ecosystems Such as Dubai
Dubai is one of the most popular places for British expats for living and working. Thousands of U.K. citizens have already moved to Dubai because of the great quality of life and tax relief by the government of UAE. The interesting question arises here can the British do business in Dubai? Of course, if you are a British citizen and want to launch your business or branch of your company in UAE, then you’re most welcome here in Dubai. Recent statistics suggested that 2,40,000 Brits all live here in Dubai and feel very much at home as an expat in the emirate.
In 2017, New World Wealth global migration reported that the U.K. experienced a major outflow of wealthiest, where 5,000 millionaires left the country. The reason was that the high taxes on inheritance and property and rising crime rates in the U.K. made wealthy individuals leave. Even new taxes on non-residents and foreigners having homes in the U.K. are much more expensive now which has made UK a less interested place for expat businessmen.
Benefits of Starting Your Business as a British citizen in Dubai
Most benefits are not offered to business owners, investors, and entrepreneurs in the U.K. But are available here in Dubai, and this city provides them to British investors and entrepreneurs that are
- Tax Reliefs
- 100% Ownership
- Financial Access
- Personal Safety
- Excellent Infrastructure
- Quality Lifestyle
- Digitally Canny
- Diversified industries and economy
- Strong U.K. connections (very strong economic, social, and political ties)
- No language barrier as English is widely spoken here in UAE.
Why Indian Entrepreneurs Moving to Dubai to Start Businesses
Indian entrepreneurs are almost relocating from their home country to Dubai. They consider it a business-friendly environment here in Dubai, which attracts Indian entrepreneurs more. Also, tax reliefs attract investors and entrepreneurs more. Mostly Indian emigrants are here using golden visas that offer 5 to 10 years of residency to entrepreneurs, investors, professionals, and many more.
In 2019, the golden visa program launched, and almost 45 thousand people moved here, according to recent research. In India, nearly 6,000 and 7,000 high-net-worth individuals left their countries, most of whom moved to Dubai.
The main reason to leave India and move to Dubai is the personal income tax and capital gains tax on the wealthy in India. A personal income tax of 30%, including a capital gain tax of 10%, is implemented on wealthy individuals with an income above 15,00,000 INR (Indian rupees). Also, another reason for moving to Dubai and leaving their own country is India’s unfriendly regulations on cryptocurrencies.
India charges almost 30% tax on any income generated and a 1% charge on any transfer of digital assets. Double taxation on the ESOP (employee stock ownership plan) can make it even harder to attract and retain talent.
On the other hand, the government of Dubai is incredibly supportive and shows a very permissive approach towards the expat businesses. Also, the value-added tax in UAE has created an exceptionally large market for tax consultancies which made Dubai a better place to start your business offering tax consultation. Many Indian entrepreneurs concluded that Dubai is a pathway that leads to the international market. It is a strategic junction between Africa, Europe, and the east that offers a wide range of clients base. Also, in comparison to European countries, the cost of living and business expenses here in Dubai is very reasonable, according to Indian entrepreneurs.
Benefits of Starting Your Business as an Indian Entrepreneur in Dubai
The benefits that Dubai gives to its Indian entrepreneurs include
- Strategic location,
- 0% income and corporate tax,
- 100% foreign ownership,
- Quality lifestyle,
- Business-friendly government, and many more.
That are the reasons why most Indian people choose Dubai over another country to start their business.
Start Your Business with Emirates Business Setup Now!
Dubai now becomes a city to fulfil and achieve your dreams and reach the maximum heights of development and success. Be a part of this growth and start your entrepreneurship journey with Emirates Business Setup! You can contact our experts and take your business to new heights.
