Set up business in UAE (Part III)

The economy of the United Arab Emirates has proved its flexibility in the severe economic conditions existing during the recent years. There are many opportunities to start own business in the UAE. The national currency Dirham is risk-free and freely convertible currency and tied to the US dollar. Setting up business in the Emirates means to enter the whirl of the large cash flows.

There are no restrictions on repatriation of capital, no corporate and individual taxes, the cost of human resources is rather competitive and financial risk is minimal. The import duties are rather low. Any goods imported for further use in the free trade zones are duty-free. These favorable factors along with the strategic advantageous location and perfect infrastructure are the keys to attraction of great investments in the Arab Emirates.

According to the study made within the Doing Business Project aimed at providing efficient regulatory actions in 185 countries of the world, the United Arab Emirates take the 26th place in terms of business affordability. The Emirates have gone up by three points for the last three years, which is a good indicator that makes the investors to set up business in the UAE. Some areas advantageous for doing business were determined within the study. The Arab Emirates shows high performance in some of them. The country takes the 5th place in international trade, the 1st one in registration of private ownership, the 13th one in issue of authorization to construction activity and the 1st one in taxation due to no income tax in the country.

In addition to the above stated advantages such beneficial factors may be noted as membership in the international organizations dealing with the commercial problems, the General Agreement on Tariffs and Trade (GAAT) since 1994 and the World Trade Organization since 1996. Moreover, the United Arab Emirates have entered into the numerous agreements for free trade with Turkey, Australia, Japan, China, India, Pakistan, Korea, Brazil, Argentina, Uruguay, Paraguay, and the European Union. This gives confidence to the investors and businessmen that their decision to do business in the UAE will bring them heavy crop.

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