In 1971 The United Arab Emirates (UAE) was established. The country comprises the seven emirates of Abu Dhabi, Ajman, Dubai, Umm Al Quwain, Ras Al Khaimah, Fujairah, and Sharjah. Abu Dhabi is the capital. Under the UAE Constitution, each emirate can have control over their governance. Regulation of the market is a matter of UAE federal law.
Today, Dubai is a city with 2.5 million people. It has the highest level of ICT adoption. The city and its government are trying to be as investment-friendly as possible. There is not too much regulation of the markets and there is barely any tax. Dubai is better than any tax haven. Why are international businesses choosing Dubai to settle down? Because of Dubai’s tax advantages. No one is going to say no to the zero percent of tax and this is the fact. It’s easier and cheaper to set up something in Dubai. For the people who are doing the startups and just the new businesses that need some time to gain attraction and money – choosing Dubai is the best option.
But why aren’t all business people attracted to tax havens?
Because of the fact that In today’s global economy and especially after the recent financial crisis, entrepreneurs prefer to be protected and regulated. Why? Because not to become the victim of scammers and liars. As for now, no decent upstanding international company wants to be seen as shady looking law havens as their business address. For example, the FX market which is considered one of the most heavily taxed industries in the world has barely anything to pay in the country, This is why forex brokers UAE license and regulation is a bit more stern compared to other countries as other means of control are required than tax surveillance for AML (anti-money laundering) rules. The government is trying to attract as many markets in the region as possible, that is why they are allowing businesses to do the best they can. Additionally, a good market and business will always have a good reputation no matter what.
Dubai is geographically well situated. It’s a huge innovative financial center with a great reputation and future. Plus, it is never more than a few hours in front or behind your time zone. There are some regulations and controls, but they are not as strict as in different countries in the world.
Dubai is a huge, vibrant city with mind-blowing infrastructure and strict privacy laws. English is widely spoken, so people from different countries can make their future in Dubai.
Build it and they will come
Dubai was always thinking that if there would be the highest building in the city, the investors would just love Dubai and stay there and invest in businesses as much as they could. People are settling in Dubai because of the very attractive offers from the place. To taxes, no strict rules in businesses, of course, it is heaven for some people. The development model called “Build it and they will come” was working for four decades, but the times are changing so the development ideas need some change too. In fact, the entire business model needs a radical change and renovation. Investors and business people need to brainstorm to help them to understand the challenges of the new reality in the world. The financial sector needs a fresh breath of air.
How can the happiness of residents of Dubai and investors be achieved? Digital innovations can create a new world for the city. The city is having a huge financial sector development potential. The trading is becoming more and more popular and the FX market is the biggest exchange market to connect with. Financial technology is also helping the whole sector to bloom. In the future, people are waiting for a more liveable and digital city with a connected government.
Dubai has a strong economic sector and well-developed trading. This city has the power of embracing every good sector they have. For entrepreneurs and businesses, people there are great digital services to start a business. SImple regulations and easily accessible support from the government will further strengthen Dubai’s position as a financial hub, but they will need additional changes in order to answer the future in its new language.
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