A recent report issued by Century Financial shows 15 factors behind the leadership of the United Arab Emirates in the Middle East region in financing startups during the first three months of 2021.
The company explained in an e-mail statement to “Al-Vision” that these factors are represented in the state’s achievement of economic growth in the post-pandemic stage, its collection of different cultures on its territory, ease of access and distinctive geographical location, the absence of a direct tax on income, ease of doing business, and a safe and stable environment, and superior banking facilities for all entrepreneurs who want to seize golden opportunities, possess a strong currency, expand the granting of residence visas, free zone privileges, encourage investment in technology, recover the tourism sector again, and the state’s good reputation in global circles, and the provision of opportunities Equal investment between the sexes, and an embrace of the largest number of rich people in the Middle East.
Director of Financial Risk and Head of Investments and Consulting at Century Financial, Devesh Mamtani, said that the UAE has become a place that brings together different cultures due to the large number of foreign residents in the country, as this created an ideal environment for startups to start.
He explained that the geographical accessibility of the country facilitates the citizens of Europe, North America and Southeast Asia to reach the UAE in a few hours through flights, indicating that the UAE ranks first regionally and in the list of the top ten globally in terms of economic, social and health stability criteria available to the population.
The report indicated that the absence of a direct income tax on residents of the state is an advantage that enables individuals to avoid the hassles of double taxation between the country of their nationality and the country of their work.
According to the report, the country is witnessing a recovery from the spread of the epidemic, coinciding with the increase in vaccination campaigns and taking the necessary precautions to preserve the safety of its residents. In addition to the positive expectations regarding the UAE economy, as the International Monetary Fund raised its expectations regarding the growth of the country’s economy by more than double its previous expectations.
He explained that the ease of doing business in the country facilitated the attractiveness of foreign direct investment to it.
He said that the safe environment of the developed banking system in the country encouraged foreigners to open businesses in the UAE without worrying, pointing to the stability of the country’s currency, as the UAE dirham is the most appropriate currency for all businesses.
He pointed to the privileges granted by the free zones in the country, as these zones allow 100% foreign ownership of companies, which makes them a preferred option for international investors.
The report pointed out that the legal amendments enabled foreigners to obtain residence visas after their retirement, in addition to issuing extended residence visas for entrepreneurs and talented people.
The report indicated that the country has a strong transportation and supply network, as it is currently considered the main commercial center in the Middle East.
He explained that the UAE’s hosting of international exhibitions, such as the Expo 2020 Dubai, which was postponed to next October, has created a ready market for a wide range of specialized companies to meet the requirements of visitors.
He pointed to the state’s investment in technology as it moves towards a knowledge-based economy, in addition to its embrace of a large group of the world’s richest ones.