Promoting tourism business is one of the best ways to boost the economy of a country and governments pay special attention to this sector. In the UAE, the tourism industry is being developed because the government knows how it can take advantage of the incoming traffic, and attract them towards services of tourism business in UAE. Below are some of the biggest reasons why a tourism business can flourish in the UAE.
1. Central Location:
Dubai is an international business and travel hub. Its location places it strategically between Asia, Africa, and Europe. This makes Dubai an ideal city for international trading, export, import, hospitality, tourism and other business activities. With access to both land and sea, Dubai is able to take part in goods transportation between the West and the East. This strategic location makes it easy for Dubai to access consumer markets in Africa, Asia, the Gulf, Europe and CIS (Commonwealth Independent States) countries.
2. Access to both Air and Sea:
The emirate is home to one of the largest air and seaports, Dubai International Airport and Jabal Ali Port, in the world. It is easy to transport goods by land, air and sea from different parts of the world to Dubai. Similarly, it is easy to send goods from Dubai to any parts of the world.
Over the past 2 decades, Dubai been actively taking part in construction of high standard infrastructure, whether it is a road network or high-rise buildings. As the FDI increases, Dubai has been constructing facilities for industrial, residential, tourism and commercial use. These facilities are to help investors and entrepreneurs in setting up their businesses.
Furthermore, the construction of new roads, the new airport, and public transportation facilities have also been taking place. According to WEF’s Tourism Competitiveness Report, the infrastructure in UAE has been listed as the best in the world. UAE ranked second in quality of roads, third in quality of air transportation, fifth in port infrastructure and eight in land transportation network.
4. No Taxation Policy
The UAE is known to have a very diverse economy. Almost all types of businesses have a no taxation policy, except for international banks branches, hotels, and large oil and gas companies. Personal Income Tax, Value-added Tax (VAT), Corporate Tax, Retention Tax and Tax on Capital gains are not applied by the government of Dubai.
5. Repatriation of Earnings and Profits
For the free zones, the government of Dubai allows 100% repatriation of earnings and profits of business setup Dubai. Also, Dubai does not have any restrictions on foreign exchange and maintains a stable exchange rate between the UAE Dirham and US Dollar.
6. Safe to live and high quality of life
Crime rates in Dubai are one of the lowest in the world. Moreover, political and security stability is one of the major reasons for the increase in FDI. Dubai provides an ideal environment for businesses to prosper.
Furthermore, as the FDI increased, the standards of lifestyle have also increased. UAE is ranked as the 14th happiest nation in the world, by the UN Happiness Index.
7. Visa and Residency
For business owners, operating their business setup Dubai or in other regions of UAE, being a UAE resident can be beneficial. Residents of UAE are allowed to lease spaces for long-terms, they can enter and exit UAE multiple times, open current accounts in UAE Banks, and also obtain a visa for other countries, including countries that make up the Schengen Area.
8. Free Zones in Dubai
Dubai has a number of free zones that are currently operating. Foreign investors and entrepreneurs can setup and gain 100% ownership of the business, without partnering with local sponsors. All free zones vary from one another and provide licenses in various sectors.
9. Multinational Companies
Dubai is home to many multinational companies’ offices such as Microsoft, LG Electronics, Sony, HSBC, Emirates, BBC World, etc. Furthermore, many universities that are internationally recognized have campuses in Dubai for example, London School of Business, Hult International Business School, Michigan State University, etc.
KWS Middle East can help you with company formation in Dubai and starting your own tourism business in the UAE. Whether it is a free zone company or one in the mainland, the experts at the firm can help you go through the registration process swiftly. Also, apart from company formation in Dubai, you will be provided with support services like corporate bank account opening, visa processing, and other such support services.
You can start your business right away. Just give us a call to ask how.