UAE is becoming better place for business & residentsKWSME
The land of the dreams is what many call the United Arab Emirates. Living in the UAE is a blessing. It a land of opportunities and a dream come true for many who are given a reason to believe and hope.
If we look at the population of UAE, we will see that UAE is home to one of the world’s highest percentage of immigrants. More than 80% of total population of UAE are expatriates with most of them residing in Dubai and Abu Dhabi. All of them have chosen this place for money, standard of living and safety the country offers that make them want to stick around here.
What UAE is now is because of its visionary leadership. UAE government has left no stone unturned to make the country a prime destination for business setup and living. According to HSBC Expat Explorer survey 2017, which surveyed expatriates in 46 countries and measured their levels of fulfilment through three key themes that include economics, experience, and family- UAE came as one of the most preferred destinations for expats, ahead of popular places such as USA and Hong Kong, in terms of work and living.
Overall UAE came 10th, fifth for economics, 20th for experience, 24th for family and 6th for business setup in UAE.
Why UAE is amongst the best places for expats?
This is because of economic stability of country, its openness to expatriates, rich and glorious infrastructure, safety and security, world-class healthcare facilities at an affordable price, exceptional educational opportunities with best of universities and institutions, conducive business environment and fertile job market. The country is progressing ahead on a journey towards innovation backed by great vision of leadership of the country.
Moreover, UAE is the first country in the world that takes happiness seriously. They have a Minister for Happiness. Yes, you read that right. UAE has happiness officers, happiness summits and happiness meters all working towards creating right conditions for people to be happy.
For three years running, UAE has been the highest-ranked Arab country on the global Happiness Index, an annual list compiled by the Sustainable Development Solutions Network of the United Nations. Globally, UAE ranks 21st.
A recent YouGov survey also discovered that more than 3/4th of new arrivals in the UAE consider the place as a happy, welcoming and peaceful country.
An interesting fact to note here is that UAE is changing its traditional image as a country where expatriates come to live and work for a few years before moving on. UAE has now enhanced its attraction as a country where expatriates can build their careers and settle down for the longer period of time. A recent introduction of 10 year visa clearly reflects the fact.
This is introduced to help entrepreneurs in their journey of business setup in UAE. Having a positive return on investment for a new startup is difficult. New business start-ups need at least 3 years to get to $1 Million and then at least 2-3 more to consolidate that growth, and this new move provides for stability during that period as well as provide a chance to entrepreneurs to align their practices and profits.
Also this introduction of the 10-year visa rule brings Dubai ahead of other nations that provide start-up visas, which usually are for a 5-year period. The move establishes Dubai’s position as the premier start-up destination in the Middle East. Dania Saadi of The National reports that MENA’s wealth is anticipated to increase annually by 8.8% in the next 5 years. This is a great chance for start-ups during their company formation in UAE to locate their investors and customers by offering innovative and unique products or services.