If there is one resounding message from the UAE that we can take away from the past year, it is that the UAE is open for business.
Several programs have been launched to support the UAE’s entrepreneurial ecosystem. For example, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, unveiled the 300 billion industrial strategy operation last March. The overall 10-year strategy aims to increase the contribution of the industrial sector to GDP from the current Dhs 133 billion to Dhs 300 billion by 2031. The 300 billion operation will result in the deployment by the Ministry of Industry and Advanced Technologies programs to support more than 13,500 SMEs by 2031. More than 33,000 industrial enterprises operate in the UAE, comprising 95 percent of small and medium enterprises.
The following month, Sheikh Mohammed also approved the new strategy of the Emirates Development Bank (EDB), which includes a financing portfolio of 30 billion Dhs to support these thousands of SMEs and create around 25,000 jobs.
“For new entrants, navigating the landscape of business setup in the UAE can be a daunting task. There are many questions to consider such as whether you want to open a mainland business or a free zone business, what are the advantages and challenges of each, as well as more fundamental questions about which emirate is best suited to meet and support the specific needs of your business,” said Muhammad Tariq, CEO of InZone, a company that helps businesses to set up their operations in the UAE.
Aiman Fatima, Director of InZone, further explained how the company helps aspiring entrepreneurs set up their business in the UAE. “InZone gives meaning to the whole process of starting a business in the country. It has a unique web portal, as well as dedicated advisors, to help potential entrepreneurs understand the process and requirements of setting up a business in the UAE.
The InZone website allows you to compare the company’s installation prices online. The company said it made the whole process of finding information as painless as possible. While other portals have business setup calculators on their website, they mostly extract information by asking for several personal details including email addresses, names and phone numbers before providing the desired information. InZone does not do this and instead displays results instantly, with the user not having to share any personal data to secure those results.
The portal’s user-friendly interface features predefined drop-down lists to quickly display relevant results. For a free zone configuration, a user must select an activity they wish to set up (e-commerce/general trade/services/media), the number of shareholders, the number of visas to be allocated and the emirate of choice. The offshore setup asks the above questions, replacing only the number of visas required with whether or not the applicant has a bank account. In the continental category, simply select the activity, the number of shareholders and the emirate of choice.
For those who need additional help determining the right business setup, InZone also has dedicated advisors to help with the process of selecting the right package and license, determining jurisdiction, and completion of all necessary formalities. InZone says it only charges government fees for setting up a business – implying that its advice and consultation is free. Moreover, it also offers a 30-day money-back guarantee to all its customers.
For more details on InZone, click on here