‘Risk’ and ‘Initiative’ are two inseparable elements of Entrepreneurship. With the emergence of several factors that make entrepreneurship more accessible, the UAE is being looked at as one of the pioneering business environments for startups. It is witnessing an increasing number of self-employed businesspeople, especially with the rise of more Free Zones in the UAE. Let’s have a look at the various factors that have made entrepreneurship a lucrative and practical option for many in the country:
Cost
A long time ago, the idea of setting up your own company was inconceivable if you didn’t have a big stack of money at hand. Nowadays, you can easily start your business at a reasonable price. Depending on the type of business and its jurisdiction, various options are available at different costs. Furthermore, with several players in the market, the price is competitive.
Business Activities
With the digitization of the marketplace, several e-commerce businesses and apps have emerged. There are a lot of new business activities that are made available to cater for the digital boom such as e-commerce, app development, online marketing and much more. A wide range of business activities is available in the UAE to accommodate the ever-changing global environment.
Ownership
There was a perception that having a business in Dubai must involve having a local partner with majority shares in the company. However, with Free Zones in the picture, 100% ownership is permitted for those incorporating their companies within the Free Zone. Depending on the nature of business, one has the option of having complete ownership of his/her business.
Time Factor
Who would have imagined that in less than a week, one can transition from an ordinary employee into a businessman? Licensing authorities are pushing for the digitization of the business setup process, thereby saving time and costs previously incurred by customers.
Incubators & Accelerators
Suppose you have an innovative idea for a successful business project but still lack the resources and technical know-how of getting your business up and running, this does not mean the end of your entrepreneurial dream. There are many business accelerators and incubators in the UAE willing to invest in your idea. Initiatives such as Sharjah Entrepreneurship Center (Sheraa) and Turn8 provide early-stage start-ups the resources to get their business up and running.
The UAE has given bright minds the chance to venture into the world of business and drive change and progress in the country.