To start any business, you would like good infrastructure, financial and human resources, transportation, buyers, and in particular, a modern and secure place. But because of the potential threats posed by the COVID-19 pandemic, new investment and business growth are severely impacted entire world. While many countries were struggling to deal with it, the UAE government took immediate precautionary measures to make sure the safety of both citizens and businesses. that’s why Dubai has been and continues to stay one of the highest five global cities for entrepreneurs. Below are 7 tops of the list reasons why Dubai always considered the best to start a business despite the COVID-19 situation.
Government Control Measures to attenuate Risk of COVID-19
The UAE government had taken all essential measures to attenuate the danger of COVID-19 way before receiving instructions from WHO. during this way, the UAE has become one among the primary countries to require all safety and precautionary measures, and various control actions to scale back COVID-19 effects on businesses in Dubai.
Government Support to Businesses
- The Dubai government is extremely supporting businesses by offering simultaneous packages alongside a 25-98% reduction within the costs of doing business.
- the first purpose is to encourage investment in business-related activities and to enhance production, trading, exports, and innovation for business development, negating the consequences of COVID-19 on businesses in Dubai.
Specific Measures For Start-Ups
- The UAE Government is trying to assist small businesses during this era . For start-ups fixing their businesses now, the govt has implemented a variety of measures, including the introduction of:
- certain fee waivers
- office rental holidays
- online company registration
- a more customized and flexible payment structure like monthly installments
Support from Banks & Financial Institutions
- Banks also are helping SMEs address debts by offering loan repayment holidays and reducing fees.
- Financial organizations and other authorities, like the Dubai International Financial Centre, Abu Dhabi Global Market, Kizad, and Dubai Silicon Oasis Authority, are funding stressed start-ups.
- Investment firms and accelerators in the market, including Astro-Labs, Hub71, Beco Capital, and Payfort, are offering potential funds.
- The UAE Government’s “Targeted Economic Support Scheme”
- The “Targeted Economic Support Scheme” is that the primary measure taken by the UAE Government that benefits corporates.
- This scheme aims to supply temporary relief from the payments of principal and interest in respect of outstanding loans for all private sector companies suffering from COVID-19
- AED 50 billion has been freed up from banks’ capital buffers to encourage further lending to non-public sector businesses in need of credit during this point .
- Always trying to relax employment measures while protecting employees by providing formal means of agreeing to salary reductions.
- Relaxed regulations regarding the transfer of employees between different free zone-registered entities, giving employers an alternate to a short lived lay-off while maintaining the worker’s employment.
Other Government Measures
- For handling property costs, tenants struggling to pay their rent during the COVID-19 pandemic are exempt from eviction
- a discount in water and electricity bills by 10%
- Exemption of companies from permits for brand spanking new sales and offers
- A pay-back of 20% of the customs fee imposed on imported products selling in Dubai
- A 90% reduction within the fees imposed on submission of customs documents
- Refunds of security deposits and guarantees
- Withdrawing of fines for both companies and individuals
Voluntary Support from Organizations and Business Coaches
- Companies and individuals are volunteering to support small and medium enterprises by providing free webinars, coaching, and consultation services.
- Business coaching providers, like Bessern and therefore the Co-Dubai, deliver free sessions to people who need help.
A dynamic pro-business hub, Dubai delivers efficiency, security and a forward-looking ecosystem for accelerated growth and empowerment. Discover where businesses, investors, event organizers and enterprising professionals meet to create an ambitious future together.
Dubai has some more interesting facts
5th Global ranking
KPMG Readiness Index.
8th Best Global Financial Centre
Global Financial Centres Index (GFCI) 2019.
3rd Global ranking
Agility Emerging Market Logistics Index 2020.
6th Best city
Resonance World’s Best Cities 2019 Report.
1st Government on Blockchain
The first government in the world to execute all transactions bourse using blockchain technology.