Originally built on the oil industry, today Dubai’s economy is a
different beast. While still producing tens of thousands of barrels of oil each
day, this now global city enjoys its main revenues from real estate,
construction, financial services and trade.
Location and Connectivity With the creation of the UAE free zones, Dubai is an amazing place
for Australians to start up a business in. Naturally, the location would allow
you to export to Africa, but it can also generate business easier for you with
Iran, Afghanistan and Pakistan too. You’ll also be closer to India for doing
business and to other countries in the Arab world. There are few better
connected places in the world than Dubai. Home to the Emirates airline, which
will be code-sharing with Qantas from early 2013, Dubai boasts one of the
world's biggest and busiest airports. It operates as the hub for Emirates, so
whether you need to fly to Europe, North America, Africa or the Far East, you
can get there (and quite often on a direct flight).
Exports and Imports Exporting and importing won’t be a problem either, for Dubai
boasts the largest man-made harbour in the world. You should be able to ship
out and ship in comfortably. But nice harbour, nice price, since there are no
levies on imports and exports. Free zones were designed to encourage foreign
trade, so if you’re looking at international
trade services, it’s the place for you.
Foreign Ownership One of the best things about these zones is the change regarding
foreign ownership. The international market is growing in business;
pursuing this business opportunity as a career gives you an opportunity to
learn and obtain an education in foreign ownership. Before, a UAE national had to own at least 51% of the business.
Now you can make it 100% Australian if you wish. On top of this, a business in
a free zone is exempt from taxes and customs duties, allowing you to invest
much more of your start-up capital, not to mention of your profits, into your
business. Sound good? While building up your business in the free zone, you’ll
more than likely wish to promote it. You won’t have to worry about
restrictions, though, for there aren’t any on sponsorship. Once your business
is booming, you'll want to expand. There aren’t any restrictions on recruitment
either, so if you choose to go from 1 employee to 100, Dubai shouldn’t have any
problem with that.
Events and Trade Shows Dubai hosts various trade expos and events, giving you a great
opportunity to showcase your business to trades near and afar. In Dubai alone,
there are more than 70 shopping malls, so people have good reason to call it
the shopping capital of the Middle East. The great thing about the free zones
is that they have created opportunities for a wide range of businesses,
especially international trade services, with the city being a major IT and
financial services hub. Whichever niche you decide to specialise in, the
chances are there’ll be a free zone that makes it possible.
Tourism Tourism has become an
important part of the Dubai economy, to the extent that the city expects to accommodate over 15 million
tourists by 2015. Think of the money to be made if just a fraction of that
number turn to your business.
Rounding Up Australians looking to
start a business should definitely consider Dubai. The absence of taxes and
customs duties, and the removal of levies on imports and exports, make life
easier for you. Then you have the infrastructure and communications to make the
business possible. And moving from Australia to Dubai, you’re moving from one
great place to live to another, of course!
