Tuesday, January 8, 2013

Australia, Dubai is Calling You

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!