Strategically located at the crossroads of Europe, Asia and Africa, Dubai has firmly established itself as the commercial, financial and business hub of the region-a market of more than one billion people whose annual imports exceed $100 billion. The leading trading hub, Dubai offers access to a market of outstanding potential for overseas companies in a wide range of sectors.
The exports from Dubai constitute 82% of the country’s total exports. Dubai’s imports have more than doubled since the past 14 years and records more than $17 billion in domestic imports annually and serve as a gateway to a $150 billion per annum. Dubai is an accessible market served by more than 170 shipping lines and 86 airlines. Dubai offers an open market with no exchange controls, quotas or trade barriers.
Throughout the year Dubai hosts international trade fairs and exhibitions organized in highly developed, technically safe and secure venues and recently Dubai has been voted as the “Best conference venue” in the world. Airport expo Dubai is one of the latest additions and Dubai hosts the 3rd largest air show in the world.
The sophisticated business infrastructure developed over the recent decades have proved highly fruitful in attracting business and foreign investors towards this region. The UAE Government has established clear guidelines for foreign investment. Foreigners can hold up to 49 percent ownership rights of limited liability companies with other remarkable incentives such as no direct taxes on corporate profits or personal income (except if derived from the oil industry), No foreign exchange controls, Liberal policies on expatriate workforces, Protection of intellectual property rights, No trade barriers or quotas, Direct trade - selling directly to established dealers and distributors, Competitive costs - in real estate, labor, and energy.
Companies also can establish themselves in a free zone with no service charges or fees, no import and export duties, and enjoy some of the lowest tariffs in the region. Within free zones foreign companies are permitted 100 percent ownership, can attain 100 percent repatriation of capital and profits, and pay no personal income tax and no corporate tax. Dubai so far has six very successful Free Zones. These include;
Jebel Ali Free Zone
Dubai Airport Free Zone
Dubai Cars and Automotive Zone
Dubai Internet City
Dubai Media City
Gold and Diamond Park
International Media Production Zone
Along with the developments of the electronic age, E-governance is the new style of Dubai and online business licenses are issued by the department of Economic development.