The Vision 2021, which was launched in 2010 by H.H. Sheikh Mohammed bin Rashid Al Maktoum, focuses on driving the core areas of science, technology, and innovation. The main goal is to transform the UAE into a diversified and knowledge-based economy that will have a significant impact on the future by improving education.
Innovative education, artificial intelligence, intelligent genomic medicine, and artificial intelligence are the focus areas for the UAE Strategy. The Fourth Industrial Revolution also encompasses the following:
Bioengineering Sciences and advanced renewable energy technologies will be used to ensure future water and food security.
Adapt digital strategies and blockchain technologies to improve economic security.
Optimal use of satellite data for Dubai's future planning
Enhance the defense industry by incorporating robotics and self-driving vehicle technologies.
Dubai has established itself as one of the most lucrative business platforms in the world. Because of the advantages that the city offers, business owners and investors tend to choose Dubai as their ultimate business platform.
BENEFITS
Here are some of the enticing advantages that the Dubai area offers to business investors and entrepreneurs:
1. Personal Income Tax-Free
Business owners in the UAE should breathe a sigh of relief because the government allows them to earn revenue without paying income tax. This proves to be a sign of relief as well as another motivating factor in Dubai's position as one of the top business destinations. However, there has been a recent implementation of a fixed-rate VAT of 5%, which must be borne by every business entity engaged in the supply of the goods chain process.
2. Access to a large number of free zones
The versatility of various free zones is available in Dubai's downtown area. These tax-free zones allow business professionals to operate at a faster pace while avoiding paying taxes. The Dubai Free Zone is home to 1,50,000 businesses, making it a profitable option.
3. Rapid Incorporation Process
In comparison to other GCC countries, the process of forming a company in the UAE takes less time. The government has been developing business-friendly rules and regulations to attract more foreign investors. When the incorporation proceedings are handled by business experts, the business setup process becomes more efficient.
4. Obtaining a business license is easy.
To carry out their operations, business owners must come forward and obtain the necessary business licenses
5. Freedom to Hire Global Talent.
When it comes to recruiting the right candidate for the right job, business owners and entrepreneurs have the flexibility to recruit global talent. This enables the owners to attract the best foreign talent and accelerate the development of a business entity that will benefit the nation's economy
6. International Trade and Commerce Hub
When it comes to enterprise trade, the UAE is a central platform for experts. Surrounded by Saudi Arabia, Oman, Qatar, and Bahrain, the region proves to be an ideal location for global trade because it makes it easier for business owners to diversify their portfolio across all of the specified regions. Whether a novice or a seasoned business pro, both parties have sufficient flexibility to carry out the business process.
Investing now in the UAE's tech industry will help you reap the benefits in the future, as the market is constantly booming. Solving legal rules and regulations can be a difficult task, which is why business professionals tend to work with business experts who are experts and can guide them through the process.
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