Many westerners are tempted by the thought of securing a job in the UAE and one of the reasons for the consistent influx of expatriates to countries like Dubai is that there is no income or property tax. Also, in many cases, the employer covers the costs of relocation, accommodation and transport (plus medical coverage) so overall the rewards are generous in comparison to many western countries.
A large number of entrepreneurs have spotted the potential in starting up a business based in the UAE. In order to do this successfully, sufficient background research is initially required to draw up a comprehensive business plan which should include prospective profit and loss forecasts and a description of the jobs that the venture will create. The UAE government is naturally willing to support any enterprise that will create new jobs and is particularly interested in diversifying its economy away from the traditional oil-based ventures, which have of course been the Middle East’s main source of wealth for many years.
To set up a business you need to have substantial legal and financial back-up, and local knowledge is also crucial. If this support is in place, along with a solid business plan, any ambitious foreigner can theoretically set up a business in one of Dubai’s 12 free trade zones (FTZs), and not be liable to pay corporation tax for at least 15 years. These FTZs (also called export processing zones or special economic zones in some countries) enable new investments and start-up businesses to get established without imposing some of the usual restrictions (such as tariffs) which would otherwise govern trading and profit.
