The Population of the United Arab Emirates is 8.19 million and is increasing on an average of 5% annually. While 11.5% is Emirati population, 27.15% is Indian, 12.35% is Pakistani and 49% other nationalities include Asians, Africans, Europeans as well as from both North and Latin Americas respectively.
Business Environment in UAE:
UAE is one of the most active and open economies in the world and has witnessed strong growth. UAE has the most diversified economy among the GCC and its economy no longer depends solely on oil. According to Dubai Statistics Centre it’s economy grew 4.1% in 2015 and is expected to increase by 3-4% in the near future.
UAE introduces a liberalized program to channel and increase the economic reliability of the country from Oil industry to the industries based on knowledge and technology.
However, UAE takes 7th place in the world holding largest reserves of Oil and Gas, diverting the revenue to social and economic infrastructural and other developments.
Multi-national human resources:
UAE has huge supply of human resource skills as there is a large number of professional migrants from all around the globe every year, apart from increasing number of Emiratis willing to join private sector.
Business Tax Efficiency:
The United Arab Emirates provides ample opportunities for modern business due to which increasingly attracts investors with million dollar investments from around the world. There are specially dedicated Free Trade Zones which provide 100% ownership in the company without the obligation of local partner. Free zone companies are also benefited with the Tax and customs exemptions. Corporate taxes are reserved only for branches of foreign banks and oil-producing companies. For those companies outside the Free Zone 5% tariff is imposed on the goods imported from the countries other than GCC, however 50% custom duty is applicable on Alcohol and Tobacco products. Additionally, the Government of UAE is Planning to Introduce VAT in the year of 2018.
Proximity to growth regions:
The UAE’s strategic location and its proximity to the world’s fastest growing economies and industrial giants China and India, had turned the country into a major transit hub for trade navigations between Asia, Europe and Africa.
Intellectual property protection:
UAE being a signatory member of TRIPS agreement since 1996, Gulf Cooperation Council since 1998, Berne Convention (Literary & Artistic work) since 2004, Rome Convention 2005, World Intellectual Property Organization (WIPO), World Trade Organization (WTO), Paris Convention, Patent Cooperation Treaty (PCT), WIPO Copyright Treaty, WIPO Performances and Phonograms Treaty (WPPT) has made many laws which protect intellectual property including patents and trademarks.
Infrastructure in the UAE is very well developed and modern. The roads network is extensive connecting neighboring countries and seven emirates which helps in smooth trading. There are many ports in UAE Jabel Ali Port and Mina Rashid in Dubai, Mina Zayed in Abu Dhabi, Mina Khalid and Khor Fakkan in Sharjah being the major ports which accommodate cargo and container shipping helping imports and exports through water. Dubai metro rail transport was introduced in September 2009 which is to facilitate the public. There are also two major airlines in UAE Etihad in Abu Dhabi and Emirates in Dubai and seven international airports located in different parts of the country. UAE also has the advanced telecommunication infrastructure which has been increased with time.
Few useful Government websites:
Federal e-government www.government.ae
Dubai e-government www.dubai.ae
Dubai Economic Development Department www.dubaided.gov.ae
Abu Dhabi Economic Department http://ded.abudhabi.ae
Sharjah Economic Department www.sedd.ae
UAE Central Bank www.centralbank.ae