Changing business setup landscape in the UAE – what can you expect in 2023?
2022 had been an immense year for the United Arab Emirates. With some of the landmark amendments made to the country’s immigration policy to the announcement of corporate tax, the country prominently positioned itself as a conducive region for business setup.
The business setup landscape in the United Arab Emirates (UAE) has undergone significant changes in recent years, making it an increasingly attractive destination for businesses looking to expand their operations. Having dodged global economic turbulence, UAE performed sufficiently well, with remarkable GDP growth. As we look ahead to 2023, here’s what we expect in terms of further developments and opportunities for businesses in the UAE.
Measures and Regulations
The UAE now has a vibrant business climate with several initiatives in place to assist the expansion of both domestic and foreign firms. This includes a variety of infrastructure and support services, as well as advantageous tax and regulatory policies. After being ranked among the top 5 nations in the Social Progress Index for 2022, the government has decided to target five areas: national identity, environmental sustainability, educational system development, Emiratization speed, and international economic alliances.
Marking a 60% increase in new business licenses in Dubai is a testament to the growing confidence of investors. The popularity of technical breakthroughs will remain at an all-time high this year thanks to the development of Web 3 and the metaverse. In 2022, fintech accounted for 30% of all VC funding. A sizable number of initial public offers (IPOs) and listings were observed last year, with the UAE leading the Gulf area. The same growth will continue in 2023. The majority of IPOs were oversubscribed, indicating significant investor demand.
Major sectoral boost
The government has established a framework to support space-related activity by controlling permits to encourage international investment. The non-oil industries have shown tremendous resilience and growth for the nation in 2022 and will also benefit greatly this year. In 2023, non-oil sectors are expected to rise by 4%.
The UAE has made it simpler than ever for enterprises to establish a presence in the nation in terms of business setup. In 2023, we can anticipate further changes in the UAE’s business setup environment. This could involve enacting new laws or policies, as well as the expansion of particular sectors of the economy and the appearance of new technologies.
If you are considering establishing a business in the UAE, it is crucial to seek out experienced professionals to assist you through the process. RAG Global Business Hub is a renowned leader in advisory services for business setup in the UAE and offers a range of solutions to aid businesses in this dynamic market. From office space solutions and market entry strategy to research, RAG Global Business Hub can provide expert support every step of the way. With a team of dedicated professionals and a proven track record of success, RAG Global Business Hub is the ideal partner for businesses seeking to thrive in the UAE. Reach out to RAG Global Business Hub for expert guidance and support as you pursue opportunities in this exciting market.