Without a question, the Dubai Expo 2020 is one of the most highly awaited global events of 2021. The event was originally supposed to begin in October 2020, but due to the global pandemic, it was postponed until the end of 2021. It has now started from October 1, 2021, and will last on March 31, 2022, but will keep its original name.
More than 192 countries are expected to attend this historic event. The entire world’s attention will be drawn to this amazing event. Expo 2020 Dubai, in particular, will have a great impact on company setup in Dubai and DMCC Company Setup. The Expo is capable to create many opportunities during and after the mega event.
The expo will invite more foreign investment and new companies to set up in Dubai. There are different zones that have their own benefits for anyone planning to start their business in Dubai; the following are a few of them –
• The UAE’s 0% income tax policy allows you to keep all of your earnings.
• Remit 100% of your profits and money back to your native country.
• Capitalize on Expo 2020s rising market demand.
• Import duty as low as 5% and export duties are waived.
• You don’t have to rent an office space (depending on the free zone).
• Expand your market reach to the Middle East, Africa, Europe, and Asia.
• Take advantage of more than 110 international tax treaties.
Expo 2020 Dubai’s theme this year is “Connecting Minds, Creating the Future.” Sustainability, Opportunity, and Mobility are its sub-themes. Industries, financial capital, governance, employment, and education are the focus areas for the Sustainability section. The goal of the mobility section will be to bridge the gap between developed areas and others that require administrative and technological assistance. The focus of Opportunity will be highlighted by spotlighting sectors and enterprises that adhere to the central idea and identifying new prospects. It can lead to a new Business Setup in UAE. When we talk about Business Setup in Dubai DMCC Company Setup is the best option in UAE and this will have a positive impact on the economy of Dubai as well as UAE. DMCC Company Setup why it is over recommended the geographical location, connectivity to all parts of UAE and the rich infrastructure supports any kind of business. Elevate as a DMCC Business Setup Consultant has done many Company Formations in DMCC, Dubai.
Impact of Expo on the Economy of Dubai
Dubai was awarded the rights to host Expo 2020 in 2013 and has been hard at work constructing the infrastructure and resources needed to pull off such a successful six-month event since then.
Since winning the rights to host the Expo, the emirate has experienced significant economic development, even before the event has begun. According to the official website of the Dubai Expo 2020, a surge in economic activity of roughly AED 122 billion is expected by 2031.
According to the website, there has been a massive influx of around AED 37 billion from 2013 to date, primarily from the construction and real estate sectors. Another AED 22 billion is expected to be pumped into the economy during the event, resulting in a 1.5 percent increase in the UAE’s Gross Domestic Product (GDP). Also, there has been an increase in the residential properties as they will be served to the people who will be coming to visit the event.
It is expected that more than 192 countries will be attending this historic event. The entire world’s attention will be drawn towards this most awaited event. This massive attraction will indulge more and more new DMCC Company Setup.
Another advantage of this expo is that it will directly benefit thousands of people by creating new job opportunities for them in the emirate and in different sectors. Also, the management has chosen over 30,000 volunteers from 100,000 applicants, half of which are Emirati citizens and the and the remaining are from the United Kingdom, China, Pakistan, and India.
Businesses will be able to secure both domestic and international clientele and attract new investors. Expo 2020 will be extremely useful to startups and small businesses, as it will provide them with maximum worldwide exposure and put them on the map. Various world-class business events, such as global investment forums, investor pitching conferences, and more, will be held at the Expo.
How Elevate can help newcomers to establish a company in Dubai?
Elevate is a well-reputed Accounting and Auditing firm in Dubai that has expertise in Business Setup in Dubai. Establishing a new company in Dubai needs lots of paperwork and a great understanding of the norms for the DMCC Company Setup. Our professionals are capable to manage your entire task required with your new company set up in Dubai. As per the size and type of your business, we will recommend you the suitable zone in which you should conduct your business. For the setup of a company, we can recommend zones; one is Dubai Main Land and the other is DMCC Free zone. Recently Elevate can give you a perspective by assisting you with determining which company type is best for you and preparing all necessary documentation, including a new or revised constitution with additional rules. We’ll also give you a handy checklist of things to work on about your company to ensure this goes as smoothly as possible for your DMCC Company Setup.
Main Land Company Setup/LLC Setup
Foreigners are allowed to establish companies with 100 percent full ownership, based on the provisions of Federal Decree-Law No. 26 of 2020 amending the provisions of Federal Law No. 2 of 2015 on Commercial Companies.
As per the new guidelines by Dubai Economy on their website, 100 percent foreign ownership is available for more than 1,000 commercial and industrial activities
In some business steps in Dubai, you need a local agent. Elevate can arrange a good agent for any business. Our professional planners can help you set up a Foreign Company Branch, formation of a Subsidiary, Trading Company, Service company, or Formation of a Joint venture in the DMCC or in the mainland.
This is something that is not only awaited by many proposed business owners but also by existing businesses owners in UAE.
For conducting a business in Dubai you need the following licenses according to your business activity –
• Professional – Services provided by professionals, artisans, and craftsmen are covered by the professional license.
• Commercial – a commercial license includes all trading and commercial operations carried out for the purpose of profit.
• Industrial – all industrial and manufacturing activities are covered by the industrial license.