Dubai: One of the Best Places to Enter the Global Market
It’s no secret that the United Arab Emirates is renowned for its openness to entrepreneurs, thanks in part to a range of programs supporting small and medium-sized businesses, such as the Dubai Free Trade Zone and E-government.
“I like the openness of doing business here and the scale,” said Elvina Abibullaeva, founder of the Russian-language urban media project “Shchuka/PIKE,” in an interview with Arabian Business.
Abibullaeva established the Dubai branch of the popular media project, noting that “Dubai is an important point for scaling ‘Shchuka.'”
When asked why more Russian speakers are considering and choosing Dubai for immigration and business, she responded, “I think Russian-speaking individuals see great potential here because they have experience they can share with Dubai’s relatively young industry.”
Expanding on the theme of openness and addressing the question of “What specifically attracts Russian speakers to Dubai?” Elvina provided her own example: “I like the openness in business and the scale. We spoke at a Dubai restaurant conference, after which several Arab entrepreneurs approached us to collaborate because they liked our vision. I think Russian-speaking individuals see a lot of opportunities here since they have experience [in business] that they can share with Dubai’s relatively young industry.”
Elvina adds that in Dubai, “very ambitious people come,” underscoring the region’s importance as a hub for small and medium-sized businesses.
Aside from the “theory,” it’s important to understand what entering the Dubai market actually entails. “Opening an LLC (equivalent to an LLC) in Dubai is not cheap. Difficulties begin at the stage of choosing a company to help you open it. Everyone calls different terms and prices,” commented Elvina on the subject of opening an LLC. However, she is confident that “this [price] is precisely a kind of screening for people who do not take business seriously.”
“Money here comes to everyone who is enterprising and professional,” concludes Elvina Abibullaeva. According to Elvina, only a similar mindset when relocating will lead to inevitable success.
However, our interlocutor immediately reassures us, “This is definitely one of the best places to enter the global market.” Such an opinion can undoubtedly serve as a compelling argument for small and medium-sized business owners and encourage them to move to Dubai.
Moreover, it’s essential to highlight several government initiatives in Dubai and the UAE, such as the Dubai Free Trade Zone, which simplifies the company formation process and offers favorable tax conditions in exchange for meeting specific requirements depending on the business type. On the other hand, the government is actively developing the information sector, particularly the E-government project. This initiative aims to streamline “typical bureaucratic processes,” such as company registration or the creation and signing of various contracts, which are critical to business development. Thanks to this initiative, entrepreneurs now have access to a range of contract templates.
Despite how expensive Dubai may seem, including housing prices, daily expenses, and the above-mentioned LLC setup, it remains a magical place with its unique Eastern charm. Elvina’s project underscores the uniqueness and accessibility of Dubai to everyone interested. While Elvina’s team is ready to highlight dozens of weekly events and unique “must-visit” places, she chose “Dubai :)” in response to the choice between Tbilisi, Yerevan, or Dubai, citing “friendly service, people, and the opportunity for development” as her reasons for choosing Dubai.