Hi, Sunil here to talk about the companies in Dubai and their rapid prosperity and expansion.
Since 1985, when the Jebel Ali Free Zone was developed, there has been no looking back for most Dubai companies.
And now with the free zones blossoming all over UAE today (2007), companies have never had it this good in Dubai.
Earlier, companies were not permitted to own their business outright in Dubai.
But with these free zones, not only can they own it outright but also they need not pay any corporate tax for a period of 50 years.
Now thats saying something especially when you take in the fact that these multi nationals have to pay hefty tax bills in other parts of the world.
Dubai has always been known as the city of merchants with due cause. With every ship docking in, traders would descend on the ports seeking out their merchandise.
This merchandise would find its way on to the streets of Dubai with each trader trying to outdo the other by giving away huge discounts.
Doesnt sound all that different from the way that business is done these days does it? All businesses pretty much give away a cartload of freebies today in order to remain competitive.
It is the consumers market indeed. Initially companies set up in Dubai had to partner with local UAE firms (at least on paper). But today, with the free zones coming up in almost every quartet of land in Dubai, opportunities have multiplied for multi-national setups.
When talking about setting up a business in Dubai, I am often asked about the advantages that these free zones have for local businesses. Creating a company is never an easy thing, no matter where you are. Generally, it involves a lot of form filling and filing of the same forms, with the entire process taking almost 2 months.
Some of the local businesses have taken advantage of this red tape and are currently offering consultancy services for multi-nationals who want to start a company in Dubai. As a result of value added services being provided by these free zones as well as consultants, Dubai is becoming well known for providing the very best in services to clients.
The reality for Dubai is that it doesnt have endless supply of oil and as such, it is only right that it has invested some of the oil money into the creation and development of free zones like Jebel Ali. Today, as a result of that bold move and the decree of 1985, Dubai has a very strong economy.
The Dubai government currently offers many incentives for multi-nationals to open shop in the free zones. Dubai has become a prominent commercial world player as the companies in Dubai able to access the very best when it comes to infrastructure.
Since 1985, the Dubai government has invested more than 2.5 billion US dollars into the Jebel Ali free zone converting it into the largest commercial and industrial zone in UAE. With free zones and numerous incentives on the table, companies are rushing in to invest so as to take advantage of the business friendly atmosphere that continues to be the norm rather than the exception.
Free zones currently offer multi nationals top class infrastructure, 100% ownership, 0% personal tax, 0% corporate tax, no currency restriction and being able to mortgage property, to say the least. These are some of the reasons why companies like Citibank and American Express are just two of the many multi-national companies in Dubai.
Because of the mass movement of companies to Dubai, Dubai also has an extremely high concentration of jobs. Use the largest database of jobs in Dubai below to find career opportunities in your industry. Select "UAE" under the Location field.