A new report by the Global Entrepreneurship Monitor (GEM) which assesses the conditions for entrepreneurs in 50 countries worldwide has revealed that the UAE has beat the Netherlands and Finland to top the list of best countries for entrepreneurs. The UAE attained the highest score of 6.8 on GEM’s National Entrepreneurship Context Index (NECI), making it the best country in the world for startups.
The report which is published every year is a comparative assessment of business conditions in the 50 countries featured, requiring the time and expertise of several hundred people around the world, representing multiple academic institutions, research institutes and sponsoring organisations.
The report will come as no surprise for many as the UAE has seen much global recognition in the last few years, the smooth handling of the COVID pandemic helped to cement the UAE as a country where businesses can thrive under stressful conditions. Along with a very supportive startup ecosystem and further relaxed visa regulations, there are many advantages for entrepreneurs to choose the UAE as a place to get business done.
Coinciding with the GEM report, the Department of Economy and Tourism (DET) in Dubai has issued its first-quarter 2022 report on the business environment.
The report developed by the DET’s Business Registration and Licensing (BRL) sector shows that 24,662 new business licenses were issued in Q1 2022, a growth of 58% from Q1 2021, when 15,580 licenses were issued.
The exceptional growth underlines the robust fundamentals, resilience and sustainability of Dubai’s economy, led by a progressive vision and a strong ability to withstand challenges and maintain a healthy growth rate. We have setup new businesses for a number of Entrepreneurs in the region and the substantial rise in new business licenses also highlights the certitude of investors and businesses in Dubai’s growth potential across various sectors.
We can advise you on your licensing requirements to set up a business and give you the correct impartial advice to setup up stress-free and with confidence.