Mr. Jooris, how many entrepreneurs have you helped so far to set up in the UAE, Saudi Arabia and Qatar?
Since its establishment in 2010, Creative Zone has successfully helped over 50,000 entrepreneurs of different small and medium-sized enterprises build and establish their brands regionally.
Which countries do your customers come from?
Dubai attracts foreign investment from across the world. With favorable tax incentives, a business-friendly environment, and a positive multi-cultural lifestyle, the region is the preferred choice amongst expats. The clientele of Creative Zone is highly diverse with a majority coming from the UK, other European Union countries, Asians, and locals.
What do your customers do?
UAE is an ideal country for investors, tourists, and entrepreneurs, which makes the customers of Creative Zone range from people seeking residency, young-budding entrepreneurs starting their brands and businesses, and established businessmen looking forward to expanding their businesses within the region.
Mr. Jooris, Dubai is one of the most sought-after destinations on the world’s financial scene. What are the critical issues for businesses? What are the advantages?
Dubai has already built a reputation as a top tier business center. Aside from being known as a country that offers an opulent lifestyle, Dubai is the first place that comes to an entrepreneur’s mind when starting a business for many reasons.
On top of this is the ease of starting a business in Dubai. The process of registering a business in the city is quick, efficient, and easy, and it requires minimal paperwork. However, due to the numerous options in jurisdictions, a potential business owner tends to find it difficult to choose the right option. Having been in the industry for over 12 years, Creative Zone is highly equipped to advise the right jurisdictions based on each unique business model.
The country also offers a tax-free operational model allowing an exemption from any tax structures like income tax, corporate tax, or personal tax. This makes businessmen invest their money in developing and expanding their brands.
With a company license it is possible to sponsor family members to the country and gain residency.
The unique geographical location plays a vital role as well. Dubai gives access to global markets sitting at the crossroads which connects East, West, North, and South parts of the world allowing it to be a trading hub between manufacturers, producers, and suppliers from across the globe. Sustainability of businesses is also not an issue as Dubai has a very fast-paced economy making it the heart of business in the Middle East and North Africa regions.
For those unfamiliar with Dubai, what are the greatest opportunities that the country offers to investors?
Dubai has everything it could offer to investors. In fact, the city has long been recognised as one of the world’s top business centers. The UAE has ranked as the world’s leading destination for foreign direct investment (FDI) in terms of capital, projects, and job creation since 2021. This is even after the onset of the Covid-19 pandemic, which severely impacted the country’s tourism sector. But what really makes Dubai an ideal place for investors is its low energy cost and tax-free environment, which is advantageous to foreign investors.
The access to global market that Dubai offers also attracts a lot of foreign investors. Due to its location, businesses can smoothly import and export products via air, sea, and land, reaching two-thirds of the world’s population in eight hours.
Last year, UAE also cemented its position of being investor-friendly when the government announced its decision to allow 100% foreign ownership of companies. This comes as part of a new visa system for international ‘Investors and Talents’, which includes a long-term 10-year golden visa for certain categories of professionals, business owners, and property owners.
Not to mention, Dubai is also considered one of the wealthiest cities in the world, which is a testament to its fast-paced booming economy and rapidly growing population.
Mr. Jooris, Creative Zone offers a wide range of services. Tell us about it?
Creative Zone offers a wide array of end-to-end solutions helping entrepreneurs set up, grow, and sustain within the region. Our services begin from the pre-setup phase where our expert consultants advise a potential business owner on the limitless opportunities available to get a head-start. Based on the nature of each business, a specific jurisdiction will be chosen to make sure a hassle-free incorporation is done.
Creative Zone team also assists in getting the investor and employee visas sorted and handles the dependent visas for any family member. We have a dedicated concierge team that hand holds each client through the entire process and offers banking support solutions with our local and international banking partners.
It is mandatory to hold records of your financial transactions and maintain your company books of accounts. Our in-house Tax and Accounting team helps with filing any VAT, UBO (Ultimate Beneficiary Owner), AML (Anti-Money Laundering), ESR (Economic Substance Regulation), and any other Bookkeeping services.
Our dedicated media and marketing team will help you establish your brand identity by offering services in logo design, website development, content and PR strategies, events and more.
As I have stated in the beginning, Dubai attracts a lot of people which makes a diversified group of individuals come to Creative Zone to address their needs. So, we made sure that we also have services dedicated for helping ordinary people. We offer help for those who are looking to renew their visa, open a corporate account, get tax certificates, address their passport needs, gaining long-term visas, and a lot more.
Can we define Dubai as the ideal destination for startups?
Dubai is among the world’s top business capital, which makes it an ideal place for global and local startup companies. More and more businesses come to Dubai due to its generous business incentives, which makes it very appealing for investors and startups. One of the biggest advantages for startup owners opening a company in Dubai is the country’s taxation law. Opening a business in Dubai exempts you from personal, income, and corporate taxes. This gives way to entrepreneurs investing their money in strengthening, addressing, and maintaining their business financial needs.
Business stability is undoubtedly a primary concern while opening a business in Dubai. According to the latest estimates by the Institute of International Finance, the UAE attracted $46.4bn in foreign capital in 2021, which is a testament to the rapidly growing economy of the UAE. This would greatly help entrepreneurs and startup owners grow their businesses fast and attract more talent. Home to over 90 investment funds in the digital sector and over 100 business incubators in the UAE, there is a diverse opportunity for startups to find the most suitable sector of growing their business.
The world of cryptocurrencies and NFTs is constantly evolving. What opportunities does Dubai offer?
The UAE is undeniably one of the best places to start and build a business, but it is also poised to be the next global hub for NFTs and cryptocurrencies.
Several household names in the crypto world have already launched projects in Dubai.These include the Singapore-based crypto, Crypto.com’s announcement of establishing a regional office in the country and becoming the exclusive global cryptocurrency trading platform founding partner of the Investopia Summit, which is a metaverse business conference fixture launched by the government of the United Arab Emirates.
Crypto exchanges including FTX and Binance also received virtual asset licenses from Dubai to offer services to qualified investors.
In support of this significant movement, Dubai has been very busy trying to support, develop and transform itself into a global crypto hub. In September of last year, regulators signed an agreement to support virtual asset trading in the Dubai World Trade Centre free zone. The UAE also announced the Dubai Virtual Asset Regulation Law, which aims to establish a regulatory framework for the virtual asset industry.
The licensing market is in great demand by large investors. As for the crypto ecosystem, is Dubai inclined to grant them?
The UAE is now considered among the largest crypto markets in the region. Poised to become a major crypto hub, legal definitions for digital assets should also be granted. Establishing proper legislation will allow crypto enterprises to operate more efficiently, making the goal of UAE to be a crypto-friendly jurisdiction more attainable.