There are many reasons to set up your business in the GCC. The GCC offers a vast array of opportunities for individuals and companies. This region is a hub for international trade and commerce, attracting investments from around the world. Its thriving economy, coupled with its strategic geographic location, has made it an attractive landing pad for foreign investment.
Even though the football world cup has come to an end in Qatar, the spotlight is not off the GCC. Major infrastructure projects in the Kingdom of Saudi Arabia, United Arab Emirates, Qatar and Oman are keeping the GCC very much at the front and centre of global headlines.
Colossal projects such as NEOM, Red Sea Development and The Line in Saudi Arabia are boosting economic activity in the region. Many existing companies are all vying for a piece of the pie and are setting up their companies in the GCC, whether this be in the UAE, KSA, Oman or Qatar. Businesses can have 100% ownership in Saudi Arabia. In the past couple of years, several pivotal legislative changes have been introduced that are making it easier to do business. These changes are impacting the economy for the better.
The UAE has introduced a number of legislative and fiscal reforms aimed at creating a more attractive environment for doing business, including:
- The establishment of UAE free zones with relaxed rules for foreign investments and labor regulations
- The introduction of new long-term UAE visas to attract talent from abroad
- A 100% foreign ownership for mainland businesses
- A 9% corporate income tax rate for all businesses operating in the UAE
Qatar has the highest GDP per capita in the world and its Investment Authority is ensuring there is the social, economic and technological infrastructure in place to build on this.
Golden and Green visas in the UAE are making it easier than ever to reside in the country. People owning a property of AED 2m can now apply for a 10-year Dubai golden visa. Other categories for entrepreneurs, doctors, engineers, creatives and executives means the net is cast wide to attract a wealth of talent.
Less stringent laws on foreign ownership are making this a much more attractive proposition to large firms and individuals alike. The UAE is leading the way on foreign ownership with nearly all business activities open to 100% foreign ownership.
The Omani Wealth Fund is expected to spend USD 5 Billion in 2023. The investments will include about 65 new and existing projects in sectors including logistics, food and fisheries, energy, mining, services, and communications and IT.
We are seeing high levels of investment activity in the region when other parts of the world are tightening their belts.
- Industry sectors that are witnessing bourgeoning growth are:
- Banking, Financial Services/FinTech & Insurance
- Education – read about how to set up an educational institute in the UAE.
Want to enter the GCC market with your business?
As the GCC’s leading market entry and company formation specialists, the team at CBD will ensure the seamless incorporation of your business while following international best practices and compliance guidelines. CBD can also assist with banking, payroll, visas and other PRO activities. For company formation in Dubai, market entry in Saudi Arabia or to set up in Qatar or Oman, please contact: email@example.com or call +971 4 551 0677
Authored by By Daniel Dronsfield, Consultant