In February 2021, the world praised the UAE for leading the Arab world’s first space mission to Mars. It was a watershed moment for the UAE not only in terms of scientific achievement but also with regards to gender equality as the team that led the mission composed of 80% women. As one more Women’s Day is around the corner, we can rightfully say the UAE is the perfect choice for women to be an entrepreneur. The government has rolled out many supporting programs for women to facilitate a hassle-free business setup in the UAE.
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The UAE scored high in the Middle East and North Africa (MENA) region rankings in the World Bank’s 2021 ‘Women, Business and the Law’ (WBL) report. Furthermore, the UAE ranked top (just behind Egypt) in the 2021 annual ranking of the Middle East’s most powerful women in business. Of the 50 top businesswomen featured in the list, seven are from the UAE, which is close to Egypt’s eight. All this indicates that the time is right for women to set up a business in the UAE. With the help of business setup consultants in the UAE, women entrepreneurs can easily navigate the company formation process. Read ahead to understand why women entrepreneurs should start a business in the UAE:
Support for Economic Empowerment of Women
The massive stride made by the UAE in boosting women’s economic empowerment is reflected in the World Bank’s 2021 WBL report. This year the UAE scored a total of 82.5 points out of 100 points in comparison with 56 points in the 2020 report. The country scored a full score in five indicators: Movement, Workplace, Wages, Entrepreneurship and Pension.
The key reforms that contributed to improving the ranking include amendments to the laws regarding discrimination in the workplace, parental leave, access to credit for business, political participation, as well as protection & social security. The UAE laws are designed in such a way as to grant women equal access to opportunities.
Lucrative Business Opportunities
Choosing the right sector for company formation in the UAE is not a tough task considering the wide range of lucrative business opportunities available. The country has successfully withered the effects of the COVID-19 pandemic thanks to the proactive measures rolled out by the government. Even though many of the traditional industries were seen gasping in 2020, the emergence of certain sunrise sectors gave a fillip to the economy.
E-commerce, online education, healthcare (telemedicine), freelancing, Digital Marketing, Fintech, IT, Antiseptics and Disinfectants, food & grocery delivery business etc., have emerged as the sunrise industries providing profitable business opportunities in the UAE. Women entrepreneurs can set up a business in any of these industries without spending a fortune. The process of company formation can be made easier with the assistance of the best business setup consultants in Dubai, UAE.
Government’s Initiatives for Gender Equality
The World Economic Forum’s Global Gender Gap Report has identified the UAE as one of the Middle East’s best-performing countries in gender equality. The government has donated more than USD 26 million to the UN Women organisation since its founding in 2010. In 2016, the UAE opened a regional office for the UN Women in Abu Dhabi, the first of its kind in the Middle East.
In 2017, the UAE pledged USD 50 million to the World Bank’s Women Entrepreneurs Finance Initiative Fund, which has led to the closure of 64% of the overall gender gap in the UAE workforce. Gender equality is one of the main objectives of the UAE government declared sustainable development goals. The government is committed to making the UAE one of the top 25 countries in the world for gender equality by 2021.
Long-term Residency Options
In a bid to boost the viability of business setup in the UAE through foreign investments, the government has initiated many reforms, including the Golden Visa. Emirates such as Dubai and Abu Dhabi have already rolled out issuing the ten years Golden Visa to the eligible people. Investors, talented professionals, scientists and creative individuals.
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The Golden Visa is considered as a pathway to the coveted UAE citizenship for start-up investors, real estate investors, innovators and scientists. The issuance of Golden Visas and citizenship cuts across gender barriers, and qualified women investors are eligible. Consult with the registered business setup consultants in the UAE for obtaining long-term visas.
Various forms of Government Support
A wide range of opportunities are available to female entrepreneurs for company formation in the UAE, and most of them are initiated by the government. The Dubai Business Women Council (DBWC) is a government initiative that provides education, training, and funding opportunities to boost the entrepreneurial aspirations of UAE-based women.
The Abu Dhabi Business Women Council (ADBWC), an Integrated and Innovative Business Incubator for women, provides technical support, advice, guidance, and funding for women-led start-ups in the UAE. The Dubai Women Establishment (DWE) hosts the Women Leadership Exchange Programme every year to guide female entrepreneurs on sustainable leadership practices and provides networking opportunities.
Business Setup Opportunities in Free Zones
Women entrepreneurs can find ample opportunities for company formation in the UAE free zones that come with the benefit of 100% ownership, total repatriation of capital etc. Setting up a business in UAE free zones allows entrepreneurs to choose flexible office space options at low operational costs. Apart from that, the licensing procedure is not time-consuming as only minimal approvals are required.
Furthermore, the Ras Al Khaimah Economic Zone (RAKEZ) offers a business setup package exclusively designed for women entrepreneurs. RAKEZ is the first and only free zone in the UAE that provides a special business setup package for women entrepreneurs. Consult with business setup consultants in Dubai to know more about the opportunities provided by free zones.
Set up a Business in the UAE on International Women’s Day 2021!
The UAE is one of the top countries in the world that provides ample company formation opportunities for women entrepreneurs. Various government agencies and free zones provide mentorship, business setup packages and funding for women to minimise the hassle of business setup in the UAE. The long-term visas, citizenship and various initiatives toward gender equality have also enhanced the UAE’s appeal among women business leaders.
Starting a business in the UAE requires the entrepreneurs to have in-depth knowledge about labour laws, immigration laws, various licenses, legal structures and dealing with government authorities. Women investors, however, need not worry about such complicated tasks as they can avail the assistance of business setup consultants in Dubai, such as Jitendra Business Consultants (JBC). JBC’s highly qualified company formation specialists will help the female entrepreneurs achieve their business goals in an easy and efficient manner.