Dubai’s thrust on innovation has a positive impact on the City’s thriving startup ecosystem. And we can say without a doubt that the focus on innovation is the prime reason why more foreign entrepreneurs find the process of business setup in Dubai more appealing. Investors from progressive countries like France prefer setting up companies in Dubai due to the focus on innovation as well as the strong trade relationship between the two countries. Furthermore, the UAE government always encourages innovators to take forward steps to set up a business in the UAE in general and in Dubai in particular by taking advantage of investments in advanced infrastructure and various business opportunities.
Let us have a look at why entrepreneurs from countries like France are turning to Dubai to set up startups. Read on…
Focus on Innovation & Future Tech
Dubai has designed an efficient ecosystem to let startups across varied sectors drive innovation. The emirate has underscored this objective with futuristic long-term strategies that encompass Artificial Intelligence (AI), blockchain, 3D printing and the Internet of Things (IoT). The Smart Dubai project could be seen as a significant initiative in accelerating the drive for innovation in Dubai.
The project aims to turn Dubai into the City of the future. Smart Dubai has launched more than 130 projects so far by collaborating with government and private stakeholders. Initiatives like Smart Dubai has helped improve UAE’s position in the Global Innovation Index (GII). Currently, the UAE is ranked 34th in GII, and it is the only GCC country to rank in the top 50. French startups with innovative ideas thus get an ideal opportunity to enhance their businesses.
A Global Financial Hub
Dubai is ranked in the top 20 Global Financial Centres Index, proudly positioned along with the major financial powers in the world. In 2019, the City entered the top 10 on the Index for the first time. Dubai is not just one of the leading global business hubs in the world but the top financial centre in the Middle East region.
Dubai is strategically located between the East and the West, which has contributed to the City’s competitiveness while comparing to other global financial centres. Dubai also contributes to the growing economies in the Middle East region as businesses can reap benefits out of a wide range of opportunities, especially in financial services.
Special Support Programmes for Startups
Entrepreneurs in the past have faced many obstacles to set up their startup companies in Dubai as they couldn’t find the right investors to support their innovative ideas. However, the times have changed as the Dubai government has introduced various programmes to support the innovators. Government-backed organisations like Dubai Future Foundation and Dubai Startup Hub are backing innovative startups with multiple incentives. Also, post the COVID-19 pandemic, the demand for innovation-based business segments have risen. French innovators have realised this as the most favourable time for initiating business setup in Dubai, and many of them are reaping the benefits.
Business Opportunities in Free Zones
The UAE has more than 40 free zones, and nearly 30 are located in Dubai. The free zones have been at the forefront of extending support to the startups. The free zones are an attractive platform for business setup in Dubai as it offers 100% ownership, easy business setup procedures and total repatriation of capital.
France has a stable relationship with the free zones in Dubai, especially with Dubai Silicon Oasis (DSO) and Dubai International Financial Centre (DIFC). The French Business Council has a business centre within the DSO, and DIFC has signed an MoU with Finance Innovation, which is France’s official innovation cluster. French startups focusing on the Fintech segment can benefit from the deal with the DIFC. Further, tech startups get opportunities to incubate and thrive by availing of DIFC’s Innovation License. Consult with business setup consultants in Dubai to quickly register companies in the free zones.
Cost-Effective Office Setup Options
Apart from the free zones, French startups can get cost-effective options for business setup in Dubai mainland as well. To open a company in Dubai mainland, the entrepreneurs need to have a physical office. However, startups cannot afford the enormous costs involved with renting corporate office space. French entrepreneurs can instead rent co-working spaces provided by business centres. Co-working spaces are a flexible option for startups that provides the same benefits as corporate offices but at a lower cost. The co-working spaces can be rented in a ready-to-occupy condition, and the costs for furniture and other amenities can be eliminated. Consult with business setup consultants in Dubai to get the most suitable office spaces.
Events to Promote Networking for Startups
There is no dearth of trade and networking events in Dubai that supports the growth of startups. The recently concluded tech exhibition GITEX 2020 has provided an excellent fillip for French startups as it successfully weathered the uncertainties of COVID-19. Around 12 startups of French origin participated in GITEX 2020 Technolgy Week with astounding success. The French Tech pavilion has showcased innovations made by prominent French startups. The innovations ranged from hard-wearing smartphones and tablets to cloud-based video surveillance platforms.
Open a Company with Best Business Setup Consultants in Dubai
These are some of the fundamental reasons that prompt French Startups to turn to Dubai for setting up companies. The focus on innovation, networking events, free zones, cost-effective office options make the prospect of business setup in Dubai viable for French investors. Being one of the most reputed business setup consultants in Dubai, Jitendra Business Setup Consultants (JBC) is committed to providing all the assistance for the French investors. JBC’s highly qualified business setup consultants assist the French entrepreneurs by providing expertise on legal structures, licensing procedures, and securing approvals from authorities. JBC simplifies the process of company formation in Dubai by providing a one-stop solution, including assistance with visas, PRO services and bank account opening.