A Recent Study by Business Name Generator positions the United Arab Emirates (UAE) as a leading jurisdiction for launching a startup business in 2024. The analysis assessed 52 countries across various factors critical to entrepreneurial success, including tax rates, cost of living, infrastructure, economic growth projections, and well-being.
The UAE secured the third-place ranking, demonstrating its attractiveness for new ventures. This placement is attributed to its competitive corporate tax rate of nine percent, the second-lowest among the analyzed nations. Additionally, the study forecasts a promising four percent GDP growth for the UAE in 2024, coupled with a high GDP per capita of $47,663, signifying a robust national economy that fosters entrepreneurial endeavors.
The streamlined business establishment process in the UAE is another noteworthy advantage. On average, it takes only four days to legally set up a company. Furthermore, the study indicates a reasonable monthly cost of living at $983.62 (excluding rent), contributing to the overall financial viability of launching a startup in the UAE.
While the UAE offers a compelling environment for entrepreneurs, the study also highlights contrasting realities in certain regions. The Philippines, Italy, and Brazil were identified as the most challenging locations to launch a startup due to factors such as high tax burdens and bureaucratic complexities.
The research also delves into aspects beyond pure economic considerations. Finland emerged as the nation with the highest happiness score for entrepreneurs, while India secured the top spot for affordability. These insights underscore the importance of a holistic approach when selecting a location for a startup venture.
Publish 15 Apr 2024
Source: https://www.arabianbusiness.com/gcc/uae/uae-politics-economics/uae-ranks-among-the-worlds-best-countries-to-launch-a-business-in-2024
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