In recent times the speed with which the technology has been evolving has changed the entire work culture. Businesses in every domain imaginable are choosing to digitize their day-to-day business activities so that they can effectively compete in this cut-throat world of entrepreneurship.
Because of this, today, almost all the countries of the world have been taking numerous initiatives to promote digitalization in the business world.
As it is always the case, The United Arab Emirates is always ahead of the curve, and it has already transformed into an economy that is not solely dependent on oil.
The UAE is the leader in tech innovation, and it always has been the first in the region that adopts modern technology.
Speaking of that, as per the IMD World Digital Competitiveness Ranking,–it measures the digitalization of a country and ranks them accordingly– the UAE has gained the 12th ranking globally.
Moreover, The UAE has topped the ranking regionally. The region has jumped five ranks in one year alone, as in 2018, the nation stood at 17th position.
This achievement has helped in not only uplifting the nation’s status, but it has also widened the business and investment opportunities for investors and entrepreneurs who are contemplating investing in the technology and digital space.
Digitalization in the UAE
Technology and digitalization are the cornerstones that currently is the primary catalyst that drives the economy of a nation.
As far as the UAE is concerned, the country has been adopting new technological advancements in various areas of its trade and commerce. The nation has harnessed the latest trends of tech.
Thanks to the UAE government’s broad vision, the country is head and shoulders above the rest and has proved its excellence in the fields of Artificial Intelligence and Robotics.
Furthermore, the nation was also the first in the region that has acquired 5G technology.
Consequently, a large number of business owners, foreign investors, and entrepreneurs are opting UAE as the most suitable investment ground, particularly for the tech industry.
Some of the technological achievements and implementations that have made the UAE into a fertile ground for tech-related business setup- are listed below:
Tally a Retail robot–that will assist in putting merchandise on and off shelves in the Carrefour of Dubai mall– has recently been launched.
- Abu Dhabi has got it’s first-ever AI, news announcer.
- Adoption and implementation of Blockchain technology
- Construction of advanced and cutting-edge infrastructure to enhance computational thinking
- Region to boost Fintech Firms
- Upcoming Expo 2020
- UAE Vision 2021
All of these initiatives have been focusing on elevating the information technology, Robotics and Artificial Intelligence sectors to the next level.
The financial pundits have pinned their hopes on the upcoming World Expo 2020. They believe that it will provide grounds for business collaboration that would boost the SMEs, startups and will provide immense opportunities overall for the tech industry.
The Fourth Industrial Revolution
As of twenty years ago, the world had entered what many are now calling the fourth industrial revolution. And the UAE is no stranger to the wonders this revolution has bestowed upon humanity.
The UAE has integrated this technological revolution in all aspects of all the spheres of life, including entertainment, hospitality, biological, food, and digital.
Some of these focused areas include:
- Augmented Learning
- Personalized Medicine
- Connected Care
- Food and Water Security
- Economic Security
- Space Data
- Advanced Defense Manufacturing
- Intelligent Government Services
- Intelligent Customer Experience
- Smart Cities
- NextGen Mobility
- Open Additive Manufacturing
- 3D Printed Construction
- Intelligent Grids
- Intelligent Supply Chains
- Commercialization of Space
- Cognitive Human Enhancement
- Integrated Cyber Security Data Environment
IT Business Options in the UAE
When it comes to the tech industry, you have the following options:
- Software Development
- Business Services
- Sales and Marketing
- Business Consulting
- Hardware Sales
If you are a tech professional who is looking to invest in the tech sector, then this is the perfect time for you to set up a business in Dubai. The best free zone for this industry is Dubai Internet City (DIC)
Wondering how to do that?
Continue reading below:
How to Start an IT Business in the UAE?
To make your business dream a reality, you need to follow the instructions listed below:
- A Duly filled business registration application form
- A detailed business plan
- Select an optimum location for your business’s base of operations
- Choose a legal entity according to your business needs. The available options are:
- Free-Zone Limited Liability Company (FZ-LLC)
- FZ-LLC with an individual and a board of directors as shareholders
- FZ-LLC with an individual as the shareholder
- Legal documents submitted to the Dubai Creative Clusters Authority (DCCA).
The Required Documentation
- Passport Copy and visa Copy of the shareholders
- Resolution of the company incorporation
- Drafted Memorandum and Articles of Association (MoA and AoA).
- Proof of share capital
- Copy of tenancy agreement
- No Objection Certificate (NOC)
- After the submission of the documents, you need to wait for a week at most to attain the Certificate of Incorporation and Commercial License to operate your business legally.
You can see clearly that the country has massive potential to become the next IT giant as it has made for itself as a nation that adapts to any changes with open arms. Thus, it is only natural that the majority of its new foreign investors are all investing in its tech-industry.
Now, the main question here arises how does one go about setting up a business in Dubai? As you must be well aware of the tediousness of business incorporations proceedings. And it can greatly hinder your business operations if it is not done properly.
Thus, it is highly-recommended that you hire business setup consultants in Dubai. To carry out this task in a hassle-free way as they are skilled and experienced enough to guide you every step of the way.
KWS MIDDLE EAST is the leading business setup consultancy in Dubai.They offer all business incorporation services so that you won’t be side-tracked and can focus entirely on building your business.
Contact Us Today and book our commitment-free consultation!
For any queries, drop an email at:email@example.com
Do not hesitate and make your Dubai dream happen!