According to recent research, the United Arab Emirates (UAE) is among the best places in the world for entrepreneurs to establish a startup company in 2024.
Out of 52 countries analyzed, the UAE ranked third in Business Name Generator’s analysis, indicating that it is a desirable place for start-ups.
Several variables, such as GDP growth forecasts, tax rates, cost of living, WiFi speeds, and happiness scores, were evaluated to identify the greatest locations for startup launches.
“Entrepreneurs face many important decisions when launching or expanding their business, and choosing the right location is one of the most crucial. The location of a business can have a significant impact on its success, affecting access to resources, market demand, and competition,” said Linus Näslund, COO for Business Name Generator.
“Entrepreneurs must carefully consider the economic, demographic, and cultural factors of potential locations. They must also evaluate the legal and regulatory environment, including taxes, labour laws, and zoning regulations, and how these will impact their operations. Ultimately, the decision of where to launch can be a make-or-break factor for success, therefore, is vital for entrepreneurs to weigh up all relevant facets.”
The UAE was praised for having the second-lowest corporate tax rate in the study, at nine percent, which is extremely competitive, ranking it behind only Hungary and the Netherlands.
Additionally, a promising four percent GDP growth for the nation in 2024 was predicted by the research. When combined with its high GDP per capita of $47,663, this points to a strong national economy that is advantageous for nascent businesses.
In the United Arab Emirates, a business can be legally established in as little as four days, and the monthly cost of living, without rent, was found to be reasonable at $983.62.
The UAE scored 6.6 out of 10, which is a reasonable level of happiness and suggests that entrepreneurs based there will benefit from a positive lifestyle.
All things considered, the favorable economic outlook and competitive tax system make the United Arab Emirates a desirable choice in comparison to other countries.
Because of their high taxes and bureaucracy, the Philippines, Italy, and Brazil were identified in the study as the most difficult places to establish a startup.
Finland was found to be the happiest nation for business owners, while India was ranked first for having reasonable living expenses.