Ranking boosts country’s attractiveness to those starting new ventures
Last month saw the UAE being ranked first globally by The Global Entrepreneurship Monitor (GEM) in its Global Entrepreneurship Index 2022. The UAE has climbed up by 3 rankings on the index from last year’s report, and now tops the list of the most supportive and encouraging environments for entrepreneurs and new business setup in the world.
The GEM report takes into consideration a number of indicators that evaluate the performance of the participating countries. The report revealed that the UAE’s performance has seen a significant improvement in 11 of the 13 axes covered by the index. According to the report, the UAE is the only participating country in the world to achieve such a high score in all axes of the index, with commendable results in factors such as:
1. The availability of skills, knowledge, and experience
2. The availability of excellent opportunities and resources to start a business
3. The ability of entrepreneurship projects in the country to generate new job opportunities in upcoming years
4. Plans to incorporate advanced digital technology to develop businesses
5. The country’s confidence in the ability to mitigate challenges imposed by COVID-19.
Contribution of free zones
Mr. Salim Omar Salim – Director of SPC Free Zone elaborates on this new accomplishment and the role Free Zones play in promoting entrepreneurship and attracting emerging talent to the UAE.
What does this incredible achievement say about the UAE acting as a hub for local and international entrepreneurial talents?
The UAE has set an example of how determination is power, and how ambition is a true inexhaustible resource. The new title comes as a true embodiment of the UAE’s wise leadership and its progressive vision and belief in the entrepreneurship sector. By 2031, the UAE is set to become the ‘entrepreneurial nation’.
One of the UAE’s top priorities is to enact business-friendly legislations, adopt proactive policies in order to attract those with progressive ideas, ambition and talent, and instill an entrepreneurial spirit and culture in future generations. We ranked 1st in the 2020 MENA Ease of Doing Business report and our global outlook and drive to diversify the economy is now taking us to unimaginable heights.
What role do Free Zones such as SPC Free Zone play in governmental endeavours for the rise in the entrepreneurship sector?
Free zones are contributing to promoting investments, facilitating enterprises, and encouraging unique setup projects with their ease of access business enabling policies. We at SPC Free Zone believe that the future of entrepreneurship leans on innovation, sustainability, and knowledge, which is why we work relentlessly on developing our services to accommodate to global changes and international practices. We follow the International Standard Industrial Classification of All Economic Activities (ISIC), so you are guaranteed that every business activity you start with us is internationally recognized. We strive to create a welcoming environment and provide SMEs as well as larger enterprises with proper infrastructural resources and hassle-free procedures.
Why should entrepreneurs choose SPC Free Zone?
We aim to prioritise those with entrepreneurial ideas by designing competitive and flexible business setup packages, which can be customized to each new business owner’s specific needs. This means that new business owners have more freedom of choice. With free zone business advantages such as:
• 100 per cent foreign ownership
• Zero requirement of paid-up share capital
• No corporate or income tax
• Dual licensing options
• Choose and combine from over 2000 business activities
We want entrepreneurs to enjoy peace of mind. SPC Free Zone prides itself on its swift timelines that allow new entrepreneurs to have their venture set up within just 2 hours, as well as finalising residential procedures (including investor visa) in no more than 6 working days. Our affiliations with reputable private and governmental entities expedite the business setup process, which truly makes us the free zone where more is possible.
Now that the UAE has been deemed an excellent, globally acknowledged choice for entrepreneurs to bring their business dreams to life, wait no longer. Get in touch with SPC Free Zone at 800 SPCFZ (77239) or marketing@spcfz.ae for more details on packages for entrepreneurs. Visit spcfz.ae/contact-us/ to register your interest.
