Dubai Marina is one of the most popular neighborhoods in Dubai. The concentration of many attractions, snow-white beaches and developed infrastructure make locals and foreigners buy properties in Dubai Marina. However, foreign investors and potential permanent residents purchase real estate in the neighborhood not only to make a profitable investment, but to live and conduct business in the area. Being in high demand, Dubai Marina provides good business opportunities for its residents. Still, there are some myths and speculations about the possibilities of building a successful career as a businessman.
Doing business in Dubai Marina is expensive
Conducting business in Dubai Marina is not available to everyone. However, even the usual offshore jurisdictions now impose rather stringent requirements on companies, such as the requirement to conduct real business in the jurisdiction of registration, meeting the requirements of the “substance”, and opening an account at a local bank. The neighborhood, and the rest of the UAE, does not require you to invest hundreds of thousands of dollars in government bonds or real estate. To save money, it is allowed to rent a combined workplace instead of a real office.
It is quite easy to obtain the UAE tax residency status for an individual, and in the Emirates there are no taxes on income, dividends, royalties, interest. In order to obtain tax residency it is necessary to obtain a UAE residency visa, which is easy to apply for when registering a company. Residency in the UAE is not required; it is enough to visit the Emirates once every 180 days.
Only Arabs live and speak Arabic in Dubai Marina
There are very few Arabs in Dubai Marina as the area is mostly designed for foreign investments. Speaking about the whole country, the population of the UAE is 9.7 million (2019). There are 1.1 million UAE citizens among them. The rest of the population are expats. Thus, in the Emirates 89% are immigrants from different countries.
Expats in the Emirates speak English. Moreover, since the Emirates were part of the British Empire for a long time, many citizens know English, therefore, to live in the country or do business in the UAE, you do not need to learn Arabic, it is enough to know English.
This situation is particularly observed in Dubai Marina. You do not need to be fluent in Arabic to conduct prolific business and to be an owner of a huge corporation in the area, everyone will understand English.
The bank may not return the money to the foreigner
The whole world has recognized the banking system of the UAE as one of the most reliable and secure. Local banks in Dubai Marina offer foreign investors significant opportunities, from the convenience and security of funds, to a wide range of available transactions.
When applying for UAE tax residency status, automatic exchange of information can be avoided.
It will be difficult for a foreigner to open a business in Dubai Marina
Dubai Marina attracts foreign investors and residents of other countries with its easy jurisdiction. The government of the United Arab Emirates makes starting a business in the UAE as easy as possible regardless of the neighborhood where it will be located. About 50 free economic zones have been opened in the Emirates and in each zone it is allowed to register a company. Each free zone seeks to attract entrepreneurs, therefore, tries to create the most favorable conditions.
On the whole
When intending to start business in any neighborhood, it is advisable to visit it at least once. Foreigners fall in love with the prestige homes, modern technologies and abundance of greenery in the area. Such basic characteristics of a beneficial district create a perfect place for living and business opening. Briefly speaking, we may demolish the following myths:
- Extremely high cost of business opening and conducting.
- The main language of business conducting.
- Absence of money return to a foreigner
- Complicacy in starting business in the neighborhood as a foreigner.
All of the above-listed facts have nothing to do with reality. Dubai Marina offers many business opportunities open only for those who have a strong dedication and desire to bring their ideas into life.
Real estate agents to address in Dubai Marina
The official website https://www.axcapital.ae/ features apartments and villas for sale in Dubai. Besides, you are free to choose property in Dubai Marina and conduct business in the same area. Extensive selection of properties and regularly updated property database from developers and local owners are waiting for monitoring. Specialists are ready to advise you on your choice in real time. Just fill out a feedback form or ask a question on the website. Start choosing properties in the UAE right now!