The UAE has been recognized as one of the top countries globally for entrepreneurs to launch a startup in 2024, according to new research by Business Name Generator.
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The UAE ranked third out of 52 countries analyzed, identified as a highly advantageous location for new companies. The criteria for this ranking included tax rates, cost of living, WiFi speeds, GDP growth predictions, and happiness scores.
Linus Näslund, COO of Business Name Generator, emphasized the crucial role of location in a startup’s success, stating, “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”.
“Entrepreneurs must carefully consider the economic, demographic, and cultural factors of potential locations. They must also evaluate the legal and regulatory environment, including taxes, labor 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, it is vital for entrepreneurs to weigh up all relevant facets.”
“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”, he added.
“UAE emerges as prime destination for startups with strong economic outlook and favorable business conditions”.
UAE’s Economic and Lifestyle Advantages for Entrepreneurs
The Business Name Generator study predicts a robust 4% growth in GDP for the UAE in 2024, complemented by a high GDP per capita of $47,663, indicating a strong national economy advantageous for new businesses.
Establishing a business legally in the UAE can be accomplished in just four days, and the monthly cost of living, excluding rent, is reasonably priced at $983.62.
The UAE also scored well in happiness, achieving a 6.6 out of 10, which reflects positively on the lifestyle benefits for entrepreneurs in the region. The country’s competitive tax policies, along with optimistic economic forecasts, position the UAE as a more attractive business environment compared to other countries.
The study identified the Philippines, Italy, and Brazil as the most challenging countries for starting a business due to their high levels of taxation and bureaucratic hurdles. Conversely, Finland was recognized as the happiest country for entrepreneurs, with India being the most cost-effective for living expenses.