UAE Among Top Global Destinations for Startup Launches in 2024
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.
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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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