It takes average four days to set up a business in Dubai and the cost averages at $8992
Dubai is ranked among the world's best cities for entrepreneurs moving abroad to start a business, more specifically in import/export sector, according to the findings of a study conducted by relocation experts Movinga.
While Singapore is the top best city to start an import/export business with a well-established logistics ecosystem and excellent access to markets, Dubai ranks ninth after Shanghai and Amsterdam which take 2nd and 3rd place, respectively.
In logistics ecosystem, cost and connectivity to markets, Dubai has outperformed several other global cities.
According to the data, it takes average four days to set up a business in Dubai and the cost averages at $8992.
Movinga data, based on three types of businesses most commonly launched by expats, reveals the top global locations with the best conditions for opening a restaurant, a tech startup or an import/export business. The rankings not only aim to inform those looking to embark on a new business venture, but also seeks to highlight those cities that have successfully implemented business-minded legislation to help foster innovation.
In a tech startup category, Dubai ranks 22ned and in the case of opening a restaurant, the city ranks 44nd.
The recent launch of LinkedIn Open for Business in Dubai is testament to the emirate's position as a trusted global economic and investment destination. LinkedIn, the world's largest professional network, unveiled the feature that allows freelancers and small business leaders to add their services to their LinkedIn profiles, making them discoverable from a LinkedIn search. As per Movinga findings, Lisbon is the best city to open a restaurant, with affordable real estate and an extensive hospitality ecosystem. Barcelona and Istanbul take 2nd and 3rd place, respectively.
San Francisco is the best city to launch a tech startup, with a flourishing tech ecosystem, large access to talent and venture capital. London and New York take 2nd and 3rd place, respectively. "There are many cities where real estate is affordable for opening a new restaurant, but it's impossible to find good hospitality workforce. Then, there are cities where people enjoy eating out, but can't afford it, versus cities where the locals can afford it, but don't have a restaurant culture,' said Marta Blanco Amez, vice-president of Marketing at Movinga.
"The key to choosing the best location for opening a new restaurant is where a city successfully intersects all three of these factors - a location must be affordable, but also have the ecosystem set up for a food-related business to thrive, with lots of available local talent and a huge base of potential paying customers," said Amez.
"The main industries for growth in the tech/digital venture category is one of the most interesting datasets in this study. With Artificial Intelligence taking top spot and Blockchain making a noticeable appearance, digital entrepreneurs are clearly leveraging future-facing technologies more than ever," said Amez.