As the new UAE Ministry of Investment gets ready, Emireum Business Passport set to boost US$22.73 bn FDI into the UAE

As the new UAE Ministry of Investment gets ready, Emireum Business Passport set to boost US$22.73 bn FDI into the UAE

Press Release Date: Dubai, UAE; October 4, 2023

News Highlights

1. Foreign Direct Investment (FDI) into the UAE recorded a 10 percent growth to US$22.73 billion – a record high for the country – compared to US$20.66 billion in 2021;
2. Emireum Business Services Passport customers will receive Dh10,000 worth of credit to support new businesses across essential domains, upon availing a business set-up package from Emireum Business Services;
3. The service is an overall time-saving, cost-effective, holistic support with expert guidance, compliance and assurance;
4. The UAE has more than 750,000 active businesses that make up the private sector of the country;
5. Cost of business license could range from as low as Dh3,500 (US$950) to Dh35,000 (US$9,500) for a General Trade License;

As the UAE Government sets up the new Ministry of Investment that is aimed at developing strategy to streamline investment process and build upon the US$22.73 billion Foreign Direct Investment received by the country in 2022, Emireum Business Services, a Dubai-based investment and business set up advisory, has began signing up foreign investors to its proprietary Emireum Business Passport – a holistic business set-up package to help new investors grow business effectively in the UAE, generate employment, wealth and contribute to the UAE economy.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, recently announced the creation of the new Ministry of Investment, saying, “The aim of the new ministry is to develop the country’s investment vision, stimulate the investment environment internally and continuously enhance the competitiveness of our procedures and legislation to ensure that the country remains a global destination for investment and a major player in the global investment movement.”

Emireum Business Passport is a unique business start-up and loyalty package that gives new investors up to Dh10,000 in the form of service credits that the investors could use up for additional services and renewals, as a value addition to their business set-up activities in the UAE’s mainland and free zones.

Foreign Direct Investment (FDI) flow into the UAE recorded a 10 percent growth to US$22.73 billion – a record high for the country – compared to US$20.66 billion in 2021, according to the annual World Investment Report 2023, published by the United Nations Conference on Trade and Development (UNCTAD). This is a new record for the UAE that has pushed the UAE’s FDI stock to US$194.30 billion in 2022, up from US$171.56 billion in 2021. This puts the UAE 16th in the global rankings for FDI attraction, a climb of six places compared to 2021.

In terms of greenfield FDI projects, the UAE came in fourth after the United States, the United Kingdom and India, with 997 projects, a surge of 84 percent year-on-year, according to the report. The UAE is the only country in the GCC region that experienced a constant growth in FDI inflows over the past five years. The new UAE Ministry of Investment will boost the country’s diversification efforts and attract US$150 billion in FDI inflows by 2031 and ranking among the top 10 countries in terms of FDI inflows.

The Emireum Business Passport package offers essential services, tailor-made to cater the client’s needs offering an additional credit facility of Dh10,000 that the client can avail for value-added services, or during the license renewal a year later. From determining the right office space and website development to marketing and media exposure, the firm assures to provide the most suitable option for its clients. In align with the FTA guidelines, Emireum also offers financial guidelines for corporate tax. Clients will not only benefit from the advice of experienced professionals, but also be hassle-free by availing this cost-effective package.

The UAE has more than 750,000 active businesses that make up the private sector of the country. Cost of business license could range from as low as Dh3,500 (US$950) to Dh35,000 (US$9,500) for a General Trade License. However, business licensing is just one part of business expansion, relocation or investment plan in a new destination such as Dubai, not everything. Investors face the real issues after getting the business license in order to get going.

As of mid-2022, the number of Small and Medium Enterprises (SMEs) in the UAE was 557,000. SMEs contribute as much as 63.5 per cent to the non-oil GDP. It is forecasted that there will be 1 million SMEs in the UAE by 2030.

The Emireum Business Passport is a cost-effective way for new businesses to access critical services without straining their budget. The Dh10,000 credit can be used to cover the cost of any of the services included in the package, and there are no hidden fees or charges.

With this one-of-a-kind service, Emireum enters an untapped market in Dubai to provide end-to-end holistic facilities to new businesses. The Emireum Business Passport includes a range of services that are essential for any new business, such as real estate solutions involving finding a functional office space and lease contract essential for opening a bank account, website development, marketing and branding, integration of business process on Zoho platform and customisation, accounting, VAT and Corporate Tax, brand marketing and PR media exposure.

The initiative, that will help domestic and foreign investors in getting value-added services, is in line with the UAE Government’s vision to support new investors that will help create jobs and accelerate the economic growth.

Shaheenoor Shah, Chief Executive Officer of Emireum Business Services, says, “The announcement to set up the Ministry of Investment is a very timely initiative that will transform, integrate and streamline the investment and business set-up processes and make these more hassle-free, that will help attract greater FDI in to the country and make business set-up easier.

“However, business set-up is the first and a small part of actually establishing a business to grow and the growth of a business needs greater efforts and collaboration and partnership between the authorities and the private sector.

“Understanding the challenges that new businesses face in Dubai, we have introduced the Emireum Business Passport, a dedicated service proposition designed to provide them with the holistic support the investors need to succeed. With this package, they can focus on their core business activities while we take care of the rest.”

An investor needs an eco-system of support covering all aspects of business establishment, starting with investment consultancy, strategic plan, business license set-up, securing residency permit, Emirates ID card, leasing an office premises for business operation, opening a bank account, secure funding, talent hunting for new companies, accounting, VAT and taxation, marketing, public relations, as well as business development and business match-making services.

She says, “It is important to offer a holistic service proposition that take care of all the business needs of the investor who might be completely new in this part of the world. We offer one-stop service for all their needs, unlike most others in the market, and continue to do hand-holding for the investors till they get going. We are the preferred Business Class service provider to all our customers. Emireum Business Passport is our way of continuing our engagement with the client and help them succeed in the business journey and make it sustainable.”

Shaheenoor Shah, who advised hundreds of foreign investors in the past few years and who understands all the nitty-gritty of the industry, said that the Emireum Business Passport will be a valuable resource for new businesses in Dubai and it is the perfect way to get started in this dynamic and lucrative market.

With 1,000+ clients, Emireum Business Services specialises in providing comprehensive services and solutions for individuals and organisations looking to establish their presence in the dynamic and thriving business landscape of Dubai. Their other services include, visa assistance, licensing, office leasing, Golden Visa, corporate tax advisory, accounting and auditing and other professional services such as financial planning, market research, brand launch, and trademark registration, connectivity to the local market, etc.

Ends

Editor’s Note

About Emireum Business Services

Emireum Business Services is a unique business solutions provider in Dubai, offering comprehensive and effective business set-up services and solutions for individuals and organisations looking to establish their presence in the UAE and GCC. The company’s team of experienced professionals has a deep understanding of the regional markets who specializes in investment advisory, company formation, legal and regulatory compliance, accounting, VAT, tax and financial consultancy, and business strategy. They can provide personalised assistance tailored to each business’s needs. Emireum is committed to helping businesses achieve their goals.

It is dedicated to providing comprehensive and professional 360 business services in the UAE. With years of experience and a team of highly skilled experts, it strives to deliver exceptional solutions tailored to meet the unique needs of clients.

Its mission is to empower businesses in the UAE by offering a wide range of services that streamline operations, boost efficiency, and drive growth. The organisation aims to be a trusted partner, providing innovative solutions and exceptional customer service to help businesses thrive in a competitive marketplace.

For more information about Emireum Business Passport, please visit https://www.emireumbiz.com/ 

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