Private equity boss says setting up business has never been easier in UAE, land of opportunity

Entrepreneurs attracted to the UAE by the new ‘golden card’ permanent residency scheme have been told that it is easier and safer than ever before to set up business in the Emirates.

Omar Jackson, partner at the international private equity firm Berkeley Assets, says the new government initiative reinforces the UAE’s appeal as a land of opportunity where a true entrepreneurial spirt can bring great rewards.

Initially, 6.800 UAE expatriates will receive a new ‘golden card’ in the permanent residency scheme which is intended to generate foreign investment and encourage entrepreneurship, as well as attracting top engineers, scientists and star students.

“This is a perfectly timed initiative by the government in view of the processes and regulations in place today which make doing business safer, more efficient and faster,” said Jackson from the firm’s Dubai office.

“Setting up any new business’s operational process in the UAE has never been simpler, and improvements are being made year on year.”

Jackson says entrepreneurs with an outgoing approach who adjust quickly to market conditions quickly will reap the biggest benefits.

“There is so much opportunity and a lot of wealth here, so in order to be successful, you also have to be outgoing and confident,” he says. “Confidence will bring in business and relationships are more important than anything else.”

“Any budding entrepreneur has to be aware of the legalities here because they are different to other markets. Educating yourself on the codes of conduct in your industry is vital. In an emerging economy like Dubai, the landscape is changing regularly so you must be sharp and on the ball.”

Berkeley Assets this week launched its first operations in Latin America, with a new office opening in Mexico City as part of its global expansion plans.

This followed the opening of an office in Marbella, Spain last month, with others to follow later this year in Hong Kong and Singapore to add to its London and Dubai offices.

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