The United Arab Emirates is currently pursuing a series of reforms to lead the World Bank's Doing Business ranking in 2021. As of today, New Zealand is the leader in the easiness of doing business, while the UAE is currently only 16th on a global scale.
The UAE government is taking all kinds of measures aimed at improving the legislative framework, procedures, cost of doing business, and reducing the time for administrative procedures to give a boost for the development of the private sector.
It is also worth noting that certain actions have already been taken to facilitate business, attract foreign investors, create new jobs, and diversify the economy. Thus, the UAE allowed 100% ownership of property in 13 sectors – from manufacturing to the renewable energy sector.
In addition, the UAE simplified visa requirements, introduced a row of incentives for the development of small and medium-sized businesses, and adopted a bankruptcy law for the companies to be able to get rid of debts. In terms of ease of doing business, the UAE is a leader in the Middle East and North Africa region.
The Doing Business rating has been compiled since 2003. The ecosystem of countries is assessed by 10 parameters that affect the life cycle of business, such as: starting a business, issuing construction permits, connecting to electric power networks, registering real estate, securing loans, protecting minority investors, paying taxes, cross-border trading, etc.
Due to the combination of a high pace of development and the level of doing business, the UAE has every chance to become a leader in this rating already in 2021!