Scope of Business Formation in Dubai after COVID-19
- July 20, 2021
- Posted by: axiom_admin
The COVID-19 pandemic created by the novel corona virus is the greatest challenge humanity is facing after the Second World War. Even simple things like going out and meeting someone has become matters of great thought and care. It may be the first time in history that the whole world is coming to a standstill without excluding any nations. Although, it is sure that we will overcome this crisis sooner or later, the changes that the pandemic has brought towards the business and work culture will have its reverberations for years to come.
How Dubai tackled the pandemic?
Dubai is one among the many places that has been hit by the corona virus outbreak. But, what made Dubai different is the immediate proactive response that the UAE government took to prevent further spreading of the virus even before WHO announced COVID-19 as a global pandemic.
UAE was very fast in implementing safety measures like closing down of educational institutions, reducing office hours, giving work from home for employees and putting on hold several meetings, events and business conferences that were to be held soon.
Business formation in Dubai
Let us analyze this post pandemic situation in the backdrop of Dubai business sector which is one of the largest business economies in the world. Businesses and economies around the globe have been heavily hit by the sudden lockdown and many companies and Small Medium Enterprises have even stopped functioning.
But, Dubai business sector immediately aligned itself to the situation and started functioning in accordance with the limitations. People started working from home, virtual meetings and conferences were arranged, online shopping of different services including food and other daily necessities saw a great rise and thus businesses reacted differently to the crisis utilizing it for their advantage.
Dubai Economy has forecasted a 23 percent increase in e-commerce transaction in UAE between 2018 and 2022. Studies say that UAE residents spend nearly eight hours a day online that places UAE among the top 10 nations in the world for internet transactions.
The pandemic has given a further unpredicted rise to e-commerce as many business have turned online as part of social distancing. Even those enterprises who haven’t dared much into technology are now fully leveraging the benefits of IT to a great extent.
Even if the pandemic comes to an end, the online trend that has been initiated by the crisis will continue as a mode of business in the future as it has been proven to be a much comfortable method compared to the traditional options. Those who wish for a business formation in Dubai will have to surely prepare themselves for an online mode in the post pandemic era.
Dubai Expo 2020
Even though, the business hub of Middle East, Dubai had to face its own share of struggles during the crisis. The Expo 2020 that was supposed to bring a business boom in Dubai and across the world this year was postponed to October 2021. It was expected to create huge growth in different business sectors like tourism, real estate, hospitality and construction.
When the Expo takes place in 2021, it will be a different Expo discussing new trends and possibilities in business to gear up world economy and providing more insights on how to tackle such uncertainties in the future. It will also trigger business formation in Dubai to a great extent.
Business support from Government and other agencies
The UAE government and various business agencies are providing great support for the business sector by reducing the official fees related to business formation in UAE and making the legal formalities much easier and faster. We, Axiom Mark business consultants, are providing various discounts and offers to all our clients as part of our social responsibility towards the government, citizens of UAE and the business sector.
There is no debate over the fact that businesses worldwide are struggling hard to survive. But, many businesses in Dubai have already started showing positive signs of survival with proper risk management, agile work co-ordination, online support and help from the government.
The pandemic has undoubtedly helped the people of UAE to come closer and grow stronger by working together for a common goal. With the residents, businesses and government continuing to work hand in hand after the pandemic, Dubai will certainly turnout to be the greatest business hub of the world.