Are you looking to start a business in Dubai? The city is a great place to do business, with its strong economy and vibrant culture. But it can be difficult to get started, especially if you don't have the necessary capital. Fortunately, there are several subsidies and funding options available to help entrepreneurs get their businesses off the ground. Dubai SME, an agency of the Dubai Department of Economic Development, offers a range of financial assistance and support services.
This includes advice and guidance on setting up a business, as well as access to a network of strategic partners, entrepreneurs and investors. The agency also provides monetary incentive programs with 100 percent and 50 percent subsidies for start-ups in the early stages of their careers. To be eligible for these subsidies, companies must demonstrate real growth, target a large user base, offer innovative technologies and have obtained venture capital funding in the last three years. The Dubai Future Foundation's Area 2071 is another great resource for entrepreneurs.
This unique ecosystem encourages global talent to start and grow their businesses in the United Arab Emirates. Area 2071 members have access to a network of strategic partners, entrepreneurs and investors. Hub71 is another initiative that seeks to support start-ups in the emirate by attracting major funds and venture capital investors to increase the capital reserve available to new companies and venture capital in the city. The United Arab Emirates also offers a package of competitive incentives to support investments in industrial and technological companies working in strategic sectors.
This includes freezing the 2.5 percent market rates imposed on all facilities operating in the city, as well as reimbursing 20 percent of the customs fees imposed on imported products sold in the emirate. The government also does not require a minimum amount for limited liability companies, which helps facilitate the formation of companies and the establishment of new businesses. In addition, Digital Dubai and its wide range of partners are committed to transforming the city into a test bed for start-ups and entrepreneurs. This includes Seed Group, which has vast experience in creating strategic partnerships with companies, taking them to a completely new market and providing them with the knowledge, tools and contacts they need to excel in the region.
The president and most of the members of the board of directors of public limited companies are not required to be nationals of the United Arab Emirates, according to the Commercial Companies Act of the United Arab Emirates. This gives foreign investors the right to fully control their shares in companies, unless a decree or resolution stipulates otherwise. Companies that wish to become public limited companies cannot sell more than 70% of the company through IPO after obtaining government approval. As part of the Dubai Future District project, the Growth Market will welcome not only companies from the United Arab Emirates, but also companies from around the world to help them expand in the region and internationally. In addition to these subsidies and funding options, there are other resources available for entrepreneurs looking to start a business in Dubai. The Dubai Chamber of Commerce provides information on setting up a business in Dubai as well as access to its network of partners and investors.
The Dubai Business Women Council provides mentorship programs for female entrepreneurs looking to start their own businesses. The government also offers tax incentives for businesses operating in certain sectors such as technology, media, healthcare and education. These incentives include exemptions from corporate income tax for up to 15 years as well as exemptions from customs duties on certain imported goods. Starting a business in Dubai can be daunting but with access to these subsidies and funding options as well as other resources available from government agencies and private organizations, entrepreneurs can get their businesses off the ground quickly.