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Entrepreneurs looking to start a new business or achieve growth targets in 2023 are increasingly looking to leave the UK as the cost of living pressure mounts, with huge numbers now setting their sights on the hyper-connected business hub of Dubai.
That is according to new research by business consultancy, Cavenwell.
During the first half of 2022, just 20% of inquiries made to the UAE consultancy originated from UK entrepreneurs and SMEs. That figure has jumped to 45% in the last six months, as more and more leaders flock to the sunshine lifestyle and array of lucrative business opportunities Dubai has to offer.
The rising popularity of relocation for small business owners in the UK follows a larger trend of people wanting to move to areas like Dubai, which have created attractive work and play benefits for ex-pats.
As a commerce, finance and tech hub, Dubai has everything growing firms need to succeed. Workers can also expect much more favourable living conditions too when compared with the UK. Unlike hefty homegrown tax bills, Dubai offers 0% personal and income taxes, a range of business tax exemptions, a growing economy, and a business environment that supports entrepreneurs – along with the lower crime rates and year-round warm weather.
Cavenwell provides a range of corporate services and business consultancy solutions and acts as an expert guide for those looking to make the move to Dubai. The company has previously focussed on entrepreneurs who are making a success out of digital business models such as online coaching, web development, marketing, consultants, trainers, and eCommerce – all sectors which continue to thrive in the UAE region.
Although Dubai has previously been considered a place exclusively for the rich and famous, its highly attractive business environment has made it an extremely popular destination for entrepreneurs. For those who want to benefit from a bustling business scene and enjoy a much better quality of life, Cavenwell has positioned itself as the leading support system to help individuals realise their entrepreneurial goals.
Andrew Horbury, Cavenwell Group Managing Director commented, “Dubai has historically attracted high-net-worth individuals but heavy investment in infrastructure and connectivity, and very favourable business and tax rules mean that’s all changing. We’ve seen a significant increase in the number of start-up founders, small business owners, and even freelancers who are looking to relocate and find more opportunities abroad over the last six months. The entrepreneurial environment in Dubai is extremely diverse, which is why we’re seeing so many people choose to relocate here from the UK in search of greater opportunities and more financial stability.”