Random Thoughts on Creating and Supporting Entrepreneurs in the UAE

The United Arab Emirates (UAE) is ranked as 21st top nation on the World Bank's latest Ease of Doing Business report as per an article published in the Gulf News.  With the government announcing some exciting news recently, many people are waiting for more updates. For one, the investors find it very attractive to have a ten-year residency visa which will allow them to grow their businesses in an innovative way.

Some of the measures to be taken as announced are replacing the bank guarantee of AED3K / employee with an insurance policy for some entitlements for an amount of AED60 / year only. Others are cut down on red tape, a more 'relaxed' business ownership rules (investor can own 100% of the business), and reduced registration and operating costs, among others. More will be announced later.

This ease in doing business in the UAE is one major element in attracting people to self-employment or investing in viable businesses. Creating more businesses will definitely help create more job opportunities for the people. More income means more money to purchase products and services of the businessmen, so it propels the economic growth of the country.

Some of my random thoughts / suggestions are listed below  --

1. Promote awareness on different kinds of businesses, estimated start-up costs and related procedures to get started via online channels.
2. Allow inclusion of many activities in one trade license to reduce costs in registration and renewal.
3. For an affordable fee, cover every single investor with an insurance with a very good benefits package.
4. As a privilege and an attractor, give a quick access to entrepreneurs to online purchase of commemorative gold bullion for a lower price, one for each trade license every year. (Note: One only per entity, to avoid hoarding).
5. Provide affordable business centers, co-working stations and virtual offices in strategic places.
6. Lower if not waive late business renewal fees of trade licenses so struggling businesses can go on and those whose businesses stopped will be 'resurrected' and rise from where they collapsed. Review freezing business rules as well.
7. For a small one-time fee, provide discount cards to entrepreneurs. These cards they can use to purchase products and services at discounted prices from accredited merchants.
8. Reduce residential spaces rental rates to minimize entrepreneurs' costs of living and utilize amount saved for their businesses and other basic needs.
9. Promote more training programs related to entrepreneurship / livelihood, financial literacy, personality development (to boost confidence and courage), import / export, technology and other courses that will help entrepreneurs, by connecting (a) schools to get the enrollees certified and training centers with (b) marketing and management consulting outfits, and (c) hotels / restaurants / coffee shop operators for the accessible venues.
10. Come up with easy-to-understand videos on the updated policies and regulations on doing business / trade in the UAE to minimize if not completely eliminate violations.
11. Build networks of entrepreneurs and extend them some privileges to boost their businesses.
12. Relax ruling for those engaged in activities related to online marketing since this helps businesses reach a wider market. Allow creative people (even students) like webpage designers, graphic artists, photographers, videographers, and contents writers to utilize their talents in actual jobs that will give them extra money so they can buy more products and services they need to enhance their creative skills.
13. Provide scholarships to interested entrepreneurs or subsidize online webinars related to entrepreneurship.
14. Invite more international business coaches and gurus to life-changing events to be held here.
15. Sponsor start-up gatherings that will benefit the entrepreneurs to grow their businesses.
16. Make bank funding more accessible to entrepreneurs and allowing them to open an account for a minimal fee and reduced maintaining balance.
17. Review rules related to crowdfunding so those who cannot be approved by the banks for loans can raise funds needed by entrepreneurs to start their businesses.
18. Encourage entrepreneurs to be more innovative in the business by organizing contests that will give them a chance to win attractive prizes, with ease in joining and claiming prizes.
19. Bring Silicon Valley here -- like Louvre from Paris, France to Abu Dhabi, UAE -- and motivate more women and girls to learn more about technopreneurship (at the same time, defense against cyber attacks) which they can do even at home, even in their garage, near the beaches, in the parks or coffee shops.
20. Reduce the costs of getting plugged-in to a very fast internet access 24/7 all over the country, with ease of application and subscription.
21. Facilitate online purchases thru a generic card so those who cannot be approved by banks for credit cards or those who want to secure their bank details by not entering their data on online forms or the unbanked ones can go for web payments (the idea is like an Etisalat or Du credits loading).
22. Help fund media producers to come up with movies / shows / video clips related to entrepreneurship.
23. Review the cases of investors / entrepreneurs who get jailed for wrong business decisions and failures in risk-taking, and free those worthy to be released so they can start all over again, pay their debts and free the government of expenses in maintaining them inside. "The freedom to fail, learn from failure, and quickly start the next enterprise has been crucial to the Silicon Valley blueprint," according to www.technologyreview.com. (Read topic on Bankcruptcies and Visas.)
24. Come up with an online platform to ask people about the barriers to entrepreneurial success based on their own experiences and personal opinions.
25.  Nurture the most important fundamental pillar of a fertile entrepreneurial ecosystem: human capital.

In essence, these all will help promote a culture of entrepreneurship -- or I should say, practical entrepreneurship -- which, according to ecosysteminsights.org, is a solution to creating 'jobs necessary to accommodate the surging labor force'.

It means that the approaches must be all-inclusive and collective in which ideas and social behavioral patterns of all here are identifiable with the country. All manifestations of human achievements are regarded as an output of an individual or entity, home-grown, supported by surrounding people, communities and government, in a hospitable environment suitable for utilization of all resources -- time, talents and treasures.

Everything will be reflective of how we live in a place where entrepreneurship may be one of the common ways of life. So when they hear you live in the UAE, they know that most people here have the entrepreneur or investor's mindset to flourish in the land of opportunities.

Let us passionately monitor updates on entrepreneurship and get excited for what tomorrow may bring us here. UAE is a strong business hub as most locally based successful businessmen say. Given proper nurturing, budding entrepreneurs here will survive, thrive and create additional jobs -- and more, perhaps engage in philanthropy, to help make lives better.

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Photo credits:  Pixabay