Emirates First Group, a Dubai-based business set-up advisory, has helped establish more than 5,000 businesses in the UAE within the last five years with more than AED5 billion ($1.36 billion) direct impact on the economy.
As the country celebrates its Golden Jubilee, foreign owners of these companies have invested more than AED500 million into the UAE in the last five years. The company, which is growing its operations in Dubai, is also adding a number of branches to serve a growing number of clienteles from across the world.
“As the UAE celebrates the 50th National Day, we also celebrate this happy occasion with our own set of milestones – having helped 5,000 businesses to establish in the UAE with a cumulative investment exceeding AED500 million over the last five years since we started our journey in this beautiful country,” Jamad Usman, Managing Director and Chief Executive Officer, says.
“The overall economic impact by these businesses would have exceeded AED5 billion – from office rents, décor, employee salary, expenditure by employees into the UAE economy. This, by no means, a small footprint and we are extremely proud of our achievement and our contribution to the UAE economy.
“On this occasion, I would like to salute the UAE’s visionary leadership and the people of the country, who helped us achieve such great milestone. We are fortunate to be part of the UAE’s success story.”
As part of the 50th UAE National Day celebration, Emirates First Group recently launched e-First Global, its premium business set-up and investment advisory services at the Opus within Business Bay – to serve its growing number of premium customers and large foreign investors in the UAE economy.
“As we move forward, we have taken a giant step to recently launch our premium lounge services for international investors who wants to avail premium and VIP services – end-to-end – so that they could proceed with business plan without any hassles,” Usman says.
The immigration and business reforms – namely allowing foreigners to own 100% stake in a mainland license without a local partner and the ten-year Golden Visa – in addition to the effective handling of the Covid-19 pandemic has encouraged a large number of wealthy people either to relocate to the UAE, relocate their business to the UAE or expand their businesses to the UAE.
Despite the Covid-19 pandemic, the total number of active businesses in the UAE exceeded 650,000 last year, according to reports. The total number of business licences in the UAE reached 652,885 in June 2020, a rise of 4,201 compared to May 2020, according to the National Economic Registry of the UAE Ministry of Economy.
The statistics also show that the number of registered licences in Abu Dhabi, Dubai and Sharjah reached 530,165, accounting for 81.2% of the total licences in the UAE. The number of active businesses in Dubai totalled 300,000 at the end of June 2020, representing around 46% of the total number of businesses in the UAE.
In Abu Dhabi, the number of business licence registered in June 2020 totaled 145,660, accounting for 22.3% of the total while in Sharjah, the number of businesses reached 84,505, accounting for 13%. The rest of the licences were distributed between Umm Al Qaiwain, Ajman, Fujairah and Ras Al Khaimah.
The statistics also highlight the fact that sole traders accounted for around 41% of the total issued licences, and limited liability companies accounted for 38%, and other legal forms of companies accounted for the rest.
The launch of e-First Global comes at a time when business activities in the UAE resumed fully with investor confidence reaching new heights.
Shahinoor Shah, Director of e-First Global, says: “We are one of the fastest-growing business set-up and investment advisory service providers in the UAE. Building on our past success, we are now embarking on a new direction – that is to bring in large-scale investment into the UAE’s industrial and start-up sectors, in line with the UAE’s vision for the next 50 years – where we see great potential.
“Our new venture, e-First Global will work to realise the UAE’s grand vision for the next 50 years – taking business set-up services to new heights offering a holistic solution to foreign investors. In this regard, we will be closely working with government departments as the country charts a new and exciting future.
“At e-First Global, we have integrated a number of support services under a single window – to take care of all their investment needs including financial advisory, auditing and accounting, etc., in addition to the government-related services.
“I take this opportunity to thank the UAE’s visionary leadership and the people of the UAE for developing a wonderful, tolerant and progressive society that allows people to grow and fulfil their dream.”
Emirates First Group currently operates through six branches, including two branches of e-First Global – a new premium services brand.-- TradeArabia News Service