The UAE has topped the list of best countries for entrepreneurs, as per the Global Entrepreneurship Monitor’s (GEM) 2022 report. The country has been successful in outperforming other leading nations such as Netherlands and Finland.
The Global Entrepreneurship Monitor analyzes the business environment for entrepreneurs across 50 countries, every year and prepares an assessment report. The reports intends to rank nations on the basis of the encouragement they provide to new businesses, which are of interest to not just entrepreneurs, but policymakers as well. The research also throws light on the significance of the rule of law and education systems in encouraging entrepreneurship.
The UAE bagged the title of best place to start a business in 2022, by obtaining an NECI core of 6.8. The other countries that closely followed are Netherlands, Finland, Saudi Arabia, and Lithuania. The UAE has shown immense improvement in 11 of the 13 framework conditions. “This could be due to a combination of reasons, including the country hosting high-profile entrepreneurship promotion events such as Expo 2020,” the GEM report stated.
There are numerous methods a country can adopt to enhance entrepreneurship and some of the major ones are supporting new business during hard times and providing required help to women entrepreneurs. UAE has helped new businesses via various initiatives during Covid-19 pandemic and they have come up with different business packages for women entrepreneurs as well. This, along with many other business strategies, has helped the country emerge as the best destination to do business in 2022.
While the country provides all the required assistance to new businesses, the role of business consultancy firms in UAE in ensuring smooth company formation should not go unnoticed. There are numerous business consultancy firms in UAE, but finding a reliable one is a challenging process. HLB HAMT is equipped with a team of business consultants who have helped thousands of entities form their base in the country. Contact us if you are planning to set up your business in UAE.
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