Dubai among top global cities for entrepreneurial success
Global survey reveals cities with the most supportive ecosystems for successful business around the world
Dubai is the only city from the Arab world to rank among the top 75 metropolises in the world for enabling entrepreneurial success, according to a new survey released on Thursday.
The global survey of 200 cities by Oberlo reveals those with the most supportive ecosystems for successful business around the world. The study, “Top cities for entrepreneurial success,” compares and analyses 13 factors that contribute to entrepreneurial success. These factors include: Economic Freedom, Days to set up an LLC, Female entrepreneurs, Covid-19 Support, Tech Ecosystem, Human Tech Capital, Logistics Ecosystem, Postage Price Deviation from Median, Access to Global Market, Unemployment Benefits, Small Business Loans, Business Taxes and Venture Capital.
Globally, Dubai secured the 59th spot with a score of 59.9. In the Economic Freedom index, Dubai scored 79.9, while London came first with an 88.7, followed by New York and San Francisco at 86.8 and 86.6 points respectively. Dubai is the only city that scored 100 per cent in the Business Tax index with its zero-tax environment. The score reflects the national tax on company income, plus state, provincial or municipal corporate income taxes. Sales-based taxes are not included.
Dubai also fared well in the Small Business Loan index with 95.4 points.
Dubai also did relatively well with regard to the number of days required to incorporate a business in the most common limited liability form. It takes 4.5 days to set up a business in Dubai, according to the study.
The survey shows the cities best placed to provide everything an entrepreneur might need to maintain and build a business from the ground up - from bootstrapping and financing, to the logistical details that can make or break a business.
The study also looks at the leading cities to start a business worldwide, focusing on those that enable the new generation of entrepreneurs to develop, finance and grow their ventures into long-term success.
An original list of 200 capitals and major business centres from around the world were reviewed and ranked according to these 13 factors, from which a final list of the top 75 cities was determined based on the total scores and comparable data availability.
The shortlisted cities have been chosen on the basis of factors that reflected their innovation, economic strength and entrepreneurial spirit. The study investigated the basic infrastructure and bureaucracy required to get a small business going, such as local taxes, regulatory freedom, and the average time frame it takes in each city to start a new limited liability company. “As we believe that opportunity should always be afforded on a level playing field, we also looked into the support systems available for female founders in each location,” analysts at Oberlo said in their survey report.
“At Oberlo we help budding entrepreneurs in their e-commerce journey. Despite the enormous challenges of the pandemic, we’ve seen first-hand how aspiring business owners have managed to turn their economic setbacks into creative and innovative opportunities,” the survey report said.
“Success, of course, occurs when preparation meets opportunity, so we decided to delve into the topic further by investigating the cities which offer the most supportive entrepreneurial ecosystems, as well as the frameworks to ensure long-term success,” said the report.
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