Virtuzone – the UAE’s leading company formation specialists – has seen a significant increase in the number of business setup enquiries from entrepreneurs and corporations based in conflict zones, about 30% of which come from IT businesses.
In recent years, Russia, Ukraine and Belarus have become key outsourcing centres for United States and European IT projects due to their highly skilled local population and low cost of living.
The latest events in the region, however, have prompted companies headquartered in conflict zones to start looking into relocating their staff and operations to the United Arab Emirates, where they can ensure business continuity and safety of their employees.
Goldman Sachs is one of the notable large corporations that announced it is moving its staff to Dubai, whereas other major companies such as PricewaterhouseCoopers (PwC), KPMG, Toyota and Honda are pulling out of Russia, but have not yet announced where they are relocating.
The UAE emerges as a haven for people and businesses relocating from conflict zones
While a number of international companies are considering moving to Poland and Georgia to keep operational costs low, IT companies with their own development projects are planning to tap into the UAE market.
Renowned as the business hub of the Middle East, the UAE offers entrepreneurs and businesses the opportunity to enjoy tax-free salaries and a low taxation regime. The UAE also provides the region’s most advanced corporate environment and infrastructure for businesses coming from any part of the world, ensuring seamless relocation and transition.
Neil Petch, Chairman and Co-founder of Virtuzone, said: “The forward-thinking mindset of our UAE leaders has allowed for the creation of a holistic business haven that is ready to welcome entrepreneurs, investors, executives and corporations from anywhere in the world. Backed by infrastructure that can be easily deployed and adapted to suit the needs of different businesses, relocating a company, no matter its size, can be a seamless and structured process and we are here to facilitate that.”
Certain business analysts already foresee that this massive shift will help the UAE to reinforce its position as the leading technological hub in the region and the international market.
The trend is also expected to increase the demand for residential and commercial properties in the country, further boosting the UAE real estate sector, which has already seen huge improvements in sales and value in 2021.
Virtuzone offers targeted solutions for individuals and companies looking to relocate to the UAE
In response to the growing number of individuals and businesses relocating to the UAE, Virtuzone has developed targeted corporate relocation solutions to facilitate an efficient and cost-effective process for them.
Virtuzone provides free consultation for those who want to relocate to the UAE, whether to set up a business and secure a visa, or to move their companies and operations to the country. A team of Company Formation Specialists who speak different languages, Russian included, is ready to assist in identifying and recommending the optimal jurisdiction based on a company’s activities and number of staff.
Going beyond the business setup stage, Virtuzone also provides expert assistance in leasing a commercial or office space, visa applications, staff accommodation, document attestation, legal consultation and opening a bank account in the UAE.
Maryia Vinahradava, Company Formation Specialist at Virtuzone, said: “We have been working with Russian-speaking clients very actively over the past decade and we do have a ready infrastructure that helps ensure the relocation process is smooth. Our international partners are assisting clients to get documents legalised back home, and we have also partnered with Russian-speaking real estate agencies and bankers to provide the best and holistic relocation support.”