Among the many businesses benefitting from the flow of new companies setting up in Dubai is SkyeWalker Law, a fast‑growing provider of legal, consultancy and deal origination services. UAE‑registered, the firm was established 18 months ago by Founding Partner Simon Walker, a seasoned UAE veteran with 12 years of experience in the country.

Prior to moving to Dubai in 2013, he spent two years in Abu Dhabi working for Holland & Knight, a leading Miami‑headquartered law firm. Before that, he had a six‑year stint in Asia, primarily in Hong Kong, where he was the Senior Corporate Lawyer for Mayer Brown JSM, before being appointed as a partner by O’Melveny & Myers HK.

A firm believer that setting up the right type of company and getting the appropriate licences in place is essential for securing long‑term success in the UAE, Walker says: “Right now, there are more than 60 distinct possible corporate structures open to foreign investors looking to do business in Dubai. While it’s good to know the options, working out which is the best fit for a particular venture can be daunting.

“Essentially, there are three set‑up options on offer. Firstly, you could opt to establish an entity in one of the Free Trade Zones, such as the Dubai Multi Commodities Centre, the Dubai International Financial Centre or Dubai Media City. Alternatively, you could set up a locally registered company, a more appealing option now that such structures can be 100% foreign‑owned. Finally, you could choose to launch an ‘offshore’ company in one of the smaller – and often cheaper – emirates, such as Ajman, Fujairah or Ras Al‑Khaimah.”

Walker additionally maintains that the selection of an office location also requires careful evaluation as there can be huge price differentials across different sites, while the relative benefits of being able to network directly with nearby businesses and have easy access to skilled staff also need to be factored in.

Citing another potential concern, Walker said: “Up until now, corporate taxes have not been particularly pertinent to the decision‑making process when it comes to what kind of company to register. With a 9% corporate tax rate coming into effect in June this year, however, that’s certainly set to change.”

Maintaining that navigating the significant cultural differences between the individual emirates is another area where local expertise can clearly help, Walker says: “There are fundamental differences in cultural attitudes between Dubai and Abu Dhabi. Abu Dhabi is the capital and remains much more conservative in business and lifestyle than Dubai.

“Business there often revolves around the big sovereign wealth funds, while its expatriate businesses tend to focus on such sectors as infrastructure, construction, oil and gas. By contrast, the lion’s share of creative, new‑economy businesses and services, such as fintech; digital services; import and export; and ports and trade services, are conducted over in Dubai.”