Best Middle East countries for American entrepreneurs
When you’re a first-time business owner, you’re faced with the added complexity and difficulty of starting a firm from scratch. Setting up a shop in the right area is essential to the prosperity of your company. Many American entrepreneurs are actually very fond of Middle East countries. Thus, we are here to inform you about the best Middle East countries for American entrepreneurs.
Let’s say you’re a foreign company venturing into the Middle East. Then it’s important that you know how European, Middle Easter, and American business cultures differ from one another. The excellent economic and commercial climate is a constant in the Middle East. Numerous municipalities consistently compete with one another for the title of “region’s commercial center” by devising a wide range of regulatory and tax incentives. Companies looking to break into the market continue to benefit greatly from this conflict.
Let’s start with Qatar
Before we start, we just wanted to let you know that there is no specific order here. We are just listing some of the best Middle East countries for American entrepreneurs. Each and every one of them is great and can be good for you. Obviously, you need to research them all first and then you can make a decision. We are here to point you in the right direction.
If you’re looking to start a company in the Middle East, Qatar is a great option. The World Bank puts it in second place for tax payment, first for property registration, and second for acquiring a building permit because of its accessibility. Despite the fact that 70% of the country’s budget comes from oil and gas, Qatar is actively working to diversify its economy by expanding into other areas such as building and real estate, finance, steel, agriculture, alternative energy, and, most importantly, tourism. It could be useful to start a tourism company or to diversify into other industries. Are you already thinking about moving day? Wait, there is more.
For many Americans, Saudi Arabia is the first country that comes to mind when talking about Middle East countries for American entrepreneurs. No one has to be reminded that this is a country flush with oil. On top of that, Saudi Arabia has gone through a period of rapid growth and development in recent years. The government’s goal is to increase homeownership from 45% in 2016 to 70% by 2030, and The Housing Realisation Programme includes a focus on creating transportation networks, clinics, schools, entertainment, and energy infrastructure.
When compared to other countries in the Middle East, it ranks fourth for ease of starting a business, sixth for access to credit, and first for safeguarding the interests of minority shareholders, according to the World Bank. It’s rapidly developing into a premier resource for companies and investors seeking out available grants and other forms of financial support. You should know that moving your business to a whole new continent can be quite stressful.
Morocco can also be a great option
Thanks to its location close to Europe and relatively cheap labor, Morocco has built a dynamic, open, and market-based economy. Many entrepreneurs love Morocco. A whole new port and also the free trade zone in Tangier are just two examples of how Morocco’s infrastructure and strategies for industrial development are making the country more competitive. Gasoline, diesel, and obviously fuel oil subsidies were eliminated at the end of 2014 a move that had a major impact on the country’s budget deficit. Additionally, by 2030, Morocco plans to have more than 50% of its power generation capacity come from renewable sources. That is admirable. If you are moving to any of the Middle East countries you will need to find yourself a good and reputable moving company like Easy Move KW. Moving a whole business can be quite difficult.
Oman is another country worth exploring for your business
Oil and gas account for between 70% and 85% of the Omani government’s total revenue. As you can see it’s quite a lot. But there is more to Oman besides oil. Especially in the last few decades. The Sultanate of Oman has sufficient foreign assets to maintain its currency’s fixed exchange rates as of January 2018. Oman’s growth plan prioritizes diversification, modernization, and privatization. All of that while it increases output using enhanced oil recovery techniques. The government’s strategy for economic diversification places special emphasis on tourism, shipping, and logistics. They are also focusing a lot on the mining, manufacturing, and aquaculture industries as well. Before we show you a few more we need to tell you that relocations are really budget-friendly so you need to plan this ahead.
Kuwait is our favorite pick
Despite its small landmass and population of only 4.2 million, the State of Kuwait is the eighth largest exporter and the tenth greatest producer of oil in the world. Foreigners who wish to establish a commercial presence in Kuwait are required to have a local Kuwaiti partner. 51% or more of the company has to be owned by the Kuwaiti partner. With the passage of Law No. 8/2001 on Foreign Direct Investment, foreign firms could set up shops in Kuwait as legal entities without bringing in a local partner. That is the only downside. Everything rest is very favorable. That’s why many entrepreneurs are moving their businesses here. If you are planning to do the same make sure to find reliable people who can deal with fast delivery of your inventory from the USA or back to the USA. Depending on your business.
Let’s talk a little bit about Bahrain before we go. The petroleum and natural gas industries are the backbone of the Bahraini economy. Bahrain’s government has made efforts in the past to diversify the nation’s economy away from its reliance on oil, but oil still provides 85 percent of the country’s budget revenue.
Manufacturing aluminum (Bahrain’s second-biggest export after oil and gas), finance, and construction are among the important economic activity. The government has been gradually removing subsidies for pigs, kerosene, fuel, and gasoline since 2015, while simultaneously increasing the price of electricity and water. In August 2006, Bahrain and the United States inked the first Free Trade Agreement (FTA) between the two countries. That’s it from us. We showed you some of the best Middle East countries for American entrepreneurs and now it’s up to you to do some serious research.