How New Businesses In The UAE Are Making Millions

On this week’s episode of Taking Care of Business, our Chairman, Lewis Allsopp, sat with Neil Petch, a serial entrepreneur, and the CEO, chairman, and founder of one of Dubai’s most famous business setup companies, Virtuzone.

Virtuzone has played a significant role in shaping the city’s remarkable growth over the past 15 years. With over 75,000 companies set up under Virtuzone’s guidance, it’s safe to say that Neil and his team are deeply intertwined with the UAE’s business success story.

The company’s impact goes beyond numbers—it’s about opening up Dubai as a business hub to the world. Neil credits Dubai’s incredible growth to a unique confluence of factors, especially the UAE’s position as a global business destination. He believes it’s only the beginning of what the country can achieve.

The correlation between business setups and real estate

As a customer of Virtuzone, Lewis pointed out a natural crossover between the real estate market and business setups in Dubai. “When people move here to set up their businesses, they need homes—whether renting, buying, or short-term rentals,” he explained. Real estate and business formation are deeply interconnected, with both industries benefiting from the UAE’s appeal as a place to live, work, and invest.

Neil agreed and emphasised how closely the two industries align. Virtuzone has not only been helping people start businesses, but in doing so, they are helping people set up their entire lives here.

How the UAE is becoming the world’s business setup capital

One of the key moments in the conversation was when Neil discussed how COVID-19 fundamentally shifted the way people perceive Dubai. For years, the city was seen as a vacation destination, a place to visit for its great weather, shopping, and leisure activities. But the pandemic forced people to stay longer, and that’s when they started realising, “Why don’t I run my global business from here?”

Dubai’s safety, infrastructure, and growing business opportunities made it an ideal place for many global entrepreneurs. “We started getting people saying, ‘Can you help me get my kids into the best schools or find the best locations for properties?’” Neil shared. Virtuzone evolved to cater to this demand, helping high-net-worth individuals and global business owners establish themselves in Dubai.

When asked about how many of Virtuzone’s clients are simply taking a visa for status versus genuinely moving to Dubai, Neil offered a fresh perspective. “Dubai is still a hidden secret for many,” he said. While British expats make up the largest target market, Neil sees enormous untapped potential from countries like China, where interest in Dubai is just beginning to rise. COVID opened the door for people to experience Dubai as more than just a short-term stop, but a viable long-term business base.

UK vs UAE: The biggest differences

The conversation shifted gears as both Neil and Lewis shared personal experiences about the safety and security in Dubai versus the UK. Lewis shared a striking anecdote about how his family’s habits have changed when travelling abroad, especially in the UK. “When we leave Dubai, I put all my valuables in the safe, and I make my wife take off her engagement ring. It’s sad, but it’s just the way it is when we travel to the UK,” Lewis explained.

Neil agreed and pointed out how Dubai offers a level of safety that many other places simply cannot match. “My wife can walk around with her watch and handbag without fear, something that many of our friends in London are hesitant to do,” he said. “It’s part of the magic of Dubai—the ability to live your life without constant worry.”

As the discussion continued, Neil emphasised how Dubai’s government has brilliantly positioned the UAE as a safe haven for businesses, particularly in a world that’s increasingly unpredictable. Lewis added to this point by drawing a comparison between the UAE’s leadership and other countries.

Future predictions for H2 2024

As the episode drew to a close, Lewis posed the big question: “How do you forecast the final half of 2024? What’s the future looking like for Dubai’s economy?”

Neil’s answer was optimistic. “There’s never been more opportunity. This is going to be a golden era for Dubai, much like Geneva in the 60s and 70s. People are moving here, not just for the tax benefits, but because Dubai offers a quality of life and business environment that is unmatched anywhere else.”

Neil acknowledged that there will be challenges, especially with new property developments increasing supply. However, he believes the market will continue to cater to all income brackets and remain resilient.

Dubai’s unstoppable growth

As the episode wrapped up, it became clear that both Neil and Lewis see no signs of Dubai slowing down anytime soon. From business setups to property investment, Dubai is set to continue its rapid growth, thanks to the city’s appeal as a global business hub with unmatched safety and quality of life.