New business snub

More than half of people questioned wouldn't set up business in Dubai

More than 50 percent of people who took part in an online poll said they think the decision to scrap the Dhs150,000 company set-up charge will have no positive impact on the UAE economy.

The spot poll by Arabian Business found that a total of 53.7 percent of people said the decision was "too little, too late".

Only 9.2 percent of respondents said it was a good idea and would encourage entrepreneurs to set up new companies in the UAE.

Last week, under a decree by President Sheikh Khalifa bin Zayed Al Nahyan, would-be partners will no longer have to stump up Dhs150,000 ($40,800) which was previously the minimum required, to form a company.

Officials said the move would reduce the cost of setting up a business and limit bureaucratic procedures as investors will not need to provide bank certificates.

The moves, it is hoped, will benefit small-to-medium sizes companies in the UAE and help attract further investments to the country.

However, the Arabian Business poll found that 12.7 percent of respondents thought it was "definitely a step in the right direction and may encourage more start-ups".

Some 24.4 percent said the decision must be backed up by other business fees being slashed.

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