How is Mandatory Health Insurance Beneficial?

The United Arab Emirates has emerged as the hallmark of a modern metropolitan facility, including the best education and medical services to its citizens. As we all know, over 80 percent of Dubai’s population consists of the expatriates, who hail from over a hundred different countries. They form a top-quality human resource that runs the affairs of Dubai’s corporate world. The city of Dubai is at the forefront of massive corporate activity and the local rulers have left no stone unturned in providing its citizens with the best social facilities like education, healthcare, insurance, and other basic amenities of life.

The healthcare services in the United Arab Emirates in general and Dubai in particular are second to none at a global level, which means the best talent from across the world living and working in Dubai have access to remarkable medical facilities. Just like the countries located in the western hemisphere of the world, the healthcare and insurance sectors go hand in hand. The leading companies in Dubai have always been offering medical and health insurance to their workers and employees, but recently the local rulers have rolled out insurance regulations which further made it easier for the residents to gain access to the top quality medical services at affordable rates.

The Government of Abu Dhabi took the initiative a decade ago to make it mandatory for the local companies and employers to arrange for health insurance to all of their employees and their dependents. The Government of Dubai followed the footsteps of Abu Dhabi in the Year 2016 to make the local companies responsible by law for arranging the medical and health insurance for their employees and their dependents. The Dubai rulers also has the Saad health insurance on offer for the citizens. The DHA regulates the Essential Benefit Plan (EBP), a medical health insurance initiative that ensures the provision of top quality but expensive healthcare services to all the citizens at cheaper rates due to its health coverage.

The EBP is a mandatory health insurance initiative for domestic staff which includes housemaids, drivers, cooks, and nannies, who earn 4,000 AEDs or less every month. Their dependents, including children, parents, and spouse, are also covered under the program. The EBP covers medical cost of 150,000 AEDs per annum at a premium of only 2,500 AEDs per year. A regular health insurance generally costs an annual premium of around 15,000 AEDs.

Why Choose Retail Business in Dubai?

As the global economy has come out of the negative influence of the 2007-08 financial downturn, the limelight has shifted to the eastern sphere of the globe with the rising economies like China, India, Pakistan, the United Arab Emirates, etc. The United Arab Emirates has particularly surged as the most popular destination for doing business by the foreign companies in the last few years. The announcement of the Dubai World Expo 2020 has also added to the business and trade activities in the state, which has become a regional trade hub. The local government’s recent economic diversification drive has further enthused the foreign companies, which are flocking to Dubai to help them tap other regional trade hubs.

The first and the foremost thing to do before planning to shift your business to Dubai is to do proper research and gain decent bit of information about the local laws, regulations, culture, population, business trends, and other intricacies. The study and research about the local business demographics holds an important part of the business plans for foreign companies. After the initial research, foreign entrepreneurs are aware of the different options to go about their business plans. They can either set up their company in one of the over 20 free zones in Dubai or they can start a retail business in Mainland Dubai. Both options have their pros and cons, but retail businesses are in high demand due to the rising population of the states like Dubai, Sharjah, and Abu Dhabi.

You should be well aware of the fact that while you enjoy 100 percent ownership to your business in a Dubai free zone, the same is not a possibility with a business in Mainland Dubai. According to the local laws, a foreign business has to find a local partner to be able to set up a retail business in Dubai mainland. The local business partner holds 51 percent states in the company. Although, the equation sounds pretty unhealthy, but as a matter of fact the local business partner helps the foreign entrepreneurs in many ways. From communicating with the local trade and business authorities to dealing with the local banks and giving an insight into the local economy, the local business partner knows what makes Dubai the heaven of shopaholics. The retail businesses in Dubai make over 17 billion U.S. dollars a year, so be part of the procession and start your retail business in Dubai today.