It is easier and safer for entrepreneurs now to set up businesses in the Emirates with the new Golden Card permanent residency scheme.

Omar Jackson, the partner at the international private equity firm Berkeley Assets says that this new government initiative reinforces the UAEs appeal as a land of opportunity where a true entrepreneurial spirit can bring in great rewards.

Initially, 6800 UAE expatriates will receive the golden card in the permanent residency scheme to encourage entrepreneurship as well as generate foreign investment attracting aspiring engineers, scientists and star students.

Jackson also says that the entrepreneurs with an outgoing approach, ones who can adjust quickly to market conditions will be able to reap the maximum benefits.

There is so much opportunity and a lot of wealth here, so in order to be successful, you also have to be outgoing and confident, he says. Confidence will bring in business and relationships are more important than anything else. Any budding entrepreneur has to be aware of the legalities here because they are different to other markets. Educating yourself on the codes of conduct in your industry is vital. In an emerging economy like Dubai, the landscape is changing regularly so you must be sharp and on the ball.

Berkeley Assets opened a new office in Marbella, Spain last month with others to follow this year in Singapore and Hong Kong to add its London and Dubai offices.

Omar Jackson says Setting up a new business has never been simpler.