Quote from: CryptopreneurBrainboss on Today at 09:45:01 PM

Quote from: Fortify on Today at 09:01:19 PM

Dubai is a playground, business deals are definitely completed there and it is home to many millionaires - but it is still a very fake country. No big businesses are going there to setup their main headquarters and store money within the reach of the UAE authorities. The mindset has shifted slowly, but there is no getting second citizenship in Dubai, you will always be an outsider unless you were born their and their citizens get a lot of perks thanks to this.

I always thought Dubai was just a country for money laundering but after more findings I noticed they're open to all kind of business that meets to their religion standards. It's quite a nice country for business to make alot of money because of the high inflow of foreigners (tourist) visiting the country. Dubai is open to startup, small businesses but you shouldn't based all your business there since they're very religious and can turn on you at anytime. They do have less strict regulation that makes businesses to strive over there but let all that glitters not fool you.

The problem in Dubai or any of the governorates of the United Arab Emirates is that it does not represent a large market despite the growing population. It can be considered an incubator for companies operating specifically in the services sector, but it is not suitable for other types of investments such as agriculture or industry. The service sector alone cannot build a strong economy, and therefore opening a company there carries a degree of risk that cannot be overlooked. On this same basis, Dubai or Abu Dhabi grants facilities to companies to invest in them, including emerging companies in the field of crypto, given that these companies provide their services on the Internet and target the global market and not just the local one.

Quote from: CryptopreneurBrainboss on Today at 09:45:01 PM

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It has a very biased and heavily religious influenced legal system which is not acceptable for most mega scale business dealings. If you go into debt in Dubai, you will be jailed until you pay it off, this is not a normal practice in most other advanced economies.

I find this very disturbing, how do they expect you to pay your debts when you're in prison or are they trying to make you useless so you won't be able to clear your debts and will have to owe them forever. Are they expecting you to get into more debts by borrowing just to pay them and when you get out you begin to struggle since you are in debt.

These laws were enacted with the intention of deterrence, meaning that any person will think carefully before borrowing whether he is able to pay the debt or not. Those most affected by these laws are those who deal with late-paid checks.
This is a legal dilemma that many countries suffer from, and they are still unable to find an appropriate solution that guarantees the rights of the creditor and the chances of repayment for the borrowers.