Life gave crypto businessman Ilman Shazhaev lemons when he bought caught in Dubai within the wake of the COVID-19 lockdowns. Nevertheless, just like the previous adage, he “made lemonades” by recognizing the alternatives within the nation.
In a Cointelegraph interview, Shazhaev shared that he bought stranded within the Center-Japanese nation through the pandemic lockdowns. Nevertheless, he quickly realized that it was a blessing in disguise.
“At first, it was a coincidence — I bought caught in Dubai through the lockdown. Quickly sufficient, I spotted that that is one of the best place to conduct worldwide enterprise: very lucid enterprise rules plus a superb surroundings for entrepreneurs.”
When requested why he determined to relocate and launch companies in Dubai, the tech government talked about the power of town’s rules. Shazhaev says that “the important thing level is that the native rules work as they need to: Neither cash nor connections can assist you keep away from punishment if you happen to violate the legislation.”
Aside from this, the businessman additionally talked about the benefits of IT-related companies on the subject of taxes. “For me, one of the best information is that for the reason that authorities is strongly focused on serving to the IT-sphere evolve, such corporations are exempt from taxes,” he mentioned.
At first, the entrepreneur has additionally confronted a number of difficulties whereas doing enterprise within the area. Being a multi-cultural location, Shazhaev says it took some effort to adapt. “Adapting to the native enterprise mindset took some effort as a result of there are lots of totally different nationalities right here,” says Shazhaev.
“Communication was troublesome at first. However after the primary few offers, I bought the grasp of it, and enterprise bought simple for me.”
Associated: The crypto oasis: How the UAE grew to become the Center East’s digital asset champion
The businessman additionally in contrast his expertise inside Dubai to different nations that he operated in. “I’ve been part of crypto corporations positioned in China, Indonesia, Russia and Hong Kong. In contrast to in these nations, there is no such thing as a paperwork mess within the UAE,” mentioned the tech government.
Shazhaev runs a digital asset administration firm referred to as OneBoost. In 2019, he transferred the operations to the UAE. After some time, he launched one other enterprise referred to as the Farcana Metaverse in Dubai.