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Dubai

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A number of companies that already have their headquarters here are aware of Dubai's economic growth potential. Want to follow them? What can doing business in this destination bring you? Dubai International Financial Center (DIFC) ranked among the 10 largest financial centers in the world. The Banker magazine ranked it 10th in its ranking of International Financial Centers (IFC), next to financial centers in London, New York, Hong Kong and Singapore.

Dubai and business

In the spirit of the well-known saying, everyone who is spiritually grounded is sorry, money comes first. Which is 100% true for this location. Indeed, Dubai offers its residents stunning opportunities that will allow you to become rich and wealthy. And that is primarily because there is no personal income tax here. This way you can save a lot of money!

Dubai and free trade zones

Dubai has a number of developing business areas. These are also known as free trade zones. Their essence is that they allow companies to settle in the city, but at the same time retain their so-called „Offshore status“.

The fundamental advantage of such a way of doing business?

Free zones are primarily exempt from tax. The license is usually issued within two to six weeks, depending on the specific zone. Somewhere, you are then limited to a certain extent by the condition that all the company's acti­vities must also subsequently be carried out precisely within this zone. Importantly, many duty-free zones only allow companies to trade outside of Dubai. Some free zones have special settings for the operation of certain types of businesses.

Offshore companies in Dubai

An offshore company in Dubai (Offshore Dubai LLC) is a limited liability company established in a free zone (see above). An LLC may trade under normal conditions and may be wholly owned by citizens of a foreign country. However, since there are no physical presence requirements for an LLC, you can also work through a virtual office.

Important information

As details of company directors and shareholders are publicly available in Dubai, we recommend that you use nominee services to maintain anonymity. It is necessary to submit the annual audited financial statements to the local authorities. Any such company established in a free zone must limit its business activities only to the territory of the respective zone. It is not allowed to trade in the UAE market. And it also cannot have customers in other parts of Dubai except the free zone. Which is a significant limitation, especially if your company intends to enter the UAE domestic market.

Other disadvantages include the fact that you cannot run any type of company purely on your own initiative. Each free zone is intended for a specific type of business. Examples of these zones include the following: Those reserved for imports and exports and free zones for technology firms and related fields. For this reason, your business activities are tied to the type of free zone in which you have established your office.

Dubai certainly does not need a long introduction. The United Arab Emirates has surprises for everyone. It is a magical fairy tale for people all over the world. Imagine a place where the police fleet includes world-famous brands such as Lamborghini, Ferrari or Bentley. A place where ATMs dispense gold bars. A place where robots participate in multi-million dollar camel races. Welcome to Dubai, the city of gold.

Once an oasis in the desert, now a vital artery of the world economy. Are you ready for it?

Basic information

  • Legal Entity Type: Limited Liability Company (LLC) Dubai Free Zone.
  • Establishment time: 10 working days.
  • Number of partners: Minimum 1, maximum not specified.
  • Partners: They can be natural or legal persons.
  • Share capital: The minimum share capital is 50,000 AED, the maximum is not defined.
  • Cash on Delivery: Not allowed.
  • Required: Be based in Dubai Free Zone.
  • Local Agent: Not required.
  • Executives: A minimum of 1 is required, a maximum of 7, only natural persons.
  • Residence of executives: Executives do not have to reside in Dubai.

Taxation:

  • Income tax: 0 % in free zones.
  • VAT: It also remains at 0 % in free zones.
  • The UAE government introduced a 5 % VAT – corporate income tax on domestic sales and revenues.
  • The UAE has more than 60 double taxation treaties with various countries.
  • Accounting: Accounting and preparation of annual accounts is essential, tax returns should be filed.
  • Audit: Should be carried out, the directors should appoint an auditor or auditors.
  • Anonymity and privacy: Information about directors and partners can be accessed in the commercial register

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