OWME Global Business Services

Dubai

Since the mid-1960s, exploitation of oil and gas reserves has enabled the seven emirates of the UAE to achieve substantial economic growth. Economic activity centers on the development of a modern infrastructure including roads, ports, airports, telecommunications, electric utilities and desalination projects; the construction of residential and commercial facilities, schools, hospitals and hotels; and the establishment of petrochemical and manufacturing industries.

The UAE‘s dynamic economic environment and the economic diversification strategy, has been made possible due to the massive investment in the infrastructure comprising of efficient road networks, excellent telecommunications facilities and the links with the outside world through first-class ports, both sea and air, which are constantly being upgraded.

In Dubai, hotels, office blocks, shopping malls and entertainment complexes are being developed rapidly and are putting the Dubai property market on the world map. The trigger for much of this expansion was the Emirate‘s decision to allow non-nationals to purchase freehold property in several property developments such as Nakheel‘s development of The Palm, Jumeirah and The Palm, Jebel Ali, which are the latest residential island projects currently in Dubai.

Dubai Knowledge Village (DKV) is the world’s only Free Zone area dedicated to Human Resource Management and learning excellence. Established in 2003 as part of TECOM Investments, DKV aims to develop the region’s talent pool and establish the UAE as a knowledge-based economy. This thriving knowledge community was founded as part of a long-term economic strategy to develop the region’s talents, in an effort to introduce new skills and the latest learning methods and tools following international standards of upgrading individual skill and professionalism. DKV is totally focused on professional training and learning support services. Knowledge Village in Dubai also offers first-rate facilities for the use of its knowledge partners and their students including serene landscapes, a food court, sports grounds and a gym.


FEATURES:

  • 100% Foreign Ownership
  • 100% Freedom from taxes
  • 100% Repatriation of assets and profits
  • Effortless visa issuance procedures
  • Guaranteed 50-year exemption from personal, income and corporate taxes
  • Exemption from customs duty for goods and services

TYPES OF LICENSES:

Freelance Permits:
  • Trainer: Individuals providing training to professionals in the areas of IT, Media, Business and Management, Logistics, Languages, etc
  • Tutor/Coach: Individuals coaching students on any curriculum specific to secondary and tertiary education
  • E-Learning Advisor: Individuals offering eLearning support services
  • Researcher: Individuals conducting research on various fields
  • Education Support Services: Individuals providing various services for the education system such as entrance exam coaching, curriculum design, application assistance, etc
Free Zone Limited Liability Company:
  • Professional Training Centre: Companies offering training courses and certifications
  • ELearning Provider: Companies offering eLearning Technologies and Support services
  • Research and Development Centre: Companies specializing in the field of research and development
  • Human Resources Development Centre: Companies specializing in Human Resource Development activities

Dubai Health Care City is the world's first health care free zone. Dubai Healthcare City welcomes healthcare investors who share our vision of providing world-class healthcare and putting patients first. The Dubai Health Care City (DHCC) has been launched with the aim of filling up the gap between Europe and South East Asia and establishing a regional gateway for customers and patients to receive world-class healthcare and enjoy first class medical and wellness services. The purpose of DHCC initiative is to provide the highest quality healthcare services to medical care and wellness seekers from the region by creating a world-class cluster of healthcare professionals and service providers at the heart of Dubai.

FEATURES:

  • 100% foreign ownership (no requirement for a local partner)
  • 100% tax free status
  • No corporation tax
  • No income tax
  • No customs duty
  • No restrictions on capital, trade barriers or quotas
  • Competitive pricing
  • On-site, one stop shop for government services (such as visas and permits)
  • Hassle-free company registration and legal framework
  • Fast track immigration process
  • Access to a wide network of healthcare professionals
  • Special interest seminars to promote professional standards and business growth

TYPES OF LICENSES:

  • Professional license
  • Clinical license
  • Commercial license

Dubai Gold and Diamond Park was established in May 2001 - and is located 20 km from Dubai International Airport. The DGDP enjoys strong support from the government, the Gold and Jewelry Group, and the World Gold Council. Having established itself as the business, entertainment and service hub of the Middle East. The DGDP has emerged as one of the most investor friendly environment, offering all the necessary assistance for tenants in all government related issues.

FEATURES:

  • 100% Business Ownership
  • Freehold Commercial Premises
  • Single Window Clearance (incl. Licensing, Immigration etc)
  • 50 year tax holiday on personal and income tax
  • No foreign exchange controls or barriers to entry
  • No restrictions on capital repatriation
  • Industry Benefits
  • Industry Clustering
  • Unique World wide centre
  • Purpose built infrastructure
  • World class security systems
  • Preferential freight rates
  • Luxury ambience

TYPES OF LICENSES:

  • Trade license
  • Manufacturing license
  • Service license
  • National Industrial license

Dubai International Academic City (DIAC) is the world’s only Free Zone dedicated to Higher Education. Established in 2007 as part of TECOM Investments, DIAC aims to develop the region’s talent pool and establish the UAE as a knowledge-based economy. The intention is for Academic City to be a base for schools, colleges and universities, while Knowledge Village will house training institutes and educational service organizations. Dubai Academic City will create a global academic destination that provides all institutions housed in it with opportunities for communication, experience-sharing and cooperation to utilize latest technologies and processes, said a senior official.

FEATURES:

  • 100% foreign ownership
  • 100% Freedom from taxes
  • 100% Repatriation of profits
  • Effortless visa issuance procedures for students, staffs and faculties

TYPES OF LICENSES:

DIAC is able to license the following business segments and provide you with the support to help launch your business:

  • Academic Service Provider
  • Educational Services Provider
  • Freelancers

Dubai Internet City provides a knowledge economy ecosystem designed to support the business development of Information and Communications Technology (ICT) companies. DIC houses global giants such as Microsoft, Cisco, IBM, HP, Siemens and Sun Microsystems to name a few, side by side with many Small and Medium size businesses in Software Development, Business Services, e-commerce, Consultancy, Sales and Marketing and Back Office Processing. Dubai Internet City (DIC) is located about 25 km south to downtown Dubai. It provides a strategic and cost effective platform for Information and Communication Technology companies that target emerging markets in the Middle East, Indian subcontinent, Africa and Central Asia.

Dubai Media City is a place where every kind of media business can operate with collective synergy, including media and marketing services, printing and publishing, music, film, new media, leisure and entertainment, broadcasting and information agencies. Dubai Media City has also set up Media Business Centres to promote talent and entrepreneurship in the region. These unique facilities are targeted at freelancers and independent media professionals. Freelancers find the Centres an ideal base for gaining visibility and building relationships with the media industry. Dubai Media City (DMC) is strategically located in Dubai at the crossroads of the Middle East, Africa and South Asia and has rapidly emerged as a global media hub.

FEATURES:

  • 100% foreign ownership
  • 100 % repatriation of profits
  • 100 % exemption from personal income tax for 50 years
  • 100% exemption from corporate taxes for 50 years
  • Metro Ethernet environment
  • Unparalleled opportunities for business interaction and networking
  • Great opportunities for channel and market development
  • Neighborhood of dynamic international community
  • Communications infrastructure of next-generation technology
  • Digital voice and high-speed data services offered at competitive rates
  • Equipped with world’s largest commercial IP telephony network
  • Single-window operations for business with government departments such as Police, Immigration, Post Office, Customs and access to Human Capital
  • Satellite broadcasting and Internet Services through a dedicated teleport
  • Support services such as food courts, banks, travel agents, car rentals, beauty salons, pharmacies, clinics, supermarkets and gymnasiums within the premises

Dubai Airport Free Zone was established in 1996, as a part of the Dubai Government’s strategic plan to be an investment driven economy. The growth rate of Dubai Airport Free Zone is the fastest in the region and houses over 1300 companies from industry sectors as varied as: logistics & freight, jewelry, aviation industry, pharmaceutical products, IT and mobile phones accessories.

Dubai Airport Free Zone (DAFZA) is easily accessible; it is located in the heart of Dubai and can be reached from any point of the city with ease. Its location within the Dubai International Airport has made DAFZA the most sought after free zones among international investors. Located strategically within the boundaries of Dubai International Airport, DAFZA offers a range of modern facilities with a state of the art infrastructure.

FEATURES:

  • 100 % foreign ownership
  • 100 % tax exemption
  • Fast and efficient cargo clearance facility
  • Logistics facility within the free zone
  • “One stop shop “ administration facilities
  • On site customer inspection
  • Companies at DAFZA can operate 24 hours a day
  • Investment – Oriented Management

TYPES OF LICENSES:

  • Trading license
  • Service license
  • Industrial license

The Dubai Multi Commodities Centre (DMCC) is a strategic initiative of the Dubai government created to establish a commodity market place in Dubai. It is rated 'A' by Standard & Poor's.It provides industry-specific market infrastructure and a full range of facilities for the gold & precious metals, diamonds & colored stones, energy and other commodities industries.

DMCC was the first UAE free zone authority to offer freehold business premises which comprises

  • a 50-year holiday on personal and income taxes,
  • full foreign ownership of business and
  • a one-stop shop facility for processing of all documentation including immigration and licensing needs.

The objectives of this progressive Centre include:

  • Creation of a dedicated market place in Dubai
  • Increase the value and volume of commodities traded in and through the region
  • Facilitation and integration of the entire value chain of its key segments
  • Broaden the local market horizon e.g. Refining – Manufacturing – Trade
  • Create industry specific market infrastructure for its core segments, innovate new products and services
  • Provide a supportive business environment through purpose-built infrastructure
  • Promote regional industry growth
  • Enhance local industry through implementation of international standards

FEATURES:

  • Unique World wide centre Industry Clustering
  • 100% Business Ownership
  • Purpose built infrastructure
  • Ability to purchase premises
  • World class security systems
  • Single Window Clearances (incl. Licensing, Immigration, etc)
  • Preferential freight rates
  • Guaranteed 50 year tax holiday on personal and income taxes
  • Regulated environment
  • No foreign exchange controls or barriers to entry
  • No restrictions on capital repatriation

TYPES OF LICENSES:

  • Industrial License
  • Trading License
  • Service License

The UAE has a vibrant free economy with a significant proportion of revenues arising from exports of oil and gas. Successful efforts have been made to diversify away from dependence on hydrocarbons and a solid industrial platform has been created together with a strong services sector. The establishment of free zones has been an important feature of this diversification policy and the reform of property laws gave a major boost to the real estate and tourism sectors.

The Global Competitiveness Report 2016-2017 published recently by the World Economic Forum (WEF) ranks the UAE as the 16th country in the world in terms of competitiveness. The UAE has established a council of competitiveness to enhance efforts to achieve sustainable development through the setting up of legislative frameworks and the provision of developed infrastructure that will further enhance the country’s status as a regional and global hub for investments. The council continues its communication with government agencies and the private sector through workshops and meetings, to coordinate efforts and explore ways to further enhance the competitive advantages of the UAE.

Economic and fiscal policy

Since the early 1980s, the two main economic objectives set by the UAE government have been to reduce reliance on hydrocarbons and boost private sector investment. This strategy is being followed diligently in an effort to offset the country’s vulnerability to fluctuations in oil prices and to propagate economic growth and stability. The fact that there are no restrictions on current and capital account transactions, helps to implement these objectives as does the fact that foreign entities repatriate dividends, profits, interest or royalties without restrictions, with the exception of foreign banks which are required to obtain the Central Bank of UAE’s approval. The UAE aims to promote free trade with minimum restrictions on foreign trade and investment. The policy of the UAE government to encourage foreign investment is evidenced with new and impressive industrial and commercial developments frequently announced.

Infrastructure

Infrastructure in the UAE is second to none. Telecommunications, including mobile telephony and land lines as well as internet access are at least as good as that of the world’s largest international business hubs. The road network is constantly upgraded and ports and airports are of world class standards. The UAE is creating one of the world’s biggest and most efficient cargo handling centres. To date, the government has invested heavily in infrastructure development, and it has also opened up its utilities and other infrastructure to increase private sector involvement.

Security and stability

The UAE is enjoying political stability. This has enabled the implementation of sound economic policies reinforcing the country’s social structure to develop one of the most tolerant, prosperous, secure and safe societies in the world. Dubai and Abu Dhabi have been ranked the top two cities in the Middle East region for quality of life, according to latest editions of global surveys. Long-time investors include a wide range of multinational companies headquartered across the globe.

World Expo 2020

Dubai has won the right to host the 2020 World Expo, sparking national jubilation as the business and tourism hub secured an extra recognition for its growing economy. Five years after the economic crisis, Dubai became the first Middle East location designated to host the 2020 World Expo, fending off competition from Ekaterinburg in Russia, Izmir in Turkey and Sao Paulo in Brazil in the international vote held in Paris.


Investment laws, regulations and incentives are continuously improving to encourage further foreign investment.
This includes the introduction of foreign ownership of land and stocks – Dubai became the first emirate within the
UAE to open its property market to foreign ownership, followed by Abu Dhabi.

Company law

On December 4, 2011, the UAE Federal Cabinet has approved a new Company Law that paves the way for more
relaxed foreign ownership above the existing ceiling of 49 percent in the future. In addition, the new law allows for
a simplified process of starting a business in the UAE and strengthens protection of shareholders. A new FDI law is
also in the works and, when announced, will make the investment environment even more attractive.

Some of the main features of the new company law include the following:
  • The existing 49 percent foreign ownership threshold will remain; however, the new law permits the Cabinet to issue a separate resolution specifying the types of businesses that may be majority-owned by foreigners.
  • It is expected that majority foreign ownership will initially be permitted only in business sectors in which the government seeks to increase foreign direct investment.
  • The new law reportedly exempts from its application public joint stock companies wholly owned by a federal or local government, and will likely focus on private joint stock companies and limited liability companies.
  • With respect to minimum capital requirements, the current position remains unchanged as the new law will not require new companies to have a minimum required share capital and this has been the position under the existing law since 2009.
  • One of the many aims of the new legislation is to reduce the length of time required to establish a company.
  • The new law is likely to increase stock subscription amounts for raising capital for newly founded public joint stock companies.

Intellectual property rights

The UAE is a regional leader in the protection of Intellectual Property Rights, with continuous improvements of
copyright, trademark and patent laws. The rate of software piracy in the UAE is regarded as one of the lowest in
the Middle East and Dubai is acknowledged as the best performer.

Tax Framework

There is no federal corporate or income tax levied in the UAE (except on oil companies and foreign banks). Dubai introduced a local income tax under the Dubai Income Tax Ordinance of 1969; however, the tax has not been implemented and it is understood that there are no plans to do so. In addition, free zone entities are subject to a number of tax concessions. There is no value added tax or sales tax in Dubai or the UAE. There are no exchange controls on the remittance of profits or repatriation of capital and there are virtually no restrictions on foreign trade.Corporate governance Dubai has embraced the need to develop and encourage principles of good corporate governance in the Middle East which can only help to attract foreign direct investment. Hawkamah Corporate Governance Institute, the first institute of its kind in the UAE, has been established with the mission of assisting the countries and companies of the Middle East region to develop and implement sound and globally well-integrated corporate governance frameworks.

Dubai’s serious attitude to developing corporate transparency and principles of good corporate governance and anti-money laundering is a beacon for the Middle East region and is a significant attraction to the international investment and financial community.

Over the past years, the UAE has increasingly emerged as one of the most popular jurisdictions worldwide for the relocation of high net worth individuals (HNWIs), even becoming a preferred alternative to traditional jurisdictions such as the UK, Switzerland, Monaco and Singapore.

With no taxes applied on individuals, straightforward administrative requirements and low processing costs, coupled with political stability, excellent accessibility and sunny weather all round, the UAE is indeed a very attractive proposal as a residency jurisdiction.

The UAE's position has further been reinforced by the ongoing tax backlash in other hubs - eg amended UK regimes pertaining to "non-doms", first signs of erosion of the lump sum tax system in Switzerland as well as plans from various countries to tighten the screw on Europe's tax havens.

Why Relocate in the UAE?

  • exemption from income tax and wealth tax for individuals
  • no quotas on the number of issued residence permits
  • no requirement to obtain a fiscal quitus from the foreign country
  • no minimum requirement regarding time spent annually in the jurisdiction other than visiting the UAE at least once every six months
  • no requirement to effectively reside in the UAE
  • competitive costs for issuance and renewal of the residence permit
  • competitive costs of ongoing substantiation
  • presence of internationally recognized financial legal and tax service providers
  • primary hub and platform to access international business
  • political stability
  • pleasant climate

Residence permits

Individuals, other than UAE and GCC citizens, must have a residence visa if they want to live in the UAE. Obtaining a residence permit is the primary condition for being considered as resident in the UAE. As a general rule, one has to have a sponsor in order to apply for a residence permit in the jurisdiction.

For many expatriates, the company that employs them will act as their sponsor and secure them residence visa. For those who do not come on an employment contract, there are two other ways for obtaining UAE residency:
  • investment in real estate (property residence visa)
  • set up of corporate structure to act as sponsor
Real estate investor/property residence visa
UAE government in June 2011 introduced a new system extending the validity of the visa granted to real estate investors for up to 3 years. The following rules and conditions govern the issuance of a real estate investor visa:
  • the property is built and ready for accommodation
  • the applicant proves ownership (title deed issued by the Land Registrar)
  • the property is worth minimum AED 1 million (equivalent to US$300.000) with no mortgage
  • the applicant's income is higher than AED 10.000 (US$3.000) monthly
Corporate Structure
The other way to obtain residency is through a corporate structure. As a general rule, one has to have a sponsor in order to apply for a residence permit in the jurisdiction. For foreigners, setting up a company is a practical way of obtaining sponsorship.

As far as the company is concerned, it must have physical presence in the UAE. In that regard, the most interesting and cost effective options are proposed by free zones situated in the northern Emirates. Usually, these options consist of "flexi desks" or "flexi offices".
Lifestyle
There is little crime in the UAE and the country is clean, with modern facilities. Foreign newspapers, magazines, films and videos are readily available. Alcohol is available for consumption by non-muslims in certain emirates and may be consumed at home, in hotels and on licensed club premises. There is also a wide range of entertainment available including clubs, cinema, theaters, desert safaris, and there are many sporting facilities, restaurants and hotels. Women are permitted to work and can drive and move around unaccompanied.
Transport
The UAE has a comprehensive road network with driving on the right hand side of the road. Taxis are the main form of public transport. Visitors may hire a car if they hold an international driving license. Major international car rental companies operate in the UAE.
Education
There are government schools in all the emirates providing free primary and secondary education to UAE nationals. There are private foreign schools offering the academic curriculum of the UK, the US and other countries such as Italy, Japan, Iran, France, Germany, India and Pakistan as well as the international baccalaureate.
Medical services
The department of health and medical service provides medical care to all UAE nationals, visitors and resident expatriates. The department issues health cards to individuals that entitle them to subsidized consultation and free medicines. Fees on medical examination by consultants in hospitals are less for health card holders than for non-card holders while UAE nationals who hold health cards are exempt from these charges.
Working hours
Normal hours of work are 8 hours a day.
Relocation to Dubai described as "new Switzerland"
Dubai is widely described as the "new Switzerland". Many advantages exist for HNWIs in Dubai to fit this description, including:
  • pro-business and advantageous tax regime, no personal and corporate taxes, no capital restrictions and 100 percent repatriation of capital and profits
  • bank confidentiality and no exchange of information agreements with any country
  • sound and developed economy with significant natural resources, state reserves and growth prospects
  • mature, safe, well capitalized and regulated banking sector
  • banking system that allows 24/7 online transfer capabilities and cash withdrawals
  • stable currency pegged to the US dollar eliminating currency risks
  • a regime that prohibits unethical and high risk activities
  • no social unrest and low crime rate
  • abundance of high end accommodation facilities, marinas, entertainment, luxury lifestyle and world class shopping
  • business hub with significant commercial activity and profusion of top end office space, staff and executives for employment
  • word class health system
  • top international schools and universities at all levels
  • advanced telecommunications
  • air connections via world class airports with significant direct flights and major transit hub
  • a good climate, sunny for the most of the year at the sea cost

1.  What is the real use of an offshore company?
Registration of an offshore company is a recognized and effective tool for tax planning and asset protection.  Offshore companies in the UAE stand out from other alternative jurisdictions that offer registration of offshore companies.
Registration of an offshore in the UAE gives foreign shareholders – legal entities and individuals – 100% ownership with full tax exemption. There are no requirements for minimum share capital, no restrictions on capital and profits expatriation. UAE company law and banking regulation offers reliable mode of confidentiality, and a reliable and efficient banking system. The United Arab Emirates, in fact, being a tax-free country, do not fall under the category of “tax heavens” and have never been blacklisted by European countries as an offshore jurisdiction.

2. What is the real use of an onshore company in Free Trade Zone of the UAE?
Apart from significant tax optimization, an onshore company in a Free Trade Zone can greatly minimize the cost of production and/or operational control of the operative business in the country. Due to the absence of corporate tax on most types of business activities and no income taxes, minimal deductions related to the payment of wages, the UAE are a very effective place to do business.

In addition to significant tax advantages, the UAE have well-developed infrastructure, cheap energy and a favorable geographical position in the region between the West and the developing East. The Emirates are favored from other countries by progressive and friendly legal framework for doing business.

The uniqueness of onshore companies registered in the UAE Free Zones is that there are no taxes despite the fact that a company can have a real working office and actually be managed in the UAE.

On-shore companies registered in the Free Trade Zones of the United Arab Emirates – is not offshore, but a full resident company with no taxes (except taxes on the oil industry and tourism).

A company that is registered in a Free Trade Zone allows its owner to get a resident visa of the UAE and benefit from the extensive network of double tax treaties available.

3. How long have you been in the business?
The company’s shareholders have over 26 years of joint experience in this business, including accounting/audit, corporate services, management consultancy, banking, financial and legal consulting in the UK, Cyprus and the UAE.

4. Why cannot I register a company myself?
There are more than 30 Free Trade Zones in the United Arab Emirates, where it is possible to register onshore or offshore companies for almost any type of business activity. In addition, each Free Trade Zone has its own specifics. When you choose a FTZ, it is important to understand the purpose of incorporation in order to foresee any misstep, which may subsequently lead to large financial losses. Besides, a dominant number of different issues related to the company activity (including its renewal) can be solved only by personal visit to the relevant authorities, which can be handled by our Advisors. In addition, even though you can save on professional services of a consulting company, there is a higher risk that you may probably choose not the best option for the company, its license type, permitted activities, the number of visas and different expenses. In this case, eventually, there is a higher probability that you will have to pay significantly more and to deal with some unexpected questions and challenges.

5. How quickly can I open a company and a bank account in the UAE?
Time required for the incorporation of offshore companies in the UAE - around 2 to 7 working days depending under which Free Zone the company is registered with. RAK IBCs can take as little as 1 day to register, JAFZA IBCs may take up to 7 days.

Opening a bank account takes from one to three weeks, considering a period that a bank needs to activate internet banking system.

The time required for the opening of an onshore company varies from 2 to 20 days. It usually depends on type and complexity of obtaining the license, and the set of documents submitted by the Customer.

6. How many days do I need to spend in the UAE to register a company and to open a bank account?
One day. The rest of the steps to complete incorporation of your company will be performed by our Advisors.

7. Do I have to come again to renew the company?
No, you needn’t. Renewal of the company will be carried out by our Advisors for you.

8. What are the advantages of the UAE compared to other jurisdictions?
Classic offshore companies cannot be managed from the territory they are registered at (otherwise, as a rule, taxation will be applied in the country of its registration). That is why classic offshore companies can often define residence not by the country of its registration, but by country, where the company is actually controlled from.  This fact usually entails significant tax risks in relations with tax authorities in different countries. In case of registration of a company in the UAE, these risks are not applicable. If the business processes are properly structured, the company can prove its residency in the UAE without any tax complications due to the absence of taxation in this country.

The question of the actual residence of companies has recently become particularly acute. Business relationships with offshore companies have become very complex. This situation is getting even more complicated in recent months. Companies in the UAE efficiently solve this problem.

Companies in the UAE Free Trade Zones are more expensive than ones in classic offshore jurisdictions. However the absence of taxes, stability and recognition of this jurisdiction by other countries, effective banking services and availability of Double Tax Treaties outweigh the costs difference.

Onshore companies registered in the Free Trade Zones of the United Arab Emirates are not considered offshore, but a full resident company, with no tax (except taxes on the oil industry and tourism).  Unlike classic offshore companies, where any financial flows result in high attention from bank supervisory authorities, companies that are registered in the UAE, usually do not draw in any concern from authoristies.

In addition to the above:
The presence in the UAE may open new opportunities for new work within the GCC region.
Ability to transfer part of the production chain to the Free Zones without any taxes and cheap labor forces.
Powerful UAE logistic infrastructure can be effectively used when working with international markets.

9. What are the real business advantages of the UAE, including logistics, manufacturing etc.?
When opening a new operational business in the UAE, you can greatly minimize the costs of production and/or operational control of the business. Since there is no corporate tax on most types of activities and no income tax, absolutely little deductions related to the payment of wages, the UAE is a very effective place to do business.
Along with significant tax advantages, the UAE has an extensive logistic infrastructure and cheap energy. It also has a fortunate geographical position in the region and can be favorably compared with progressive and friendly legal framework for doing business.

10. How to open a bank account in the UAE?
Given the fact that each bank is unique – different sets of services – from classical retail to full corporate or private banking, different documentation requirements and minimum balance, different tariffs, specialization in certain sectors or countries, etc., correct choice of bank is the key to continued success of cooperation with it. Taking into consideration the specificity of each bank, it becomes noticeable that opening a bank account abroad is an important step in the structuring of foreign business and tax planning. It requires serious analysis and approach in each case, as well as proper preparation of all necessary documents for the bank.

Basing on your preferences (reliability and prestige, the bank’s rating, a set of services provided by the bank, the minimum deposit required, the costs of banking services, etc.), our Advisors will provide you with a choice of reliable banks in stable and economically developed countries, following a strict privacy policy. They will make all the necessary steps to open accounts in the UAE and will prepare the necessary documents for you. At the same time, if necessary, they will give you an opportunity to open an account without visiting the bank. You can familiarize with the basic set of documents for opening a bank account here (link).

11. Obtaining residence permit in the UAE.
One of the most important factors in the further successful development of Dubai is a liberal policy of the state in relation to foreigners, who lives, works, or just visits the country. That is why Dubai has become home to more than 150 nationalities. The local population is currently slightly more than 11%, the rest people are arrived foreigners. At the same time the UAE have created such conditions for life and work that no one feels like a foreigner in this country.

12. What are the taxes for companies and individuals?
The UAE has no income tax for individuals. As for the tax on corporate profits, it is charged only from banks and the activities related to oil industry and tourism.

Companies registered in the UAE Free Trade Zones are not taxable; there is no either VAT or fees related to the payment of wages. In addition to the above, companies have significantly reduced paperwork with regards to invoicing, acts of completion, reporting to different institutions. There are no tax inspections, audits, any risk of bribes or any other risk that the company will be blocked from trading working for any reason. If your business is well set up, the necessary licenses are in acquired, your business will be traidng on a going concern!

13. How comfortable is it to live and work there?
The United Arab Emirates is a unique combination of opportunities for business and recreation. You can be amazed by entire business areas, including financial districts with a modern stock exchange, wonderful stadiums, theatres, museums and recreation parks, expanding of the existing airport and building of another one (the largest in the world), modern logistics and manufacturing facilities in the Free Economic Zones, well-developed all business and social infrastructure – all of them are put into operation.

14. What are the living costs in the UAE?
Dubai is very diverse in all aspects of life. This diversity is affordable for people of completely different income and social statuses. This can be easily seen in a huge prices range. For example, a prestigious restaurant of the highest building in the world, Burj Khalifa, keeps very high, ”royal” price bracket. At the same time, another restaurant, with spectacular views on the musical ”dancing” fountain, can offer delicious food at very reasonable prices for you. The same principle is true for each emirate. When you arrive in the UAE, you will be able to choose from the most expensive to the cheapest market segments. But even the quality of the last ones will leave you more than satisfied.

Statistics show that the annual population growth rate is 7%. It points out the dynamic development of the UAE, and that residence in this country becomes more and more comfortable.

Your attention can be grabbed by the fact that luxurious lifestyle in the UAE costs much cheaper than in Western or Eastern Europe. Let us take an example of purchasing a prestigious and expensive vehicle: a car, selected in a price range from 120 to 150 thousand dollars in Vienna, will cost $ 80-90 thousands in the UAE. The same formula is valid for the prices in luxurious restaurants and everything that involves the concept of “luxury.” A similar difference is applied to the prices of economy class.

In the UAE, people are really caring of children and, therefore, pay great attention to their education and their leisure time – whether it is malls, recreation areas, parks or restaurants. On the other hand, you can rest assured regarding developing part of your children’s lives, because children’s education in the UAE is presented very diversely. You can select from different branches of prestigious schools and universities of the USA, Canada, Australia, Britain France etc.

15. My knowledge of the language - how to deal with everything?
The UAE is a multinational country and everybody speak English. It is perfect if you know English language at advanced level, you know how to write, read, and easily speak. However, even if you took only several language courses, you can come to the UAE without any hesitation. People here got used to different accents, and you will not feel that sort of inconvenience and discomfort that you usually come with communicating amongst English-speaking society, when you are always afraid that you say something wrong.

An important advantage in the UAE is that you can be served by people, who speak almost any language of the world at all basic services (shops, pharmacies, doctors, hairdressers, etc.).

16. Confidentiality.
The company’s shareholders, who have many years of experience in bank sector, legal and financial consulting, where confidentiality policy is an indicator of professionalism and absolutely essential part of business, incessantly have followed and continue following the regime of maintaining of absolute confidentiality of client information and embody the principle of this approach at all levels of our company.

17. Can you provide a complete back office, including the preparation of accounts, contracts, and other issues?
Our office can take on all aspects of your company's administration from starting from setting up your company maintaince of records as well as preparation of accounts, audit, general administration and management advice.  Click here to for list of services.

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