UAE includes seven emirates: all of them are independent in their own way and have their own taxation systems. Separately, special free economic zones (FEZ) were founded – firms in which they may not pay some fees. In total, there are approximately 30 such zones. In addition to bonuses in form of zero taxes, doing business in UAE is being in a jurisdiction with a highly developed infrastructure. The state has convenient, loyal to entrepreneurs and progressive laws for opening your own company in different directions.
Main privilege of taxation system in this country is precisely the fact that the corporate tax here is 0%. Income tax is paid exclusively by those enterprises that operate in the oil sector.
Advantages of decision to buy business in UAE
- The UAE is not blacklisted by the FATF.
- There is no currency control.
- The registration process does not take much time.
- You can be the sole owner of the entire company.
- You can avoid double taxes for doing business in other countries.
- Permission to export the capital of the company to other places.
- A lot of tax incentives in certain areas.
Among disadvantages of registering a company UAE, one can distinguish a ban on commercial interaction with local individuals or enterprises. In the UAE, it is possible to approve a company in one of the following legal forms.
- LLC.
- Closed Joint Stock Company.
- Foreign enterprise branch.
More about the taxation system in the UAE
The UAE taxation system is characterized by the fact that there aren’t ordinary income taxes and VAT. Nevertheless, several areas of activity are covered by determined taxation rules: oil industry, tourism and banking.
Opening a bank account in the United Arab Emirates
To open a bank account for companies in UAE, you need to be present at a banking institution yourself. The account will be opened within 1 month after the application is sent, as specialists must check company’s documentation and establish beneficiaries. Each bank offers its own cost of opening an account. Additionally, organizations launched in the Emirates have the right to open an account in other states.
If you intend to open business in UAE, please contact us in any way convenient for you. Our experts are ready to advise you on any issues related to doing business in this state. We can also offer you a variety of ready-made companies for sale, as well as assistance in licensing, opening an account and other aspects of starting a commercial structure.
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