The plethora of business opportunities that are available in the UAE make it an ideal destination to start one’s business. A concrete business plan entrepreneurial skills are prerequisites to start a business in Dubai. In order to exploit business opportunities in the UAE, it is imperative to gain an extensive knowledge about the various platforms UAE offers which can help kick start your business.
Doing business in the UAE has become a lot easier over the past one year with the country, on the back of a string of pro-business reforms, improving its global ranking to 21 from 26 in the World Bank's "Ease of Doing Business" ranking. The UAE is often seen as a stepping stone for conducting business in the MENA region, attracting companies with its business-friendly climate, excellent supporting infrastructure, high class facilities and simple company setup process.
Setting up an offshore or a free zone company in UAE is ideal and hassle-free in various dedicated special economic zones which are tax free and duty free, and offer 100% ownership benefits to expatriate investors.
There are no taxes on personal income nor are there any withholding taxes in the UAE. There are no taxes on the income of companies, except for oil and gas exploration and production companies and branches of foreign banks. There are no taxes on the income of companies, except for oil and gas exploration and production companies and branches of foreign banks. The income of branches of foreign banks is taxed at rates agreed with the ruler of the Emirate in which they operate, generally at a flat rate of 20%. Oil and gas exploration and production companies are taxed at progressive rates of up to 50%/55% in the emirate of Dubai and Abu Dhabi.
UAE has introduced VAT which is based on the GCC Framework and Executive Regulations on the 1st January, 2018.
The UAE on 1st October, 2017 implemented excise tax on select items in the country. The tax affects specific "excise" goods that are produced in the UAE, imported into it or stockpiled in the Emirates, as well as excise goods released from a designated zone.
The World Expo is a global destination for millions of people to share ideas, showcase innovation, encourage collaboration and celebrate human ingenuity. They are organized every five years and last for six months.World Expo 2020 will be held in Dubai, in the United Arab Emirates, between 20 October 2021 and 10 April 2022.
Connecting Minds, Creating the Future