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.
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.
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 Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses (hereinafter referred to as the “Corporate Tax Law”) was issued by the United Arab Emirates (“UAE”), on 09 December 2022.
The Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax (“Corporate Tax”) in the UAE and is effective for financial years starting on or after 1 June 2023.