Opportunities in Dubai
Dubai is an interesting place for business owners. You probably noticed a socialist trend that has been growing in recent years, all over developed world. Lots of people and politicians believe that nobody should be very wealthy and that those who make big amounts of money should be taxed heavily (even more than now!).
Well, this is not the case in Dubai.
UAE – ZERO tax country
UAE has zero percent corporate tax. There are three types of companies that you can do here:
-International offshore companies. These are not so popular anymore. They are similar to traditional BVI companies.
-Free zone companies
If you are coming to Dubai you will want to open a free zone company.
Free zone company will also make it easier for you to open a bank account.
There are over 30 free zones in Dubai. They have different requirements, so you need to pick one that will suit your needs. Some are more expensive than others.
Free zone companies are a big thing
Free zone companies will give you the ability to have a visa with a company. This is an amazing opportunity. To maintain your visa you will have to visit Dubai for at least one day every six months.
We live in a time where traditional offshore places are slowly dying, as it’s becoming impossible to bank and do business with those companies. This gives UAE a spotlight. It’s zero tax. Banking is not bad, but still has lots of improvement to do.
With a company formation, you can permanently relocate to Dubai. This is a new thing before they would only give you a visa for a couple of years. Now they are becoming more and more open.
Something that you will notice about Dubai, is that lots of people come there temporarily. They relocate, do some work or run a business but usually don’t have intentions of staying there for their whole life. Well now, with their permanent residency program we think that this will change. People will be more likely to consider UAE as their permanent home.
They have a VAT of 5%. Personal tax is zero %.
If you are making a couple of million USD a year, then living in the UAE will save you quite a lot of money.
If you want to read more about life in Dubai, you can click here.