UAE is a popular trade hub in the Middle East. Many companies have their headquarters set up in the country. Dubai has one of the world’s busiest airports and the largest manmade seaport. The country is on a fast pace of development.
The UAE is an attractive business destination for many investors due to the government’s multiple incentives. There is no personal income tax, and the administration of the Government Departments in the region is completely transparent.
UAE is a business-friendly country with a growing business ecosystem. The investors will experience world-class infrastructure, fast paperwork, transparency in communication, access to a robust banking network, business networking, and more.
Free Trade Zones in UAE
An important component of the UAE Business Landscape is the Free Trade Zones. The 40 plus Free Zones in the region often pose confusion for the investors to choose the right one.
That is where the business consultants have a role to play. Our team will assist the investors with the right Free Zone and company formation package.
Why Choose UAE for Setting up a Company?
UAE has got a growing business landscape. Foreign investors coming in to set up their companies in the region are due to the trust they have for UAE. UAE is an investor’s paradise and offers multiple benefits. They can easily launch a company in UAE with minimum hassles.
The 100% foreign ownership, low taxation, easy company setup, wide range of business activities and company license types, robust banking network, etc., makes UAE the No,1 choice.
A company can be set up in UAE’s Top Free Zones for a cost of AED 11,800 for a zero visa quota making UAE a low-cost company formation destination for the investors.
UAE has a stable economy and the Dirham is pegged to USD. There are no geopolitical tensions in the region. It is one of the safest countries to live work and travel. Also, the non-oil sector growth in UAE contributed to more than 70% of 2021 results.
It makes UAE a diversified economy welcoming more foreign investors to start their businesses across various sectors. The business ecosystem is heavily supported by the UAE Government and there are quick signs of growth recovery from the pandemic in the region.
No Personal Income Tax
There is no Personal Income Tax in UAE and it is a key highlight of the economy of UAE. Individuals and businessmen are not taxed for their income in UAE. So, it is a tax haven for expatriates.
From June 23, 2023, there will be a 9% Corporates Tax on selected industry sectors and companies meeting certain revenue generation criteria. Apart from VAT levied on all sales transactions in the UAE, Corporate Tax is the latest announced tax instrument in UAE.
Ease of Doing Business
There is minimal paperwork and documentation required for setting up a company in UAE. Investors can set up their company in the Free Zones within 2 working days from application submission.
UAE Government has made the company formation and business support services seamless so that investors can get the company running in the shortest possible time. According to the latest reports, UAE ranks No.1 in the Middle East region for the ‘Ease of Doing Business
World Class Business Infrastructures
UAE has got exceptional business infrastructure and facilities. The office spaces, warehouses, and storage units are of top-notch quality. There is a wide range of specifications available for business owners to easily make a choice.
The cost of office spaces in Free Zones and the mainland is comparatively lower than in business centers in Europe, China, and the US. Hence, for a reduced price what you are getting in I UAE is of the utmost quality.
5. Robust Banking network
The investors will have the access to a robust network of banking solutions for their companies. Ranging from insurance products to business loans, the banks in UAE have attractive business solutions for investors.
There is a strict KYC rule to be followed, and the background check will ensure minimal fraudulent transactions will be conducted via the banking networks of the UAE. The Central Bank of UAE governs the banking and financial sector in the region.
6. Free Trade Zone Offers
The Free Trade Zones in UAE offer exclusive discounts on company formation. There are attractive packages with office spaces and world-class amenities.
The Free Zones have multi-year business licenses for the investors to think long-term for their business. Multi-Year business license offer enables entrepreneurs to plan their business well and not have the hassle of company license renewal for 3 to 5 years.
7. Long Term Residence Visa
The long-term visa category is attracting many Investors to UAE for long-term settlement. Investors can apply for Golden Visa under various categories depending on their eligibility.
Investors, businessmen, outstanding students, scientists, innovators, media professionals, etc., from around the world can apply for Golden Visa. There are various criteria for beneficiaries across the business sectors.
With the latest changes in the UAE Golden Visa, investors can obtain a 10 Year golden Visa with a Property investment of AED 2 Million. Business Investors with small and medium enterprises that generate AED 1 million in revenue are qualified for applying for a golden visa.
Similarly, investors with projects that were sold for worth AED 7m or above are qualified for the 10year golden visa. There are major reforms in the Golden Visa category to attract more talents to UAE.
Hence, in a nutshell, UAE is the perfect choice for setting up a company for the global investor. They can easily scale up and expand to new markets by being in the UAE. There is no better time to set up a company in UAE than now.
To know more, get expert advice from our team of Business Setup Consultants right away!