If you are planning to set up a business in any of the seven emirates in the UAE, you are probably making the best decision of your life. Each of the emirates in the UAE is unique and offers its own features and benefits for setting up a business. Be it a mainland company set up in Dubai or a free zone business establishment you will have profitable returns in any case.
The various advantages associated with company formation in the UAE include:
• Trade hub
UAE has a culture of open and free trade with its trading partners with the average tariff rate for goods entering UAE being 5%. The country is covered with free zones that offer incentives such as tax and duty exemptions. UAE’s open border foreign labor hiring policy is an added advantage for private companies that allow them to recruit expatriate employees at internationally competitive remuneration.
• Strategic location
UAE enjoys excellent trading conditions being located strategically on the new Southern Silk Road between Asia, Europe and Africa. China, India, Latin America and Western countries are in constant business relations with the UAE, and use it reach out to different parts of the world.
• Low import duties
Most goods and items that are imported into the UAE have extremely low import duties. Moreover, goods imported into free trade zones are completely exempted from import duties.
• Corporate and Personal Taxes
Companies in Dubai or UAE’s free zones are not required to pay corporate and personal taxes and also enjoy 100% repatriation of profit and capital. Therefore, many business owners prefer Dubai Free Zone business set up.
• No double taxation
To avoid double taxation of foreign companies, the UAE has endorsed Double Taxation Agreements with several countries across the world.
• Strong and competitive economy
UAE’s transparent and beneficial business climate and highly stable political climate, allow businesses to enjoy a highly dynamic and escalating environment.
• High level infrastructure
The rapid economic progress in the UAE has also inspired a gigantic boost in the construction of residential, tourism and commercial facilities within the country.
To avail all these benefits it is best to hire a company formation consultant so that you are well-informed about each and every step of setting up a business in UAE.