Why Set-up your Business in UAE ?
UAE Residency options
Over the past decade the UAE has become one of the most popular jurisdictions worldwide for the relocation of individuals.
With no taxes applied on individuals, straight forward administrative requirements and low processing costs, coupled with excellent accessibility, high-quality of life, political stability and sunny weather year-round, the UAE is indeed a very attractive proposal as a residency jurisdiction.
Residency in the UAE
Back in 2021
Law was introduced to enhance the competitiveness and flexibility of the UAE labour market, facilitate sector growth, spur knowledge transfer and skills development, and create greater stability and security for residents.
The UAE Government also announced it would allow people who have lost their jobs to remain in the country for up to 180 days from the earlier 30 days
UAE has overhauled its UAE’s immigration framework once again, with the formal introduction of a green card visa system or so called Golden visa (Validity: 5 & 10 years) and a Permanent Residency for investors, entrepreneurs, specialized talents and researchers as well as IT coders
Why the UAE?
Total exemption from income tax and wealth tax for individuals:
- No quotas on the number of issued residence permits
- No requirement to obtain a fiscal quitus from the foreign country
- No minimum requirement regarding the time spent annually in the jurisdiction1
Taxation
A residence permit holder is not subject to income tax and wealth tax in the UAE. He or she may claim additional tax relief through UAE’s vast network of double tax treaties. A residence permit allows its holder to reside anywhere in the UAE and authorizes him/her to enter and exit the country an unlimited number of times.
Opening of bank account
If you did not obtain UAE Residency, and are willing to open a UAE Bank Account for yourself or your business, then there will be certain restrictions which you will face after opening a Non-resident Bank Account in UAE.
It should be mentioned that such a bank account will be:
- Reportable to the jurisdictions of the owners’ tax residency
- Takes more time to open
- Limited in bank facilities
- Limited in online banking
- Not allowed for issuing credit or debit cards
CRS Reporting for UAE Companies
For any entity incorporated in the UAE has CRS reporting but not automatic or at the end of financial year. Therefore, bank only do CRS reports when it receives court order from the government official or financial institution from the client’s home country though bank holds all the rights for CRS reporting.
Advantages of Setting up a Free zone Company in the UAE
- 100% exemption from all taxes.
- High degree of privacy of corporate information and business operations.
- No public access to the Companies Registry.
- Can be 100% foreign owned. Stable currency pegged to the USD (3,67 AED for 1 USD).
- Non-residents of the UAE may act as directors and shareholders (corporate or natural persons).
- Minimum 1 shareholder and Minimum 1 director, can be act both as one person.
- Can have bank accounts in the UAE and abroad.
- If bank account in the UAE, one personal visit by the signatory is required.
- Investors can apply for residence visas.
- Can own investments, assets and real estate inside and outside the UAE.
- Quick set up, no need for a physical visit during incorporation.
- No requirement of financial reporting and annual audit for some free zones
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