The reasons why Dubai should be on your business radar are plenty.
Dubai is one of seven emirates forming part of the UAE (United Arab Emirates).
This country has a reputation for high standard of living and a thriving business environment – and this is most evident in Dubai.
Often dubbed the ‘business hub of the Middle East’, Dubai is an exciting place to be in and do business. As an exceptionally successful city, Dubai flaunts a lifestyle like no other and plenty of business opportunities and investment incentives.
It has a growing economy which is diversifying and changing over time – moving away from being oil-focused and becoming home to a vast array of economic activities. Laws are continuously improving in favour of foreign investment, leading to considerable foreign ownership of land and stocks. As a result, the city attracts millions of visitors every year – many of them investors – from every corner of the world.
Dubai has made a name for itself in the area of business and finance, becoming a key international finance centre and a top destination for various transactions.
Ideally located between East and West and combining the two time zones, it has often served as a mediator and a gateway from one part of the world to the other. This means that it is open to the business hours of the entire world – a huge advantage for many businesses.
Daily flights also help in connecting this hub with top financial institutions and various businesses from anywhere in the world. Travel within the UAE itself is extremely efficient, and the advanced physical infrastructure is unparalleled. Not only is Dubai a popular travel and business hub, but it also attracts health care providers and university branches – making it a world-class destination for health and education, alongside business.
Creating a business in Dubai is straightforward, and it is possible to open and operate bank accounts both locally and internationally. The advantages of operating a business without the burdens of taxation are many, so it comes as no surprise that a large number of international businessman are making their way to the city. All businesses are conducted with full transparency and legitimacy – and the potential for business is endless.
There is no doubt that Dubai is a well-established business jurisdiction for many. The appeal of its lifestyle combined with unique tax regulations makes it an attractive destination for businessmen, and it has proven to be a tax haven for many international companies. This is in part due to favourable taxation treaties that the city has built with other countries. In order to welcome international business, the UAE created ‘Free Zones’ in which a foreigner could easily set up a business. Each ‘Free Zone’ is different – having its own locations and regulations, and some extra knowledge and guidance would bring you a long way when it comes to understanding these areas.
By becoming an owner of a ‘Free Zone’ company, you get to benefit from a lot more than just tax exemption. You get 100% foreign business ownership, the option of having multiple shareholders, trading outside the UAE, confidentiality, and a strong banking system which already exists in the UAE.
When setting up your business, you need to obtain a license depending on the type of business you have. Some areas might require further approval. In Dubai, there are regulations on the makeup of your firm and your trade name – and it helps to have an experienced agency walk you through some of the specifics. Although Dubai might be the ideal destination for your business, you will probably require some assistance in setting everything up.
At Fairwinds Management, we offer company incorporation services for Dubai, and can lead you every step of the way in setting up your offshore company as well.