Firm creation providers in Dubai 2023: What Makes Dubai a Good Place for Business? Dubai is, essentially, a tax-free nation. Income tax is a non-existent levy on people and businesses in the city, though specific corporate and excise taxes are levied depending on the situation; for example, multi-national banks and oil companies are expected to pay corporate tax for operating within the city. The tax-free nature of the city makes it a haven for businesspeople to make their home, and make the most of their income.
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With over 65 significant funds domiciled in the DIFC and well over 2000 companies resident within its regulatory parameters, the DIFC provides a flexible and hospitable business ecosystem for financial firms wishing to expand their global footprint. Accordingly, each free zone has its own specific requirements regarding minimum capital requirements, office or warehouse space and permitted activities; with each possessing the relevant licences and adequate legislation to enable their dedicated industry to flourish.
Accessible geographic location: Dubai is situated in the heart of the UAE, a country located in the Arabian Gulf, bordered by Oman and Saudi Arabia. Placed right in the middle of the Gulf countries, the Indian subcontinent, the Commonwealth of Independent States (CIS) and the African region, Dubai enjoys a tactical position that enables it to offer unrestricted prospects across a wide range of sectors. Multi-cultural/multi-lingual society: Dubai is home to people from over 200 nationalities, all of whom live and work in harmony and in unison. This means that no matter where you bring your business from, no matter what part of the world you belong to, Dubai will always feel like home. This makes it easier and much more socially fulfilling to do business, as you are likely to find people of your nationality who are already living and working here.
Benefits of free zones: With more than 50 different free zones across the UAE and with many more under development, free zones have helped make the UAE an attractive option for foreign businesses looking to relocate or expand their global footprint. The common benefits of doing business in a UAE free zone include: 100% foreign ownership of the enterprise; Access to world class logistic facilities; Availability of a large pool of multicultural, skilled professionals; Benefits from economies of concentration (given the zones dedicated to industries); Ease of recruiting international employees, with all free zones providing one-stop-shop services for work visas; Tax holidays – usually guaranteed for 15 or 50 years; 100% import and export tax exemption; 100% repatriation of capital and profits; Corporate tax exemptions for up to 50 years; Eligibility to apply for the UAE Tax Residency Certificate.
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