The UAE and Dubai, in particular, have always been one of the top cities where people chose to migrate. Connectivity will be key to the growth of all future megacities and is the reason for Dubai’s rise as one of six truly global cities in the world. The large coastline and the global aviation hub ease the transportation and connection of people from all around the globe to come together in one place. The country’s free economy is always open to foreign business and investment, and the government policies are extremely favorable for the business landscape and the SMEs. A range of support is offered by the government for companies who are looking to set up a business in Dubai. Also, businesses operating in the free zone have permission to be 100% foreign owners with minimum import duties.
The tax structure of the country is one of its most attractive features. There is no federal income tax and corporate tax is applied only to the banking and oil industry. VAT has been fixed at the nominal rate of 5%, making the UAE’s tax and fiscal landscape one of the best in the world. Establishing a company in the UAE is a reasonable way to get a UAE residence permit. You can either set up a company or purchase shares in an existing one, but you must own shares with a value of at least AED50,000 (fully paid-in). The company does not need to carry out real commercial activity in the territory. Business registration is possible in Mainland and free zones. There are more than 40 free zones where you can incorporate your company. Notably, free zone companies are tax-exempt.