The UAE is known to be among the top ten countries globally for expatriates to live and work in. A survey by HSBC highlights the UAE’s entrepreneurial surroundings, job prospects, and higher salaries as primary factors attracting expats from across the planet. With 80% of UAE residents being foreigners, it becomes clear that there’s lots of scope for foreign investment. It is easy and efficient to start a business in the UAE. The process of business setup in the UAE involves less documentation and most of it is in English. Moreover, the UAE government encourages foreign investment and startups in many ways by offering long visas for investors. Starting a business in Dubai or Sharjah, two of the primary Emirates in the country, also helps expatriates to get a residence visa for themselves and members of their family.
One of the key recent attractions that make UAE best fitted to business setup is 100% ownership of companies for foreign nationals. The country has removed the requirement to have UAE nationals as sponsors, therefore permitting expatriate investors 100% ownership of their business since December 2020. In recent years, individual Emirates allowed foreign national closely-held corporations to accumulate the remaining stakes on a case-by-case basis. The newest modification, therefore, extends the scope of that considerably. The amended law allows natural and legal persons to form companies without the need for a specific nationality. The law, however, will not apply to some companies that are excluded based on decisions by the Cabinet and those that are either wholly-owned by federal or local governments or their subsidiaries.
What are the other reasons that make UAE the best option?
The UAE is one of the leading business-friendly countries within the world. Over the years, it’s become a money powerhouse with numerous industries that are booming with a stable form of government, a business-friendly tax regime, liberal trade restrictions, and powerful capital flow. As a result, it has become an increasingly popular investment choice and the best option for expatriates.
The best part of starting a business in Sharjah or Dubai, cities within the UAE are Free Zones. These business setup zones have become very popular with foreign investors. This is because free zone companies get special privileges, such as 100% foreign ownership, 100% repatriation of capital and profits, no need for local sponsorship, and exclusions on corporate tax, personal income tax, sales tax, and import-export tax. Furthermore, duties are low, and there are no trade barriers.
The government estimates that nearly 92% of the Emirates’ population is created from expats. This could only mean that the relocation process here is a well-oiled machine.
If you are relocating a longtime business or wanting to start a brand new one, then you’ll be able to get help from relocation specialists. These corporations are specialists that will help you with your visa, new tax laws, business license and other relocation services. within the real marrow of visa necessities, tax laws, business licenses, orientation, home, and college searches.
Dubai has much to offer when it comes to tax exemptions, with no direct taxes on company profits or income, low customs duties with several exemptions, and a 100% homecoming of capital and profits permissible.
Relocation to a place like the UAE is additionally enticing for any staff you would possibly have: quite merely, they’ll keep everything they earn as there’s no income tax. That’s to not say there’s no tax. There’s corporation tax however it’s solely enforced for oil, gas, and resource corporations. there’s conjointly the recently introduced VAT, charged at five percent.
People worry concerning the value of living within the UAE; however, the truth is you save way more due to what you create up through low taxation. And your staff profit too, thus it’s a win-win state of affairs.
Apart from the business-friendly surroundings, the UAE conjointly offers year-round sunshine, the best amenities, a vivacious and successful community, and a fashionable cosmopolitan living to its residents, drawing thousands of expatriates from each corner of the world to measure and do business within the UAE. So, if you’re an expat needing to begin a business within the UAE, be sure to look at opportunities to setup a business in Dubai or Sharjah.
SPC Free Zone is a one-stop business startup hub any business needs to launch, grow, and succeed. We are here to assist dynamic companies and upcoming entrepreneurs take their next big leap in their business journey – all under one roof. Call us on 800 77239 to get in touch with our business setup experts.