The UAE is considered as one of the most business-friendly jurisdictions. The Emirates maintains commercial and diplomatic relations with many countries. Emirates are also members of various international organizations.
The national currency of UAE is the UAE Dirham. In the UAE, only some areas of business are subject to taxation: oil, gas and banking. The corporate tax rate for other industries is 0%. The rate on personal income is 0%.
Value Added Tax (VAT) was introduced in the UAE in 2018, its rate ranges from 0% to 5%. Some types of services (financial, insurance) are exempt from VAT.
Three types of companies can be registered in the UAE:
Each type of Company has its own nuances, therefore, for the correct selection of the required type, it is very important to determine the purpose of company registration. I.e., for what type of activity company is registered, where it plans to work, etc.
Company registered in the UAE gives to a shareholder/Director the right to obtain a residence visa (it is possible to obtain two or more visas).
To open a Bank account, a person must visit the UAE. NB! Not all banks are welcoming the offshore companies (RAK), but each case is considered separately.
Under certain conditions, opening an account in the UAE is quite simple and relatively fast. Great advantages of UAE banks: a. banks generally allow the large transactions; b. banks apply adequate monitoring of transactions. All companies are required to maintain accounting records, but only the first two types of companies are required to prepare and submit an annual report to the revenue service.
We can offer a comprehensive turnkey solution – company registration, opening an account, obtaining a residence permit, as well as the provision of each service separately.