The United Arab Emirates (UAE) is a federation of seven emirates of Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Ajman, Fujairah, and Umm al-Quwain.In the Gulf Cooperation Council (GCC), the UAE economy is the most diversified. A country that once relied on exports of its abundant oil reserves to run its economy now only draws a small portion of its GDP from the same, after doing business and tourism for economic development. So much so that the UAE is one of the largest business centers in the world, with its most populous city Dubai acting as a major global city and a preferred destination for businessmen, investors and tourists. All of this was made possible as a result of the market-friendly economic policies of the UAE government over the past three decades, encouraging foreign investment, sustainable development, innovation, and research.
Why Set up your Business in the UAE?
UAE is an advanced economy that offers a favorable business environment, world-class infrastructure, good facilities, flexible government norms, and efficient quality services for all incoming businesses, regardless of country of origin. Business arrangements in the UAE are futuristic and broad-minded business decisions for the following reasons:
- The UAE is a growing and diverse market with a high global demand for imports and exports, and huge opportunities for supplier countries to have a strategic geographical location in a resource-rich region.
- UAE has easy access and global connectivity with more than 90 airlines and 170 shipping lines. Above all, trading in the UAE is based on free trade barriers (no quota or exchange control).
- The state does not collect taxes on personal, capital or corporate income, and allows 100% repatriation of capital and real estate profits.
- Real estate and shipping costs are competitive
- There are no currency restrictions on money exchange
- Energy supply is abundant and cheap
- The population in this country is educated and skilled, so this place is advantageous from the point of view of employing workers – not because there are restrictions on hiring foreigners
- The transit throughout the UAE is well developed
- The progress of infrastructure in the UAE is no secret – luxury real estate, cutting-edge telecommunications systems, and reliable power supplies and other utilities are fertile breeding grounds for business entities
- There are the best accommodations for residential and office use, with sophisticated venues for exhibitions and conferences
- A physical office is needed to establish a company in the UAE.
- The corporate income tax rate in the UAE is 0%. In addition, Emirates allows full repatriation of capital and profits.
- To set up a company on the UAE mainland, a local sponsor (who must be a UAE citizen) acts as your company’s agent. However, in a free zone, there are no such preconditions.
Company Formation in UAE
Unicorn Corporates is well versed in the laws and regulations of establishing a company in the UAE and can help you set up your business here, using the necessary licenses. You can choose between free zone companies, onshore or offshore in the UAE.