The United Arab Emirates consists of seven emirates, each of which is independent and has its own tax policy. Thus, special free economic zones (FEZ) have been established, the activities of companies that are not taxed. There are about 30 free economic zones in the United Arab Emirates.
In addition to the tax advantages, the UAE has a developed infrastructure, a favorable geographical location in the region, and a progressive and convenient legislative framework for doing business. The advantage of the UAE tax system is the absence of a corporate tax. Income tax is paid only by those companies that do business in the oil industry.
- Not on the FATF black list.
- No currency control
- Fast registration
- Possibility of 100% ownership of the company
- Signed double taxation treaties with many countries
- No restrictions on capital export
- Tax exemptions in free economic zones
- Documents may not bear Apostille
- Not being able to do business with individuals or companies in the UAE
Types of companies
- Company registered in the free economic zone
- Limited Liability Company
- Public limited company
- Closed joint-stock company
- Limited Liability Partnership
- Branch of a foreign company
The UAE tax system is characterized by the absence of traditional taxes on profits, VAT, and income. However, there are taxable industries: oil production, banking, and tourism.
Bank account in UAE
To open a bank account, a personal visit to the UAE is mandatory.
The process of opening an account with a bank in the UAE takes on average 2-4 weeks, taking into account the time needed to check the company’s documents and identify the beneficiary.
Banks in UAE
Emirates NBD Bank, Varengold Bank, Emirates Islamic Bank, Mashreq Bank, Noor Islamic Bank, Dubai Islamic Bank.
A company registered in UAE can have a bank account in any other jurisdiction.
The United Arab Emirates is a free and reputable jurisdiction. Perfect for businesses requiring free movement of capital and confidentiality. The UAE government’s foreign policy ensures the country’s stability as the financial center of the Arab world. It is the security that attracts investors to the UAE who are interested in business security and personal peace of mind.
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