16 09 2020

How to transfer your offshore company to the UAE?

images

In the United Arab Emirates (UAE), there are many advantages for offshore businesses. Some of these are: tax breaks, low bureaucracy and the provision of data retention obligations. And also, when compared with other jurisdictions in the world, the UAE offers some of the most favorable conditions for offshore companies. For more than three hundred thousand organizations of various sizes, from small and medium, the jurisdiction of the UAE has become "home".

Strengths of the United Arab Emirates (UAE):

1 - Tax policy;

According to the results of the World Bank report, the Emirates took the leading position in the list of countries with an attractive tax system, since entrepreneurs in the UAE are completely exempt from paying taxes on any income, both personal and corporate. Export and import of goods are also not subject to tax obligations. There is only one tax in the Emirates, introduced in 2018. VAT has a rate of 5%.

2 - Diversified Economy in the Emirates;

The economy of the United Arab Emirates ranks second after Saudi Arabia in the Gulf region. Vision 2021 is a strategy that includes several areas of the country's economic development. This strategy also includes the development of sectors of various industries and businesses. Investment in IT technological developments, ecological energy sources, and in the development of aviation is envisaged. Therefore, the economy of this state is in a state of active diversification phase.

3 - Rating of ease of starting a business;

The United Arab Emirates, due to its ease of starting and running a business, consistently appears at the top of the Doing Business Rating, compiled on the basis of collected information from the World Bank. This rating covers the main stages and mechanisms that facilitate the opening and development of entrepreneurship in the country. In 2018, the United Arab Emirates received the title of leader for the 5th consecutive year. The main assessment criteria, according to which the UAE received its highest score, include the requirements for accounting and auditing, the country's tax policy, and the absence of bureaucracy.

It is not so difficult to register a company and open a business in the UAE, and if you decide to use the services of an experienced consultant, the registration process can be completed in 2-3 weeks. You will need to devote time to draw up and sign a package of necessary documents, and sometimes, you can open a company remotely, without visiting the country.

Based on the data provided, it can be noted that at the moment there is no country that can compete with the UAE. If you are immigrating to the UAE and your business is registered in another offshore territory, then when you transfer it to the UAE, you will have great potential for additional business development.