EVERYTHING YOU NEED TO KNOW TO START A BUSINESS IN DUBAI
Dubai is a popular place in the Middle East that attracts many people, especially business people and those who are wealthy from all over the world. One of the reasons Dubai is popular is that it’s famous for its free trade zones which enables foreigners to own their own company in the free zone for the full 100% and do not require a local Emirati partner. There are approximately 30 free zones that are available in Dubai, one of them being in Dubai Multi Commodities Center (DMCC) which is currently the largest and fastest growing free zone.
The Dubai Multi Commodities Center (DMCC) is located in the center of New Dubai which is near to the international airport and is the biggest airport currently in Dubai. The center attracts many people every year and continues to invite international business to their center.
Features of the Free Zone Dubai
There are no taxes applied to businesses through the tax system in Dubai. This includes personal income tax which is 0%, corporate income tax 0%, Withholding tax 0% and no currency restrictions with 100% full capital repatriation.
The other features of the free zone are that 100% foreign business ownership is possible. A free zone company can have one or more shareholders.
In order to do business in the DMCC free zone the companies need to have their office completely in the center with all of their assets. Renting an office would have to be done and working from home is not really possible without having an office based in the center. At least a flex desk is required and reduces rent expense more than other products. An official company license is only issues after the authorities inspect the premises in the free zone.
When you set up a business in Dubai in the free zone it is equal to obtaining UAE residence and the DMCC is considered to be an ideal location to obtain the UAE residence as a shareholder of a DMCC company . UAE residence is only issued after the application process is complete and is valid for a period of three years. When becoming a UAE resident, you’re not allowed to move outside to another area for more than 6 months and have to remain within the UAE at least twice a year, if not the application process will be restarted.
Doing business through the usage of Dubai offshore companies free zone companies is the best and most populist solution. There are differences between the Ajman free trading zone companies and the Ajman international companies.