United Arab Emirates
The United Arab Emirates is a young state in South-West Asia, located in the Eastern part of the Arabian Peninsula.
Status – The UAE is a federation of seven absolute monarchy emirates – Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain. It was established in 1971 after gaining independence from Great Britain.
Capital – Abu Dhabi
Official languages – Arabic, although English is widely spoken and is the language of business and education, especially in Abu Dhabi and Dubai.
Currency – UAE dirham (AED)
Taxation – Tax-free jurisdiction. There are free zones where companies are totally exempt from any taxes, including profit tax, property tax and income tax and capital gains tax. The largest and fastest growing free zone is the Dubai Multi Commodities Centre (DMCC).
Advantages of setting up a company in the UAE.
The UAE has one of the fastest growing economies in the world as well as being one of the wealthiest. It has the world’s third largest proven oil reserves. A person wishing to establish an offshore company in the UAE does not have to be physically present to do so. Moreover, for operating in Emirates you do not need a local Emirati partner. High level or privacy protection coupled with transparency regarding the regulations involved in UAE offshore company formation and maintaining its operation. No exchange controls. The UAE has double tax treaties with nearly 50 other countries. The UAE is not regarded as a tax haven in the negative sense of the word by the Organization for Economic Cooperation and Development (OECD) and is in fact on the OECD “white list” of jurisdictions recommended for offshore investing.
Emirates jurisdiction is mostly chosen for the following aims: trading, import/export, real estate.
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