Why Dubai is One of the Best Offshore Havens
Why Dubai is One of the Best Offshore Havens
Dubai is undoubtedly one of the fastest-growing commercial centers in the entire UAE. Ever since the UAE was ranked 11 on the ease of doing business rankings, the commercial interest in the state has been consistently rising.
Even if we don’t consider its accolades, Dubai has traditionally been one of the safest places to set up financial entities in. The numerous free trade zones that have been established provide a lot of leeway to any businesses that operate in the region. So much so that that Dubai has become a thriving commercial center.
In addition to the advantages that it offers to companies, there are significant major advantages to individuals in the country as well.
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Corporate Tax Advantages
Some Precautions
The concessions and advantages that we discuss later only apply to free trade zones and nowhere else in Dubai. If you want to set up a business outside of these areas, it is better to have a Dubai local as a partner. Otherwise, the Department of Economic Development won’t allow you to start a venture.
Free Zones in Dubai
Dubai has more than 30 free zones designed to boost the investment coming into the state. To help businesses begin operations, these are given many financial and infrastructural concessions that ease operations. Located in areas with easy access to airports, major markets, and designed with state of the art infrastructure, Dubai has set itself apart as a truly marvellous commercial hub.
The Tax Advantages of Operating in Dubai
Having your business headquarters in Dubai’s free zones comes with the following concessions:
- No duties on imports and exports.
- No taxes on corporate profits and capital.
- No corporate taxes.
- No customs duties on goods brought in or shipped out of Free Zones.
Given how the place already allows you multiple business advantages, these tax concessions imply that in Dubai you stand to make huge profits relative to anywhere else in the world.
Individual Tax Benefits
With these corporate tax exemptions, personal income and finances are completely free of any tax payments. Since there is no active income tax regime in the UAE, expats or locals are not required to pay taxes on any income.
The property tax rates are minimal in Dubai, with a 4% land transfer tax on the entire value of the property and a 5% tax on any rent that is paid for the property.
Mikkel Thorup, the host of The Expat Money Show, helps advise clients on how to safeguard their finances through offshore financial entities. He helps people set up their offshore bank accounts, companies, and gold/silver vaults in financially advantageous offshore locations. Get in touch with him today for more information on our services or to hire us to help you set up your offshore financial accounts.
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