Whenever a person or a group of persons start the brainstorming about setting up a business or a company, the core areas are the type of business and its location. Once you know the type of business, your next step is to find the perfect place for your business to thrive and attract new customers. This is a critical decision and a wrong selection here could cost your business its life. Selecting the right market and the right country involves factors like investors-friendly policies, ease of doing business, political stability, consistent government policies, a thriving market, and demand for your products. This is where Dubai emerges as the top destination to start a new business or move your existing business to a bigger and a merrier market.
Dubai is located in the Middle East, which means its strategic location places it right in the center of big markets like Australasia, South Asia, Far East Asia, Central Asia, Middle East, Africa, and Europe. The international trade and business experts and analysts regard Dubai as an open and diversified market, which boasts an outstanding potential to grow further. Moreover, the country has been governed by the same rulers for many years and this government set up has brought political stability to the system. The political stability always adds to the business climate of a country because it results in consistent and future-centric policies. All the major economies in the world like China, the United States, Australia, the United Kingdom, etc. are politically stable countries.
Setting up a business in Dubai is not only a financially viable decision but it also has a lot more to offer.
- The offshore companies in Dubai are exempted from all kinds of taxes including personal, corporate, customs duty, etc.
- Your offshore company in Dubai is absolutely your company and you don’t have to share any of its stakes with any local partner, although having a local partner helps in so many different ways.
- Your offshore company in Dubai can be a virtual concept as you don’t have to establish a physical office in the United Arab Emirates.
- The offshore companies are not liable to share the public record of their directors and shareholders, which means they have complete control over their privacy.
- The name of the offshore company should end with “LTD”, “Ltd”, “Limited”, or “LIMITED”.
- An offshore company can open a corporate bank account, which is largely flexible. The bank accounts can support multiple currencies.
- An offshore company is exempted from any income tax, corporate tax, personal tax or custom duty.
- It is not necessary for an investor to meet the authorities in order to incorporate the company. A registered agent can get the documents signed by the investor at his/ her office and complete the procedure.
It takes around 24-48 hours to incorporate a company in Dubai while a bank account can be opened within 2-4 weeks depending largely on the corporate structure.