Over the last 15 years the United Arab Emirates (UAE) and Dubai in particular has emerged as a new financial center with International Business in mind. The UAE has designed many types of local companies to facilitate the different needs of investors and international corporations which either want to trade within the UAE or want to take advantage of the banking secrecy and use the UAE companies for their tax planning solutions.
Learn more about the UAE and the 3 glamorous emirates of Dubai, Qatar and Saudi Arabia which act as financial centres in the Golf Region and welcome businesses from the European Union and from 3rd Countries:
Some apply VAT whilst others don’t.
More popular destination for freezone business Dubai has introduced the VAT and so did the Saudi Arabia. On the other hand, Qatar, another popular destination has no intention of introducing it at the time being and thus is more preferred by some businesses.
Not yet but they will for year endings commencing 1st of June 2023.
The FTA (federal tax authority) has introduced the Corporation Tax which will apply to all emirates commencing in 2023 and being accrued for payment in 2024.
Good news for everyone; the tax does not apply for profits generated outside the UAE hence nothing really changes for businesses and HNWIs (High Net Worth Individuals) who trade outside the UAE.
CT Rate is 9% for taxable income above AED 375,000. Below that amount there is no tax due!
Yes. Tax planning can be applied. UAE profits derived from sales within the UAE are taxed and to reduce this there are several options we can assist you with.
Approximately 9 months after the year end.
No.
Yes, to everyone’s surprise the UAE tax system is sophisticated and straightforward!
Yes. With more than few years of experience in the Company creation and banking services in the UAE we can now share that the UAE is up to speed both with Company formation and banking incorporation.
It is a straightforward process with the peculiarities that we know as local service providers; unlike the company formation opening a bank account for an international company or HNWI requires local knowledge and expertise. Having said this, the client experiences a smooth process.
Accounting and audit work will be required almost by all UAE.
Our team of experts can facilitate any enquiry you may have from incorporating your company anywhere in the Middle East to banking, substance services and on going professional support.
At present we specialise in Dubai, Qatar and KSA (Kingdom of Saudi Arabia) company formation and compliance support services.
Accounting, audit and if applicable tax services are routinely performed to all our clients anywhere in the world. Our multidisciplinary team will ensure that other linguistic or cultural differences are welcomed and valued.
What are you waiting for?
Contact us for a free first consultation at: kt@cyprusaccountants.com.cy or + 357 22 041 380.