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June 25, 2013|
The growth of international businesses in Dubai has made it a major commercial hub for global institutions and companies. The articles below provide an insight into the different types of business organizations in Dubai, and the processes involved in the dissolution, amalgamation, transformation and liquidation of businesses.
Businesses in Dubai do not pay direct taxes on corporate profits or personal income (except for oil companies that pay a flat rate of 55% and branches of foreign banks that pay a flat rate of 20% on net profit generated within Dubai). Customs duties are low at 4% with many exemptions. Businesses can avail 100% repatriation of capital and profits. There are no foreign exchange controls, trade quotas or barriers. A stable exchange rate exists between the US Dollar and the UAE Dirham (US $1.00 = AED 3.678). Liberal visa policies permit easy import of expatriate labour with various skills and expertise.
Foreign investors can choose between several types of cooperation and partnerships for conducting business in Dubai.
The Federal Company Law stipulates a total local equity of not less than 51% in any commercial company and defines seven categories of business organization, which can be established in the UAE:
Apart from these seven categories, investors are encouraged through Branches and Representative Offices of foreign companies and 100% foreign owned professional firms.
Source: Expat Echo - Conducting Business in Dubai
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