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Dubai for Business* Dubai for Business* *Third Edition, 2020 Contents TOPIC page 1 MAJOR BUSINESS CENTRE 4-5 2 LEGAL ENTITIES 6-7 3 CORPORATE MIGRATION 8-9 4 TAX RESIDENCE AND ECONOMIC SUBSTANCE 10-11 5 DOUBLE TAX TREATIES 12-13 6 FREE ZONES 14-15 7 SUCCESSION AND ASSET PROTECTION 16-17 8 FINANCIAL SERVICES, DIFC AND ADGM 18-19 9 LABOUR ASPECTS 20-21 10 RELOCATION AND LIVING 22-25 FREEMONT ONEWORLD GROUP 26 Foreword In recent times, Dubai has emerged as one of the most significant IFCs in the world. Dubai and the UAE offer unrivalled tax planning opportunities to international businesses, impressive network of double tax treaties with no withholding taxes on dividends and interest paid and no corporation, income and capital gains taxes. It is a white listed jurisdiction fully compliant with international regulations and, at the same time, offers business incentives and opportunities that exist only in mature industrial and financial hubs. Our Freemont Oneworld Group can assist you in every step you take - be that to set up shop in Dubai and the UAE or guide your entry. We render our clients integrated, one stop, boutique professional services. And we do our work with them in harmony and in strict confidence. Our publication “Dubai for Business” covers, in brief, business aspects of Dubai and the UAE and we are confident that we can assist to make things happen for you! George Philippides Chairman January 2020 3 1 Major Business Centre The UAE has a vibrant free economy with a significant proportion Infrastructure of revenues arising from exports of oil and gas. Successful efforts have been made to diversify away from dependence on Infrastructure in the UAE is second to none. Telecommunications, hydrocarbons and a solid industrial platform has been created including mobile telephony and land lines as well as internet together with a strong services sector. The establishment of free access are at least as good as that of the world’s largest zones has been an important feature of this diversification policy international business hubs. The road network is constantly and the reform of property laws gave a major boost to the real upgraded and ports and airports are of world class standards. estate and tourism sectors. The UAE is creating one of the world’s biggest and most efficient cargo handling centres. To date, the government has invested The Global Competitiveness Report 2018 published recently heavily in infrastructure development, and it has also opened by the World Economic Forum (WEF) ranks the UAE as the 27th up its utilities and other infrastructure to increase private sector country in the world in terms of competitiveness (see below). involvement. The UAE has established a council of competitiveness to Security and stability enhance efforts to achieve sustainable development through the setting up of legislative frameworks and the provision of The UAE is enjoying political stability. This has enabled the developed infrastructure that will further enhance the country’s implementation of sound economic policies reinforcing the status as a regional and global hub for investments. The council country’s social structure to develop one of the most tolerant, continues its communication with government agencies and the prosperous, secure and safe societies in the world. Dubai and private sector through workshops and meetings, to coordinate Abu Dhabi have been ranked the top two cities in the Middle efforts and explore ways to further enhance the competitive East region for quality of life, according to latest editions of advantages of the UAE. global surveys. Long time investors include a wide range of multinational companies headquartered across the globe. Economic and fiscal policy Dubai to host World Expo 2020 Since the early 1980s, the two main economic objectives set by the UAE government have been to reduce reliance on Dubai has won the right to host the 2020 World Expo, sparking hydrocarbons and boost private sector investment. This strategy national jubilation as the business and tourism hub secured an is being followed diligently in an effort to offset the country’s extra recognition for its growing economy. vulnerability to fluctuations in oil prices and to propagate Five years after the economic crisis, Dubai became the first economic growth and stability. Middle East location designated to host the 2020 World Expo, The fact that there are no restrictions on current and capital fending off competition from Ekaterinburg in Russia, Izmir in account transactions helps to implement these objectives as Turkey and Sao Paulo in Brazil in the international vote held does the fact that foreign entities repatriate dividends, profits, in Paris. interest or royalties without restrictions, with the exception of Expos dating back to the Great Exhibition of 1851 in London, foreign banks which are required to obtain the Central Bank of are held every 5 years and allow nations to create pavilions to UAE’s approval. showcase national developments in science and culture. The UAE aims to promote free trade with minimum restrictions “Expo 2020 will trigger higher levels of tourism, economic and on foreign trade and investment. investment activity in the UAE, further boosting the business The policy of the UAE government to encourage foreign environment” said Khalid Howladar, Dubai senior credit officer investment is evidenced with new and impressive industrial and at Moody’s rating agency. commercial developments frequently announced. According to the World Bank, Dubai and the UAE provide the As far as taxes are concerned, the UAE does not impose easiest and quickest way for foreign investors looking to set up corporation, personal income, capital gains and withholding in the Arab world. taxes. VAT was introduced in the UAE at 5 percent in January A revival of trade and tourism, bolstered by the UAE’s status 2018 for onshore activities. as a haven in the turbulence of the Arab spring, has helped lift economic growth. The Expo will cement the country’s preeminence, with Dubai’s commercial sector anticipating an estimated €28,8bn economic boost and the creation of nearly 300.000 jobs. 4 What Dubai Offers • Pro-business government regulations • World class logistics and IT infrastructure • Confidentiality and asset protection • Strategic location on the trade routes of East and West • Global headquarters centre • Excellent network of nearly 100 double tax treaties • Distinguished and unique lifestyle • Tax free environment including: • Best retail hub and experience - no income taxes - no corporate taxes • Talented and diverse labour pool - no limit on repatriation of profits Global Competitiveness Index 2018 Rank Economy Score The UAE with a value of 73,4 (out of maximum 100) is now ranked 27th in the 1 United States 85.6 World Economic Forum’s Global Competitiveness Index, a few places behind 2 Singapore 83.5 the United Kingdom and ahead of most EU member countries. The UAE’s strong 3 Germany 82.8 economic growth owes much to the government’s (particularly in Dubai) focus 4 Switzerland 82.6 on competitiveness. It has jumped rankings more than any other country in recent years. 5 Japan 82.5 (Source: World Economic Forum, 2016) 6 Netherlands 82.4 7 Hong Kong SAR 82.3 The Global Competitiveness Report 2018 assesses the competitiveness landscape of 140 economies, providing insight into the drivers of their productivity and prosperity. 8 United Kingdom 82.0 The report remains the most comprehensive assessment of national competitiveness 9 Sweden 81.7 worldwide, providing a platform for dialogue between government, business 10 Denmark 80.6 and civil society about the actions required to improve economic prosperity. Competitiveness is defined as the set of institutions, policies and factors that determine the level of productivity of a country. The level of productivity, in turn, 21 Belgium 76.6 sets the level of prosperity that can be earned by an economy. 22 Austria 76.3 The World Economic Forum (WEF) is a Swiss non-profit foundation, based in Geneva. It is 23 Ireland 75.7 an independent international organization committed to improving the state of the world 24 Iceland 74.5 by engaging business, political, academic, and other leaders of society to shape global, 25 Malaysia 74.4 regional and industry agendas. The forum is best known for its annual winter meeting in 26 Spain 74.2 Davos, in the Alps region of Switzerland. 27 UAE 73.4 5 2 Legal Entities Under UAE Federal Law, foreign businesses have three main planning of ensuring requisite substance. This is often impossible entities to choose from in order to conduct business in the UAE: to deliver from the traditional offshore jurisdictions since they a local limited liability company (“LLC”), a free zone entity (“FZ”), typically only offer an IBC regime. and an international business company (“IBC”). The main advantages of setting up in a FZ in the UAE are: Companies can also operate by setting up a branch of a foreign • 100 percent foreign ownership is allowed company, a representative office of a foreign company, a private • guarantee for 15-50 years against the future imposition or public joint stock company. of corporation tax Limited liability companies (LLCs) • import of goods are duty free A LLC can be formed with a minimum of 2 and a maximum of 50 • fast trαck procedures persons whose liability is limited to their shares in the company’s • no restrictions on hiring expatriates capital. Companies with expatriate partners typically opt for this form of company. The voting rights in the company may not International business companies (IBCs) exceed 49 percent profit and loss distribution, and the share in Dubai through its Jebel Ali FZ (JAFZA), and Ras al Khaimah allocation of liquidation proceeds can be mutually agreed upon. through the RAK International Corporate Centre (RAKICC), A LLC has a local sponsor.
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