Today, more than half of the country’s income (or 69%) is generated in the oil sector. The second most profitable sector is banking. There are no taxes on income, therefore, obtaining a business license in UAE is an absolute must for entrepreneurs seeking to multiply their capital. Please note that renewing a license costs $5,000 a year.
The total number of Free Zones or Free Economic Zones is 46.
- Enjoy your full income with the UAE’s 0% income tax scheme.
- Send back 100% of your capital and profits to your home country.
- Tap into the growing market demand brought by the Expo 2020.
- Get exemption from customs duties on imports and exports.
- Leasing an office space is not required (depending on the free zone).
- Minimum paperwork and auditing required.
- Access new markets in the Middle East, Africa, Europe and Asia.
- Benefit from 110+ global Double Taxation Agreements.
Both residents and non-residents can open a company in the UAE.
Requirements to setup a company:✅ Determine where you want to setup
✅ Determine appropriate business license based on economic activities
✅ Reserve a company name
✅ Obtain business license
✅ Open a local bank account
✅ Set-up and operate
Documents required to register a company:✅ Registration certificate
✅ Photocopies of shareholders’ passports
✅ Name in the Register
✅ Bank statement
📝 Registration in IFZA Company in UAE including the professional trade license of the company.
All documents preparation and submission of all re-requisite original documents to IFZA free zone authority. Follow-up until company incorporated.
📝 Formation of IFZA Zone Company incl initial application, registration fee, MOA fee, virtual office, etc. Government Fee: $ 3,200
Free zone authority, license is required update on annual basis
🏦 Corporate Bank Account - 4 weeksEmirates NBD or Mashreq Bank
🤝 Residency - Working Visa - 1 monthIncluding immigration approval, medical, ID, Visa, contracts, etc.
Requirements:✅ 1 year employment contract
✅ Health Insurance
✅ Accommodation *rent contract & Bills
✅ Working contract
✅ Rental Contract
🏦 Personal Bank account - 2 weeks
🏦 Tenancy contract only for bank purpose. $ 1,000 (associate fees - one time). Requirements from Bank to open a bank account. This cost may be avoided if the client can arrange a letter from family or friend living in UAE (address is needed) and ID card
Requirements:✅ Legal Status in UAE - Residency
Documents:✅ Residency & Passport
✅ Rent agreement + Bills
🏦 Additional Expenses:
- Approximate accommodation budget $1,500 - $3,000 per month payable directly to a landlord + utility bills.