DUBAI & ABU DHABI
About Dubai and Abu Dhabi jurisdiction
The United Arab Emirates are composed of 7 countries: Abu Dhabi, Ajman, Sharjah, Dubai, Fujairah, Ras el Khaïmah and Umm al-Qaywain. Abu Dhabi and Dubai are the main emirates of the country. Abu Dhabi, is the capital of the E.A.U which represents more than 80% of the country’s surface area. Dubai, meanwhile, is the economic capital by assuring a brilliant model of economic conversion recently.
A tourist… And Tax paradise
In these two jurisdictions, there is almost no tax, that is to say : no VAT, no corporation tax, no income tax, no tax on the capital … However, some exceptions exist, particularly concerning the corporation tax, the latter may be owed in the case of profits only for oil and gas companies and certain petrochemical companies. The tax then can approach a rate of up to 55%. Also, some taxes may apply in certain specific cases, such as the very high tax on alcohol (30%), or on commercial premises of up to 10%. This system of taxation and tax is generally applied almost to the whole country.
An attractive landscape
First, it is interesting to notice that the country has signed several agreements with different countries. In particular, France and the UAE are signatories to a non-double taxation convention ratified in Abu Dhabi on July 19, 1989. Entry into force since July 1, 1990, subsequently strengthened in Abu Dhabi in December 1993. From a more economic point of view, the government is attempting to create a dynamic and prosperous climate in these major cities by greatly simplifying the commercial and migratory procedures (obtaining a visa or a commercial license extremely quickly). Free movement within the country and its region is permitted through various agreements, ease of access is enhanced through a high quality and relatively modern road network. Finally, Abu Dhabi and Dubai are real economic prosperous and tax-efficient destinations. These two jurisdictions definitely seem to be the place of unique opportunities!
Questions about your tax situation? Do you want to open an offshore account or an offshore company? FBS Banking ™ is the solution to develop, internationally, in compliance with the laws. Choosing our brand, FBS Banking ™, means choosing exceptional know-how and an attentive and attentive staff, always there to guide you and advise you whatever your situation. So do not hesitate to tell us your situation via firstname.lastname@example.org or through our online contact form.
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