ECONOMY OVERVIEW IN UAE
United Arab Emirates (UAE) is a federation of seven emirates namely, Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Ajman, Fujairah, and Umm al-Quwain. New business setup in UAE is the best way to legally claim international profits without paying any taxes on personal or corporate gains.
Following are the main reasons for setting up of company in UAE:
State of the Art infrastructure & well developed transportation system
Reliable Power and Utilities provision
Advanced telecommunications system
Structured and advanced Government process
Political Stability and Visionary Leadership
Advanced Lifestyle with presence of world’s best Hotels, Hospitals, Residential & Shopping Complexes.
A free zone or free trade zone, is a designated geographical area where certain taxes or restrictions on business, employment or trade do not apply in the same manner that they apply to the country in which the zone is located.
In a free zone, goods may be landed, handled, manufactured, reconfigured or re-exported without the intervention of the customs authorities. Only when the goods are moved to consumers within the country in which the zone is located do they become subject to the prevailing customs duties.
A free zone is often organised around major seaports, international airports, and national frontiers – areas with many geographic advantages for trade.
Offshore companies are a type of legally incorporated entities which are formed under the special laws of the particular jurisdiction. They are generally Limited Liability Companies. Although all offshore companies differ to a degree depending upon the corporate law in the relevant jurisdiction, all offshore companies tend to enjoy certain core characteristics as following:
- They are broadly not subject to taxation in their home jurisdiction.
- The corporate regime will be designed to promote business flexibility.
- Regulation of corporate activities will normally be lighter.
- Flexible Bank Account Options with an online Account access.
- Layer of Privacy as Offshore Companies data isn’t generally shared and is neither available on public domains.
- Ideally can be used as Special Purpose Vehicle (SPV) for holding investments and asset management.
Mainland Company is an onshore company licensed by the Department of Economic Development (DED) of the related Emirate of UAE which is allowed to do business in the Local market as well as outside UAE without any restriction. Following are some of the main features:
- Upto 49% ownership for expat partner in case of trading/commercial license
- Upto 100% ownership for expat partner in case of professional/service license
- 100% repatriation of capital and profits
- No corporate tax
- No personal income tax
- Company can trade in local market without any restriction
- Entitlement of Visas as per Office space and business activity
- Physical office is mandatory.
- Process of opening and operations of bank account is easy.
We are specialist at setting up companies across all the jurisdictions in UAE and other Offshore Jurisdictions across the globe. Our team’s in-depth knowledge and vast experience puts us in the position to give our clients the best of option as relevant to their business objectives.
We at PAAC concentrate on both aspects of setting up of companies i.e
(1) Advising the client the best solution after understanding their needs.
(2) Execution of the assignment of Setting up of company in the most smooth manner.
We offer to provide comprehensive solution package to our clients that starts from setting up of company and goes along with ongoing and regular support that is necessary to maintain the company.
Besides providing our services for Business Set Up, we are also specialist in following:
- Assisting Clients in Bank Account Opening
- Visa Processing
- Amendment/Renewal in License
- PRO Services
- Arrangement of Local Sponsor
- Closure/Liquidation of Companies