The United Arab Emirates has assumed charge of the regional trade and business activities with Dubai emerging as the most sought-out destination for the foreign companies to establish their regional headquarters and offices. As we all know, Dubai is not just about tallest buildings, largest shopping malls, amazing beaches, but it is all about trade and business. From its oil reserves to the booming tourism and hospitality industry, the construction and real estate industry, and offering the world’s best products to the citizens, the local government has done it all. However, it is all done as a win-win situation for both companies and consumers. While consumers get their hands to the best quality products, the companies are able to make big bucks owing to a rising demand of certain products in the region.
The city of Dubai offers an ideal trade, business, and investment climate to the overseas companies and investment consortiums, which is why there has been a visible surge in the number of companies flocking to the city to set up their regional basis. This improved interest in the city has turned it into the trade hub in African and Middle Eastern regions. The Government of Dubai has played a very constructive role in provision of the perfect business-friendly atmosphere in the state as they have set up over 20 free zones across Dubai. The authorities made it easier for the foreign companies to establish their regional arms in any of these free zones, which offer numerous amazing benefits. Moreover, the authorities also kept it simple for the foreigners to get their companies registered, which added to the ease of doing business column.
Some of the leading advantages of setting up a company in a free zone include a 100 percent ownership of the company for the foreign businessmen, a 100 percent capital and profit repatriation, the freedom to choose the currency of choice for national as well as international dealings, and a strategic location that allows the foreign companies to tap various regional markets including Europe, Africa, Central Asia, South Asia, South East Asia, and Australia.
If that’s not all, the local authorities also exempted the offshore companies based in the free zones from all breeds of taxes including corporate, income, and personal taxes. These companies also don’t have to pay any customs duty on exports and imports of their goods, machinery, and services. The time is now to get the best out of the package and be part of the trade revolution in Dubai.