10 On The Weekend is a weekly (-ish) feature in IMI, the concept of which is simple: Each time, we ask the same ten questions of a different IMI Pro, letting readers get to know the interviewee on a more personal and informal level than they might during the ordinary course of business. Our guest this week is Anastasia Barna, CEO of One World Migration.
The UAE: luxurious resorts, business opportunities and opening bank account
The article illustrates the major components of life in the UAE, namely its major characteristics, tourist attractions, most popular resorts as well as a large variety of business opportunities. It also covers such a key aspect as benefits of residence permit in UAE and some useful up-to-date information concerning opening bank accounts in the country in order to process with business. You will also get to know the conditions of getting a residence permit.
Now that the world has become more globalized, people are seeking more opportunities in work, business, and travel. With residence permit they are more likely to travel almost wherever they want without any restrictions, find the work they prefer even in several countries at the same time, as well as access public benefits they are particularly interested in. People are thinking more widely, taking into consideration the future of their children, who can also use such a benefit as entering a prestigious university abroad. Additionally, residence permit opens doors to new entrepreneurial options and gives an opportunity to open a bank account, open and expand business on a global scale. All of these lead to a family’s prosperity and well-being. Current article aims at motivating you to increase your freedom of movement and business opportunities with residence permit in the UAE. Experience the world’s richness with One World Migration!
Briefly around and about the UAE
The UAE is situated in the eastern part of the Arabian Peninsula. It consists of 7 emirates. It has borders with Saudi Arabia and with Oman. The population counts over 10, 000 000 people. Its square is 83,600 sq. kilometers. The official currency is UAE dirham. Official language - Arabic, however English is widespread as well.
The capital is Abu Dhabi - the hugest of all emirates and the center of the oil industry. Dubai is a large commercial hub and financial center.
Approximately the entire country is desert, containing broad areas of sand. Also, there are coastal plains, wetlands, and waterless mountains. The climate is
hot and humid along the coast, and hot and dry in the interior with the average temperature of 36 C.
The country’s economy is dominated by petroleum. Oil reserves contribute an important portion of the national budget.
The state has a stable political system, favorable business conditions, comfort, and security.
The UAE: luxury resort or a dwelling place?
The UAE is ranked 44 by Prosperity Index 2023 in the world. It is ranked 26 in GDP per capita rank Index. Regarding the aspect of quality of life, the UAE is competing majorly with Scandinavian countries and with such European countries as Switzerland, Netherlands, Germany, UK and some others. The country hosts modern transportation systems, world-class hotels and resorts, and high-tech shopping malls. It magnetizes everyone’s attention with its majestic skyscrapers, business and shopping centers where all premier brands are exhibited.
Particularly, Dubai also hosts luxurious hotels, brilliant beaches with all top services. The most famous and expensive hotels are: Four Seasons Resort Dubai At Jumeirah Beach which is considered to be a prestigious beachside community, ultra-modern Burj Al Arab Jumeirah located on its own island, The Ritz-Carlton Dubai International Financial Center, being very popular among business community, Atlantis The Palm which offers views of the Arabian Gulf and has an underwater aquarium. Nevertheless, Dubai is not the single destination which is worth visiting in this country. People globally come to Abu Dhabi, Sharjah, Al Ain, Fujairah, Ras Al Khaimah, Hatta.
The country is not only excellent at providing a luxurious level of resort, but it is also a very reasonably designed place to dwell in. To start with, it should be stressed that Dubai possesses a favorable geographic location what makes it a good starting point for travel.
Secondly, the city is a secure, clean city, possessing outstanding infrastructure, which makes it a very convenient place for life. The crime rate in Dubai is quite low thanks to strict laws and effective work of law enforcement agencies.
Dubai also contains a great variety of housing options and beautiful restaurants. Social life is vivid, full of various alternatives of pastime. People attend art galleries, relax on private beaches, go to sports clubs, spend time in restaurants, go shopping to malls, and much more. The city is also known for its nightlife, with a big number of clubs and bars.
Apart from entertainment, Dubai also suggests high-quality education with its great range of educational programs and institutions. Everyone speaks English, so no one is likely to face difficulties in adjusting.
One of the hugest tourist destinations, especially for those who want to get acquainted with Arab culture, is Sheikh Zayed Grand Mosque. It is a white mosque, one of the largest mosques in the world today. It is a place to experience outstanding Islamic architecture.
Burj Al Arab is characterized by its unique architecture and offers spectacular views of the Arabian Gulf.
Downtown Dubai is another fascinating location worth visiting. It is home to Burj Khalifa, which is the highest building in the world with a height of 829.8 meters.
There is also the world’s hugest fountain, the Dubai Fountain, which is situated opposite Dubai Mall, and is one of the biggest shopping and recreational centers in the world. Focusing more on Dubai Mall, it should be emphasized that you can find any luxury stores there, with all world-known brands. Dubai mall is a perfect place for shopping, entertainment and leisure.
It also possesses an ice rink, aquarium, and spectacular views of the city from Burj Khalifa.
Next very famous activity to be presented is Desert Safari Dubai. The options available include camel rides, dune bashing, quad biking, desert skiing, jeep ride, belly dancing shows, and some others. It is a perfect experience and opportunity to get closer to local life.
One more spot which is worth visiting is Dubai Miracle Garden. It is home to 100 million flowers. You can walk along the paths and enjoy flower displays at the world’s hugest flower garden.
The UAE as the world of business opportunities
It is widely acknowledged the UAE represents luxury and prosperity. Dubai and Abu Dhabi have already become multicultural cities, with residents coming from all places of the world. The atmosphere in these cities is modern, cosmopolitan and dynamic. Dubai has a thriving market, and such sectors as finance, technology, retail, construction, hospitality offer a huge spectrum of job opportunities. The country’s strategic location and significance in global business make it very appealing to entrepreneurs looking for international business platform.
A major advantage is the absence of income tax. The same policy exists in corporate taxes. Moreover, firms usually entice employees emphasizing competitive salaries and different benefits.
Let’s sum up the key advantages of setting up a business in the UAE:
- strategic location;
- business-friendly environment;
- foreign employee recruitment;
- safe and robust governance;
- liberal taxation policies with no personal or corporate income taxes.
Although, on 9 December 2022, the Corporate Tax (CT) Law was released and announced in January 2022. The CT applies to businesses from financial years beginning on or after 1 June 2023, and for those operating on a calendar year (January-December). It will enter into force 1 January 2024. Tax rate amounts to 9%.
Residence permit: conditions & benefits
We offer an opportunity to get residence permit by investments. A person is to select one of the following variants:
- Investor golden visa (10 years) for buying a property from 2 million AED (time processing from 1,5 weeks).
- Investor Visa (2 years) for purchasing a property from 750 000 AED (time processing from 1,5 weeks).
- Residence Visa (2 years) through the company opening from $11 000 (time processing from 3 days).
- Residence Visa (2 years) through employment from $5 000 (time processing from 3 days).
The residence permit in the UAE has a wide range of benefits, most of them are covered as follows:
- visa-free visit up to 28+ countries including Japan, Singapore, Maldives, Indonesia, Thailand, Georgia and Armenia, etc.;
- renewable 2-10 years investor or Golden visa;
- easy set up of a company or private bank account;
- favorable tax conditions;
- individuals, both citizens and residents, do not pay income tax;
- no taxes on interest, dividends, wealth, luxury, inheritance, gifts, and capital gains;
- main applicant can sponsor all members of family including domestic staffs up to 3 individuals;
- use government health services and health insurance;
- you can register children in government schools and in private schools;
- you can apply for a driver’s license.
The UAE: opening & managing bank account
Nowadays the UAE is home to one of the largest and most profitable real estate markets in the world and business investments, which is rapidly gaining popularity among investors.
Opening up a bank account is an integral part of establishing a business or investing in real estate.
To begin with, the UAE has a strong stable banking sector that is regulated by the Central Bank established in 1980. There are around 50 local and foreign banks. The most popular and reliable banks include Emirates NBD, FAB Bank, Mashreq Bank, CBD (Commercial Bank Dubai), ADCB (Abu Dhabi Commercial Bank).
The UAE provides an opportunity to establish a personal bank account in a quite simple way. There are two types of accounts: current and savings. A current account enables you to issue a chequebook, whilst a savings one earns interest on the balance.
Foreigners with residence permits can open any bank account in the UAE – it can be done even online.
The key requirements for creating a banking account for a resident include:
- passport and a residence visa in it;
- Emirates ID1 or a copy of the Emirates ID registration form;
- bank statement from the residency country for the last few months.
Managing a bank account contains two ways: visiting a bank’s office in person and online mobile banking. The majority of UAE banks provides their clients with mobile banking through mobile apps, and SMS. It can be used to check the balance, remit money, pay bills, apply for a new card, etc. Some banks even allow UAE residents to open accounts online.
To conclude, the article provided the reader with all the information related to the country’s major spheres of life, the detailed procedure of getting residence permit by investments, as well as the conditions of setting up a bank account and required documentation. We are into leading you to the world of opportunities through investments. You are welcome to fill in the application form on our official website, and we will follow you on the whole way of gaining the residence permit in the UAE.
Businessmen and investors are choosing Dubai to invest their money into real estate. We will tell you more details about this lucrative market and present some up-to-date information on conditions, prices, popular objects, and overall trends.
One World Migration spoke with Lee Oldroyd, Chief Commercial Officer of Gulf Craft.