The UAE is very popular among entrepreneurs, investors, coming in search for lucrative spot for their businesses. The country is number one on the Global Entrepreneurship Monitor Index. It is a secular state and a civil law jurisdiction.
In the UAE, a company can be started in any of three jurisdictions: Mainland, Free Zone, Offshore.
Apart from numerous tax benefits, the UAE has dozens of free economic zones (FEZ) with special tax regimes. Each FEZ has its own specialization. From 2024, both Free Zone companies and Main land companies are subjects of the corporate tax of 9%.
Normal series of steps to open a company:
- Identify your business activity;
- Select an appropriate legal form;
- Register the name;
- Get permits and licenses;
- Register with the Dubai Department of Economy and Tourism;
- Register your business in Dubai Municipality;
- Open a corporate bank account for financial management.
Opening a bank account in the UAE
The procedure for opening a personal bank account is straightforward, as the country offers online banking services. This allows individuals to apply for an account online with ease. However, the process for opening a corporate bank account is more complex and typically requires additional steps that cannot be completed online.
To support international economic relations, the UAE has signed over 90 double taxation agreements, which facilitate financial transactions across borders.