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 FZ 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 is not complicated, since the country provides online banking services. So, the application for opening a bank account is carried out online.
The UAE has signed more than 90 double taxation agreements to facilitate international economic relations.