Dubai is nowadays widely recognized to be one of the most luxuous touristic destination worldwide. But also, Dubai has the ambition to grow its economy in order to be able to preserve its key position once the depletion of its natural resources such as gas and oil will have occurred. That is why Dubai is now focused on new technologies with high added values. There are in Dubai just over two million inhabitants who are among the richest people in the world.
In terms of tax legislation, Dubai has a Duty Free Zone which offers many benefits with good and stable business perspectives. The mains benefits are listed below:
At FCBA Offshore Ltd, we do recommend to incorporate an offshore company in the Emirate of Dubai to all the people interested in the above mentioned benefits. But you must be aware that in term of discretion, Dubai is not the place to be chosen. Actually, there is neither bank secrecy nor anonymity of the owner of company in there. It means that if you decide to open an offshore bank account or to incorporate an offshore company there then it will be known by everyone. Also, you may need to have a € 60’000 share capital which could be a drag for you to set-up your business there. Finally, accounting standard required by the authority of the emirate are quite high so quite costly. And you must respect all policies because of systematic controls by the local agencies.
To open an offshore bank account or to incorporate an offshore company in Dubai is easy for us and we could enjoy our network and partnerships with local banks to you. However, bank fees (including both transaction and maintenance fees) are quite expensive compared to other banks located in other jurisdictions.
Finally, be aware of the fact that the initial deposit required by the banks is quite big and this could prevent you from having an easy and fast running business.