Do you want your business to become an international giant with a positive and enviable balance sheet? Experts in business will have multiple recommendations, such as robust marketing and better product development, but these should form the bottom line. To get your company off the ground and take it to the next level, you need to incorporate it in a high-potential offshore jurisdiction. At the top of the list of these offshore jurisdictions is Dubai.
Dubai, the most populous city in the United Arab Emirates (UAE), is a global business hub, a revered tourist destination, and home to the planet’s tallest building. When you decide to register an offshore company in Dubai, this post outlines all the benefits to expect. We will also tell you why ICD fiduciaries is the best option for company registration in Dubai.
A Brief Look at Dubai: Facts and Numbers
- In the 1970s and 1980s, Dubai was an important part of the Asia-Europe and Africa-Europe trade routes.
- Dubai city has a population of 2.9 million (2017 estimates).
- Dubai mainly relies on revenue from financial services, petroleum, real estate, tourism, trade, and aviation industries.
- The GDP of Dubai is USD$ 102.67 billion, according to the 2018 estimates.
- Dubai is one of the largest diamond trading hubs on the globe.
- The property boom being experienced in Dubai started in 2004 when the government decided to diversify from overreliance on petroleum.
- The jurisdiction is home to some of the world’s most iconic skyscrapers, including Burj-al-Arab hotel, and Burj Khalifa (the tallest structure on the globe).
Special Benefits of Opening an Offshore Company in Dubai
The primary benefit of opening a company in Dubai is that it is strategically positioned in the Far East. This means that in addition to accessing the local Dubai market, the rest of the Middle East, including East Asian countries and Africa, will be within reach. This might be all you need to grow your enterprise, but Dubai has a lot more to offer:
- Dubai is a Designated Free Trade Area (FTA)
This means that your company is exempted from most taxes, such as corporate taxes and value-added tax (VAT). In addition, you will not be required to file regular audit reports, and there are no restrictions on profit repatriation back home. So, if you feel bogged down by complex reporting and limitations on capital movements, Dubai can be your home.
- Recruiting Expatriates is Pretty Straightforward
Many are the people who find it challenging to work with foreigners or new staff, especially in sensitive positions like chief financial officers, HR, and CEOs. You do not have to worry about this anymore after registering an offshore company in Dubai because the process of bringing on board expatriates is not complicated. If there is a branch back home that is doing pretty well, you might want to ask one of the managers to lead the new company in Dubai.
- Exceptional Government Support
One of the reasons why Dubai has stood out as a business hub is exceptional government support. The administration has invested heavily in modern infrastructure and offers incentives to facilitate fast business growth. For example, the administration holds regular foreign expos that help to open opportunities for companies located there. In Dubai, every effort is directed at promoting business success.
The benefits we have highlighted above are only a few of what to anticipate for opening an offshore company in Dubai, but first, you need to incorporate it in the jurisdiction. The best way to form a business in Dubai is by working with an agency of experts. ICD Fiduciaries is the most trusted agency for company incorporation in Dubai. You can also count on them for carrying out due diligence, business accounting, and virtual office services.