There are many benefits of incorporating in Dubai for businesses that wish to expand to other borders. Business is worth eighty billion dollars and this represents a one hundred percent increase since the year two thousand and five. Such is the growth that this area has achieved in a relatively short space of time. Most of the growth is as a result of the oil and gas industry.
Today, despite the fact that about twenty four thousand barrels of oil are produced per day in Dubai, the oil only contributes about six percent towards the total economy. Tourism has replaced this in a big way. This area is ranked number thirty-one on the Corruption Perceptions Index and the UN Human Development Index. This highlights the quality of and the reputation of the country in terms of social, jurisdiction and economic development.
Engineering too is taking off in no small way here. The most expensive hotel in the world is built here. It was at one time the tallest that was built on reclaimed land. The service industry is promoted in a big way and to that end supportive corporate structures and incentives have been created. Energy is low cost and they have top of the range communications infrastructure. Dubai welcomes entrepreneurs in no small way and this is made obvious by the quality of services that offered to entrepreneurs with a view to incorporation into Dubai.
This country is part of a collection of Emirates in the Middle East. Despite being unified in many ways, they still have their own tax laws, which differ from Emirate to Emirate. The law states that tax is charged on every person who is chargeable. Chargeable persons are corporations or individuals that are permanently established in Dubai.
Corporate tax, withholding tax, value added tax, capital gains tax and personal income tax are not imposed in the United Arab Emirates. Petrochemical companies, oil and gas companies are however taxed. Even though there are no corporate or personal taxes charged, there are other smaller surcharges that apply.
One will need a trade license to import goods into Dubai. Furthermore, there is a four percent duty payable. Construction materials, food, medicine and products for free zones are excluded. If the products are luxury then there is a ten percent tax duty due. Cigarettes and alcohol carry taxes of one hundred percent and fifty percent respectively.
Any company that incorporates with Dubai will have access to double taxation treaties with almost fifty different countries. Some of these are South Korea, India, Germany, France and China. Tourism has boomed beyond imagination as a result of massive cash injection into the industry. The glamorous lifestyle is used to promote the tourism industry. Man made islands that have been created there have played a big part in help to boost tourism in the country.
Infrastructure is unequalled here and that is what makes the benefits of incorporating in Dubai so very obvious. Entrepreneurs will have options available to them to conduct business very effectively. There are companies that specialize in helping businesses incorporate into the area.