So did I! As a matter of fact, on the advice of counsel a few decades ago, I sought a declaratory judgment on an issue. Got it from the head of the agency. The agency then sued claiming "the head of the agency had NO authority to bind the agency"! The judge agreed. I was SCAMMED millions of dollars by a top 3 law firm and the lawyers on my case were a former federal judge, a former agency director, and a former prosecutor.
It's not handwavy. It's as precise as one can be right now. As a general rule, though, you would not need to be personally tax resident in a place to trigger "doing business in" type regulations.
You're conflating you (the human being, the natural person) with how corporate income tax is applied for legal persons (companies) doing business in a location.
I agree
What? @Fred is not around anymore? 😳
This is a great point! I failed to connect the dots here. This is HUGE! What will he do?
I'm staying in Dubai. 9% tax on profits is not a deal breaker and there are so many legitimate ways and valid business expenses to bring this down to almost zero.
Yes, I think UAE government is thinking that current inflow of Russians and Ukrainians will cover a lot for very few who will leave
Hmmm.... I don't know about others, but my personal issue with this is TRUST!!! They promised 50 years tax free! They broke their promise without even an apology!
Can not agree more....UAE for company registration is hopeless now ........It is trap now
@troubled soul let's go to cayman islands. Buy home on beach with crypto. Register at enterprise city. Use Emi for business. Visa 5 years. Tax free 100%
Are you sure you want to commit tax evasion in UAE? They aren't exactly known for fair rule of law.
If you can't trust a totalitarian monarchy, who can you trust? 😉
Yep, and US dollar was once backed with gold. And 15 years ago you could get a Swiss bank account for a banana island company with a bearer share.
Horrible outlook on life!
And neither is UAE!
OK, let's break it down a little.
LLCs are normally pass-through entities, meaning they do not retain the profit. You cannot defer distribution. At least that's how it's viewed under US law. Unclear how UAE will interpret LLCs, though.
If it's treated as pass-through by the UAE doesn't that mean it's like a natural person doing business. Then UAE corp tax applies but only if turnover is above 1M AED.
Don't marry to a country, that's it. Consider everything a tool, use the tools that suit your interest best, change them when they break and don't get attached to anything. I spent a lot of time in the UK with the most straightforward and reasonable government-business approach as far as I know. And yet, in the last 10 years they changed the rules so many times I lost count. Don't let me start on EU or any "developing" country.