0% corporate tax company where? For B2B, billing through a BVI company isn't really an option.
Another option to perpetual travel: Moving to a country with territorial taxation and lax rules, like Thailand or Paraguay.
UAE (Dubai) Expats: What moves will you make with the new UAE tax laws?
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0% corporate tax company where? For B2B, billing through a BVI company isn't really an option.
Another option to perpetual travel: Moving to a country with territorial taxation and lax rules, like Thailand or Paraguay.
I don't believe it to be that simple. There will be enough who will stay and even establish their business in the UAE regardless of the 9%! Just because the majority in this thread don't agree with the new tax then there may be thousands that do. But as usually when something new is implemented only time will show the result.
We could hope it will have such a bad impact on the UAE that they will change their mind but I doubt.
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I agree and will be staying.
UAE with its vibrant marketplace and thriving business environment, stood as one of the final bastions of capitalism in a world undergoing significant socioeconomic shifts moving towards neocommunist world order. Its business environment made it a living testament to the enduring spirit of capitalism looking at Marx's 10 planks and how its being implemented across the world.
https://magyarnemzet.hu/english/2021/03/davos-era-neocommunism
If you still want be in the desert you can open free zone company in Qatar, I think it's still 0% CIT.
You can still take out $200-300k without paying taxes. I doubt that most of them make more than that...
Yes but they will generate income for accountants lawyers etc
Spend money in UAE etc
As Fred told he would need 5 additional people just to deal with all bureaucracy.
For us Europeans is not worth I think. We can do similar in Europe without being in desert and have normal bank access , infrastructure etc
You can. But will the account be ok for auditor?
Many questions and no answers
For my business I can do it myself, if just a stamp is required from Audit company I'm mad to pay for this ”¦.
Even for South Asian like me its not worth it, I spent around 7 years here. Who is stopping me to move to US or EU where taxes can be high but less headache and more opportunities to grow. Its not only about taxes, the expenses of accountants, audit, lawyers, gov fines will further increase cost of doing business.
As Fred said big law and accounting firms lied to him. That is another concern working in UAE, I dont trust anyone here, not banks, not consultants not even real estate agents. Dubai is good for personal stuff, where business is concern its not a good place to do business specially online business because no eco system here.
Now you have to pay: consultants, tax audit, 9% on profits >375K AED and renew your company every years and another costs I Think .. In EU it's still higher (in my country) but I have everything free (hospital, schools) ..
I think UAE become interesting for people who makes 5-10M USD / year profits ..
If I obtain golden visa and I close my FZCO Company, I own a LLC US I I'll pay CIT ?
Last edited: Aug 5, 2023
I think UAE become interesting for people who makes 5-10M USD / year profits ..
If I obtain golden visa and I close my FZCO Company, I own a LLC US I I'll pay CIT ?
Last edited: Aug 5, 2023
Making 200-300k tax free? Ok, you have to pay for accounting, but that isn't free in Europe either.
This 100%.
HK, Singapore, US for example.
Yes, you will still have to.
Why not Cyprus or Malta, guys?
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100% what you wrote and also let's remember that if you lived in a normal European country you would have been eligible for a passport by now. In UAE you will have no rights, ever.
Yes, and it's just not a healthy lifestyle. Dust, sand, A/C, one of the worst air quality in the world. (the worst currently, ranked #1 according to iqair 🙂 )
You have to pay a lot for healthcare, and everything is overpriced.
Thailand setup was discussed already here.
It's illegal because you create PE in Thailand.
Last edited: Aug 5, 2023
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Generally speaking if you worry too much about such pocket expenses, Dubai is not the right place for you.
I think it depends a lot on someone's personal background, i.e. if you have a tier 1 passport and majority of your income is capital gains, Dubai is still awesome.
If you run a business and need access to the European market, proper banking and generally affordable cost of living expenses, maybe look for a different place even with taxes. Accounting (+ audit) and paying some taxes is something we'll have to live with, as long as you're not picking a remote island outside civilisation.
Do the math and then compare suitable jurisdictions. For some Dubai is certainly not the best choice, but I would not draw a generalised conclusion.
I think it depends a lot on someone's personal background, i.e. if you have a tier 1 passport and majority of your income is capital gains, Dubai is still awesome.
If you run a business and need access to the European market, proper banking and generally affordable cost of living expenses, maybe look for a different place even with taxes. Accounting (+ audit) and paying some taxes is something we'll have to live with, as long as you're not picking a remote island outside civilisation.
Do the math and then compare suitable jurisdictions. For some Dubai is certainly not the best choice, but I would not draw a generalised conclusion.
If you now consider Dubai a low tax rather than tax free country going forward then people will still move there. The problem is it has lost a lot of its attraction and will continue to do so when personal income tax eventually comes. In years to come Dubai will begin to look run down as poor build quality and declining rents etc will lead to cutting corners in private real estate.
The biggest question is do you want to pay corporate taxes and eventually personal taxes to a dictatorship where you have no rights and have to leave the minute you have no money to pay your rent due to i.e illness.
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For the love of god guys.
Operating a UAE FZ LLC is still going to be tax-free if you know how to use it.
9% CIT doesn't apply on profits of a FZ entity that doesn't do any business with UAE mainland. If your business operates only abroad or within a freezone then your profits are still tax-exempt.
Operating a UAE FZ LLC is still going to be tax-free if you know how to use it.
9% CIT doesn't apply on profits of a FZ entity that doesn't do any business with UAE mainland. If your business operates only abroad or within a freezone then your profits are still tax-exempt.
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