UAE to introduce 9% corporate tax on business profits from June 1, 2023 (FZCO REMAINS 0%)
- Thread starter calnana
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Well whose gonna complain out there? There is no free press in UAE, no protests allowed and no slander...sorry criticism of UAE rulers allowed. Add the fact they have a non-independent judiciary legal system far less advanced then Julius Caesars - year 40 BC (Before Christ), thumbs up and thumbs down in the arena system and you get the picture.
yeah, I was just saying that these are the risks associated with doing business there, like in any place in the world. If they don't want to give you a tax certificate, they won't give you one. It's also︀ true that they have all interests to play by the rules as long as you︁ play by the rules, as they are basing the economy on people making business in︂ the UAE, so having clear rules is a base for this. If you make a︃ visa, spend 180 days in the country and you don't get a tax certificate, there︄ is a problem, although it's clear to me that the more money you put into︅ the system ( having a freezone company rather than a US LLC with remote working︆ visa, which means 30 times the money you pay to the UAE ) will make︇ things smoother. So in the end it all depends on risk/reward as usual: if you︈ are making 400k a year, the LLC + remote working visa might be a bit︉ stretched and if you do really need a tax certificate, it's safer to have your︊ own company in the freezone and be the manager.
Are you referring to the risk of being jailed for debt (something indeed that the Romans did - see Matthew 18:30).
lol. Thats not far off. See the old story below of people running from Dubai and abandoning everything due to facing imprisonment for defaulting on debt.
https://fornoob.com/the-story-behind-dubais-abandoned-supercars/
You can read the below thread fully to see my personal story about living in Dubai...lol
https://www.offshorecorptalk.com/threads/offshore-bank-account-for-gcc-resident.27758/post-115963
P.S Funny I was talking about UAE being attached back in Jan 2020. Seems its all playing out now conf/(%.
https://fornoob.com/the-story-behind-dubais-abandoned-supercars/
You can read the below thread fully to see my personal story about living in Dubai...lol
https://www.offshorecorptalk.com/threads/offshore-bank-account-for-gcc-resident.27758/post-115963
P.S Funny I was talking about UAE being attached back in Jan 2020. Seems its all playing out now conf/(%.
having to run away from a country for a simple civil litigation with a landlord is scaring. i believe the UAE may correct such harsh approach to debt, without making discount for fraudsters but avoiding the average joe (the normal guy that has a simple civil issue) to get in︀ trouble. that would reinforce their position as a financial hub. thanks for sharing.
Yes it is scary but 100% the right thing to do when it comes to Dubai. You don't want to end up like this guy as the court system does not function like a fair system.
They have stopped some practices like people automatically jailing people for a bounced cheques so thats︀ good news. They even acquitted some unmarried couples who were jailed for having sex outside︁ marriage. One case is below. So laws are changing but you must be aware of︂ them.
https://gulfnews.com/uae/dubai-couple-charged-with-having-sex-outside-wedlock-acquitted-1.77603118
Anyway back to topic.
They have stopped some practices like people automatically jailing people for a bounced cheques so thats︀ good news. They even acquitted some unmarried couples who were jailed for having sex outside︁ marriage. One case is below. So laws are changing but you must be aware of︂ them.
https://gulfnews.com/uae/dubai-couple-charged-with-having-sex-outside-wedlock-acquitted-1.77603118
Anyway back to topic.
I think that the UAE learned some tricks from the US. In italy we say: 'colpirne uno per educarne 100', which is what the US did with the Silk Road founder. They went above and beyond to get him, to send a message. In general, if you want to be resident in the UAE you need to be a good resident, it's not a democracy, you don't want to end up on the wrong side of the equation. And the same applies to the US: you don't want to mess with the US legal system, it's not italy, you really end up in︀ jail there.
Just respect the rules and don't do stupid things.
Just respect the rules and don't do stupid things.
Then allow me to say with my years of expeirence - it's pretty cool to live in Dubai as an Western Entrepreneur.
I'm not a car driver, alcohol drinker or something else consumer.
So far never had issues by making my rounds in the gym or at the JBR Beach.
Never used a cheque, never tried the red line of the law.
Just focused on the business and my loved ones - works pretty well here.
I'm not a car driver, alcohol drinker or something else consumer.
So far never had issues by making my rounds in the gym or at the JBR Beach.
Never used a cheque, never tried the red line of the law.
Just focused on the business and my loved ones - works pretty well here.
Four bottles of cannabis related products...Dubai? If this was Thailand people would ask "what do you expect lol"? It's almost as if some countries are held to a different standard for some reason.
He claims they weren't his. If he is in fact an innocent victim then let's hope that the real international drug trafficker is found and convicted, which would most likely get this guy a pardon, even though he is clearly guilty in law.
He claims they weren't his. If he is in fact an innocent victim then let's hope that the real international drug trafficker is found and convicted, which would most likely get this guy a pardon, even though he is clearly guilty in law.
Exactly - a will is the most affordable to achieve organisation of your assets within the UAE after your death.
Of course you have the possibility to setup a holding company that owns your real estate and company shares -> bank accounts -> local UAE holding company is fine -> you can then transfer the shares︀ of the Holding to the Trust.
Did this already several times -> the holding company︁ books it's assets with a Switzerland PB in the DIFC and a Channel Island based︂ Bank on the other side of the Sheikh Zayed Road has the banking for the︃ Trust with an inhouse Trust Provider Company.
Starting from several Millions this scheme makes absolutely︄ sense and is not dependent of your underlaying assets e.g. your business changes and you︅ incorporate somwhere else another company -> you can just move it under this structure.
I think the sharjah law is one of the best things in the UAE because it︆ helped a lot to attract international banks who offer UAE residents to book there assets︇ with them - dont' know another place with even close to so many options -︈ maybe Caymans but that's it.
Of course you have the possibility to setup a holding company that owns your real estate and company shares -> bank accounts -> local UAE holding company is fine -> you can then transfer the shares︀ of the Holding to the Trust.
Did this already several times -> the holding company︁ books it's assets with a Switzerland PB in the DIFC and a Channel Island based︂ Bank on the other side of the Sheikh Zayed Road has the banking for the︃ Trust with an inhouse Trust Provider Company.
Starting from several Millions this scheme makes absolutely︄ sense and is not dependent of your underlaying assets e.g. your business changes and you︅ incorporate somwhere else another company -> you can just move it under this structure.
I think the sharjah law is one of the best things in the UAE because it︆ helped a lot to attract international banks who offer UAE residents to book there assets︇ with them - dont' know another place with even close to so many options -︈ maybe Caymans but that's it.
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