If you are in Dubai you have most likely heard of the Dubai business community. This growing business community provides jobs to many people and helps to create new business opportunities for others as well. In fact, the Dubai authorities and local governments are actively encouraging the growth and development of this business world. To start a business in Dubai you have to follow certain guidelines and there are several things you need to be aware of.
First of all, there is a need for an international business entity when you set up a business in Dubai. The only way that this can be accomplished without having to incorporate is to open a company in the local currency of Dubai. That way you will be in charge of your own taxes, and you can keep all your earnings in that country.
All types of business can be set up in Dubai, but they must follow the same basic requirements. Those requirements include a website, a registered office, a registered mobile phone and an employee if you plan to employ people. There are no special rules or regulations for a business set up in Dubai, but there are some tax requirements that you will need to abide by. You will need to pay income tax on your gross earnings. You will also be required to pay corporate tax and capital gains tax according to the law of the country in which your business operates.
There are several ways in which the Dubai authorities make it easy for business owners to comply with their tax obligations. One such method is that most businesses that have employees in Dubai are required to remit social security contributions. Dubai government sources say this requirement is necessary because employees in Dubai may face accidents while working, which may lead to loss of income from their employer. In addition to tax payments, business owners may also be required to pay stamp duty and other types of sales tax.
Another tax benefit that you may be eligible for is the Business Development Rate (BDR). BDRs are a special tax credit that business owners may apply for if they propose to establish a certain percentage of the company’s trade in foreign countries. If you are able to demonstrate to the Dubai authorities that you will be able to tap into a variety of foreign markets through your business, you will be eligible to apply for BDRs. These rebates can be traded in for an exemption from standard corporate tax.
The above mentioned rebates should only be considered as a guide. They are provided as an inducement for business owners to set up an operation in Dubai. If you want to start up a business without having to worry about taxes, or if you would like to expand your existing business, you may opt for an indirect business permit. With an indirect business permit, you will not need to pay corporate tax or income tax on the income that you earn from your business ventures in other countries. However, you need to follow the laws and regulations of the country where your business ventures are based, in order to obtain the benefits mentioned above.
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