Dubai is one of the most famous and important cities of middle east and Asia. It is a small land of desert that can give you oasis experience. It ranks first on region level and 23rd as the world’s wealthiest city. Various unique hotspots make Dubai a rich city. Undoubtedly, the initial expiration of oil in Dubai aims to get international recognition, but it has only had a 1% dependency on oil. In this read, I share the facts about Dubai become Rich.
Dubai found the oil reserves in 1960, and oil prices soon shot up, bringing billions of dollars to the country. It is unlike other countries with fishing towns and trade routes. Oil plays crucial part to the international recognization of the region but it is the start of a great biginning.
Sheikh Rashid Bin Sahid Maktoum, the Ruler of that time states that they find oil but the oil is less. The rulers realized their international value couldn’t grow only on the oil trade. He later realize the world trade locatino of Dubaithe. The location of the Dubai port have easy access to the sub-continent of Africa. The rulers take the loans from the british to construct a deep land port to increase the storage and supply space. It later makes dubai the world class shipping across the subcontinent. Read about Benefits of Living in Dubai now.
World Business Center
Dubai is diverse in its economy into several fields with opportunities for foreign investors in the consistently growing market. The free trade agreement gives foreigners more trading freedom, creating economic cooperation and Job opportunities. The port of Jebel Ali is the world’s 9th and most manufactured port, which is valuable due to its location. It is one of the US Navy’s most visited port outside the US. The size of the port allow enough space for the aircraft warships.
Dubai’s 90% international workforce offers diverse skills and qualifications, supported by favorable labour laws and flexible immigration policies. The Dubai government’s policies promoting free trade, foreign investment, and tax benefits for startups business growth. An attractive destination for international organizations, promoting economic growth in research, education, knowledge transfer, and new industries. Get to know about Tech Geek Nelson Created By Nelson Torres now.
Dubai became Rich due to tax-free nation, but it does set certain taxes to finance its motivations and government expenses. Foreign banks operating in Dubai are taxed at a 20% rate, generating significant revenue for the government. Dubai imposes a 10% entertainment tax on restaurant bills, with the revenue sent to the government rather than distributed among hotel staff. Expats in Dubai face taxes, such as a 100 dirhams fee for renewing their national ID and a 5% tax on rental income. The Dubai government charges visa processing fees and a charge on departing passengers to fund airport maintenance.
Free Economic Zones
The UAE government actively attracts foreign investment to the Emirates through free zones, benefiting from business-friendly policies and an entrepreneurial growth. Free zones in the UAE offer financial and tax advantages and operating licenses for businesses. Three business entities can be established in UAE free zones: A free zone company (FZCO), a Free zone establishment (FZE), and a Branch of a foreign company. Advantages of a UAE-free zone company include:
- 100% foreign ownership.
- High confidentiality.
- No trade restrictions.
- No currency regulations.
- Exemption from import/export taxes.
- Easily accessible workspaces.
- Easy incorporation.
- Trouble-free immigration procedures.
- Excellent infrastructure and communication systems.
Setting up a company in the Dubai Free Zone involves five steps:
- Choosing a business activity
- Selecting a free zone
- Picking a company name
- Compiling documents
- Applying for a free zone license
Dubai visa is simple to get with the minimum requirements and easy to extend. Passport holders from certain countries can visit the UAE without advance visa arrangements, receiving a 30-day visit visa upon arrival. Passport holders from other countries can receive a multiple-entry 90-day visit visa, valid for 6 months from the issue date. Other countries may be eligible for a 90-day or 180-day visit visa. Before traveling to the UAE, check visa requirements and ensure your passport is valid for the necessary duration. Visitors who undergo an eye screen has a hard copy of their visa or a printed visa number confirmation page. Otherwise, an AED 30 per copy fee applies, payable in AED.