Dubai is the seventh emirate of the United Arab Emirates (UAE). The population currently stands at 1.5 million however 82% of the population are expatriates. Arabic is the office language however English is the business language. Dubai is the undisputed business hub of the Middle East.
The Jebel Ali Free Trade Zone is a Dubai based, state owned Economic Zone and is one of the biggest, most service driven, customer centric Free Zones in the world. Regulations were passed in 2003 establishing the basis for Jebel Ali Free Zone Offshore Companies which operate under the Jebel Ali Free Zone Authority (JAFZA). Such companies enjoy all the advantages of other international offshore companies but have the added benefit of Dubai’s reputation for business transparency. It is worth noting however that the a Dubai Offshore Company is not allowed to carry out business within the UAE or the Free Trade Zones.
Key benefits of UAE:
- A Dubai Offshore Company is not a tax haven company; it is not on any black list. The UAE is considered a Schedule 3 FATP jurisdiction and complies with relevant anti-money laundering regulations.
- No Corporate or Personal Taxes payable. Only banks and companies active in the oil sector are subject to corporate taxes.
- Offers a high degree of anonymity. Directors and Shareholders information is not kept on public record.
- Dubai is not a signatory to any international exchange of information agreements. This status is not expected to change as Dubai has no taxation gain from the participation of such treaties.
- The UAE has entered into some mutual assistance / double tax treaties with relevant jurisdictions such as Malayisa, Hong Kong and the UK. More will follow.
Bank Account Opening:
Bank Accounts can be opened in a number of international banks located in Dubai however a personal visit is required and the process can take a number of weeks to complete.
Crypto-currency Start-ups Buying False Reviews is Destablising Reputable Investment Sources
When cryptocurrency issuers want reviews for their coins, reports have surfaced that several prominent companies have been found offering money to advertisers in exchange for positive appraisals.
Is the Era of Shell Companies Coming to an End?
The Honourable Dr. Orlando Smith, Premier and Minister of Finance has announced that the BVI Government will take all reasonable steps to address European Union concerns about economic substance and a new Legislation is intended to be in force by the end of December 2018 in order to avoid the European Union Black List of Tax Heaven Jurisdictions.
Regulatory Update: BVI Economic Substance Act 2018
In 2016, the Council of the EU pledged to start advocating tax transparency and fairer taxation within Europe and consequently worldwide. After the EUs Code of Conduct Group (COCG) on taxation investigated BVI practices, they found a number of concerns regarding legitimate substance requirements for companies and limited partnerships doing business in and through BVI.
Information on the Payment of Cyprus Taxes for Pensions & Rental Income
Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.
Cyprus Regulatory Update: Shell Company Definition & Exceptions
The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:
Singapore Variable Capital Company VCC: New Features & Benefits
The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.
Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements
As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.
Challenges of Our Time: Cryptocurrencies & Their Regulation
The very concept of cryptocurrencies derives from technologies and the creation of alternatives to existing payment systems, which for the most part is caused by the negative consequences of financial crises and the injustice within the sphere of financial and legal regulation. Many people are convinced that the cryptocurrency is likely to become an alternative to the established global financial system and open new opportunities to those segments of the population and citizens of those countries that are deprived of the opportunity to work with the banking financial system.