Dubai – A Tax Haven

Dubai is one of the places in the world where the authorities believe in letting their citizens keep everything they earn. Hence, no one is levied a tax for anything they earn, even foreign investors. These taxes are paid in forms other than income. However, this does not mean that all services are offered for free. Citizens and foreigners will be charged separately for some services.

This tax scheme makes Dubai a perfect place for those who need to keep their income confidential. This is usually done by registering yourself as an offshore company. Once you register offshore company all your details will remain confidential and not even your spouse is entitled to request your information unless they are given legal authority. At no point will you be requested to produce annual reports or maintain public records of your income. Even if anyone tries to track your bank details they will only be able to find a company registered under the company name you choose.

Discretion

Dubai is a key tourist attraction in the world. Every year over a million tourists visit the country for pleasure, business dealings and a number of other reasons. Hence, it is easy to mingle with the regular crowd when you visit. Unlike other tax havens, Dubai is better known as a place for tourists and business investors rather than place for tax evaders. So you will not raise any suspicion in your home country or in Dubai. Thus Dubai is a place of choice for many for offshore company formation.

It is not bound by treaties

The United Arab Emirates is not a part of any international agreement which obligates them to disclose confidential bank details to another party. This rule is strictly adhered to. Also it is anticipated that none of the UAE nations will sign any such agreement in the near future.

Multiple visits are not needed

You only need to visit the place you choose to open your account only once. After your initial visit you can maintain all your transactions securely via the internet.

Locations in the UAE which provide this facility

This facility is available in the Jebel Ali freezone which falls under the jurisdiction of Dubai. Other places are Ras Al Khaimah and Ajman. Ras Al Khaimah has two jurisdictions which offer this facility. Visit this site https://crosslink.ae/freezone/ to gain ideas about freezone company.

It is important to note that all the places in UAE give you the same level of confidentiality. However, other factors like the required documents, costs associated with the process and activities you are allowed to perform are different from jurisdiction to jurisdiction.

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