What legalities in business setup in Dubai?
Key Takeaways:
- The UAE Commercial Companies Law now permits 100% foreign ownership for most mainland companies.
- Businesses must comply with the federal Corporate Tax (9% on profits AED 375,000) and Value Added Tax (VAT) (5%) regimes.
- Stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, including Ultimate Beneficial Owner (UBO) declarations, are mandatory.
- Adherence to the UAE Labor Law (Federal Decree-Law No. 33 of 2021) is critical for employment contracts, wages, and employee rights.
- Businesses must also follow sector-specific regulations and data protection laws.
Dubai has rapidly grown into a global business magnet, attracting investors with its strategic location, state-of-the-art infrastructure, and a dynamic economy. However, successfully navigating a Business setup in Dubai requires a clear understanding of the legalities involved. The UAE government consistently updates its legislative framework to foster a transparent, competitive, and secure business environment that aligns with international best practices. These legalities span various aspects, …