The United Arab Emirates (UAE) is considered a leading modern jurisdiction providing on-shore, off-shore and free zone company solutions. A modern vibrant economy with a deep pool of human capital and professional service providers meeting every aspect of Economic Substance Requirements.
There is an undeniable shift towards more reputable jurisdictions which are adhering to global standards of regulations and compliance and are also able to provide adequate infrastructure and professional resources to meet Economic Substance Requirements(ESR). Pure Offshore jurisdictions are increasingly being placed on “Blacklists” or “Watchlists” with serious reputational and operational consequences for clients.
1. Strategic geographical location and Easy access to emerging markets
2. Flight to Quality: Highly compliant with International standards and reporting requirements
3. World class Jurisdiction with mature banking and legal system
4. A ‘real’ economy with GDP per capita of $40,000
5. Top ranks in ease of doing business & world government trust indexes
6. High-quality of life, diversified and business friendly environment
7. Abundant ecosystem of ample professionals, experts, offices and resources
8. No Taxation and No restrictions on capital and profit repatriation
9. Access to a broad range of UAE Double tax treaty network
RE-DOMICILIATION OPPORTUNITIES TO MEET SUBSTANCE REQUIREMENTS
Whereas many jurisdictions will struggle to meet ESR, the UAE has an abundant ecosystem of professionals, experts, office and resources to meet the Economic Substance Requirements.
REASONS FOR REDOMICILIATION
▪ Traditional Offshore jurisdictions are under pressure (competition, regulatory issues & substance).
▪ Finding a viable alternative to jurisdictions traditionally labelled as “offshore centres” facing extreme scrutiny internationally
▪ Companies are increasingly concerned with the reputational risks associated with the choice of jurisdiction
▪ Urgent need to meet ESR
▪ Companies could maintain existing legal status
▪ Companies could preserve operational and banking history
▪ Access to common law courts
▪ Wills registration to protect the assets and shares in the name of the company
Mid shore location which features between Onshore and offshore. Mid-shore companies are getting more popular all over the globe.
The United Arab Emirates offers business with the advantages of a highly developed economy, infrastructure and services that match the International standards. There are more than 35 free zones operating in the UAE, across its seven emirates. Various free zones provide the facility of 100% foreign ownership, with resident visa and office facility to work within the UAE.
UAE has tax treaties with the majority of the countries unlike most of its competitors.
Also, Since the beginning of the Covid 19 outbreak, the UAE’s response has been nothing but an example of efficiency, a lesson to all crisis management. Protecting and strengthening the growth of the economy and business sector, which saw closer to Dh200 billion allocated federally and locally to support the banking and business sectors, Implementing the food security strategy and finally, the UAE’s humanitarian initiatives, which helped many less fortunate countries fight the pandemic. The UAE is currently one of the most vaccinated countries in the world, second only to Israel. Each emirate has handled its response to Covid separately, but there is no doubt that life across emirates has been freer, and less restrictive, than in most other countries.