Dubai named world’s most cosmopolitan city. One of the best jurisdictions where to set up a company thanks to Trinity Corporate Services
Dubai remains the world's most cosmopolitan city in 2018 and as it has been for many years, it is a great hub to register a company thanks to the experience of Trinity Corporate Services.
"Dubai is currently the world's most cosmopolitan city, with foreign-born residents making up 83% of its population (2,6 million). Its residents come from more than 200 countries and speak more than 140 different languages. Following Dubai is Brussels, with a population that is 62% foreign-born; its inhabitants hail from approximately 140 countries and speak 86 different languages," said global consultancy McKinsey & Company.
Of over 140 different languages spoken by Dubai residents, most common languages are Arabic, English, Hindi, Urdu, Persian, Bengali, Tamil, Tagalog, Chinese, Malayalam, French, German and Spanish among others.
But that is not all, the Dubai Statistics Centre confirms that Dubai's population currently stands at 3,14 million as compared to 2,97 million at 2017-end, demonstrating its continuous growth trend.
During the rush hour, the emirate's population jumped to 4,16 million, DSC said in an earlier statement.
McKinsey & Co. analysts believe that Dubai along with London, Hong Kong, New York, Singapore and Tokyo are major hubs for all types of flows such as flows of goods, services, finance, people, data and communication.
Apart from Dubai and Brussels, according to McKinsey & Co.'s "Thriving amid turbulence: Imaging the cities of the future" report, there are 11 other cities in the world in which at least a quarter of the residents are foreign-born. They are Toronto, Auckland, Los Angeles, Sydney, Singapore, London, New York, Melbourne, Amsterdam, Frankfurt and Paris.
There are many ways for a safe and simple registration of a new company in the UAE. Trinity Corporate Services is a consulting firm operating in the United Arab Emirates with a focus on Dubai as well as in the other Emirates.
Its consultants can find the most appropriate solutions for registering your company in the UAE and providing with professional advice on the appropriate company conformation based on specific needs and requirements.
Thanks to policies and regulations that provide with an extraordinary businesses climate the United Arab Emirates has been keeping welcoming new companies or branches of international companies that can choose among different kinds of corporate structures. Here are some of them:
Limited Liability Company (LLC)
A Limited Liability Company (LLC) is the most common type of company structure in the UAE and it is recommended for companies planning to trade within the region. An LLC requires a minimum of two and a maximum of fifty shareholders whose liability is limited to their shares in the capital of the company.
Branch Office or Representative Office
Based on the UAE Commercial Laws, foreign companies can register in the UAE either a Branch or a Representative Office.
A branch office has the same legal identity as its parent company and conducts business under the name of its parent company. Whilst each Emirate has its own licensing rules for branch offices, this type of entity can carry out a variety of activities (as approved by the Department of Economic Development of the relevant Emirate).
Civil Company –Professional License
A professional service company, also known as a Civil Company, is the most common form of entity used by foreign investors / professional individuals in Dubai and Sharjah to provide professional services. A professional license is awarded to skilled professionals having the relevant qualifications and experience.
Free Zone Company (FZC)
Registering a company in a Free Trade Zone (FTZ) is certainly an attractive option for investors who aspire to internationalize their business.
A FZC offers the possibility to implement an efficient tax planning and, at the same time, boasts of the consistency that is becoming more and more pressing in the current international scenario.
The shareholders of an FZC have the right to obtain a Residence Visa in the UAE. While the license must be renewed every year, the residence visa must be renewed every 2 or 3 years (depending on the chosen Free Trade Zone).
One of the main advantages offered by an FZC is that the company can be 100% foreign owned and the presence of an Emirati partner is not required.
The FZC (like the local company) can make use of the Double Tax Treaties (DTTs), the treaties that avoid double taxation. The application of the treaties depends on what is established in every single treaty that the Emirates have signed with more than 100 countries.
An offshore company is a legal entity established in an offshore financial center or a tax haven, protected by specific legislation that generally guarantees full tax exemption and a high level of privacy and security. Offshore company formation can be used to maintain and create wealth, conduct international trading, contracting or consulting services, hold property, and perform asset protection activities. Offshore companies also offer advantages beyond taxation, such as facilitating direct investments into certain jurisdictions, managing withholding taxes for foreign income, and holding intellectual properties.
The advantages of being part of the economic and financial life of Dubai and the of UAE are undeniable, especially at the present time.
The stability of the country, the regulations supporting Foreign Direct Investments (FDI), the policies aimed to boost economy recommend to set up your own company on the Emirate market as soon as possible.
Trinity Corporate Services
321 Group – Patrizia Landini