Dubai is a city that has seen an incredible amount of growth and development over the years. With a thriving economy, a rich cultural history, and a dynamic and vibrant atmosphere, Dubai is a city that has become increasingly popular among business owner and investors from all over the world.
Globevisa is an international team of experts who provide a range of services to their clients. The company’s Dubai office was registered in 2022, and since then, the team has grown to include colleagues from China, India, Egypt, and other countries. This international team allows Globevisa to provide services in Chinese, Arabic, and English, making it easier for clients to communicate with the team and get the help they need.
In a recent interview, our strategic partner at Globevisa Dubai, Mr, Sunil from Sun Management Group Dubai, spoke about the current economic situation in Dubai and the potential it holds for investors. He said that Dubai is currently the best place to stay and work as the government has eased regulations and provided great support to investors. He also mentioned that Dubai offers various ways to obtain a golden visa, such as investment in property or businesses.
Moreover, he stated that the golden visa gives investors more flexibility and offers multiple advantages, such as not having to visit Dubai again and again. Previously, the investment limit was 5 million Dirham, but it has now been reduced to 2 million Dirham. The golden visa residency is given for 10 years and offers the opportunity to sponsor family and close members of employees. Mr. Sunil also shed light on the tax regime in Dubai, which is attracting many foreigners to invest in the city.
He explained that personal taxes, including salary, dividend, and investment, are still tax-free in Dubai. However, the government has recently introduced corporate tax, which applies to any company or individual doing business in Dubai and earning more than 375,000 Dirham. The tax rate is at a low rate of 9%, and certain regions offer zero percent corporate tax for qualifying income. He also clarified that while clients can enjoy zero tax, they still need to follow a certain procedure and register with the FTA to apply for the qualifying income. Globevisa provides support and guidance to clients in this matter. Furthermore, Mr. Sunil believes that there will be no changes in the tax regulations in the near future, and the government has promised to maintain the current tax rates.
The government introduced VAT in 2018, and the rate of 5% has remained unchanged since then. The corporate tax will apply from the accounting year starting after June 2023. Overall, Globevisa’s Dubai office is a one-stop business solution that provides a range of services to clients from all over the world.
With an international team of experts, favorable tax policies, and a diverse and dynamic business environment, Dubai is a city that is ripe for growth and development, and Globevisa is well-positioned to help businesses and individuals take advantage of all that the city has to offer.