United Arab Emirates

Estimated cost of living (single): $5,000/month Personal income tax: 0%. Corporate tax: 0-9%

Dubai, known for its iconic skyline, luxurious lifestyle, and vibrant economy, is rapidly becoming a top destination for entrepreneurs and expatriates alike. The city's strategic location, world-class infrastructure, and business-friendly environment make it an ideal place to set up a company and enjoy a high quality of life. This guide will walk you through the process of moving to Dubai, obtaining a visa, and setting up your business.

Below is my full guide to moving to Dubai

Visa & Residency Options in Dubai

Employment Visa

If you are moving to Dubai for a job, your employer will typically handle the visa application process. This visa allows you to live and work in Dubai and is usually valid for two to three years.

If you are setting up your own company, you will also usually obtain this visa through hiring yourself as the director of your company, and this can be done with no capital requirements and in as little as 2-4 weeks. More on this later.

Another option is something called the Green work visa - this can be obtained with self-sponsorship and the requirements are to be in a “high-skill” profession and to earn >AED 15,000/month

Freelance Visa

Dubai also offers a freelance visa, officially called Green visa for work.

It is self-sponsored but you need proof of bachelor’s degree. You also need to prove income of AED 360,000 for past 2 years.

Golden Visa

The Golden visa is a long-term residence visa which enables foreign talents to live, work or study in the UAE while enjoying exclusive benefits. There are many different categories under which you can obtain this visa, including Investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes.

The visa isalid for 5 or 10 years, has no need for a sponsor and allows you the ability to stay outside the UAE for more than the usual period of six months. You can also sponsor family members, including spouses and children and sponsor unlimited number of domestic helpers.

For details, you can read the requirements here: https://u.ae/en/information-and-services/visa-and-emirates-id/residence-visas/golden-visa

Taxes in Dubai

One of the most attractive aspects of moving to Dubai is its tax environment. Dubai imposes no personal income tax, making it an appealing destination for high earners. Additionally, there is no capital gains tax, inheritance tax, or wealth tax.

The UAE corporate tax of 9% was recently implemented but importantly, there is a small business relief for any business whose revenue is under AED3,000,000 annually.

Therefore, if you earn less than around $816,000 per year in revenue, you will still pay 0% corporate tax in UAE.

The Setup Process in Dubai

Choosing a Business Structure

The first step in setting up a business in Dubai is to decide on the business structure. Common options include:

- Free Zone Company: Ideal for foreign investors, free zone companies benefit from 100% ownership, no import/export duties, and full repatriation of profits.

- Mainland Company: Suitable for businesses looking to operate within the local market. It requires a local sponsor who holds a 51% stake in the company.

Registering Your Business & obtaining a visa

Once you've chosen your business structure, you'll need to register your company. This involves:

1. Choosing a Trade Name: Ensure it complies with the naming conventions set by the Department of Economic Development (DED).

2. Obtaining Initial Approval: Submit your business name and passport copies to the relevant authorities for initial approval.

3. Employ yourself: You will now hire yourself as the director of your company.

4. E-visa: After around a week, you will receive an e-visa which allows you to enter the UAE.

5. Complete residence visa in UAE: With the e-visa, you will enter the UAE and complete a medical test, residence visa application and biometrics.

With the help of the right agent, this entire process should take 2-4 weeks. If you want help, you can reach out to our team who have helped 100s of people successfully relocate to Dubai. You can book a FREE introductory meeting here: https://www.genzoneconsulting.com/meetings/schedule-session/tk

Opening a Bank Account

The best personal banks I recommend are:

Emirates NBD: most reputable bank in UAE

First Abu Dhabi Bank: they offer great savings accounts & a 5% cashback credit card with no annual fee

Wio Personal: UAE’s first online bank (think like Revolut) - account can be opened online easily and they offer the best user interface

The best business bank I recommend is:

Wio Business: This is WIo’s business account, the only one you need for most online businesses. Account can be opened online & you get a great user interface without the hassle of a traditional bank, which can be more difficult to open unless you have a physical office.

If you use our help, we will open a bank account for you with Emirates NBD in just one day - so you don’t have to go through the hassle of going into the bank and printing documents. Book a meeting here: https://www.genzoneconsulting.com/meetings/schedule-session/tk

Who is Dubai Right For?

Dubai is an excellent choice for:

- Entrepreneurs: With its business-friendly policies, strategic location, and access to global markets, Dubai is a hotspot for startups and established businesses alike.

- High Earners: The tax-free personal income environment attracts high earners seeking to maximize their income.

- Freelancers and Remote Workers: The availability of freelance visas and a vibrant coworking scene make Dubai an attractive option for freelancers and remote workers.

- Retirees: The high standard of living, excellent healthcare facilities, and the new retirement visa make Dubai a great place for retirees looking for a sunny and luxurious lifestyle.

Conclusion

I believe in Dubai. I believe it is the one city in the world that is truly looking forward & improving fast every year. I see myself living here for a very long time. Whether you're an entrepreneur, freelancer, high earner, or retiree, Dubai offers a unique blend of opportunities and a high quality of life.

If you’re looking to move to Dubai & set up your company there in just 2-4 weeks, we have helped 100s of people do that and would happily help you do the same.

Join the hundreds of companies, individuals, and families that use GenZone to take care of everything. Enjoy a VIP experience where, within a few weeks, you will have your company license, business bank account, and residency in Dubai.

You can book your free meeting to discuss the process by clicking the button below:

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