Dubai's New Free Visa For Life?
Table of Contents
Introduction
Dubai has long been a sought-after destination for entrepreneurs and businesses looking to establish a presence in a dynamic and rapidly growing market. One of the key attractions of Dubai for businesses is the various free zones that offer a host of benefits, including tax exemptions, full foreign ownership, and simplified business setup procedures.
Occasionally, these free zones roll out special promotions that make the prospect of setting up a business even more attractive. Right now, one such promotion is taking place, and it is arguably the best offer seen in a long time. This article will explain why July is the ideal time to set up your business in Dubai and take advantage of this limited-time offer.
Unbeatable Promotion: Free Visa for Life
The primary reason why July is an excellent time to establish your business in Dubai is the exceptional promotion currently being offered by certain Dubai free zones. These free zones, which we work closely with, are providing a free visa for life with any business license setup. This offer is incredibly valuable, as it not only saves you money upfront but also reduces your ongoing costs significantly.
Significant Cost Savings
Obtaining a visa in Dubai typically costs around $1,000 initially and about $11,000 every two years for renewals. With this promotion, these costs are waived for life, resulting in substantial savings. Over a period of several years, this can add up to tens of thousands of dollars saved, which can be reinvested into your business or used for other purposes. This makes the promotion an unparalleled opportunity for entrepreneurs looking to establish a presence in Dubai.
Additional Financial Benefits of Setting Up in July
Lower Costs on Living and Entertainment
Another compelling reason to set up your business in Dubai in July is the lower cost of living and entertainment during this period. Due to the hotter weather, there is a general decrease in the number of tourists and business visitors. As a result, prices for accommodation, dining, and entertainment drop significantly. Hotels, Airbnbs, and other rental properties offer competitive rates, and you can enjoy high-quality experiences at a fraction of the usual cost.
Faster Processing Times
With fewer people in Dubai during the summer months, the processing times for business license applications and residency visas are significantly reduced. During peak periods, it can take up to two weeks to process these applications. However, in July, this time can be cut down to just one week or even less. This means you can have your business up and running much faster, allowing you to start operations and generate revenue sooner.
Tax Benefits and Misconceptions
Understanding Split Tax Year
One common misconception that deters entrepreneurs from moving to Dubai is the fear of continued tax obligations in their home country. Many people believe that if they spend more than six months in their home country, they will be liable to pay taxes there, even after moving. However, this is not always the case. Several countries, including Canada and the UK, have what is known as a “split tax year.”
In a split tax year, you pay taxes in your home country only up until the day you leave. After your departure, you become a non-resident for tax purposes, and your tax obligations in your home country cease. For example, if you leave your home country in August, you will only pay taxes up until that date. Afterward, you will no longer be considered a tax resident, and you won’t be liable for taxes in your home country. However, it is essential to confirm this with a tax consultant or directly with the tax authority in your home country, as tax laws can vary.
Planning and Preparing in Advance
Registering Your Business Early
For those who prefer to plan and prepare in advance, July offers an excellent opportunity to register your business ahead of time. By securing your business license now, you can take advantage of the current promotion and ensure that everything is in place for when you are ready to move forward. This is particularly beneficial for individuals who are planning to relocate to Dubai later in the year.
Flexible Payment and Registration Options
Another advantage of setting up your business in July is the flexible payment and registration options available. You do not need to pay the full amount upfront; instead, you can secure the promotion with a deposit and complete the registration process the following month. This allows you to benefit from the current offer without having to make a significant financial commitment immediately.
Economy and Living Costs in the UAE
Ranked among the top three countries with the most advanced and diversified economies in the Middle East, the UAE has undergone significant economic restructuring over the past two decades. Efforts to reduce reliance on oil and bolster non-commodity sectors such as tourism, finance, technology, education, and healthcare have been prominent. However, despite diversification, oil and gas remain pivotal to the UAE’s economy.
Dubai serves as the financial hub of the region, attracting substantial investments and spearheading global projects. Tourism is a vital sector, drawing millions annually with its luxury resorts, high-end shopping centers, and cultural attractions. The strategic location and state-of-the-art infrastructure of sea and air ports facilitate trade and logistics, with various incentives making the UAE an appealing investment destination.
Living costs in the UAE are influenced by several factors
Housing: Rental costs vary based on factors like season, type, and location. For instance, a studio apartment in Dubai averages around 5,000 dirhams per month, with an Emirates ID and visa required for annual rentals.
Food: Imported products due to limited agriculture impact prices, with dining out for two costing approximately 120-150 dirhams and grocery items priced accordingly.
Utilities: Average bills range from 500-600 dirhams, with citizens receiving state compensation, unlike relocants and expats.
Transport: Public transport costs vary but range from 3 to 15 dirhams, with taxis preferred in smaller cities with less developed public transport.
Salaries: Industry, qualifications, and experience determine salaries, with tourism sector salaries averaging $1,300-$2,000 and healthcare professionals starting at $2,500. Native citizens typically earn higher salaries, starting from $5,000.
Additional expenses include expensive mobile and internet services and leisure activities costing at least $50, contributing to an average monthly living cost of around $2,000 per person in major cities like Dubai and Abu Dhabi. The UAE’s high regional salaries, favorable business environment, and extensive amenities contribute to its decent standard of living, offering ample choices in housing, products, healthcare, and education.
Conclusion
In conclusion, July is the perfect time to set up your business in Dubai, thanks to the unbeatable promotion offering a free visa for life. This offer, combined with the additional financial benefits of lower living and entertainment costs, faster processing times, and potential tax advantages, makes it an ideal time to establish your presence in this thriving market. By planning and registering your business in advance, you can secure this promotion and be ready to hit the ground running when you decide to relocate.
If you are interested in learning more about this promotion or need assistance with setting up your business in Dubai, including obtaining residency and opening bank accounts, feel free to book a call with us using the link below. Our team of experts is ready to help you take advantage of this incredible opportunity and make your business setup process as smooth and efficient as possible.
Don’t miss out on this rare offer—it won’t be around for long. Secure your business’s future in Dubai today and enjoy the numerous benefits that come with it.
Book a call with us now!
