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Are you thinking of closing your UAE business or already close down after New Corporate Tax ?
- Thread starter troubled soul
- Start date
I'm thinking of closing fzco and go with statrys for a company with business bank account in Hong Kong.
Just need be careful with current residence.
If Fred shutdown his business, it means this 9% tax nightmare is real. No hope. Soon they will announce it and start monitoring everything.
I'm going to run my fzco until 9% tax goes in effect. Then I close.
Because they mentioned qualified activities and I remember Fred said that Marketing activity is not subject to tax.
Register by myself on that website they published. I am not sure yet. I prefer to go to ifza and ask them what to do.
I did that already today, they have zero ideas and said 50 years 0% tax exemption is for those free zone companies that have qualifying activities and compared to other countries it still is very low and should be availed by everyone. I asked what about existing free zone companies, will there be any grandfather clause, which they aren't aware of?
Marketing, they said no idea ?I asked them specifically about digital marketing and Web development/Server hosting.
Yup, It's a total clusterf**ck. BTW, IMHO, 9% CIT would be on profits, and if it's less than 375000 AED, then 0% tax. There can be creative ways around this.
For IFZA you can Whatsapp them and they will arrange a 1on1 with a consultant or you can call their Call Center.
Closing fzco -> yes. Leaving dubai -> no. The annoying thing for me is not the 9%, it's having to deal with corporate tax itself in a time of uncertainty. I'm not taking the risk of f***ing something up, at least not until I see 1-2 cycles. I'd rather golden visa up and chill, for my situation it makes more sense.
Such a shame! Dubai is great place to be and live, personally one of the biggest trade offs moving to middle of hot desert country with super strict laws was 0% tax and relatively convenient way to operate business and finances. We will see if there will ever be clearer rules on this matter. Also getting kind of weird vibes since speaking to six different expert companies everyone has their "trust me bro" opinions to it. Nobody knows and downside risk is you facing serious time in sharia country prison so I guess if this thing goes on closing down and moving to country with little bit more tax but clear rules is not that bad after all lol!
This is what I said long time. Very few people besides Indians, Russians and Ukrainians will be interesting to play with UAE with CIT
I think turning back to the UAE is a bad decision for most people with existing setup.
The closing of DLS Dubai was entirely a personal health related thing. A lot of clients who know me are aware that I was already overworked since years and the unprofessional management for the introduction of the Corporate Tax gave me the rest.
The first week of June I almost didn't slept at all to geth this Blog Article together:
https://dls-dubai.com/en/99-of-freezone-companies-formed-by-dls-dubai-remain-0-corporate-tax-why/
Nothing has changed since then and I strongly recommend to follow 1.-3. from this blog article as I gonna do the same for me as a Private Individual and the Paid Consulting Service I gonna offer for a strong core of former DLS Dubai Clients.
Another issue is unfortunately the fact that a lot and I really mean a lot of Dubai Corporate Service Providers are not honest and even some Authorities are talking bulls**t. This lead for me to the conclusion that it's impossible to provide upcoming clients in the next 3 Years the same Client Experience like for the Clients the past 3 Years.
So I decided to pass all our Employees to IFZA, say no to a 2XX.XXX EUR Income rather then telling bulls**t to the people like a lot of other Competitors.
I understand a lot of clients have questions but preparing such a transit as well takes time and energy. For everyone who is now disappointed or maybe even pissed, for whatever reason, a full for DLS Dubai dedciated Consulting and Accounting Department is setup and shared with you as part of that E-Mail.
The closing of DLS Dubai was entirely a personal health related thing. A lot of clients who know me are aware that I was already overworked since years and the unprofessional management for the introduction of the Corporate Tax gave me the rest.
The first week of June I almost didn't slept at all to geth this Blog Article together:
https://dls-dubai.com/en/99-of-freezone-companies-formed-by-dls-dubai-remain-0-corporate-tax-why/
Nothing has changed since then and I strongly recommend to follow 1.-3. from this blog article as I gonna do the same for me as a Private Individual and the Paid Consulting Service I gonna offer for a strong core of former DLS Dubai Clients.
Another issue is unfortunately the fact that a lot and I really mean a lot of Dubai Corporate Service Providers are not honest and even some Authorities are talking bulls**t. This lead for me to the conclusion that it's impossible to provide upcoming clients in the next 3 Years the same Client Experience like for the Clients the past 3 Years.
So I decided to pass all our Employees to IFZA, say no to a 2XX.XXX EUR Income rather then telling bulls**t to the people like a lot of other Competitors.
But mate this isn't the truth you arrived 15 days ago and got full served with PRO Service, Emirates ID and Residence Visa. Need to check if Business Banking is done from Bettina but should be done as well latest by next week.
I understand a lot of clients have questions but preparing such a transit as well takes time and energy. For everyone who is now disappointed or maybe even pissed, for whatever reason, a full for DLS Dubai dedciated Consulting and Accounting Department is setup and shared with you as part of that E-Mail.
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