Dubai company formation

[Asgard0]

Can anyone recommend a good and fair priced service?

Google is full of scams and fake reviews and the once looking trusted are ridiculous expensive. Im talking 15 or 20 thousand and above.

 

[JustAnotherNomad]

Just do it yourself. There's not really any need to use service providers, unless you have very specific needs.

 

[Asgard0]

Just do it yourself. There's not really any need to use service providers, unless you have very specific needs.

I read that its complicated, especially getting a business and personal bank account. No bank, no income, no money.
If its a fair price im okay with paying a service fee.

 

[JustAnotherNomad]

You can contact @Gediminas
But are you aware you will have to pay 9% corporate tax on profits over AED 375k?

 

[Clearsky Network]

Feel free to get in touch, will be glad to assist

 

[Asgard0]

You can contact @Gediminas
But are you aware you will have to pay 9% corporate tax on profits over AED 375k?

I thought for the next 3 years there is the option to opt in for the small business relief. With that in mind, is it true that a newly formed company can apply for it

 

[ivan1911]

Does anyone know if a company is making less then 375k AED per year does it need bookkeeping?

 

[jafo]

Does anyone know if a company is making less then 375k AED per year does it need bookkeeping?

Without bookkeeping/audits, how will the UAE know they are making less than 375 AED?

 

[SoNewToAllShit]

Without bookkeeping/audits, how will the UAE know they are making less than 375 AED?

they won't and you will get fined!

How can you setup your company yourself, is all in English ?

 

[Asgard0]

Does anyone know if a company is making less then 375k AED per year does it need bookkeeping?

Basic bookkeeping is enough. Annual audit reports are mandatory but cheap. Starting from 500-1000€. I read that mostly Indians are going to do that.

How can you setup your company yourself, is all in English ?

Everything is available in english but especially the banking sector needs someone that is warm with the contact person of the bank.
License alone costs 5 thousands. Most services charge 10 thousand with virtual office (which you need for a bank account). That fee is fair if everything gets done well.

 

[jafo]

License alone costs 5 thousands.

License for what?

they won't and you will get fined!

I suspected that! Audits will probably be required. The cost is going to skyrocket. This will be big business for accounting firms. Will the accounting firms be liable for their mistakes?

 

[Asgard0]

License for what?

Dont you need a license from a free zone to do business?

 

[jafo]

Dont you need a license from a free zone to do business?

Ahhh...OK... a Freezone License to operate a business. Got it. I thought it was a different kind of license.

 

[JustAnotherNomad]

Dont you need a license from a free zone to do business?

You can also set up a mainland company. Not really much difference anymore if you don't have qualifying income anyway, as far as I know.
Free zones may have a bit better service, but I would guess that even that is getting better.

 

[sinos]

You can also set up a mainland company. Not really much difference anymore if you don't have qualifying income anyway, as far as I know.
Free zones may have a bit better service, but I would guess that even that is getting better.

But, a mainland company has to register for VAT, am I correct?

 

[JustAnotherNomad]

I'm pretty sure the VAT rules are exactly the same both for mainland and freezone companies.
VAT is only relevant if you have UAE clients anyway. If all your clients are outside the UAE, I believe you can apply for an exemption. If you don't apply for the exemption, you have to file VAT returns, even if they are nil.

 

[Ancova]

Does anyone know if a company is making less then 375k AED per year does it need bookkeeping?

Yes it does. All companies need bookkeeping at least once a year.