The next Dubai ?

[gatrader]

Hello,

Since Dubai became overcrowded and expensive, what’s the next location where is good to setup a company as the freezones in Dubai?

Some ideas…Saudi, Qatar or? (Banking is very important)

 

[TheCryptoAnt]

Abu Dhabi is nice

 

[Martin Everson]

Dubai trying to make things more affordable. They just suspended the 30% duty on alcohol to make sure other emirates don't take advantage of the cheaper alcohol in other emirates .

https://www.timeoutdubai.com/news/drink-tax-alcohol-duty-dubai

what’s the next location where is good to setup a company as the freezones in Dubai?

There are other locations and freezones around world but depends what lifestyle your looking for?

 

[MiddleEuroAsia]

Hello,

Since Dubai became overcrowded and expensive, what’s the next location where is good to setup a company as the freezones in Dubai?

Some ideas…Saudi, Qatar or? (Banking is very important)

Currently nothing beats Dubai in terms of logistics and how things work on the ground, but since we are talking about the foreseeable future, then Riyadh should be on your radar as well as Doha.

 

[Marzio]

Some ideas…Saudi, Qatar or? (Banking is very important)

If banking is very important then start by looking at the strongest banks in the area and the answer will become self apparent

https://www.theasianbanker.com/ab500/2018-2019/strongest-banks-me

 

[Sols]

Bahrain, Qatar, Oman, and Kuwait might be interesting but they are quite far behind UAE in terms of ease of attracting foreign entrepreneurs and investments.

Each has its own quirks and differences. Bahrain has zero tax across the board, though, while the others aren't quite as simple.

 

[kkein]

Bahrain, Qatar, Oman, and Kuwait might be interesting but they are quite far behind UAE in terms of ease of attracting foreign entrepreneurs and investments.

Each has its own quirks and differences. Bahrain has zero tax across the board, though, while the others aren't quite as simple.

I would like to learn more about Oman in this respect. What kind of advantageous taxation do they offer?

 

[oldtimer2]

I would like to learn more about Oman in this respect. What kind of advantageous taxation do they offer?

Side note: Better to also ask about how other countries will tax activities involving you and/or your business in your target country. Meaning, check how the countries that you do business in / with / have customers in will treat your business activities coming out of say Oman for example, and also how any countries that might have any kind of tax claim over you personally will treat you if you are using Oman. Another general question is will VAT be charged and for what - and can it be recouped? As you probably know already.... this kind of broader assessment is necessarily part of how to get a fuller picture of whether any one country is ultimately highly tax efficient or not .

 

[gatrader]

Dubai trying to make things more affordable. They just suspended the 30% duty on alcohol to make sure other emirates don't take advantage of the cheaper alcohol in other emirates .

https://www.timeoutdubai.com/news/drink-tax-alcohol-duty-dubai


There are other locations and freezones around world but depends what lifestyle your looking for?

It’s not about lifestyle … which I love in Dubai but it became overcrowded (many escorts for example) and I’m trying to “read the future” by testing new locations (Saudi, Bahrain, Qatar, Oman, or Kuwait) for a company (clients in Europe) and banking (which is crap in dubai).

 

[JohnLocke]

Hello,

Since Dubai became overcrowded and expensive, what’s the next location where is good to setup a company as the freezones in Dubai?

Some ideas…Saudi, Qatar or? (Banking is very important)

I would also look at what company is able to help you. You need some reliable and trusted company on location to run your business and avoid troubles.

 

[Sols]

I would like to learn more about Oman in this respect. What kind of advantageous taxation do they offer?

3% corporate tax for small companies. Small companies must have a share capital under 50,000 OMR, income under 100,000 OMR, fewer than 15 employees, and not be a utility, transport, or financial services company. For a small business, it's quite easy to qualify. Otherwise, the corporate tax is 15%.

No personal income tax.

There are a couple of residence by investment paths but they are not nearly as popular or well established as UAE. IIRC, you need at least a few hundred thousand OMR or equivalent to qualify.

 

[JimBeam]

You can go to a cheaper place within UAE like Ajman or RAK and you are still 1-2hours drive from the Dubai where all the fun is and where you have great connectivity (big airport).

 

[gatrader]

3% corporate tax for small companies. Small companies must have a share capital under 50,000 OMR, income under 100,000 OMR, fewer than 15 employees, and not be a utility, transport, or financial services company. For a small business, it's quite easy to qualify. Otherwise, the corporate tax is 15%.

No personal income tax.

There are a couple of residence by investment paths but they are not nearly as popular or well established as UAE. IIRC, you need at least a few hundred thousand OMR or equivalent to qualify.

Yeah my income is more than that, Rak or Ajman are cool areas but banking is a problem.

 

[JimBeam]

Yeah my income is more than that, Rak or Ajman are cool areas but banking is a problem.

But you can have your company in Dubai and live in RAK or Ajman or Sharjah where it's cheaper.
Nobody says you have to live in Dubai if your company is there.

Rental prices are about 1/4 if Sharjah compared to Dubai and I guess other things are more affordable.
There is even a freezone in Sharjah .

 

[kkein]

3% corporate tax for small companies. Small companies must have a share capital under 50,000 OMR, income under 100,000 OMR, fewer than 15 employees, and not be a utility, transport, or financial services company. For a small business, it's quite easy to qualify. Otherwise, the corporate tax is 15%.

No personal income tax.

There are a couple of residence by investment paths but they are not nearly as popular or well established as UAE. IIRC, you need at least a few hundred thousand OMR or equivalent to qualify.

Thank you, sounds very interesting, and also, how is the law wrt. personal income tax on dividends coming from foreign company as shareholder? and finally are there DTAs between oman and EU countries?

 

[Sols]

Thank you, sounds very interesting, and also, how is the law wrt. personal income tax on dividends coming from foreign company as shareholder? and finally are there DTAs between oman and EU countries?

There is currently no personal income tax in Oman, including no tax on dividends from a foreign company. There is a payroll/social security tax if you are ordinarily employed but AFAIK it wouldn't apply in your case.

https://tms.taxoman.gov.om/portal/double-tax-agreements

 

[freeburgher]

Doha is very pretty. It's more expensive and certainly less open to commerce than Dubai, but it's a safe bet for a short term "next Dubai." If you are thinking decades out then my best guess is somewhere in SEA or even central Africa.

 

[gatrader]

Dubai is Dubai not only because of the tax free structure but also because of the no. of expats living there and in the culture in Dubai is a lot open as compared to other emirates.

If you are looking at cheaper opens, you can always opt for the RAK or Sharjah... Yes, Banking is difficult but its a one-time process... Moreover, a Sharjah or RAK Company can have a bank account in Dubai as well...

That makes sense but how about banking? The whole UAE is crap when it comes to banking for 500k+ usd yearly.

 

[JimBeam]

The whole UAE is crap when it comes to banking for 500k+ usd yearly.

Please explain what are the issues of banking in Dubai over 500k+/year?

 

[gatrader]

Either bankers asking for bribery either locking the account after 1 year from a transfer for which you've already provided the docs and asking the same docs over and over .... should I continue?