Golden Residency In Dubai
In 2019, the UAE introduced ten-year golden visas, initially limited to a specific group of citizens. These visas empower foreigners to reside, work, and study in the United Arab Emirates autonomously, eliminating the need for a local sponsor and granting full ownership of a mainland company.
Recent amendments to the UAE Resident and Entry Scheme have expanded the eligibility criteria for obtaining a golden residency in Dubai. The revised regulations aim to facilitate a more accessible application process for individuals from diverse professional backgrounds, easing the prerequisites for securing a 10-year golden visa.
To capitalize on the advantages of long-term golden residency in Dubai, individuals are encouraged to initiate their Golden Visa application promptly. Bespoke Strategy Solutions stands ready to provide comprehensive support throughout the visa application journey, covering documentation, processing, and successful completion.
Requirements For A Golden Visa In Dubai:
1.Investors:
- Purchase a property valued at a minimum of AED Two million.
- Acquire a property through a loan from an approved local bank.
- Invest in one or more off-plan properties totaling at least AED Two million from an approved local real estate enterprise.
2.Entrepreneurs:
- Secure approval for a startup concept from an official business incubator or relevant local authorities.
- Establish an entrepreneurial project sold for a total of no less than AED Seven million.
- Own or be a partner in a startup registered as a small and medium firm (SME) in the UAE, generating at least AED One million in annual sales.
3.Exceptional Talents:
- Inventors, innovators, and talents in vital fields, irrespective of educational qualifications or professional status, can apply. A recommendation from a government entity is essential.
4.Scientists and Professionals:
- Scientists and researchers with notable achievements and influence in engineering, technology, life sciences, or natural sciences may qualify, endorsed by the Emirates Scientists Council.
5.High-Qualified Professionals:
- Professionals with high educational qualifications and experience in various fields, earning a minimum of AED 30,000 per month, holding a valid UAE employment contract, and classified in the first or second occupational level.
6.Promising Students and Graduates:
- High-achieving students in UAE secondary schools and outstanding graduates from the UAE and top 100 global universities are eligible based on academic performance, year of graduation, and university classification.
7.Humanitarian Pioneers:
- Distinguished members of international and regional organizations, outstanding members of public benefit associations, humanitarian recognition awardees, volunteers, and sponsors of humanitarian efforts qualify for the Golden visa.
8.Frontline Heroes:
- Frontline workers displaying exceptional dedication during crises, such as the COVID-19 pandemic, are eligible for the Golden visa.
For expert guidance on applying for a golden residency in Dubai, individuals falling into any of the aforementioned categories can seek advice from Bespoke Strategy Solutions. Contact us at +971 585566 160 or fill out our Free Consultation Form for prompt assistance with any queries related to the golden visa application process.
Benefits Of Obtaining A UAE Golden Visa:
Securing a UAE Golden Visa comes with numerous advantages, including:
- A renewable 10-year residence visa.
- A six-month entry visa with the option for multiple entries for residence issuance.
- No requirement for an employer to sponsor the visa.
- Validity maintained even if the holder stays outside the UAE for over six months.
- Ability to sponsor family members, including spouse and children of any age.
- Authorization to sponsor an unlimited number of domestic helpers.
- Family members can stay in the UAE until their permit expires if the primary Golden Visa holder passes away.
- Access to the Esaad Card, providing discounts at various establishments such as restaurants, hotels, retail outlets, hospitals, pharmacies, clothing brands, salons, and schools.
Bespoke Strategy Solutions is committed to offering comprehensive support for Golden Visa procedures and visa handling applications. Our experienced consultants specialize in PRO services, stay informed about changing laws in Dubai and free zones, and understand the formalities and requirements of government departments. We handle all necessary administrative tasks, from establishing your company to obtaining licenses, investor visas, family visas, bank account applications, and more, allowing you to focus on running your business without hassle.
Corporate Tax on Free Zones in UAE
Free Zone companies and Qualifying Free Zone Persons can benefit from a special 0% Corporate Tax rate on their “Qualifying Income in UAE.” However, should Free Zone businesses fall under the CT regulations for Free Zones, they may be subject to the 9% corporate tax rate.
Top 7 Questions Answered:
1. What is Corporate Tax in UAE?
Corporate tax, also known as Corporate Income Tax or Business Profits Tax, is a direct tax levied on the net income or profit of corporations and business entities. It requires companies to pay a percentage of their profit as tax.
2. Who Should Pay Corporate Tax in the UAE?
Businesses with a taxable net profit exceeding AED 375,000 fall under the purview of corporate tax, necessitating the payment of a percentage of their net profit as tax.
3. What is the Corporate Tax Rate in the UAE?
The corporate tax rate is 9% of the net profit for businesses. Small businesses and start-ups benefit from a 0% rate if the net profit is up to AED 375,000.
4. When is Corporate Tax Implemented in the UAE?
The implementation date for corporate tax is effective from the financial year starting on or after June 1, 2023.
5. When will the corporate tax law be released by the authorities?
The corporate tax law was officially unveiled by the authorities on December 9, 2020. The UAE corporate tax details are accessible via ‘Federal Decree-Law no. 47 of 2022,’ and you can obtain a copy from the official website of the Ministry of Finance. For a downloadable version of the UAE corporate tax law, visit the Ministry of Finance website.
6. What are the businesses or incomes that are outside the scope of corporate tax?
With a profit threshold of 375,000 AED, businesses surpassing this limit are obligated to pay corporate tax. However, certain types of businesses or income enjoy exemptions from corporate tax. Here is a list of entities or income that are exempt:
1. Individuals are not subject to corporate tax, meaning income from employment, real estate, investments in shares, and other personal income unrelated to a trade or business in the UAE will be exempt from corporate tax.
2. Foreign investors who do not conduct business in the UAE are not applicable for corporate tax.
3. Corporate tax incentives are extended to free zone businesses that adhere to all regulatory requirements.
4. Capital gains and dividends received by UAE businesses from qualifying shareholdings are exempt from corporate tax.
5. The corporate tax does not apply to qualifying intragroup transactions and restructurings.
7. How is corporate tax in UAE calculated?
The calculation of corporate tax in the UAE involves a 9% levy on the net profit presented in the company’s financial statements. This 9% corporate tax is applicable only when the taxable net profit surpasses 375,000 AED. In simpler terms, the net profit up to 375,000 AED incurs a tax rate of 0%.
For instance, if the net profit amounts to 475,000 AED, the corporate tax will be 9,000 AED (475,000 – 375,000 x 9/100).
Understanding the nuances of corporate tax in UAE is essential for businesses navigating this new tax landscape. For comprehensive assistance and expert advice on corporate tax and business setup in Dubai, Bespoke Strategy Solutions stands as your reliable consultant. Bespoke Strategy Solutions stands as your trustworthy business setup consultant in Dubai. Leveraging our extensive experience in business consultancy, we have been dedicatedly assisting and bolstering our clients. At Bespoke Strategy Solutions, our primary focus revolves around our clients’ needs, and we extend our services to tailor-fit their requirements. Our team of seasoned professionals specializes in company formation, providing comprehensive guidance across the entire process. This includes tasks like company registration, license acquisition, visa processing, legal documentation, bank account opening, office setup, and more.
