Dubai may seem much more modern than other countries in the Middle East, but there are still behaviors that we have in our Western countries that are not acceptable there. Nudity or topless is absolutely prohibited on local beaches or any other public areas. Being drunk in public is also frowned upon and you can end up behind bars. In general, the law favors residents to avoid getting into fights with local people. Your setting up an online business in dubai is not possible with the strongest supports.
Why are these tips so valuable?
In times when the search for the best investment conditions is something constant, an option that has been shown to be extremely advantageous for entrepreneurs is the Free Trade Zone, structured precisely to facilitate international trade. The most coveted ones are located in the Middle East, so the tips previously established are essential for the business to flow as planned, without having to deal with unforeseen events that could have been avoided.
Understand how a Free Trade Zone works
The free trade zone, also known as an export processing zone, is a specially designated area within a country that is exempt from certain tax and trade regulations. These areas are created to promote and facilitate international trade and, as such, they are usually located close to a country’s gateway ports and airports are favorite locations for free zones around the world.
Operating within a country’s free trade zone, both importers and exporters can experience various economic benefits, such as the postponement or complete elimination of customs duties, exemption from some taxes and reversed tariff relief. Free zones also offer operational benefits, such as indefinite storage, greater security and insurance on goods, as well as access to the latest technology, operational and infrastructure facilities.
These benefits make free trade zones attractive options for companies in different sectors and with different levels of capital. As such, companies operating in these areas range from small private companies to large multinational corporations.
Some of the most popular free trade zones are in the Middle East, particularly in the United Arab Emirates. Foreign investors have shown special enthusiasm for registering in one of Dubai’s many free zones, such as the International Financial Center, Industrial City, Free Zone Airport, Media City, and the Internet City. These free areas allow 100% foreign ownership and are exempt from taxes, while companies that are created outside of free zones are allowed a maximum of 49% foreign ownership and usually require local sponsors.
Since free zones are often seen as tools for economic development, they are often located in relatively underdeveloped areas. The logic is that these areas will attract companies and investments, and subsequently provide job opportunities for the surrounding communities.
As of May 2016, as reported on the Federal Revenue website, a normative instruction started to require the identification of the final beneficiary of national and foreign companies that come to operate in some way in Brazil. We emphasize that, on the date of publication of this article, the tax authorities did not include the need to identify the final beneficiaries. As highlighted continuously in the materials produced by the International Society, legal structures abroad that are properly formed and declared with the Federal Revenue do not open gaps for illegalities under Brazilian law. We emphasize that the anonymity of the partner and director of the company remains a right guaranteed by law and is usually used mainly to protect pecuniary claims.