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The numerous local and international banks offer all the usual banking services with some offering offshore banking. There are no government restrictions on the international transfer of funds into or out of the country. Download the full PDF (more…)
The growth of international businesses in Dubai has made it a major commercial hub for global institutions and companies. The articles below provide an insight into the different types of business organizations in Dubai, and the processes involved in the dissolution, amalgamation, transformation and liquidation of businesses.
Businesses in Dubai do not pay direct taxes on corporate profits or personal income (except for oil companies that pay a flat rate of 55% and branches of foreign banks that pay a flat rate of 20% on net profit generated within Dubai). Customs duties are low at 4% with many exemptions. Businesses can avail 100% repatriation of capital and profits. There are no foreign exchange controls, trade quotas or barriers. A stable exchange rate exists between the US Dollar and the UAE Dirham (US $1.00 = AED 3.678). Liberal visa policies permit easy import of expatriate labour with various skills and expertise. Read more
One of the wonderful things about living in Dubai is that it’s a cultural melting pot. The UAE provides exposure to new people, traditions and experiences on a daily basis. Although many of our backgrounds are different, it is fair to say that financial advancement was the motivator for many of us as we set out for the Middle East.
One of the dangers is that we start to neglect the investments we’ve left at home, especially our retirement nest eggs. Many expats make the natural assumption that their pension plans are safely locked away until they decide to put their feet up. However, there are some very good reasons to keep a close eye on your pension – especially if you are from the UK. Read more
The revival of the best present ever
Everywhere you look you are reminded that Christmas is just around the corner and one day very very soon you will have to start your Christmas shopping especially for the folk back home. But what do you buy your loved ones back in the UK that is easy to send? Here’s a website that may just be the answer…
The Sendatenner website mission is to revive the best present ever, the brightly coloured envelope with a crisp banknote inside! You remember the thrill of receiving cash for a birthday or at Christmas, don’t you? Well then, just imagine your loved one’s delight as they receive your gift on their special day.
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Passport not enough: No bank loans for UAE residents without Emirates ID card
The Emirates Identity Card could soon be one of the must-have documents when applying for a loan or to get other bank services and facilities as well.
According to a report in Emarat Al Youm, citing, a UAE Central Bank circular, all banks and finance companies and houses operating in the country are to request the Emiartes ID of a customer applying for banking facilities. Read more
When you move to Dubai, one of the major steps of settling down is setting-up a bank account. Whether this comes hand in hand with setting up your business or as a result of a new job, it is important to know a bit about the banking market, and understand how lawyers can assist you with defining your rights or maintaining your obligations.
In order to open a bank account in Dubai, the law says that you will need to have a residence permit through your business or employer. Alternatively, you can open an offshore account. Read more
There is certainly no set rule that says that you must tip in Dubai however the general consensus amongst expats seems to be a resounding you should indeed tip. Perhaps the happy residue of stringent tipping stipulations in many of our home countries. The expat voice of reason however is slightly more muffled when one posses the questions; how much should you tip, when and which services (if any) are excluded from our strongly held belief in tipping. So what on earth shall dictate our social and financial decorum in the absence of hard and fast rules to follow? Answer, majority rules, empathy and common sense of course. The team at Expat Echo Dubai summarizes… Read more
