Fernald Business Association

Dubai is a reputable trading jurisdiction worth an estimated US$ 80 billion (up over 100% from 2005) that has made strides in all aspects of the countries infrastructure. Much of what is in place now was built around, and funded, through the gas and oil industry. However, while still producing around 240,000 barrels daily, the oil and gas industry now only accounts for 6% of Dubai’s total economy. The shift from dependence on the emirates natural gas and oil reserves has seen heavy development and promotion of other industries such as tourism.

The UAE has been ranked 30th, and 31st respectively for the Corruption Perceptions Index and UN Human Development Index, the latter being a measure of a country’s standard of living. Both are testaments to the country’s reputation as an effective and developed jurisdiction, economically, and socially.

There are many engineering milestones in Dubai, and many more in planning. For instance the Burj, the most expensive hotel in the world, and until recently the tallest, built wholly on reclaimed land.

In an effort to promote the service industry a variety of incentives and supportive corporate structures have been devised. These include low cost energy and world-class communications infrastructure. Various Dubai free zones have been developed to provide services relevant for entrepreneurs, and hence encourage incorporation in Dubai.

Dubai is part of a collection of Emirates in the Middle East, collectively making the country of the United Arab Emirates, or the UAE. They are unified in many aspects, but each Emirate has their own tax decree, slightly differing from Emirate to Emirate.

As per the Dubai Income Tax Decree 1969, tax shall be imposed on every chargeable person. A “chargeable person” is a corporate body, regardless of whether it is a resident corporation so long as it has a permanent establishment in the Emirate of Dubai, unless under agreement with the ruler to exemption from taxation. Although these are the current taxation laws, they are not practiced. The UAE imposes none of the following taxes:

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