21/07/2024
Tips & TrikUncategorized

Meydan Free Zone: Business

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Full foreign ownership. policies exempt from income tax and corporation tax. AED 12,500 is the low establishment cost, and there are 3,500 business activities available—a contemporary setup featuring dedicated offices, meeting spaces, and flexi desks. While corporations operating in free zones will pay no corporate taxes as long as they adhere to all regulations, this also applies to free zone businesses that transact business with the mainland. Meydan distinguishes itself as a unique place to live, offering a diverse range of mixed-rise complexes that combine residential, commercial, hospitality, and recreational uses.

Meydan is a contemporary economic free zone located in the center of Dubai. Its proximity to the emirate’s most significant monuments offers investors several tactical advantages. It provides possibilities for upscale housing in addition to open office spaces and fully serviced offices that may accommodate all kinds of organizations, including commercial, consultancy, investment, and administrative firms. The biggest horse race in the world, the Dubai World Cup, is held in the free zone, along with a five-star hotel and a top-notch golf facility.

Determine Your Startup Expenses and Launch Your Company in Dubai.

It’s straightforward to establish a business in Dubai, so if you’re looking for ways to expand your income beyond taxes, access international markets, a luxurious lifestyle, or a cosmopolitan way of life, you’ve come to the correct spot! With its specially designed infrastructure, Meydan Free Zone invites you to “Grow from Dubai.”

The government of the United Arab Emirates declared on January 31, 2022, that a new company tax would be implemented. Historically, the United Arab Emirates has not taxed corporate profits, except for a small number of businesses like international banks and resource extraction. However, a large number of businesses operating in the territory will have to start paying the new 9% corporation tax rate as of the fiscal year that starts on June 1, 2023. Not every business in the UAE will be impacted by the new corporation tax, and many will be exempt from paying it altogether. Let’s discuss the new corporation tax in the UAE and what it implies for you.

The Business Tax History of the UAE

The United Arab Emirates was an extremely low-tax jurisdiction for a long time. The majority of corporations have never been required to pay corporate taxes, and citizens do not pay taxes on their income. The majority of the state’s income came from the nationalized and private fossil fuel extraction sectors, which were subject to a revenue tax of about 50%. A 20% corporation tax on operating income has long been paid by foreign banks, and hotels and restaurants in Dubai have to pay certain taxes as well.

Why Establish a Business in the Meydan Free Zone?

The ideal location to start a business in the Emirates is the Meydan Free Zone, which lies in the heart of Dubai. Businesses established within our free zone are still eligible for the current benefits we have arranged with the government, such as a profit tax rate of 0%. Therefore, you won’t be obliged to pay the increased corporate tax rate in the United Arab Emirates starting in June 2023 (unless you do business with mainland companies). We expect to keep providing all of our business clients with a 0% corporate tax rate going forward (or until any new legislation is adopted that changes this), and we have no plans to modify this.

Selecting Meydan Free Zone has many advantages beyond our promise of a 0% tax rate. Our free zone is situated close to the airport, highways, and recreational areas in addition to the major business sector. It offers top-notch internet connections, round-the-clock access, and all the technical assistance you require to manage a profitable business. Our experts can assist you with every facet of setting up a business in Dubai, allowing you to concentrate on getting your venture off the ground while we handle the administrative details. Even though free zone enterprises won’t have to pay the tax itself, they still need to submit and register a corporation tax return after June 2023; we can offer you advice on this matter as well.

Meydan Commerce, on the other hand, is a special service that assists you in selling goods on online retailers such as Amazon and Noon. If you wish to operate an online store out of Dubai, United Arab Emirates, this can be quite beneficial. 

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