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Review of United Arab Emirates

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Corporate info

Legal system
mixed legal system of Islamic law and civil law
Types of entity
onshore companies; offshore companies; mainland companies
Shelf companies permitted
No
Incorporation timescale for a new company
5 days
Company suffix
FZE
Sensitive words
Insurance, Bank, Building society, Co-operative, Fund, Municipal, Chamber of Commerce, Trust, Royal, Chartered, Finance, Mutual Fund, Emirate and Emirates
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
A company must keep at its registered office a book of accounts showing the company’s assets and liabilities, as well as money received or expended by the company
Seal required, type of seal
required
Redomiciliation (to, from) permitted
yes
Your Consultant
Alexander Alekseev

Managing Partner of GSL Law & Consulting

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
No
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
No
Company secretary required
Not required
Residency requirements for a secretary
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
10.000 AED
Minimum issued share capital
10.000 AED
Minimum paid share capital
No requirements
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
Each share should be in the denomination of AED 1000 or a multiple sum
Standard currency
AED
Standard authorized share capital
10000
Standard par value of shares
1000
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
No
Min. rate for corporate tax
No
Corporate tax (in detail)
There is currently no federal corporate income tax in the UAE. However, the emirates introduce income tax at their own level. In the emirates, where income tax has been introduced, it is levied only on companies engaged in the extraction and processing of oil and gas and branches of foreign banks.
Capital gains tax
No
Capital gains tax. Details
There is no capital gains tax in the UAE
VAT
5%
VAT. Details
The standard VAT rate is 5%.
Withholding tax
No
Other taxes
real property tax, municipal duties
Exchange control
No
Government fee
Stamp duty
No

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
No
Publicly accessible Annual Return
No
Audit required
Yes

General information shortly

Location
Middle East
Total area
83.600 sq. km
Population
9.771.000 (2019)
Capital
Abu Dhabi
National currency
Emirati dirham
Conditional reduction of currency
AED
Against USD
3.67
Climate, average max and min t°
Desert; cooler in eastern mountains; avg. maximum temperature (August) +43°; avg. minimum temperature (January) +18°
Time difference from Moscow
+ 1 hour
Dialing code
+971
State language
Arabic
Ethnic groups
Emirati 19%, other Arab and Iranian 23%, South Asian 50%, other expatriates (includes Westerners and East Asians) 8% (1982)
Literacy rate
90%
History
The formation of the Caliphate in the 7th century favored the spread of Islam among local population. Such cities as Dubai, Sharjah, El Fujairah were founded. The Eastern part of the Arabian Peninsula was part of the state of the Qarmatians and after its collapse it was under the governing of Oman. The English supremacy under the territory dates back to 1820. Oman was divided into three parts and later it was called Trucial Oman. Even under the protectorate of the British Empire the native people preserved their traditions and religion. At the beginning of the 20th century the richest oilfields were discovered. It favored the international capital flows and the improvement of living standards. In 1971 the federation of the United Arab Emirates was formed including six Emirates of the Trucial Oman. The seventh Emirate joined them next year.
Credit rating
AA
Government type
combination of republic and monarchy
Executive branch
Head of Government: vice-president, prime-minister, deputee prime-ministers. Government: Council of Ministers
Legislative branch
unicameral Federal national council (40 members)
Judicial branch
Union Supreme Court
Unemployment
2,57% (2018)
GDP per capita rank
25 (2018)
Corruption perceptions index rank
21 (2018)

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