Deloitte launches its Doing Business Guide for the United Arab Emirates: Business agility in a COVID environment
Since the onset of the COVID-19 pandemic, the United Arab Emirates (UAE) has taken vast measures to ease doing business in the country in the short term, and progressed initiatives of strategic and long-term success.
Some of the immediate measures included the extension of Value Added Tax (VAT) filings, Covid-19 measures for the economic substance rules, refund of Customs duties, as well postponements of rent payments, cancelling of fines, waiving of licenses fees and other registration fees in mainland as well as Free Zones.
With this in mind, Deloitte has just launched its “Doing business guide UAE”, a taxation and investment guide to help investors gain a working perspective on the operating conditions and investment climate in the Emirates.
“Over the last twelve months, the United Arab Emirates has demonstrated unparalleled resilience with the COVID-19 outbreak and fostered its stance as a leading hub for investors, businesses and individuals. The country deployed several measures including significant medical response as well as fiscal stimulus packages. This agile response has laid the basis to increase foreign direct investment and attract talent,” explains Jan Roderick Van Abbe, Director, International and M&A Tax, Deloitte Middle East.
In late 2020, the UAE amended the Commercial Companies Law to allow 100% foreign ownership in mainland with some exceptions still to be confirmed. The UAE also introduced relaxed residency and visa requirements and recently announced that UAE citizenship will be granted to foreigners, subject to certain conditions.
“The UAE is a regional trade hub and a focal Middle Eastern destination for international investors. The open environment, stability, infrastructure and efficient corporate and immigration processes have attracted many investors throughout the past years. The UAE authorities oversee ongoing reforms to ensure that the country offers an efficient regulatory framework enabling companies to access the talent and workforce they need to operate in the country and wider region,” added Hadi Allawi, Partner and Immigration Leader, Deloitte Middle East.
In addition, Dubai also launched a virtual/remote working program enabling eligible foreign professionals, entrepreneurs and company owners to work remotely from Dubai for up to one year with the ability to bring their family members with them as well as access all services in the Emirates, including accommodation, utilities, and schooling for children.