Economies all around the world have seen a downward spiral in the past 5+ months after nearly hitting recession due to the global pandemic—Coronavirus, commonly known as COVID-19. COVID-19 took a major hit on the lifestyle of people as well as left the UAE economy in a state of decline due to the reduced oil prices and the fragility of the tourism sector that represents 80% of UAE’s GDP.
However, the country proactively adopted numerous measures to curb the increase of COVID-19 by introducing several safety measures including; temporary closure and cancellation of all leisure activities as well as work and movement restrictions. These introduced measures drastically reduced the number of daily cases which made the UAE a front-runner in the bid to control the deadly virus.
Post, the first-wave of Covid-19, there has been a UAE and indeed a worldwide adoption of digital media, amongst colleagues, businesses and clients, government and state officials, which has aided international transactions’ expediency. These new developments brought on by COVID-19, has initiated a series of restructuring in the way we work and this is demonstrated by many companies across the country as they take a step towards virtual transformation.
The UAE, specifically Dubai has always been one of the most sought after places by foreign investors for investments because of the many benefits offered by the country such as the newly introduced UAE golden visa, the wide base of potential clients especially HNIs, ease of incorporation supported by experienced consultants and the absence of corporate tax for most businesses.
In addition to being the hub of international business, there are numerous business opportunities in all the areas of business and trade that offers multiple types of company incorporations such as Mainland Company Formation, Free Zone Company Formation and Offshore Company Formation. An attractive tax structure, and a provision of 100% repatriation on the foreigner’s invested capital and total profit earned during liquidation, are all the more reasons for investors to choose the UAE. Multiple company incorporations, company re-domiciliations, mergers and acquisitions are now taking place in the UAE at an accelerated rate, since the UAE is leading the way in combating the effects of COVID-19. On numerous occasions, the country has shown how the spirit along with the great leadership of a nation can make a difference.
So, if you are an investor who is looking for a favorable jurisdiction for investments, incorporation or migration; with the current global situation in mind, the UAE remains the best option for Investors. Therefore, we recommend that you seek advice from seasoned consultants with the commensurate years of experience in the UAE market that can assist you in meeting the unique requirements of:
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Wincore specializes in Tax, Corporate and Fiduciary matters. We provide pragmatic, flexible and efficient solutions to individual entrepreneurs, startup businesses, foreign and local SMEs, multinationals, wealthy international families, HNWIs and UHNWIs.
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