The United Arab Emirates is located in the Middle East in the eastern part of the Arabian Peninsula and borders Saudi Arabia and Oman, as well as has a maritime border in the Persian Gulf with Qatar and Iran. The capital city of the United Arab Emirates is Abu Dhabi, the location of key government institutions.
The United Arab Emirates is an elective monarchy consisting of a federation of seven emirates: Abu Dhabi, Ajman, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain.
Population of the United Arab Emirates amounts to around 10,2 million people.
Corporate taxation, VAT taxation, Personal taxation
- Corporate income tax - 0%, unless the business of the company is related to the oil and gas industry - for these businesses the tax rate is 46%. Tax returns are filed on an annual basis. Advance income tax payments are made on a monthly basis
- Dividend withholding tax - 0%
- Interest withholding tax - 0%
- Royalties withholding tax - 0%
- Capital gains tax - 0%
- VAT - Standard tax rate 10% or the reduced rate 0% or tax exempt. Tax returns are filed on a quarterly basis
- Personal income tax - 0%.
The following are the most common types of companies to incorporate a company in the United Arab Emirates as:
- Limited liability company
- General partnership
- Limited partnership
- Private corporation
- Public corporation
- Civil company
- Branch of a foreign company.
Official currency of the United Arab Emirates is the United Arab Emirates dirham (AED).
The United Arab Emirates has the 5th largest economy in the Middle East. It is significantly dependent on the export of oil, petroleum and natural gas. In 2010 oil export amounted to over 80% of the country's economy. Since then the economy has diversified due to large scale construction, expansion of manufacturing and industrial production, as well as thriving tertiary sector and tourism. Federal and individual Emirate governments have invested heavily in sectors such as renewable energy, aluminium production, tourism, aviation, re-export commerce, telecommunications, and advanced technologies.
In terms of foreign trade, the largest goods contributing to the country's export are oil, petroleum, natural gas, gold, electrical equipment, precios stones, jewellery, luxury items and vehicles, textiles and clothing, date fruits, tobacco.
Imports of the United Arab Emirates consist of food, electrical machinery and equipment, cars and vehicles, electric conductors, consumer goods, medicaments.
Primary trading partners of the United Arab Emirates are Saudi Arabia, Turkey, Kuwait, Oman, India, Switzerland, the United Kingdom, Germany, Netherlands, Switzerland, the USA, China, Hong Kong, Japan, Vietnam.
The GDP of the United Arab Emirates grew by 3.9% in 2021 and amounted to USD 421 billion. Tertiary sector makes up around 50% of the GDP of the country, followed by industry sector at 49.2% and agriculture at around 1%.