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UAE Removed from European Union’s Tax Haven Blacklist

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UAE Removed from European Union’s Tax Haven Blacklist The European Union has recently removed the United Arab Emirates from its tax haven blacklist, a list that covers jurisdictions that have failed to cooperate on tax matters. The finance ministers of the European Union made this declaration when the country further enhanced its transparency in tax procedures. Along with the UAE, seven other countries such as Barbados, Grenada, South Korea, Macao, Mongolia, Tunisia and Panama were also removed from this ban. Jurisdictions that remain blacklisted are Belize, Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu and the three US territories of American Samoa, Guam and the US Virgin Islands. The European Union officials mentioned that the underlying reason behind this ban removal was the country’s recent adoption of rules for offshore structures to ensure better transparency on tax practices. Currently, the UAE government charges no corporate taxes, and this attracts several foreign investors to set up their firms in the UAE so that they do not have to pay taxes in their native countries. Normally the EU does not automatically add countries that charge no tax to the blacklist, however, it requested the UAE government to introduce rules which would permit only companies with economic activity in the region, to be incorporated for minimizing the tax evasion risks. The European Union’s decision of removing the UAE from the tax haven blacklist is a great example of the recognition given to the country’s effective tax system and promising governing model. Sectors such as real estate, healthcare, education, logistics and retail will significantly benefit from this initiative. If you wish to know more about company setup in the UAE, please do not hesitate to contact us on  +971 55 843 2911 or drop an email to info@corpinconsultants.com for a free consultation.

SAIF Zone Business setup, Free zone business setup, Corpin Consultant
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Corpin Consultants Now An Official Business Setup Partner For SAIF Zone

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Corpin Consultants now an official business setup partner for Sharjah Airport International Free Zone (SAIF) We are immensely delighted to announce that Corpin Consultants has signed a Memorandum of Understanding with Sharjah Airport Free Zone (SAIFZone), one of the most reputed free zone in UAE. This promising collaboration will ensure fast and efficient business setup services for entrepreneurs. Key Features and Benefits of Starting A Business In SAIF Zone: Strategic Location: SAIF Zone’s strategic location near the Sharjah International Airport and its proximity to Dubai and other major cities in the UAE make it an attractive destination for businesses looking to access global markets easily. Tax Advantages: One of the main draws of SAIF Zone is the tax benefits it offers to businesses. Companies operating within the zone are exempt from personal income tax, corporate tax, and import/export duties. 100% Foreign Ownership: Another significant advantage is that foreign investors can fully own their businesses within SAIF Zone, without the need for a local sponsor or partner. Simplified Business Setup: SAIF Zone provides a streamlined and efficient process for business setup and registration, making it relatively easy for companies to establish a presence in the zone. World-Class Infrastructure: The zone boasts modern infrastructure and state-of-the-art facilities, including warehouses, office spaces, and showrooms. This environment is conducive to fostering business growth and expansion. Diverse Business Sectors: SAIF Zone accommodates a wide range of industries, including manufacturing, trading, logistics, information technology, media, and many others. This diversity contributes to a vibrant business community. Business Support Services: The zone offers various support services to assist businesses, such as administrative support, licensing assistance, and access to banking facilities. Access to Skilled Workforce: The presence of a skilled and diverse labor force in Sharjah and nearby areas makes it easier for businesses in SAIF Zone to recruit talent for their operations. Networking and Collaboration Opportunities: Being a part of the SAIF Zone community allows companies to network and collaborate with other businesses, potentially leading to synergistic partnerships and business growth.

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