The UAE has abundant natural resources, a stable political environment, a superior geographical location, developed infrastructure, good social security, a relaxed business environment, and a high degree of openness in the economic environment. It has become a safe haven for regional capital flows and logistics, and is one of the most attractive countries for investment in the Gulf and the Middle East. Its investment attractiveness is mainly reflected in the following aspects:
First, low tax rates. General goods are subject to only 5% tariffs and 5% value-added tax
Second, convenient port logistics and complete supporting facilities
Third, one-stop service, network management, fast and efficient service
In the "2020 Business Environment Report" released by the World Bank, the UAE ranked 16th among 190 economies in the world and is still the best performing economy in the Middle East. Although the ranking has declined from 11th in 2019, the UAE continues to score high in global rankings in key areas.
In the World Competitiveness Yearbook released by the Institute for Management Development (IMD) in Switzerland, the UAE has been ranked first among countries in the Middle East and North Africa since 2017. In 2020 and 2021, it ranked 9th, ahead of the United States, becoming the only country in the Middle East and Africa to be among the top ten. In 2022, it ranked 12th. Although the ranking has dropped slightly, the UAE Entrepreneurship Index ranks first in the world, insight into market changes ranks second in the world, and unemployment legislation ranks first in Arab countries and regions and fourth in the world. The results are still very impressive.
The "2020 United Nations E-Government Survey Report" released by the United Nations Department of Economic and Social Affairs shows that the UAE is listed as V3 in the very high level group of the E-Government Development Index (EDGI), ranking 21st among the 193 member states participating in the ranking, and the highest among the Middle East and African countries. The United Nations E-Government Development Index (EGDI) includes three dimensions: online services, telecommunications infrastructure and human capital.
The report is released every two years. In October 2022, the United Nations Department of Economic and Social Affairs released the latest "2022 United Nations E-Government Survey Report", which evaluates and ranks the e-government development level of 193 member states of the United Nations. In the 2022 assessment report, the UAE's EDGI index was rated as the highest (VH) in the very high level group, ranking 12th, second only to the United Kingdom and Singapore, and continued to rank first in the Middle East and Africa. The rapid progress is obvious to all.
In terms of foreign exchange management, the UAE's foreign exchange is not regulated and can be freely imported and exported, but the premise is that it must comply with the UAE government's anti-money laundering regulations. Under normal circumstances, there are no restrictions on the repatriation of foreign investment capital and profits. Before foreign banks remit their profits abroad, they must obtain the consent of the UAE's sample bank in advance and pay 20% of their net profits to the UAE government as taxes. In addition, it is necessary to declare the entry and exit of more than 100,000 US dollars or other currencies of equivalent value.
There are no special regulations for foreign-funded enterprises to open foreign exchange accounts in the UAE, but they need to submit materials such as the industrial and commercial business license registered in the UAE, the parent company's business license, financial statements, and the parent company's signature authorization information.
In recent years, China and the UAE have continued to deepen their financial cooperation. Currently, the Industrial and Commercial Bank of China, the Agricultural Bank of China and the China Construction Bank have all established branches or sub-branches in the UAE. In 2016, the People's Bank of China authorized the Dubai Branch of the Agricultural Bank of China to serve as the UAE RMB clearing business. Policy financial institutions such as the China Development Bank and the China Export and Credit Insurance Corporation also have working groups in the UAE.
Zhuoxin Consulting relies on its Chinese service network and Dubai executive team to provide professional one-stop business services without communication barriers for Chinese companies to enter the Middle East market. Its business covers company establishment and maintenance, accounting and taxation, bank account opening, PRO services and business services.
Zhuoxin Consulting has high-quality business resources and maintains close cooperation with many free zones, bankers and tax departments in the UAE to escort your expansion in the Middle East market.