Dubai - The Economy
While oil has been crucial to Dubai 's development, the non-oil sector currently contributes to some 80% of total gross domestic product and is
continuing to expand. While manufacturing and tourism have shown phenomenal growth, trade remains the lifeblood of Dubai 's business life and helps to
create a well-balanced and diverse economy.
The Emirates non-oil imports expanded by 200% between 1986 and 1994. Many of the economies of the region served by Dubai are still at a relatively early age of development so there is plenty of scope for expansion and diversification. Dubai is rapidly developing a role as a supplier to emerging markets such as India , the CIS, Central Asia and South Africa .
Dubai has no foreign exchange controls, quotas or trade barriers. Import duties are extremely low, and many products exempt.
Taxation
There is no corporate tax in UAE. The only exception to this are the oil producing companies and branches of foreign banks. Likewise, there are no
personal taxes. Direct taxation is against the traditions of the UAE and it is unlikely that it will be introduced in the near future.
Legal System
The Arabic legal system is very different from the English. There is a comprehensive framework to ensure that business in the UAE conducted in a
fair and orderly manner. There are laws dealing with commercial transaction, intellectual property, labour and other aspects of business life. Dubai has
many local and international law firms willing to advise foreign nationals on legal matters.
For Further information, please complete this form and we will get back to you.