Dubai Emerged as an Attraction for Multinational Corporations in 2023
The Dubai International Chamber, a part of the Dubai Chambers, announced that half of the multinational corporations (MNCs) it drew to Dubai, in 2023, were headquartered in Asia and Australia.
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This achievement highlights the geographic diversity of the companies the Dubai International Chamber has managed to attract through its global network of representative offices. Specifically, 23.5% of these MNCs came from Latin America and Europe, another 23.5% from the Middle East and Eurasia, and 3% from Africa.
The data also provided insights into the sectors these MNCs operate in, with 18% belonging to the financial services industry, including banking, asset, wealth management, and fintech.
The trade and logistics sector made up 15%, the IT sector, including areas like artificial intelligence, blockchain, robotics, and software, accounted for 12%, while retail, fashion, and travel and tourism comprised 9%. The manufacturing, mobility (covering aerospace, space, and both autonomous and conventional vehicles), and real estate sectors each represented 6% of the total MNCs attracted to Dubai.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, lauded Dubai’s global appeal to MNCs across various sectors, attributing this allure to the emirate’s competitive advantages such as its business-friendly climate, economic and cultural openness, supportive legislation and policies, and the overall ease of conducting business. He emphasized the commitment to boosting Dubai’s appeal to investors through an expanding network of international offices.
Dubai International Chamber’s efforts in 2023 led to a significant 580% annual growth in the number of MNCs established in Dubai, with a total of 34 new MNCs, marking a substantial contribution towards the Dubai Economic Agenda (D33)’s goal to double the emirate’s economy size and establish Dubai among the top three global economic cities within the next decade.
With 16 new international offices opened in 2023, bringing the total to 31, the Chamber advances the ‘Dubai Global’ initiative’s aim to set up 50 representative offices worldwide by 2030 to enhance Dubai’s position as a prime location for global businesses and talent.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Compliance with these deadlines is crucial to avoid administrative penalties.
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The UAE’s Federal Tax Authority (FTA) is urging Corporate Taxpayers to adhere to submission deadlines to avoid fines. Specifically, Resident Juridical Persons with licenses issued in May (regardless of the year) must submit their Corporate Tax registration applications by July 31, 2024, in line with Federal Tax Authority Decision No. 3 of 2024.
This decision aligns with the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its amendments, effective from March 1, 2024. The FTA stresses the importance of meeting these registration deadlines, which have been communicated through various media channels and direct outreach to registered company owners in the UAE.
Utilizing the EmaraTax Platform
Compliance with these deadlines is crucial to avoid administrative penalties. The deadlines apply to both juridical and natural persons, including Resident and Non-Resident Persons in the UAE. Detailed information on these deadlines and other relevant issuances can be found on the FTA’s official website.
According to the FTA’s Public Clarification, Resident Juridical Persons established or recognized before March 1, 2024, must submit their tax registration applications based on the month their license was issued. Those with expired licenses as of March 1, 2024, should submit their applications based on the original issuance month. For those holding multiple licenses, the earliest issuance date applies.
Administrative penalties for corporate tax violations have been in effect since August 1, 2023. To facilitate the registration process, taxpayers must use the “EmaraTax” digital platform, available 24/7, or seek assistance from accredited tax agents and government service centers.
The FTA has also emphasized the importance of providing accurate information and submitting updated supporting documents correctly with the electronic registration application, noting that registering for Corporate Tax for a juridical person requires uploading various documents, including the commercial license, the Emirates ID card, the passport of the authorized signatory, and proof of authorization for the authorized signatory.
A comprehensive video explaining the registration process through the “EmaraTax” platform is available on the FTA’s website. This platform, designed according to international best practices, aims to streamline the registration journey, submission of periodic returns, and payment of due taxes for all UAE taxpayers.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
