How to Move to Dubai in 2024: Everything You Need to Know

Summary

This video offers a comprehensive guide for those considering relocating to Dubai for business. It covers the costs, necessary steps, and potential pitfalls of the relocation process, from exiting one's home country to establishing a business in Dubai. The speaker shares personal experiences and provides practical advice on living expenses, visa procedures, and the intricacies of setting up a company. A free consultation link is offered for personalized assistance, making this an invaluable resource for a smooth transition to life and work in Dubai.

Takeaways

• 📚 Consider the video as an essential guide for avoiding common mistakes when moving to Dubai, as shared by someone who experienced them firsthand.
• 💰 Be prepared to invest between $7,000 to $9,000 for the entire setup in Dubai, including visa, medical tests, and other initial costs.
• 🏢 If you're self-employed, the cost of living in Dubai might be similar to or slightly cheaper than in expensive Western cities, with an estimated monthly expense of around $4,000 for a comfortable lifestyle.
• 💼 Understand the tax implications of leaving your home country, especially if you're moving for tax benefits, and ensure you meet the criteria to become a non-resident.
• 🏦 Research the type of business setup in Dubai that suits your needs, such as a free zone or mainland company, and be aware of the activities your company will perform.
• 📝 The process of setting up a company in Dubai can be done outside of the UAE, but you'll need to visit for in-person tasks like medical tests and biometrics.
• 🏠 When choosing where to live in Dubai, consider areas like Dubai Marina for a balance of affordability, location, and lifestyle.
• 🔒 Opening a bank account in Dubai can be streamlined with the help of certain contacts, and self-employed individuals can get a credit card based on a deposit rather than a credit score.
• 📈 Be aware of the new 9% corporate tax in Dubai, exemptions for small businesses, and the importance of filing annual financial statements.
• 📞 Having a local phone number is crucial for various applications and processes in Dubai, and can be obtained once you have your Emirates ID.
• 🔄 For business owners, consider setting up a separate company for billing to avoid issues with customer credit card declines due to the UAE company billing.

Q & A

What is the main purpose of the video?

The main purpose of the video is to provide a comprehensive guide for individuals looking to move to Dubai, covering the process, costs, and considerations involved in relocating and setting up a business there.

Why does the video creator recommend avoiding making mistakes during the relocation process to Dubai?

The creator emphasizes avoiding mistakes due to the potential for significant financial loss and complications that can arise from not properly understanding and navigating the relocation process.

What is the estimated cost range for setting up a business in Dubai according to the video?

The estimated cost range for setting up a business in Dubai is between $7,000 to $9,000, which includes visa fees, medical tests, and other setup expenses.

What are some of the factors that can affect the cost of living in Dubai for an expatriate?

Factors affecting the cost of living in Dubai include the area where one chooses to live, lifestyle choices, and whether one is self-employed or salaried, with the latter potentially having their relocation covered by the employer.

What is the significance of the 'golden visa' in Dubai?

The 'golden visa' is significant as it offers a 10-year residency period for those who qualify, such as professionals in certain industries or those investing in property worth at least 2 million dirhams.

What are the recommended steps for someone moving to Dubai to ensure they are properly set up?

The recommended steps include understanding the tax implications of leaving their home country, setting up a company in Dubai, obtaining the appropriate visa, and ensuring all legal and medical requirements are met before and after arrival.

Why is it important to consider the type of business when deciding between a free zone or mainland company in Dubai?

The type of business dictates whether a free zone or mainland company is more suitable, as free zones are typically for businesses with international clientele, while mainland companies are for businesses operating within the UAE.

What is the role of the Emirates ID in the relocation process to Dubai?

The Emirates ID serves as an official national identification card necessary for conducting official processes such as opening a bank account, getting a tenancy contract, and other legal requirements.

What are some common issues that one might face when billing customers from a UAE company?

Common issues include credit card declines due to customers' banks perceiving the UAE company as potentially fraudulent, which may necessitate setting up a separate billing company in a different jurisdiction.

What are the tax implications for businesses in Dubai, and what are the registration requirements?

Businesses in Dubai are subject to a 9% corporate tax on profits above 3 million dirhams annually, with the first 375,000 dirhams being exempt. Businesses must register for corporate tax and file annual financial statements. Additionally, VAT registration is required for taxable supplies above 375,000 dirhams, even if sales are outside the UAE.

What advice does the video creator give for choosing a place to live in Dubai?

The creator suggests renting a car and exploring different areas to determine personal preferences. Factors to consider include the community, proximity to amenities, and the balance between cost and desired lifestyle.