Singapore and Dubai have become global hubs for private wealth, attracting entrepreneurs and individuals seeking a favorable fiscal climate and lucrative economic prospects. These cities offer a combination of strategic geographic locations, business-friendly policies, and a robust financial infrastructure that makes them highly appealing to global investors.
Singapore was ranked first in the World Economic Forum's global competitiveness report (last published in 2019) and attained the second position in the World Bank's ease of doing business ranking in 2020.
Singapore's appeal is further enhanced by its favorable tax environment. The country boasts lower-than-average corporate tax and goods and services tax rates. Additionally, there are no capital gains tax or taxes on dividends for shareholders. Singapore's extensive network of tax treaties facilitates the avoidance of double taxation for companies engaged in international business.
Dubbed the "Silicon Valley of Asia," Singapore has emerged as a thriving hub for startups. Its startup ecosystem flourishes with numerous venture capital firms and is supported by government funding and favorable tax schemes for startups. The availability of skilled individuals is abundant, and if a startup struggles to find the necessary talent locally, the government readily assists in importing the required workforce.
Proximity to growing Asian markets
Business-friendly environment and regulations
Competitive tax benefits
Strong financial sector
Entrepreneurs have the opportunity to benefit from various business structures and tax advantages when incorporating in the United Arab Emirates (UAE). The UAE offers three primary options for company setup: offshore, free zone, and onshore companies.
In the past, the UAE required that at least 51% of a company's shareholders be residents of the country. However, the introduction of the Amending Commercial Companies Law has eliminated this requirement. As a result, it is now possible to establish a Limited Liability Company (LLC) in the UAE with 100% of the shareholders residing abroad. Setting up a business in the UAE also presents an opportunity to obtain a UAE residence visa.
While the UAE has long been renowned as a zero-tax country, a new corporate income tax of 9% was announced in June 2023, as per the Federal Decree Law No. 47 of 2022. However, businesses operating in free zones can still maintain a 0% tax rate by fulfilling specific conditions. Additionally, various tax exemptions are available for companies operating in strategic sectors.
Strategic location at the crossroads of continents
Diversified economy beyond oil and gas
Tax-free zones and incentives
World-class infrastructure and connectivity
Proximity to growing Asian markets
Business-friendly environment and regulations
Competitive tax benefits
Strong financial sector
Singapore was ranked first in the World Economic Forum's global competitiveness report (last published in 2019) and attained the second position in the World Bank's ease of doing business ranking in 2020.
Singapore's appeal is further enhanced by its favorable tax environment. The country boasts lower-than-average corporate tax and goods and services tax rates. Additionally, there are no capital gains tax or taxes on dividends for shareholders. Singapore's extensive network of tax treaties facilitates the avoidance of double taxation for companies engaged in international business.
Dubbed the "Silicon Valley of Asia," Singapore has emerged as a thriving hub for startups. Its startup ecosystem flourishes with numerous venture capital firms and is supported by government funding and favorable tax schemes for startups. The availability of skilled individuals is abundant, and if a startup struggles to find the necessary talent locally, the government readily assists in importing the required workforce.
Strategic location at the crossroads of continents
Diversified economy beyond oil and gas
Tax-free zones and incentives
World-class infrastructure and connectivity
Entrepreneurs have the opportunity to benefit from various business structures and tax advantages when incorporating in the United Arab Emirates (UAE). The UAE offers three primary options for company setup: offshore, free zone, and onshore companies.
In the past, the UAE required that at least 51% of a company's shareholders be residents of the country. However, the introduction of the Amending Commercial Companies Law has eliminated this requirement. As a result, it is now possible to establish a Limited Liability Company (LLC) in the UAE with 100% of the shareholders residing abroad. Setting up a business in the UAE also presents an opportunity to obtain a UAE residence visa.
While the UAE has long been renowned as a zero-tax country, a new corporate income tax of 9% was announced in June 2023, as per the Federal Decree Law No. 47 of 2022. However, businesses operating in free zones can still maintain a 0% tax rate by fulfilling specific conditions. Additionally, various tax exemptions are available for companies operating in strategic sectors.
Farro & Co empowers families to overcome geopolitical risks, seize global opportunities and build financial resilience. Led by investment migration pioneers and supported by wealth management experts with over 1 billion dollars in AUM, we help families navigate the ever-changing macro-economic landscape.
