The UAE recently celebrated 50 years of its
formation. In such a short span of time, the country has managed to make its
mark on the map by becoming home to many notable feats including the Burj
Khalifa, Ain Dubai, Etihad Rail, among others.
The UAE provides a piece
of home to everyone looking to move to this beautiful nation, be it for studies
or for business. It offers an upgraded lifestyle, unmatched security, financial
safety, and even seamless business set-up structures, thereby making it one of
the ideal spots for starting a business.
So, if you are looking to
move to the UAE, this article aims to be your guide.
UAE: A Cultural Melting Pot
While the total
population of the UAE is around 10 million (United Nations, 2018), more than
88% of its residents are expats. This will allow you to experience different
cultures in your locality as well as your workspace.
No Income Tax
The UAE is one of the few
countries that do not charge any income tax. This allows you to keep everything
that you earn. The government, however, introduced VAT for the first time on
various goods and services in 2018; this has been kept at a rate of 5%. As for
the corporate tax, a recent amendment was introduced which will subject all
companies earning a net profit over AED 375,000 to a corporate tax of 9%.
Upgraded Lifestyle
The UAE also offers an
upgraded lifestyle with unmatched security. Dubai and Abu Dhabi are popular
cultural hubs offering amazing nightlife and retail experiences. The UAE is, in
fact, one of the safest countries in the world for women.
Important Things to Know When Moving to the UAE
The Emirates:
The UAE comprises seven
Emirates, namely Abu Dhabi (the country’s capital), Dubai, Sharjah, Ajman, Umm
Al Quwain, Ras Al Khaimah, and Fujairah.
Each of these Emirates has its own rulers and
specific regulations. When you move to the UAE for a job or to study, you
should be aware of its rules and comply with them in order to lead a safe and
happy life in the country.
Healthcare:
It is mandatory for UAE
companies to provide health insurance for their employees. Before signing your
contract, you should check for the insurance coverage and how easy it would be
for you to access medical help when it is urgently needed.
Healthcare services
without insurance are quite expensive and could create an unexpected dent in
your finances. Therefore, it is recommended that you check about your
insurance. Moreover, in the case where you are applying for insurance yourself,
ensure to choose a reliable one with exceptional customer service.
When choosing an
insurance policy, you should also look for and compare premium rates, select
the medical requirements you would want to be covered, and choose an accessible
network.
Moving and Living Costs:
When moving to the UAE,
it is important to connect with a reliable mover that can make the whole
experience seamless and hassle-free for you. For instance, a study by Numbeo
revealed that renting a 3-bedroom flat in the prominent areas of Abu Dhabi or
Dubai could cost you anywhere starting from AED 3,000 on average every month.
The UAE offers a
high-quality lifestyle. To settle in seamlessly, efficient planning will help
you settle in quickly.
Moving to the UAE with Your Family:
As with many countries,
family is highly valued in the UAE. Once you have moved your family to join you
in a fresh start, you would be able to get them settled in quickly.
There are quality schools
in the UAE with focused education being provided. Your children will be able to
experience a vibrant culture and make friends from different countries.
The UAE celebrates many
prominent festivals from around the world. Christmas, Thanksgiving, and
Halloween are some of the popular festivals that are widely celebrated,
especially in Dubai. If you are moving your family to the UAE, they are certain
to have a safe and healthy lifestyle.
Moreover, the UAE also
has many family-friendly entertainment features throughout the year. Ranging
from summer camps to interesting activities for the whole family, you can bond
well with your spouse and kids and enjoy the upgraded lifestyle offered in the
country.
Weather changes:
Temperatures in the UAE
can hit both extremes. During the summers, the temperatures can go up to 49°C
and can drop to around 10°C during the winters.
However, the country is
prepared to make expats feel welcomed with comfortable transportation
facilities. The means of transport even the waiting areas have air conditioning
to help you feel at ease.
Visa Provisions:
The UAE now offers multiple
visa provisions for expats. For those looking to make UAE their second home,
they can live in the UAE with an employment visa or even apply for the
following types of visas provided that they fulfill the eligibility criteria.
Residence visa (1-2 up to 10 years)
Retirement visa (5 years and
possibility for renewal if the individual meets the eligibility criteria)
Investor visa (3 years)
Golden visa (5 or 10 years)
Talent Pass (3 years)
Working As a Freelancer:
The UAE also offers
provisions to live and work in the country as a freelancer and sponsor
yourself. You would not be required to pay any income tax. Visa and license
provisions such as the freelance license (1 to 3 years), Talent Pass (3 years)
and the virtual work program (1 year) can help you kickstart your freelance
career in the UAE.
UAE: The Safest Place To Be In
The UAE has been regarded
as one of the safest places to live and work in. Its unmatched safety measure
and security features help residents and even visitors rest assured while
traveling in the country.
Conclusion
Moving to the UAE, if
planned well, can be a seamless process. We, at Ascent Partners, can be your
guide throughout this journey!
Moving to the UAE: Trivia
1. Can I live in UAE permanently?
You
can live in the UAE for 1 to 10 years with a residence visa that would be
required to be renewed periodically. According to recent changes, an individual
can avail the following types of visas based on their individual criteria:
- Residence visa (1-2 up to 10 years)
- Retirement visa (5 years and possibility for renewal if the individual meets
the eligibility criteria)
- Investor visa (3 years)
- Golden visa (5 or 10 years)
- Talent Pass (3 years)
2. How much money do you need to move to UAE?
The average cost of living for a family of four is
about AED 12,000 per month. This also includes items such as
groceries, transport, leisure activity, and eating out at restaurants. As a
single person living in the UAE, you would require around AED 3,000
per month.
3. Can foreigners buy
property in Dubai?
In Dubai, foreign ownership is permitted in areas
designated as a freehold. Foreigners who don't live in the UAE and expat
residents can own property in designated freehold areas.
4. Can I live in Dubai
without working?
Yes, you can. Dubai has launched a new programme
that allows people to live in the emirate while working for an overseas
company. This programme, called Work Remotely From Dubai, allows eligible
individuals to be a part of a 1-year virtual working program.
5. How much is the
average rent in the UAE?
The average rent in the UAE ranges between AED
30,000 to 50,000 per year for a studio apartment. One-and two-bedroom
apartments typically range between AED 40,000 and 100,000, depending
on the area you choose to live in.
How can Ascent Partners help?
Ascent Partners is a boutique consultancy providing
bespoke, end-to-end corporate services ranging from company formation to
accounting, bookkeeping, and compliance services for entrepreneurs looking to
set up their next venture in the UAE. We work alongside to strategise, startup,
and scale businesses in the UAE and the broader region.
With a combined experience of 50+ years, our expert
consultants provide reliable and unparalleled guidance throughout all strategic
phases of a business' evolution.
To know more, Get in touch with us at ask@ascentpartners or 04 422 7339 to start up and scale your
business.