Running a Business in Dubai - FULL GUIDE

[@tuomaskiv]

🇦🇪 Want to get set up in Dubai? Book a Free Consultation - www.genzoneconsulting.com/meetings/schedule-session/tk

[@HijrahSigma]

You ignored my last comment from your previous video but can you please make a video on social life making friends and networking in Dubai

[@juanlearneveryday]

Question hypothetically let's say I am in investments but not in metals but in other investment like gemstones or minerals, and crystals? How much tax and how much vat?

[@vladabobrova8808]

I love your content Tuomas. Very informative and inspiring as well!

[@eddygeorgisshlemon]

great work, thanks for sharing! Can you also cover US LLC setup process, banking and taxes.

[@tuomaskiv]

I will do this in a future video for sure!

[@RBNMAN]

I smashed the like button. What software are you using for accounting and generating reports / statements to submit and file to the authorities ?

[@MrAthenian89]

Your videos are amazing. Could you please cover some other issues on another short video maybe like health insurance and pension in the UAE. As far as I know if you are not an Emirati, u don't get state pension. How do you invest for pension? We r not going to be young forever. And plz explain how health insurance works in the UAE

[@tuomaskiv]

I just invest and save money myself. You just buy health insurance

[@MrAthenian89]

@@tuomaskiv thank you for your answer and keep up the good work 🙂

[@antoniodellemonache9008]

BITCOIN will be your pension!

[@MrAthenian89]

@@antoniodellemonache9008 it's too volatile bro

[@viajeronomadatv]

Very useful video. In what Free Zone have you set up your company?

[@divyv20]

Hey Tuomas , really nice video ! I was wondering if I could help you with Best Quality Editing in your videos which visually appeal to audience and would increase average view duration and will also make a highly engaging Thumbnail which will overall help your videos to reach to a wider audience ? Pls let me know what do you think ?

[@bluefire2505]

Is trading considered a business in order to move to dubai or Ill have to find other ways ??

[@tuomaskiv]

that can be a business

[@bluefire2505]

@@tuomaskiv so I can live in Dubai and just trade ?

[@tuomaskiv]

yes if you have any legal way of making money you can live there

[@bluefire2505]

@@tuomaskiv thank for the help man

[@IlllIlllIlllIlll]

18:00 where are you originally from because if you hired yourself as an employee then had to pay for flights, etc, etc. but say your american then dont you have to pay american taxes

[@IlllIlllIlllIlll]

I want to make a mobile app for iOS and Google Play store. Can I registered it in Dubai, Qatar , Saudi etc but live in NYC and hire myself as a remote worker eventually as the app makes income?

[@Tina12329]

Hi bro, are you still in Dubai now? Will you come to BrokersView Expo next week？ It will be held on the 4th floor, Conrad Dubai, April 16-17, 2024

[@girllovescoding]

So, from what you are saying it does not make sense to open a company in Dubai for SaS where I am the owner and the only employee, if I do not plan to live in Dubai, because, I would have to pay taxes in Denmark (my residence country). What if I do not pay salary to myself and all the money stay in the company? Does it change anything? Great channel, btw😉

[@tuomaskiv]

No it does’t make sense. The UAE company would be tax resident in Denmark just like any Danish company, your taxes would not change in any way

[@82aziat]

@@tuomaskiv just to jump on this one, as mentioned in one of another video of yours, i think its fine to set up a company in dubai and spend the minimum amount of time that will give you your UAE residency tax certificate only if you dont spend more days in the other country than you would in the UAE . You would still benefit from it ( no taxes, and living in different countries all year long ), so i believe its good to run a business in the UAE only if you spend enough time there compare to other countries

[@raag2012]

Is 375k is 3mill+ as Tuomas said a few times in the video while referring to threshold revenue for 9% taxation..?

[@jeff9schwartz]

I'm looking for work as a software developer in Dubai. Currently based in the UK

[@zakijamil8986]

why does everyone charge different prices to set up in dubai theres some who charge 5k for full set up some do for 10k and some for 25k + lol not sure why everyone got random pricing

[@tuomaskiv]

Cheap ones below $5-8k are either scams and/or will put you into a weird freezone which will lead to problems Anything above $15k is overpriced and there is no reason to pay that.

[@RizosKonstantinos]

Great video Tuomas. Quick question: The GenZone Consulting is your business or the people that helped you?

[@tuomaskiv]

I am partnered with them

[@RizosKonstantinos]

@@tuomaskiv Perfect. Thank you mate

[@arxs_05]

Yo thats sick.✨️

[@moarzt]

Useful

[@nangthirinaing4205]

yes this video is absolutely for me ... thanks for detail

[@emmaborn6952]

Hi Tuomas, Thank you for your informative video. I wanted to clarify one point regarding US LLCs for foreign non-residents. The US has agreements with many countries where a foreign person who forms an LLC in the US is typically required to pay taxes in their home country or the country where they live, often referred to as their "fiscal country." However, there is an option that simplifies this process and avoids tax obligations in multiple countries. By electing to have your LLC taxed as a corporation in the US, you ensure that all taxes are paid in the US, the country where the company is registered. This approach can make your LLC look more professional, as it centralizes tax payments and removes the complexity of dealing with tax claims from multiple countries. As a Spanish resident who owns two LLCs, this was the best advice I received from my lawyer. It has allowed me to live wherever I want without worrying about conflicting tax obligations from different countries, as my LLCs pay taxes solely in the US. I hope this information helps!

[@tuomaskiv]

For someone living in UAE, it would be absolutely moronic to voluntarily pay US taxes when they can pay 0% in the UAE

[@emmaborn6952]

@@tuomaskiv In the US you also pay 0% if the income generated by the LLC comes from outside the US, and this is UNLIMITED! Another thing is, depending on the type of clients you have, in my case, all my clients are big businesses so I need to look professional and they need to feel they are dealing with an American company 100% and not someone hiding in the Middle East! Now, for someone who only does KZbin videos, earns ad revenue on royalties, or influencer, then yeah, the Dubai option is better. I shared my knowledge so you have extra information not to de-evaluate your content. Peace and Love!

[@waqasrana7891]

@@emmaborn6952 I just want to know if your business outside US still you have to pay tax for that business?

[@emmaborn5901]

@@waqasrana7891 NO! All money generated outside US is tax free. Let's say you have an American LLC and you have clients across the globe that generated 1 million USD, but you have 1 client within the US that generated 3000 USD, you only have to pay taxes of those 3000 USD IF your company is elected to be taxed as a corporation. If your LLC is no elected then you'll have to pay taxes of all the profit your company made in your home country or, in your fiscal country (which is the country where you live) In case you live in Dubai then that is your fiscal country, so you'll have to pay the 9% or whatever this video explains.

[@waqasrana7891]

@@emmaborn5901 thanks for detailed information. Are you gonna setup company in Dubai ?

[@im.m]

this is exactly what i needed and have been looking for. i run a youtube business myself so this was very helpful. could you explain more about the"paying yourself" part

[@tuomaskiv]

What more did you want explained?

[@im.m]

@@tuomaskiv i didnt really understand. can i choose how much i want to pay myself? or is there a threshold? can i pay myself all the profits of the company or do i have to keep some money in it. also can you explain business bank account vs personal bank account

[@tuomaskiv]

You can pay yourself however much you want but ow much you can deduct as an expense in taxes will be limited

[@im.m]

@@tuomaskiv aah ok thanks