Axiom Mark
Axiom Mark team Image Credit: Supplied

Axiom Mark is a trustworthy, well-founded, solution-driven and professional business set-up consulting firm in the UAE that prioritises the satisfaction of its clients. With a history spanning close to two decades, the company is driven by measurable results by having a strong foundation in the company formation industry. Axiom Mark is highly adaptable to the constantly evolving needs of its clients, and is committed to formulating bespoke solutions that address their specific requirements.

Dynamism is a vital factor in nurturing the economic and financial ecosystem of an economy and help it thrive. According to the UAE Federal Decree-Law No. 47 of 2022, businesses will become subject to UAE Corporate Tax (CT) from June 1, 2023. Under the new CT regime, corporations and other businesses with taxable profits exceeding Dh375,000 will be mandated to pay 9 per cent tax, which is one of the lowest in the world. Further clarification and announcements are expected on CT from the government authorities.

Under the theme of Towards the Next 50, the UAE’s national economy is aiming for a significant leap and increase the GDP by 2030. With over 40 multidisciplinary free zones in the UAE, entrepreneurs are free to choose the free zone that would best match their requirements. Setting up a business in a free zone can give entrepreneurs some prominent advantages like 100 per cent foreign ownership, fast and easy business set-up process, 100 per cent exemption from corporate tax (to a qualifying free zone person earning qualifying business income), 100 per cent exempt from custom duty (customs duty is only paid when goods are moved out of the free zone; that is, imported into the UAE). Operating in a free zone can also provide easy global market access.

Alternatively, if the client intends to set up a shop and cater to the local market then opting for a mainland license is advisable since this will permit them the flexibility to lease a facility from any location and at any time. Dubai Economy & Tourism is responsible for issuing and registering mainland licenses in Dubai.

From choosing the right jurisdiction to incorporating the new CT laws, entrepreneurs should seek guidance from expert business set-up consultants like Axiom Mark where we provide 360 degrees comprehensive business set-up solutions to our clients and help them bring their business dreams to reality.

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