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Dubai Free Zone Pitching For UK Business

Lorys Charalambous, Tax-News.com, Cyprus

12 March, 2018

Dubai Multi Commodities Centre (DMCC), the world leading free trade zone for commodities trade and enterprise, has released research indicating more than a quarter of British firms have a greater appetite for international business expansion post-Brexit.

The research, contained in a report titled "Brexit: the impact on British business and exploring new trade routes," also shows that, following UK Prime Minster Theresa May's Mansion House speech setting out her vision for the UK's relationship with the EU after Brexit, two-thirds (66.5 percent) of UK firms said they are actively looking at Dubai as a business location due to its geographical location, its business-friendly regime, its growing marketplace for commodities, financial services, and an increasing range of specialist industries.

Commenting on the findings, Gautam Sashittal, CEO of DMCC, said: "British business is very important to us. We have over 1,350 British businesses, large and small, in the DMCC Free Zone and British businesses are amongst the top three nationalities in our Free Zone. More importantly, British business understands Dubai, and the opportunities it presents, and the DMCC Free Zone creates the right environment in which British businesses looking to access the African, Middle Eastern, Central, and South Asian markets can set up and thrive."

The DMCC free trade zone is home to over 13,000 companies. DMCC's offerings include zero percent personal and corporation tax guaranteed for 50 years; non-residents may own 100 percent of local companies; and there are no limits on remitting profits abroad.

TAGS: United Arab Emirates | environment | tax | business | interest | financial services | international financial centres (IFC) | corporation tax | offshore | trade | Dubai | free trade zone | services | Africa | Middle East |

 

 

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