Relocating to another country is always a huge decision as it will mean some big changes in your life. From visas and bank accounts to housing and education, we tell you everything you need to know about relocating to Dubai, which will help make the transition that little bit easier to manage.
Why should I relocate to Dubai?
There are lots of reasons why people choose to live in Dubai, especially if you are planning to set up a business:
If you set up a business in a free zone or as a mainland entity you do not have to pay any income tax or corporation tax.
Full company ownership
As foreign business owner you can own 100% of your company without the need for a local sponsor. You can also repatriate 100% of capital and funds.
The economy in Dubai continues to go from strength-to-strength, and it remains one of the fastest growing economies in the Middle East.
Businesses in Dubai benefit from its strategic geographical location, making it easy to trade internationally if you set up as a mainland company.
Lifestyle and leisure
The city is one of the most modern in the world, with plenty of things to do outside of working hours, offering a great way of life for you, your family and your employees.
How do I relocate to Dubai?
If you are planning on relocating to Dubai you should plan your move in detail to ensure everything goes smoothly. Some of the basics to cover include:
- Finding out more about the legal requirements involved with the move
- Take a closer look at the cost of moving and cost of living in Dubai
- Open a bank account so you can have access to your money
- Enquire about setting up a business and business bank account
- Apply for a visa so you can remain in Dubai for a fixed period
- Search for a place to live – either buying a property or renting
Living in Dubai
You’ll need to find a place to live in Dubai and thankfully the property market has plenty to offer. Many people choose to buy rather than rent, although it depends on your financial situation at the time. If you rent, it should be easy to find both furnished and unfurnished properties and, in most cases, will have to pay between 6-12 months of rent upfront, so be sure to factor this into your relocation budget.
Two of the most highly sought-after areas are Dubai Marina and Jumeirah due to their location near the beach, although prices tend to be higher here. More affordable districts include The Springs, The Lakes and The Meadows and if you are comfortable with a daily commute from the suburbs, there are plenty of options on the outskirts of the city too.
Schools and education in Dubai
All public schools in Dubai focus on education for Emiratis and only teach the Arabic language, so you may want to consider a private school, which will come at an additional cost.
There are a large number of private schools in Dubai, with just as many locals sending their children as expats. Many of these private schools teach the British curriculum, but some also offer US, French and International baccalaureate academic systems. Basic Arabic is still taught in private schools and lessons about Islamic studies or UAE local studies are also compulsory.
Can I request residency in Dubai?
As an entrepreneur there are two ways of becoming a resident in Dubai:
Buy and own a property
Set up a mainland or free zone company
If you buy and own a property worth at least 1 million dirhams you will be granted a visa that will last for 2 years.
Setting up a free zone or mainland company offers the chance to claim a visa for 3 years. A 3-year investor residence visa is also available if you invest AED 72,000 in a UAE company or have shares in a company that meets the same threshold.
How can Charterhouse Lombard help?
We know that the prospect of moving to Dubai can be daunting because there is so much to plan and organise before you settle into the country. As residents ourselves, we understand the challenges you can face as a business owner and offer a range of services that can make the process much easier.
Our team of experts can offer advice regarding setting up a business, opening a bank account, applying for a visa and much more. To find out more, contact a member of our team today.