Dubai’s removal from the gray list in February 2024 further enhances its appeal, increasing operational ease for foreign entities and facilitating global business expansion, the region has become an appealing destination for Turkish enterprises. The surge in foreign trade is underscored by the September 2023 MOU between Turkey and the UAE. Leveraging 27 years of tax expertise, Murat Ortac, Founding Partner of Ortac International Accounting, highlights their pivotal role in fostering this strategic collaboration through the inauguration of their Dubai office.
MENA Newswire: DUBAI – With over 27 years of taxation experience, Ortac International Accounting has extended its services to Dubai, offering tailored solutions in company establishment, tax consultancy, and accounting.
Founding Partner of Ortac International Accounting, Murat Ortac, underscored Dubai’s appeal, stating, “Dubai’s tax advantages and business-friendly environment set it apart from most EU countries. Its cosmopolitan ambiance and skilled workforce continue to prove attractiveness to entrepreneurs from across the globe.”
Dubai is a pivotal hub for business
Following initiatives from government and business, economic ties between Turkey and the UAE have witnessed a surge in foreign trade volume, spurred by strategic agreements inked in recent years. The UAE has emerged as Turkey’s 9th largest trading partner in 2023, with bilateral trade soaring to US$ 5,253 billion.
The signing of the Memorandum of Understanding in September 2023 has further cemented the commercial bonds between The UAE and Turkey, amplifying interest in Dubai as a pivotal hub for business. With its favorable tax policies and investor-friendly ecosystem, Dubai is extremely attractive to entrepreneurs worldwide, drawing attention from both Turkish and British investors.
Turkish companies are flocking to Dubai
Murat Ortac emphasized that the tax rate and tax regime are of great importance for businesspeople who plan to establish a company abroad and said: “The UAE, including Dubai, stands out among the countries that offer the lowest rates worldwide, with a corporate tax rate of 9% according to the tax law enacted by the beginning of 2024. Entrepreneurs who want to stay away from the high taxes and complex bureaucracy of the European Union prefer Dubai.”
Dubai’s appeal resonates strongly with Turkish enterprises, as evidenced by a notable uptick in their presence within the Dubai Free Trade Zones, marking a 17% increase in 2023 alone. Ortac highlights Dubai’s multifaceted appeal, stating, “Dubai offers not only a thriving business landscape but also an exceptional quality of life. Its Free Trade Zones provide modern living and business spaces, coupled with efficient company establishment processes,” he added.
Expanding opportunities with strategic partnerships
The MOU aims to bolster non-oil trade to US$ 40 billion, with a five-year target of US$ 25 billion. Ortac commented, “This agreement cements trade ties between Turkey and the UAE, positioning Turkey as a key trade partner in the Gulf region.”
Ortac International Accounting, in collaboration with the International Free Zone Authority (IFZA), expedites company establishment procedures, enabling clients to secure their investor visas within a week. Ortac explained “Our strategic alliance with IFZA streamlines the establishment process, making Dubai an even more attractive destination for global businesses.”
Navigating foreign trade with experts at your service
Navigating foreign trade laws necessitates specialized expertise, a gap Ortac International Accounting seeks to bridge. Ortac emphasized the significance of working with seasoned professionals, stating, “Our team of experts overcomes bureaucratic hurdles, empowering businesses to achieve their expansion goals swiftly and efficiently.”
Contact: Murat Ortac, dubai@ortacglobal.com