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UAE Key Facts
Introduction Who we are? Registered management consultants, business consultants and accounting professionals and auditors Offices in Dubai, Ras Al Khaimah in UAE and associates and counter-parts offices in Abu Dhabi, Sharjah, Chennai, Singapore and Hong Kong having more than one-decade experience.
What this presentation is all about?
Topics covered:
- UAE Geography and Economy in nutshell
- UAE Free Trade Zone Company formation
- Key benefits of UAE Free Trade Zones
- Types of company formation in UAE
1. UAE Geography and Economy
- UAE is an Arabian peninsula located southwestern coast of Persian Gulf and northwestern coast Gulf of Oman.
- Majority of citizens/residents speaks English even though official language is Arabic
- More than 155 nationalities living in UAE, working, doing business and enjoying quality life style
- Federal type of government system- seven emirates namely Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah
- Easy access to all Emirates within range of 15 to 150 km
- Vibrant Economy
- Access to Excellent Banking Systems
- FDI department setup for major push for manufacturing sector
- UAE Free Zones plays major role in UAE economy
- Political and economic stability
- Average GDP growth of 8% annually since 2011
- UAE engaged with global treaties to avoid double taxation
- From 2018, VAT is going to be introduced in UAE
UAE Economy Recent Fact File
- Population 9.45m
- GDP-USD 419 Bn
- Exports- USD 368 Bn
- Imports-USD 273 Bn
- FDI 14 Bn
2. UAE Free Trade Zone Company formation
- Special Economic Zones
- 100% ownership for expatriate investors
- Tax Free
- Free Customs Duty, if you bring goods from free zone to mainland companies for trading purpose attracts duty
- UAE has more than 40 free zones across the country. Choosing free zone depends on customer’s business model and requirement
- Some free zones having rep offices worldwide
- User friendly rules and regulations
- All govt. departments are under one roof
3. Key Benefits of UAE Free Zones
- 100% Tax free operations
- 100% foreign ownership
- Guarantee against taxes
- No personal income tax
- No corporate income tax
- No restriction on repatriation of funds
- No currency restrictions
- Formation of holding companies
- Cost effective solutions to meet your requirement
4. Types of company formation in UAE
Jurisdictions:
- Mainland Companies
- Free Zone Companies
- Offshore Companies
Types of business entities.
There are mainly three types of business entities permitted by law in the UAE and they are:
(a) Professional
(b) Commercial/Trading
(c) Industrial
- Onshore –Mainland companies (LLC companies, most common type of companies) with 51% UAE local Shareholder and 49% Expatriate Shareholder. Public Joint stock companies, Private Joint stock companies, Simple Commandite Company and Joint Liability Company
- Onshore-Free zone Companies can be formed with 100% foreign Ownership
- Offshore Free Zone IBC Companies (International Business Companies)
RAKICC
JAFZA Offshore
Ajman Offshore
SPV’s-Abu Dhabi/Dubai/Ras Al Khaimah
(d) Branches –
(i) Branches can be established for Foreign Companies. The branch office shall carry on the activities of the Parent Entity. The Branch Office should have a local agent who shall be a UAE National.
(ii) Branch also includes branch of a UAE based company where the branch is 100% owned by the parent company.
(iii) Branches can also be branch of GCC based company where the branch is 100% owned by the parent company which is headquartered and based in one of the GCC countries.
(iv) Similarly, a Free Zone Company can have a branch in mainland.
(g) Representative Office – office set up in the UAE to represent a Foreign Company which can only perform the liaison function and is not permitted to import or export goods.
Presented by Nayeem Kokan.