UNITED ARAB EMIRATES
U A E
SERVICES IN DUBAI
There are ample opportunities for doing business in the UAE. At the present time the economy is booming - GDP having risen by 20.4 per cent in 2000. Although a significant proportion of that increase was due to higher oil prices, government encouraged industrial diversification is also contributing to continuing economic prosperity. A signatory of the General Agreement on Tariffs and Trade, the UAE supports a liberal economy and is committed to free trade. The UAE currency is secure and freely convertible. There are no restrictions on profit transfer or capital repatriation. Import duties are low (4 per cent) and in the case of foodstuffs, medicine, agricultural products, and items imported for use in the free zones are non-existent. Labor costs are competitive and corporate tax and personal taxes are nil. In addition every effort is being made to reduce the paperwork involved in establishing a business in the UAE. These factors combined with a strategic, accessible location, an excellent reliable infrastructure and an extremely pleasant and safe working environment bode well for future investment.
INCORPORATING IN U.A.E. - DUBAI
As some of you already know, it can be difficult, if not impossible, to establish a company in Dubai that does not require either a physical presence there, a local majority shareholder, or a relatively high level of capital.
For example, an LLC, which can carry out business in the UAE, has a fairly high capital requirement, and more significantly, requires a UAE national to hold at least 51% of the shares. A local office presence is also required. The cost to incorporate and obtain the necessary trade licence is also quite high.
The alternative, a Free Zone company or Enterprise, whilst permitting 100% foreign ownership, often requires a physical office presence in Dubai, and again, fees can be quite high.
Eurofinanzza is now able to offer companies, incorporated in the UAE, and domiciled in Dubai, that can be 100% foreign-owned, with no requirement to establish a physical presence, no minimum capital requirement, no tax liability on profits, no requirement to file accounts, no requirement for a trade licence, has a minimum requirement of one shareholder and one director, permits bearer shares to be issued, and offers a high degree of confidentiality.
It is also possible to nominate the jurisdiction of applicable law, meaning that you can choose the jurisdiction for settling any disputes etc. Any Country can be nominated (it does not have to be in the UAE) and it is written into the Memorandum & Articles of Association.
These companies have many similar features to, say, a BVI or Seychelles company, and have one or two advantages as well.
Companies may conduct a wide range of legitimate business activities, with the exception of banking and insurance.
They may not conduct business in the UAE without the necessary authorisation. However, this is common in most offshore jurisdictions. The companies can, however, acquire real estate in the UAE, and so they may be considered as ideal vehicles for property ownership there.
We can domicile the companies in the Dubai International Financial Centre (DIFC) should a particularly prestigious address be required. This may interest our financial services clients in particular.
We are also able to arrange bank accounts in Dubai with a global banking group, and finance for property acquisitions (subject to the client meeting the lender's criteria).
SUMMARY OF COMPANY FEATURES:
Private company limited by shares
May own shares in other UAE companies or elsewhere
Can maintain bank accounts in the UAE
Can employ services of local professionals in the UAE
Minimum of one shareholder required
Minimum of one director required
Shareholder may be appointed as a director and/or secretary
Corporate officers are allowed
Restricted Bearer shares
Multiple classes of shares
No requirement to hold directors or shareholders meeting on a regular basis
Mechanism for alternate dispute resolution
The accounting books, records and minutes of the company may be kept in any place or Country of the director’s choice
Annual accounts are neither required nor need be filed
Able to trade in or own an interest in real property in the UAE
Zero taxes and duties
No Tax Information Exchange Agreement with any Country
No Record-keeping requirements
No Public disclosure of information
No minimum share capital
Easy transfer of shares
Able to issue restricted bearer shares, held by Registered Agent
Bearer shares can be converted to registered shares
Simple accounting requirements
Minimal Government and registered agent fees and costs
Confidentiality & protection
Easy transfer of assets
Facility for company name reservation (Up to 90 days)
Company Name can end up with "Limited"/ "Ltd" or "Incorporated"/ "Inc"
Multiple classes of shares
Able to conduct business in the UAE as long as licensed by the appropriate authorities.
Has the option to choose the applicable law
The corporate kit will include Memorandum & Articles of Association, certificate of incorporation, all initial resolutions and minutes, share certificates, shareholder and director registers and other statutory filings.
Documents will be attested by the relevant Authority in the UAE, or we can have them notarized and apostilled.
Should you have any further question about incorporating in Dubai, please do not hesitate to contact one of our Tax Consultants to discuss the best structure for your specific case and needs;
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