Share capital in UAE Free Zone Companies

The term ‘share capital’ (or capital stock in US English) refers to the amount of money that has been put into the business by investors and the business owner; in a strict accounting sense, share capital is the nominal value of issued shares. Each free zone can set its own laws pertaining to how companies can be formed within its jurisdiction – and one topic that causes a lot of uncertainty is share capital. UAE free zones have different share capital requirements during the application process. There may be no requirement…

UAE launches 10-year residency visas and 100% ownership for investors

In order to shore up the UAE’s position as a primary destination for international investors, specialists (doctors, engineers, ….) and global talented students, a new system of entry visas for investors and professionals has been approved, with a long-term visa for up to 10 years. In particular the system will grant investors and talents up to 10-year residency visas for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators, entrepreneurs and innovators as well as five-year residency visas…

Taxes in Dubai, Abu Dhabi and UAE

Currently, the Dubai government has only ratified a tax on profits of branches of foreign banks and of all companies operating in the oil, petrochemical and gas sector. There are no taxes on capital gains, the capital itself and dividends. However, in order to have a business in the UAE you need to pay an annual license fee (whose value depends on the type of business); and there are a number of other fees: the company may need resident visas for the entrepreneur, his or her…

What is the E-Channel Immigration System and how will it affect your company?

The country’s rapid expansion from a population of just one million in 1980 to around nine and a half million today has been largely underpinned by rising numbers of expatriate workers. Such is the influx of foreign workers in recent years that today approximately 90% of the UAE’s population is non-Emirati, according to the CIA’s World Factbook. The UAE economy has also been bolstered by a huge rise in the number of overseas travellers visiting the UAE on tourist visas. Dubai alone attracted 14.3 million…

Business Centre Office Solutions

Once you have opened your company, you may need to get a physical space; without spending lots of money… it better! We have partnered with the leading global provider of business centres to ensure you receive unbeatable rates and an all in one solution for your office needs. With 24 locations across the UAE and 3,000 locations globally, you are sure to find the office space suited to your needs and near you! Information about company setup in Arabic. We have two excellent packages exclusively for…

Being a resident in UAE, will protect you from sharing financial data under CRS in 2018

“The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. The first reporting due…

Hiring employees and labour law in UAE

The United Arab Emirates Labor Law regulates the process of hiring employees in Dubai. The employer is the one responsible for the procedure of hiring a foreign employee and the costs that come with this process. The employer’s responsibilities in Dubai Before a company in Dubai can hire foreign employees, it must obtain two types of documents – an establishment labor card and an establishment immigration card from the Ministry of Labor.  The Labour Law sets forth the obligations of the employer in relation to the employees. The…

Brexit and Dubai: how it will impact?

The announcement of the Brexit vote decision caused a worldwide ripple; before the referendum held in June 2016, many economists produced gloomy forecasts. UK removing itself from the European Union caused instantaneous global disruptions and financial market volatility. The economy took a swift blow almost immediately upon the announcement. Markets dropped rapidly and the pound hit a 31-year low against the greenback. Then almost three weeks into the new year and the UK economy seems to be in rude health; forecasts seems to be wrong. However, the…

Company setup in Dubai and UAE

There are three main ways you can set up a company in the UAE. This can be in mainland (in conjunction with a local partner who would own 51 per cent of the company), known as an LLC – limited liability company;  via one of the many UAE free zones, particularly popular with foreign entrepreneurs cause they offer are 0% corporation and personal tax, 100% company ownership, 100% repatriation of capital and profits, no currency restrictions and 100% import and export tax exemption; with an offshore company. The…