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The UAE Golden Visa: Exploring Long-Term Opportunities in the Emirates

January 9, 2025

As the UAE consolidates its position as one of the prime global business hubs, it continues to draw top talent with its strategically designed visa programs. In this edition, we are going to discuss the powerful UAE Golden Visa program, which has emerged as a transformative initiative.

The UAE government has come up with this visa to offer long-term residency to global tenants. While attracting top international talent, the country strives to foster an environment of innovation and inclusivity. This visa has been designed to attract professionals and entrepreneurs from various verticals, demonstrating the country’s commitment to build a world-class talent hub.

Overview of the Golden Visa Program

Introduced as a part of the vision of the UAE to enhance its global appeal, the UAE Golden Visa provides a long-term residency option for those looking to live, work, or study in the country. This program eliminates the need for an in-country sponsor and extends its benefits to family members. This makes it a highly attractive option for expatriates.

Key features of the Golden Visa of the UAE include:

Multi-year renewable residence permits for 5 or 10 years
The option to remain outside the UAE for more than 6 months while retaining residency
Sponsoring spouses and children with no restriction on age
Exclusive privileges like the option to sponsor unlimited domestic workers
The assurance for family members to continue residing in the UAE if the primary visa holder expires

A Strategic Vision for the UAE

Under the leadership of Sheikh Mohammed bin Rashid Al Maktoum, the UAE Cabinet has strategically aligned the Golden Visa with the social and economic goals of the country. The program streamlines regulations and expands eligibility categories to strengthen the position of the UAE as a global destination for talent. It also aims to make its market flexible and competitive. Recently, the eligibility criteria for this visa have been simplified, ensuring that applicants from various professional and academic backgrounds can seamlessly process the permit.

Who Can Qualify for the UAE Golden Visa?

The government has tailored the UAE Golden Visa for a wide range of applicants. Each category needs to meet specific needs in terms of professions or qualifications to be eligible for the permit. These include:

1. Investors

Investors can qualify for a 10-year Golden Visa by fulfilling one of the following criteria:

Depositing at least AED 2 million and confirming it through a letter from a recognized UAE investment fund
Having a valid industrial or commercial license, along with a memorandum of association with a capital of at least AED 2 million
An FTA letter stating that the investor contributed at least AED 250,000 annually in taxes

Additional requirements include ownership of the capital without having any loans and the proof of health insurance of the investors and their families.

2. Real Estate Investors (5-year renewable Golden Visa)

A valuation certificate from the land department of the Emirate to confirm the ownership of property worth at least AED 2 million or above 2-year visa for real estate investment of min 750k AED
The property must be purchased with a loan from an authorized local bank

3. Entrepreneurs (5-year golden visa)

A verification letter from an auditor in the UAE confirming that the project is valued at least AED 500,000
A letter from local authorities to validate the relevance of the project to technology or future sectors
Endorsement from a recognized business incubator for establishing the project in the UAE

4. Outstanding Specialized Talents

This category includes exceptional professionals like doctors, scientists, inventors, artists, athletes, and those specializing in engineering and science. Based on the field, the requirements vary.

5. Executive directors

A bachelor’s degree certified by the Ministry of Education
A minimum of five years of experience in the same role
A salary of at least AED 50,000 and a valid employment contract

6. Athletes

A recommendation from the relevant sports authority or council

7. Engineering and Science Specialists

A Bachelor’s or Master’s degree in a relevant field, approved by the Ministry of Education
A valid work contract in fields like AI, biotechnology, data science, etc.

8. Humanitarian Workers

Those dedicated to humanitarian causes can qualify for a 10-year Golden Visa. This category includes:

Members or employees of global or regional organizations with at least five years of service
Individuals honored with humanitarian awards
Those who have donated a minimum of AED 2 million to charitable organizations

9. Frontline Workers

Individuals working in essential services, including healthcare workers like nurses, lab technicians, and others who showed exceptional effort during emergencies like the COVID-19 pandemic, may be eligible for a Golden Visa. Their application must be supported by recommendations from relevant authorities.

Application Process Simplified

The UAE authorities have come up with the ‘One Touch’ Golden Visa service, which is a user-friendly platform to streamline the visa application and renewal processes. Applicants can use the ICP website or download the mobile app to access this service. Professional advisory experts can help you with a complete guide to ICP Smart Services in UAE.

Get Professional Assistance to Apply for the UAE Golden Visa

For skilled professionals and visionary entrepreneurs, the UAE Golden Visa opens the doors to a world of opportunities in the dynamic business hub. The country has introduced this forward-thinking approach to residency and global talent acquisition to attract prime talent from across the world.

Investors, entrepreneurs, or even students can apply for the Golden Visa. It is advisable to consult experienced visa advisory teams like the IMC Group to ensure a hassle-free path while obtaining this visa. Check out this guide to ICP Smart Services in UAE to gain further clarity on the Golden Visa application.

Top Global Mobility Trends That Will Dominate 2025

1. Prioritizing Safety and Health Amid Global Turmoil

Global instability continues to be a challenge for the mobility of your employees. From escalating tensions in Southeast Asia to cybercrime threats closer to home, businesses are prioritizing comprehensive risk management strategies. Reputed consultants offering global relocation services recommend proactive strategies like integrating analytics for crisis response and working with external risk experts. These tactics significantly enhance the safety of your employees.

Interestingly, 54% of businesses are embracing robust safety and health protocols to secure their operations in high-threat regions.

2. Digital Transformation Leading the Way

Thanks to the inception of AI and machine learning, global mobility programs have evolved significantly. Currently, 46% of organizations deploy innovative technologies, while the number was just 4% in 2018. This figure is likely to hit 63% in 2025, marking a significant leap. Predictive analytics and AI-driven tools come in handy while streamlining relocation processes and enhancing compliance management.

3. Flexible Housing Solutions

Old challenges like rental affordability still persist in 2025. Global businesses are exploring suburban and commuter-area housing to accommodate their employees. Various parts of the globe have witnessed a spike in the demand for flexible options like serviced apartments and extended-stay accommodations. Cost-conscious businesses in cities like Paris and London mostly look for housing options that balance their budget and convenience.

4. Sustainability Remains a Priority

Global relocation trends are also being driven by environmental concerns. Currently, businesses are prioritizing eco-friendly housing options to reduce their carbon footprint during global relocation. Thus, companies are embedding sustainability into their mobility programs to mitigate the long-term impact on the environment.

5. Merging Business Travel and Corporate Relocation

With hybrid operational models in place, lines between business travel and relocation have blurred. Now, organizations favor short-term corporate housing for project-based assignments. This offers flexibility without long-term commitments. This shift reflects the personalization trend as employees travel for leisure. They look out for tailored experiences during temporary relocations.

6. Addressing Challenges in the Rental Market

Major cities across Europe and Asia continue to struggle with housing affordability. For example, the prime rental market in London has slowed, creating opportunities for employees looking for premium accommodations. Companies need to analyze these trends and allocate their budgets appropriately to provide competitive housing options.

7. Increased Investment in Emerging Markets

Countries like India and South Africa have turned into popular hubs for business travel and relocations. Bangalore, with its skilled workforce and cost advantages, attracts global companies like Amazon and Microsoft. Likewise, Cape Town has emerged as a prime business travel destination that showcases the growing role of South Africa in global mobility.

8. Controlling Cost without Compromising Quality

Leading experts specializing in global mobility services are striking a perfect balance between cost control and quality while offering viable solutions to their clients. Working closely with these professionals, companies are adopting cost-saving measures like negotiating with landlords and capitalizing on long-term relationships with suppliers. With these strategies, employees experience high-quality accommodations while businesses can maintain their financial efficiency in relocation programs.

9. Data-Driven Approach to Mobility Planning

Thanks to progress in data analytics, quality data is empowering companies to optimize mobility programs. Predictive analytics empower businesses to forecast market trends and manage the expectations of their employees. With intelligent inputs from advanced systems, they streamline the relocation processes. For instance, 54% of companies are introducing policies for long-term remote work to address talent gaps and challenges like high cost of living.

10. Technology Driving Global Mobility Management

Thanks to progress in data analytics, quality data is empowering companies to optimize mobility programs. Predictive analytics empower businesses to forecast market trends and manage the expectations of their employees. With intelligent inputs from advanced systems, they streamline the relocation processes. For instance, 54% of companies are introducing policies for long-term remote work to address talent gaps and challenges like high cost of living.

Professional Global Mobility Solutions to Show the Way

As businesses struggle to adapt to the new global mobility trends of 2025, leading organizations are already seeking global relocation services from top advisory partners. Established professionals like the IMC Group can streamline global mobility and help businesses relocate their workforce to destinations across the world with their comprehensive approach to employee relocation.

With effective advisory solutions, businesses can embrace technology and enjoy flexibility as they design employee-oriented relocation programs. Staying ahead of these trends, organizations can seamlessly relocate their workforce as they embrace the future of global mobility.

The Strategic Role of UAE and Singapore

The UAE and Singapore have long played crucial roles in global trade, with goods worth billions of dollars flowing through their borders annually. Interestingly, the UAE emerged as the largest trading partner of Singapore in the MENA (Middle East and North Africa) region. This demonstrates their robust bilateral relationship which continues to shape global trade.

The strategic location of the UAE places it centrally between Asia, Europe, and Africa. The country has significantly invested in building world-class airports and strategically located seaports over the years. Thanks to these infrastructural advancements, the UAE has emerged as a global powerhouse of logistics, attracting businesses worldwide.

On the other hand, Singapore boasts the largest container shipment center in the world, which establishes it as a critical node in international trade. The country continues to solidify its global leadership in trade through several free trade agreements and innovative trade practices.

The bilateral ties between the UAE and Singapore have strengthened since 2013, backed by duty-free access agreements. Over the last decade, business has thrived in a robust commercial environment, fostering a transformation in global business.

Geopolitical and Macroeconomic Challenges

The two countries have set benchmarks in global trade, overcoming challenges like geopolitical tensions and economic shifts. Transportation costs between the UAE and Singapore have escalated due to disruptions in critical trade routes like the Red Sea. Businesses have been forced to reconsider their logistical strategies.

As a result, short-haul sourcing has gained traction, where companies move production close to their base markets to reduce risk. Regionalism, which is characterized by new trade agreements and partnerships, has emerged as a dominant trend.

The UAE has signed the CEPA (Comprehensive Economic Partnership Agreement), with India, which is effective since May 2022. The country has also signed agreements with Vietnam and Australia, which demonstrates its proactive stance in ensuring economic resilience.

On the other hand, Singapore has signed an extensive network of free trade agreements. The country continues to increase its global influence on trade, taking advantage of its geographical location. Businesses planning a company formation in Singapore can seek professional advisory services from leading experts to ensure success.

Harnessing Technological Innovations

With leading businesses embracing technology, particularly AI, top companies in the UAE and Singapore have optimized logistics. These two countries are leading the change in the logistics sector, enhancing efficiency and reducing cost, while increasing transparency across supply chains.

Leading businesses are seeking AI consulting services from proficient teams to ensure real-time tracking and manage disruptions effectively. They also use intelligent systems for predictive analytics. Singapore has invested heavily in digital platforms to foster fosters interoperability among supply chain partners. Similarly, the UAE integrates AI into its transport infrastructure to ensure seamless global connectivity.

Strengthening Global Partnerships

One of the key insights from the Investopia Global – Singapore event was the importance of partnerships in addressing the challenges of modern trade. Senior experts demonstrated why bilateral and multilateral collaborations are essential to maintain trade flow and secure economic stability.

The UAE and Singapore have largely relied on trade agreements and invested strategically to enhance international partnerships. They have also invested in developing infrastructure, and both countries remain responsive to ongoing global trends.

Seeking Professional Consultation Services to Establish Businesses

Over the last decade, the UAE and Singapore have demonstrated how strategic location and innovation can transform challenges in global trade into opportunities. As these two countries continue to lead international commerce, new companies look forward to establishing their business in these locations. Leading advisory professionals at the IMC Group help businesses build resilient trading ecosystems, providing AI consulting services and offering a comprehensive assistance to set up new firms the UAE and Singapore. Businesses looking to expand in these dynamic trade hubs will find professional advisory solutions indispensable.

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What Is the Singapore ONE Pass Visa?

The ONE Pass, effective from 1^st January 2023, is a specialized work visa that aims to attract global talent to Singapore. While traditional work permits are tied to a specific employer, the ONE Pass offers a greater degree of flexibility. Professionals holding this pass can simultaneously work for multiple organizations.

Thus, this pass offers greater mobility in career compared to the Employment Pass (EP) with its individual-centric nature. While changing employers, professionals need not re-apply for a visa in Singapore.

Eligibility Criteria for the ONE Pass

Individuals applying for the ONE Pass must meet stringent criteria to be a part of the country’s workforce.

Salary-Based Eligibility: An applicant for the ONE Pass must earn a fixed monthly salary of at least S$30,000 over the past 12 months. Overseas applicants must demonstrate their employment with a reputable international organization for at least one year.
Working in an Established company with annual revenue of 200 million or 500 million capitalisation OR
Exceptional Achievements: Applicants who do not meet salary criteria can still qualify based on outstanding accomplishments in arts and culture, sports, science and technology, and academia and research. These candidates can qualify for the Overseas Networks & Expertise Pass without meeting the salary criterion, showcasing Singapore’s commitment to diverse fields of excellence.

MOM thoroughly evaluates each application, ensuring that the selected candidates bring exceptional value to the economy and society of Singapore.

Validity and Renewal Process

Initially, the ONE Pass remains valid for five years. The renewal eligibility depends on certain factors and the pass holder must meet one of the following:

Maintaining an average fixed monthly salary of at least S$30,000 in Singapore over five years
Started and is operating a Singapore-based company that employs at least 5 locals, each earning a fixed monthly salary of at least S$5,000

Benefits of the ONE Pass

The ONE Pass offers a comprehensive suite of benefits to professionals that make it an outstanding choice among global visas.

Flexibility in employment: ONE Pass holders can work for multiple employees without acquiring additional approvals. This significantly fosters their career growth and helps them diversify.
Rights To Run A Singapore-Based Company: One of the primary benefits of holding a ONE Pass is the ability to start and operate multiple companies in Singapore concurrently.
Duration of Stay: Valid for up to five years, renewable after that.
Eligibility for Family Members: Eligible for dependents, including spouses and children, to reside in Singapore.

How Much Does It Cost to Apply for the ONE Pass?

How to Apply for the ONE Pass?

Applicants or their authorized representatives can follow these steps to apply for the ONE Pass.

Application Submission: Fill out the submission form and pay a fee S$105. Typically, the application process takes up to four weeks, and additional time may be required to evaluate the profiles of candidates with exceptional achievements.
Approval and IPA Letter: Once successful, applicants receive an In-Principle Approval (IPA) letter, which serves as a temporary work visa and allows them to enter Singapore for six months.
Enter Singapore: Applicants must make sure they comply with the vaccination-based travel criteria to enter Singapore.
Entry and EPSC Appointment: Next, the applicant needs to schedule an appointment with the EPSC (Employment Pass Services Centre) and submit the necessary documents:
- Letter of In-Principle Approval (IPA)
- Original passport
- Contact information (local cell phone number and email address)
- Residential address in Singapore
- Existing immigration or short-term visit permit details
- Signed Medical Declaration Form (if applicable)
- The issuing requires a payment of S$225
Notification letter: Professionals then receive the notification letter which remains valid for one month, which allows them to work in Singapore while the ONE Pass is being processed.
Fingerprint and photo registration (if applicable)

Within two weeks of receiving their ONE Pass, candidates who haven’t registered in the past five years and new applicants must register their fingerprints and get their pictures taken. To schedule an appointment, candidates must contact the Employment Pass Services Center (EPSC).

Issuance of the card: Once applicants complete their biometric registration, they receive their ONE Pass within five working days.

Documentation Requirements

Applicants need to furnish the following documents to ensure a smooth processing of their ONE Pass.

Valid copies of passport
Income proof like payslips and tax statements and documents supporting other income sources other than fixed monthly salary
Employment verification documents
A detailed CV and supporting evidence for exceptional achievements
Additional documents as requested

Appeal and Cancellation

In case the authorities reject the ONE Pass application of a candidate, the person can appeal for the same within three months. However, it’s imperative to address the reasons for rejection with fresh information.

Most appeals will be processed within 4 weeks.

In case the candidate no longer remains employed, the pass must be cancelled at least one week before departure to comply with tax obligations.

Professional Immigration and Visa Services in Singapore

The launch of the ONE Pass Visa program in Singapore serves as a testament to its forward-thinking immigration strategy. While professionals experience unprecedented flexibility and inclusivity, applying for the Pass successfully remains a challenge.

Successful candidates often seek professional immigration and visa services from the IMC Group to obtain an employment pass in Singapore. Skilled professionals and entrepreneurs can consult the experts to acquire the ONE Pass successfully and tap the tremendous career opportunities in Singapore.

The Role of Global Mobility in a Corporate Structure

Being a company head or a part of the corporate leadership, you might wonder where global mobility should reside in the corporate structure. Should you integrate it into the total rewards program, or should it be aligned with HR and talent acquisition?

Many organizations are moving towards Centers of Excellence (CoEs) to streamline mobility services. With this approach, global mobility teams work closely with compliance and reward teams to address challenges like tax, immigration, and relocation logistics.

However, it’s imperative to take note of regional interests. For instance, organizations in North America often prioritize talent integration and career development, while those in EMEA emphasize compliance and cost management. With businesses expanding their global footprint, they are working closely with experts providing global mobility services to address specific requirements while expanding to each region.

Remote Work Complexities and How to Address Compliance Issues

In recent years, paradigms have shifted in global workspaces, with traditional operational mechanisms giving way to remote procedures. Thus, businesses expanding overseas face new compliance challenges related to tax, immigration, and labor law. When employees work from different locations, these hurdles further intensify compliance challenges.

For instance, an employee temporarily working in another country might trigger tax residency obligations or legal risks for the employer. Naturally, the need for robust compliance frameworks is evident, which addresses questions like:

Can employees work remotely from any location?
What legal responsibilities does the company bear during international relocations?
How do time zone differences affect productivity and operational goals?

With clear and consistent policies governing remote work and relocation in place, businesses can maintain transparency while ensuring compliance in other countries. Communicating these policies seamlessly ensures compliance and minimizes the confusion of employees.

Total Rewards and Pay Transparency

In recent years, the concepts of global mobility and total rewards are intersecting. This is particularly true with new pay transparency laws in regions like the EU. While adhering to these regulations, organizations need to disclose details of compensation, which makes the entire process transparent.

Currently, many organizations are standardizing their compensation practices. This delivers a unified experience to employees across different regions. These include:

Benchmarking global compensation to ensure fairness
Aligning Total Rewards programs with mobility policies
Balancing location-specific benefits with global equity

Remember, transparency in payments is not just about compliance. It largely drives the trust and loyalty of your employees. Companies proactively aligning their global mobility and total rewards strategies are better positioned to attract top talent and retain it.

The Growing Popularity of Workations

As employees are looking for greater flexibility in their work arrangements, the concept of workations is gaining traction. This refers to working while traveling, which largely enhances the satisfaction and morale of your employees. Workations also introduce new challenges related to logistics and compliance.

For businesses, the key lies in balancing flexibility with governance. Therefore, organizations need to define:

Permissible durations for workations
Eligible destinations based on tax and labor laws
Processes for addressing compliance risks

With clear guidelines in place, workations are a win-win arrangement that boosts the well-being of employees while protecting the interests of the organization.

Best Practices for Global Talent Mobility

Organizations must adopt these strategic measures to understand the evolving nature of global mobility.

Integrate mobility with total rewards: This involves creating a cohesive strategy aligning talent mobility with compensation and benefits.
Reliable Global Mobility Experts: Count on reputed global mobility consultants who are ahead in tracking compliance, manage relocations, and provide on-time support.
Foster employee engagement: Communicate your policies clearly and support employees with resources to relocate.

Global Mobility Solutions from Seek Professional Experts

Global mobility services are no longer a back-office function. Rather, you need professional global mobility solutions from established teams of experts to confidently transfer your workforce abroad. Reputed service providers, like the IMC Group, assist international businesses streamline their growth with global mobility solutions.

Enterprises can also check out this complete guide on global mobility services to enhance compliance and confidently stride ahead with growth and innovations. A professional edge from these experts can help businesses maximize the potential of overseas growth, with access to global talent. As businesses continue to redefine their strategies, expert global mobility solutions are the key to remaining competitive in the dynamic business environment.

How to Strike-Off a Company

For a company to be considered for striking off, it must fulfil several conditions that assure ACRA of its eligibility. These grounds are designed to ensure that the company has settled its obligations and is not leaving behind any unresolved liabilities.

Ceased Operations: To strike off a company by ACRA, it must have ceased its business activities. This cessation indicates that the company is no longer engaged in trading or commercial undertakings and is essential for the strike-off application.
No Outstanding Liabilities: According to the companies striking off regulations, the company should have no outstanding liabilities, including debts, charges, or fines, towards any entity or the government. This includes clearing all outstanding tax liabilities with the Inland Revenue Authority of Singapore (IRAS)
No Existing Assets: All assets must be disposed of before applying for a strike-off. The company should not possess any tangible or intangible assets, ensuring it leaves no unresolved matters that could affect stakeholders.
Unanimous Shareholder Approval: The decision to strike off must be approved by all shareholders. This consensus ensures that all parties involved with the company agree with its closure.
No Ongoing Legal Proceedings: Striking off a company must not be involved in any legal proceedings inside or outside Singapore. Legal entanglements could complicate the strike-off process and hence need to be resolved or concluded beforehand.

Striking off of companies that failed to file Ars

The Registrar is empowered to strike off a company if there is reasonable cause to believe that a company is not carrying on business or is not in operation. For example, failure to file with ACRA the ARs for a few consecutive years.

Should You Restore a Struck-Off Company or Start a New One?

Although you can start a new company in Singapore, restoring your previous one can be advantageous in several ways.

Retain your UEN: If you feel that the name and UEN (Unique Entity Number) of your previous company are valuable, restoring it allows you to retain both. If you start a new company, you’ll lose the previous ones.
Minimized disruptions: If the previous company had no financial or legal issues, restoring it allows you to resume business quickly without complications.
Access to existing assets: When you restore a struck-off company, you can continue growing your assets that were previously tied to the company.

However, if the previous company had unresolved liabilities before it was struck off, you’ll be liable to pay those debts again on restoring it.

Deadline for Restoring a Company That Has Been Struck Off

Under the Companies Act, an application to restore a struck-off company must be made within 6 years of the company’s striking off.

Eligibility for Restoration after Being Struck Off

While there’s a provision for restoring your business after being struck off, not all companies are eligible for this restoration. Generally, businesses that have been struck off within the last six years can apply for this facility. However, the company must fulfill the following criteria to be eligible for restoration.

For restoration, we need to first understand the below:

Method under which the Company was struck off.
Reason for restoration of the Company.
Date of Strike off.

There are two methods for restoring a struck-off company:

Court-ordered restoration

Application to the Court under option 1 can be made by any former Shareholder or Director.
After the court order has been obtained, it must be submitted to ACRA via BizFile+ for the company to be restored.
The application processing time is 5 working days to process. There is no filing fee, and the only information required to complete the transaction are the company UEN and copy of the Court Order.

Administrative restoration

Only former directors or shareholders can apply to ACRA for this process.

The restoration is intended for entities that were removed by ACRA, not the entities that had voluntarily applied for Striking off.

In some cases, even former shareholders can apply for court-ordered restoration if they can show a financial interest in the revival of the company. It’s essential to ensure that all outstanding documents, taxes, and obligations are up-to-date before applying for restoration. In case your company fails to meet these requirements, restoration might be denied.

Steps to Restore a Struck-Off Company

1. Check eligibility with ACRA

In the first place, you need to check whether your company is eligible for restoration. Visit BizFile+, the online portal of ACRA, to get an update on the status of the company. If the company has been struck off for less than 6 years, it may still be eligible for reinstatement.

2. Prepare and submit the required documents

Gather all the necessary documents before applying for restoration. These include:

Evidence of tax compliance and other regulatory obligations
The financial statements and other filings that were overdue
A declaration confirming that the company doesn’t have any outstanding obligations or liabilities

Moreover, you may have to provide the reasons explaining why the company was struck off and your intention to resume operations.

3. File a Restoration Application via BizFile+

The application for restoration must be filed online through the BizFile+ portal. Pay the necessary fees and submit relevant documents in the process. In case you had failed to file taxes in the past, you may have to provide proper proof of having settled them.

4. Clear Outstanding Fees and Penalties

If the company was struck off due to non-compliance, you need to pay fines, penalties, or outstanding fees. In case you have unpaid taxes due, thy need to be cleared with the IRAS. Finally, businesses can proceed with the restoration with IRAS.

5. Review and Decision

After a business submits the application, ACRA will review the case. During the review, they may request additional documents or clarifications. ACRA will evaluate the current standing and compliance of the company and come to a decision. If everything is in order, ACRA will approve the restoration.

The entire process of restoring a struck-off company may take one to two months. However, if any documents are missing or non-compliance issues arise, further delays may complicate the process. It’s wise to consult professional teams of experts for corporate advisory services and restore your business.

Conclusion

While it is possible to restore a struck-off company in Singapore, the process is complex and calls for expert advice. During the process, businesses need to demonstrate their compliance with regulatory requirements.

If your company has been struck off, don’t panic. Consult the IMC Group, a reputed team of professionals providing corporate secretarial services in Singapore. These experts can guide you to restore your company so that you can resume your business activities in Singapore. With complete assistance to ensure compliance and adhere to the legalities, businesses can confidently continue operating in the dynamic business environment in the country.

Wealth Management Trends in the GCC

With the evolution of technology, wealth management practices in the region are evolving. This marks a shift towards client-centric approaches. High-net-worth individuals (HNWIs) and affluent expatriates are increasingly seeking professional advisory solutions that adhere to global standards.

According to recent studies, around 26% of the affluent to ultra-HNW investors in the UAE have changed their investment strategies over the last year. Some of the key drivers of this change include:

Higher capital allocation towards offshore investments
Adoption of more aggressive financial strategies
Confidence in reinvesting returns to grow wealth, with 58% of the investors planning to reinvest

As investors look out for specialized services, discretionary portfolio management, and Islamic finance solutions, reputed service providers are adapting their strategies in the GCC.

Opportunities and Challenges of Technological Advancements

Globally, technology has significantly revolutionized wealth management. The Middle East faces unique challenges in integrating digital solutions. Currently, many companies depend on fragmented systems for portfolio management, advisory services, and custody, which lead to inefficiencies.

Major Issues in Technology Integration

Redundant features: Many systems include excessive features that add complexity without delivering value.
Fragmentation: Disconnected platforms hinder seamless operations, affecting both front-office relationship managers and back-office processes.
Poor data integration: This creates inefficiencies, limits straightforward processing, and makes the systems prone to errors.

Relationship managers working in the front office often need to navigate multiple systems. This limits their ability to offer personalized advice. In the back office, manual intervention is still common, which raises operational costs and increases risks.

Moving Toward Unified Technology Platforms

Wealth management firms must adopt integrated platforms to overcome these challenges. These platforms significantly streamline operations and enhance the overall experience of clients. With unified systems, these firms gain a holistic view of client portfolios, which encompass services like investment management, advisory, and custody.

Investors in the UAE value clarity and transparency. When evaluating wealth management providers, 88% prioritize clear communication, and 84% emphasize effective task management. In this regard, digital portfolio visualization tools are particularly important, with 80% of investors in the UAE finding them essential to build trust.

The Role of AI and Data Analytics

Advanced technologies like AI and predictive analytics are significantly transforming wealth management practices in the GCC. Relationship managers often deploy these advanced tools to:

Provide proactive advice on investments
Streamline operational tasks through automation
Deliver deeper insights into the performance of portfolios, enhancing the trust and satisfaction of clients

As businesses adapt to these innovations, scalable platforms capable of integrating emerging technologies are likely to play a critical role in staying competitive.

Addressing Regulatory Complexities

The multi-jurisdictional regulatory environment in the GCC further complicates challenges for wealth managers. Different compliance standards across multiple countries call for robust systems that can adapt to diverse frameworks. Forward-thinking wealth management firms also need to contend with global competition as international players enter the region. This significantly elevates their standards and operational practices.

Considering these challenges, a unified and scalable platform is essential to address the complexities. This would enable wealth managers to meet regulatory requirements while delivering seamless services across borders.

A Bright Future for Wealth Management in the Middle East

The wealth management sector in the Middle East is on the path of growth trajectory and modernization. As the region diversifies its economy and attracts affluent investors, firms need to prioritize integrated technology. Along with client-centric strategies and adaptability to regulations, top wealth management firms can adhere to the latest standards and deliver valuable service to their clients.

The wealth management industry in the GCC must adapt to these changes to emerge as a global leader. Thus, these firms can set new benchmarks for personalized financial services largely driven by technology.

Professional Advisor Services for Single Family Offices in Dubai

Established companies like the IMC Group assist single family office in Dubai, providing comprehensive support throughout the process of establishing and managing the organization. This includes professional guidance on legal structuring, regulatory compliance, investment strategies, tax planning, and overall operational support. Single family offices can address their challenges with expert advisory solutions as they set up their establishment in the region.

VAT Exemption for Financial Services

Under Article 42, the VAT exemption for financial services companies has been expanded. The revised provisions include:

Fund management services: This refers to services provided by a fund manager to licensed investment funds, like managing operations, investments, and performance.
Virtual assets: According to the revised norms, the exemption now covers the transfer and management of virtual assets like cryptocurrencies. These changes are retrospective and will affect transactions from January 1, 2018. These exemptions will simplify compliance and eliminate VAT invoicing obligations, but they can complicate input VAT recovery, particularly for fund managers. With professional VAT Consultancy Services in UAE from experts, businesses can simplify this process.

Zero-Rate for Export of Goods

Amendments have been made to Article 30, which clarifies the documentation requirements for exporting goods under a zero-rate VAT. The amendments offer a greater degree of flexibility, acknowledging that different export scenarios may require varying documents.

Now, businesses can retain customs declaration or the Bill of Lading as evidence for applying the zero rate. This will help organizations address challenges related to obtaining necessary documentation for exports.

Zero-Rate for Services and Transport

Changes have also been made to the zero-rate VAT application on services, particularly regarding international transportation and related services. These include:

Export of services: Certain services like installation of goods or real estate services don’t qualify for the zero rate any longer.
International transport: Only the international segment of transportation can be zero-rated unless provided by the original service supplier.
Transport-related services: The amendments clarified certain conditions for zero-rating services related to the operation or maintenance of different means of transportation.

Input VAT Recovery on Health Insurance

With the latest amendments now in place, businesses can recover input VAT on health insurance expenses for one spouse and three children under 18. This change is likely to mitigate the administrative burden companies used to experience previously while tracking input VAT on the health insurance of their employees.

Exemption for Supplies by Government Entities

According to Article 3 (bis), a new provision has been included to exclude certain transactions between government entities from VAT. These include:

Transfer or disposal of government real estate or buildings
The right to use or exploit these assets

Also, a new threshold of AED 250,000 currently applies to deemed supplies by government entities and charities. In case the VAT amount is below this mark, the transactions will not be subject to VAT.

Other Key Changes

Some of the other amendments that impacted different areas are:

Tax invoices: New timelines for issuing summary tax invoices (14 days after the calendar month)
Input VAT recovery: The amendment clarified how to calculate input VAT recovery entitlement, particularly for businesses with tax years shorter than 12 months
Composite supply rules: Clarifications on VAT treatment for supplies consisting of multiple elements
Profit margin scheme: Following the amendments, the “purchase price” now includes all related costs and fees beyond just the product price
VAT registration cancellation: The FTA can now cancel VAT registrations if businesses fail to meet certain conditions

Implications and Next Steps for Businesses

The latest amendments in the UAE are likely to affect businesses across several sectors. Therefore, businesses must review their operation and identify transactions affected by these changes. As the new set of norms is already in place since 15th November, businesses are coordinating with top companies offering VAT Consultancy Services in UAE, like the IMC Group. These experts will provide a detailed analysis of how the changes can affect a business and suggest practical steps for adaptation.

1. Multinational Enterprise (Minimum Tax) Bill

The legislation in Singapore introduced two new top-up taxes under the Base Erosion and Profit Shifting (BEPS) initiative of OECD. The goal of this initiative is to make sure Singapore complies with international tax frameworks. These measures are likely to be implemented from January 1, 2025. This legislation introduces two new top-up taxes under the OECD’s Base Erosion and Profit Shifting (BEPS) initiative to align Singapore with international tax frameworks.

Key Features:

a. Domestic Top-up Tax (DTT)

Targets entities in Singapore within large MNE groups.
Imposed if the effective tax rate of the group in Singapore is below 15%.

b. Multinational Enterprise Top-up Tax (MTT)

Applicable to MNE groups with their headquarters in Singapore.
Imposed if the entities of the company in foreign jurisdictions have an effective tax rate below 15%.
The MTT ensures that the global effective tax rate for the group is increased to a minimum threshold of 15%.

It applies only to large MNE groups with at least €750 million as the annual group revenue in two or more of the four preceding financial years.

Compliance and Enforcement

The Comptroller of Income Tax is authorized to administer, collect, and enforce the MTT and DTT.

Offences under the new norms include:

Failure to maintain proper records
Tax evasion
Obstruction to the duties of the Comptroller

These powers are already in place under the Income Tax Act 1947 to ensure that the IRAS (Inland Revenue Authority of Singapore) can effectively enforce compliance.

2. Income Tax (Amendment) Bill

This bill introduces tax measures announced in the 2024 Budget Statement last February, along with some periodic updates to the income tax regime in Singapore. The provisions under this bill are presented below.

a. Refundable Investment Credit (RIC)

The RIC has been designed to encourage high-value economic activities in Singapore. It provides tax credits for local expenditures, like:

Capital investments
Research and development (R&D)
Manpower training
Freight and logistics

Eligible Activities

Establishing or expanding manufacturing facilities
Setting up headquarters and services operations
Conducting R&D and innovation projects
Commodity trading
Decarbonization initiatives

How It Works

Tax credits offset corporate income tax payable
Unused credits are refunded within four years of the qualifying claim for expenditures

b. Renovation and Refurbishment (R&R) Scheme Enhancements

The scheme allows businesses to deduct R&R expenses, which are typically not deductible as capital expenses. From Year of Assessment (YA) 2025, qualifying expenses will include designer and professional fees.

Standardized Expenditure Cap Period

Previously, the cap period used to vary, based on the time when a business made its first claim. Currently, the standardized rate involves a three-year cap of SGD 300,000, starting from YA 2025 to YA 2027. Businesses can now opt to claim the entire R&R deduction in one YA instead of spreading it over three YAs. This significantly improves their cash flows.

Why These Changes Matter for Businesses

Now, let’s understand how these changes in the tax regime in Singapore are likely to affect businesses.

1. Global compliance

The DTT and MTT ensure Singapore remains compliant with the global tax framework of BEPS (Base Erosion and Profit Shifting) of the OECD. This will safeguard its reputation as a leading financial hub.

2. Encouraging investments

The RIC provides incentives to businesses to channel their investments into activities driving innovation and economic growth in Singapore while maintaining sustainability.

3. Greater flexibility

New updates to the R&R Scheme now provide businesses with greater flexibility and control over their financial management, particularly in areas sensitive to cash flow.

What Businesses Should Do Next?

Successful businesses are looking to adopt a proactive stance and assess the updated tax structures. For large MNEs, it’s necessary to evaluate their global tax positions and maintain compliance with the DTT and MTT requirements by 2025.

Another challenge involves detecting qualifying expenditures early to maximize benefits under the RIC framework. Forward-thinking businesses are already reaching out to leading companies providing professional taxation services in Singapore, like the IMC Group. Consulting these experts can help in optimizing their tax deductions for expenses related to renovation and refurbishments. With a trusted tax advisory partner providing accurate guidance, businesses in Singapore can remain compliant amidst the new tax regime.

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