- Article, U.A.E
- January 7, 2019
Dubai and the UAE are a big hit for setting up new businesses and investing. Do you know that almost 1,700 new trade licenses were issued by the Department of Economic Development (DED) in just the month of May this year; and overall 26,000 transactions were recorded relating to new business registrations and licensing, out of which, almost 12,600 cases were for renewal of existing trade licenses. This data surely proves that this region is enhancing its image as a global business hub.
So why is UAE is becoming increasingly a popular destination for new businesses? It’s because both the government agencies and other companies encourage and support startups. Various initiatives are taken to promote business talent for investing in this region and then supporting them in their initial years of operation.
Let us see some examples of what support has been provided to startups and how can you benefit from it.
Business Initiatives by Dubai’s Department of Economic Development (DED)
Dubai’s DED has a primary objective to give a “supportive environment for creativity and excellence”, while assisting in developing a region that is suitable for investing and bringing in local and foreign businesses. They are aiming to be supportive towards various startups in helping them set up and then succeed in their operations.
DED provides all required information comprehensively on their website; for example, the eight steps to set up your business in the UAE and also various initiatives to assist and promote business investment and startups.
Some examples of these initiatives are:
- A recent verdict which cleared companies in Dubai from any past accrued fines (prior to 14 April 2018) and encouraged to renew their licenses within the grace period that ends in 2018.
- Another package was announced helping with fines and licenses in times to come, by permitting companies to pay the fines and renewal fee in easy monthly instalments, and allowing them to shelve their trade licenses, if required, for up to a year.
- A Commercial Compliance Package, designed with an aim to inform business owners and steer them to operating excellence.
Dubai Chamber of Commerce and Industry’s Startup Hub and Google Partnership
Dubai Chamber of Commerce and Industry’s website has a startup hub, providing helpful guidance for new enterprises. The ‘Frequently Asked Questions’ are very useful for people wanting to find how to get started and they also have regular programmes for various startups on subjects like entrepreneur education and gaining market access.
In addition, Tejar Dubai, which is an entrepreneurs’ development programme has been designed to find and cultivate promising entrepreneurs between 18 to 35 in the UAE. This programme caters to young Emiratis having new business ideas, but might not have either the needed skills or experience to work on it. They offer training (between 3 to 6 months) to prepare these young businessmen to launch and then operate their new business successfully.
Dubai Chamber has also recently got into a partnership with Google to offer a competitive edge to its members in terms of being found online. Dubai Chamber confirmed that the initial members who register on Google My Business (which is a free option allowing businesses to create listings so that they stand-out better online), could get a chance to take part in exclusive digital marketing training in the near future.
Hello Business Hub by Etisalat
This telecommunications company is committed to returning to society and it supports various initiatives in social welfare, education, culture, and international relations. Etisalat also offers critical support for various enterprises, especially startups. If you search ‘Hello Business Hub’, you will get a list of ways you can be helped with your new businesses, like how to get it started, how to increase profitability or productivity etc.
This company also provides an ongoing support center for important new business requirements such as company registration, banking, and insurance, licensing, getting office furniture, etc. They also have a unique and one-of-its-kind ‘onboarding’ programme, aiming to assist new enterprises to get their communication requirements as fast and simply as possible and assistance in terms of zero upfront costs, a personalized visit to your office to discuss your needs within a day and flexible packages. You could pick from a Business Quick Start office bundle which includes broadband internet, latest tablets, laptops, voice, and other devices, or you could choose the more inclusive Business in a Box, which includes high-speed internet, world-class IP telephony, and integrated IT support. Lastly, Etisalat can also give you a tailor-made solution after which you can run your services on an online portal.
Instant License Initiatives by DED
There are many instant license initiatives that have been taken by DED with the exemption of Tenancy for one year. Setting up a business in Dubai has become very quick and simple than ever before; this is in line with DED’s vision to assist business owners in starting and expanding their business operations without getting stuck in lengthy and tedious processes and administrative formalities. Dubai has recently launched an “instant license” initiative to permit entrepreneurs and investors to get commercial licenses instantly; yes, literally within five minutes. An instant License means getting a commercial license issued in just one step without the requirement for the Company’s memorandum of association and even the site’s lease contract for the initial one year only. The license would be granted for a period of a year without even presenting a formal official lease, but all the required documents would have to be presented on renewal. This initiative will surely reduce the human interaction by almost 90 percent by automating the earlier manual licensing procedure.
So, if you are thinking about setting up your business in Dubai or UAE, rest assured that there is enough support from these agencies for you. We, at IMC, are committed to assisting you in case you want Dubai company incorporation or PRO services in Dubai or UAE. Please feel free to call us at +971 43709963 or visit us at https://intuitconsultancy.com/ae/or just write an email to [email protected].
- Article, U.A.E
- January 7, 2019
With its thriving economy, advancements in technology, and an array of exciting opportunities for entrepreneurs, UAE is the place to establish your startup. But do you wonder which sectors a sure-shot bull’s-eye to start your business in UAE? In this article, we will talk about the main sectors, which have seen tremendous growth in the UAE and even globally.
Beauty and grooming
Data shows that beauty is a huge sector in the UAE, with customers shelling out over USD 9bn on their beauty and personal care products in the year 2016. And these numbers are only expected to grow more in the next few years. The five top-most categories in beauty segment are fragrances, skin care, hair care, colour cosmetics, and men’s grooming. This growth trend along with newer technologies and international trends offer immense opportunities for establishing your startup businesses in this sector in the UAE if you dream to dig big returns.
How can you take advantage?
Using modern technology and adding the latest tools and apps to your business offering is the key today. You could back it up with some major beauty influencers on social media, and do remember that Instagram is especially quite popular these days. Some examples are use of artificial intelligence or big data to identify the suitable skin care products for your customers. You could offer personalized recommendations or some other technology which would resonate with the tech-savvy millennial consumers.
Artificial intelligence (AI)
In today’s times, AI has become a global game changer and offers big opportunities for businessmen in the UAE. As per the data and estimates by PwC, this sector would contribute approximately USD 15.7tr to the global economy by the year 2030, with about USD 96bn just in the UAE. The UAE government has AI on its top-most agenda and has also launched a strategy for developing the same in 2017. The sectors they would apply AI in are healthcare, technology, and education.
How can you take advantage?
AI’s impact is forecasted to be significant and it would cover all the sectors and industries. One way to take benefit from this booming sector is to develop new AI technologies along with the government support and then sell them globally. It’s also a good idea to become an expert in AI and offer technology consulting services to various organisations. Other option is to review your own sector and find how AI could help to save costs and improve productivity or further enhance your offering of products or services.
E-commerce
E-commerce is yet another area where there is a huge scope. Globally, this sector shows worldwide sales of about USD 1.86tr in 2016 and it’s only expected to shoot up to more than double by 2021. The online sales only in the UAE are slated to be around USD 10bn in 2018, which was USD 2.5bn in the year 2015. As the consumers throughout the world have become more tech-savvy, they prefer using social media and handy apps to know about various products and to engage with their favorite brands. Everything is just a click away – be it buying a product online or be it finding reviews on various products and services available in the market.
How can you take advantage?
Start an ecommerce business in the UAE and be a part of this new revolution. You could target some specific markets or go full swing into international markets if your budgets allow. Pick any range of products or just focus in one particular area. Some popular product types for ecommerce are software, beauty, electronics, and clothing and fashion accessories.
Just make sure to use the latest tools or apps, and mobile technologies to form a connection with your consumers.
To conclude, the UAE is a great option of start up your enterprise, especially if it’s in some booming sectors like we discussed. So if you make up your mind for company formation in Dubai in one of these sectors or JAFZA offshore company formation, do get in touch with us, and we will be more than happy to help you with all the formalities.
- India, Newsletter
- January 2, 2019
India is seeing a great year in terms of corporate deal making as foreign investors are spending a lot more in India as compared to China. Company formation in India is on a rise because of active foreign investors participation in Indian companies.
India, one of the fastest growing economies of the world offers great opportunities to businesses thriving here due to its mass consumers. Moreover, other factors encouraging the number of deals taking place in India includes industry consolidation, better bankruptcy system and increasing participation of family businesses.
This year India has experienced the highest volume in terms of the mergers and acquisitions deals ever since the economy started in the year 1990. The mergers and acquisitions deals targeting Indian companies totaled $93.7 billion this year which is 52% higher as compared to the last year. Out of this number, overseas purchases in India amounted to $39.5 billion which is higher than that of China amounting to $32.8 billion. The major reason for India overtaking China is owing to the slow growth in China and their trade battle with the U.S.
Moreover, the government has taken active steps in easing the conduct of business in India. With fruitful steps like the implementation of the new bankruptcy code, relaxed foreign direct investment rules, implementation of new tax regime in the form of GST (Goods and Services Tax) and efforts to end tax terrorism, India is becoming a hot stop for investment among international firms and investors.
Further, India has jumped 23 positions in the World Bank’s ease-of-doing-business ranking this year and is now at the 77th position. Now India ranks first in South Asia and third among BRICS nations for ease of doing business. The major reforms that led India to this position are improvement in trading across borders with reduction of time and cost to export and import goods, ease of starting a business in India, reduced cost and time in getting electricity connection, introduction of single online window for obtaining construction permits, ease of obtaining credit and paying taxes. All these factors contribute to making the environment far more favourable for deal activities.
Growth in India is now remarkably higher than that of China with a huge group of higher-spending consumers. As per the reports from the government, India’s Gross Domestic Product (GDP) will almost double to $5 trillion by the year 2030.
Indian market, S&P BSE Sensex index also shows signs of enthusiasm with 4.2% higher this year. This is another benchmark in the world in positive territory.
Some of the biggest deals of the year that took place in India include:
- Walmart Inc. invested $16 billion in Flipkart Private Limited
- Naspers led $1 billion fundraising for Swiggy
- SoftBank led a $1 billion investment in OYO Hotels
With all these initiatives and factors combined together, India makes for a promising destination for investment and conducting business.
If you are looking for foreign company registration in India, get in touch with a professional company like IMC Group who can help you out with the smooth and hassle-free establishment in India.
- Newsletter, U.A.E
- December 31, 2018
Dubai free zones recorded an all-time high growth of total trade volumes by 22 percent year-on-year in the first nine months of 2018, as per the Dubai Free Zones Council. The authority which manages the emirate’s 24 free-trade sections including Dubai International Financial Centre (DIFC), Dubai Media City, Jebel Ali Port zone, and others said that the free zone trade was at the top with $107 billion or AED 394 billion, which made up 41 percent of Dubai’s total trade in this period. China stood first as Dubai’s most important and significant free-trade partner recording a total trade volume of $16bn or AED59bn in this time period, followed by Saudi Arabia recording $9.3 billion or AED34.2 billion and then with India at $9.2 billion or AED 34 billion.
Dubai Duty Free records $52m sales during discount days
Dubai Duty Free hosts an annual 72-hour sale, which also marked its 35th anniversary this year and raised an astounding AED191 million ($52.33million). The anniversary discount which was applicable from 18 to 20 December presented an extra 25 percent discounts on a huge range of products at the Dubai International and Al Maktoum International airports. An airport retailer shared that the sales figures on 18 December totaled to almost AED42.89 million and AED41.25 million on December 19. However, the final day sales shot up to a great new height to approximately AED106.80 million. The highest selling category was cosmetics with sales figures of about AED46 million, with a close second of AED35.48 million sales of watches and AED34.23 million of perfumes.
Tech firms stand as one of the most searched job postings on LinkedIn in the UAE
Technology-based job positions figure on top as one of the most popular job searches on LinkedIn in the UAE. There were about 10 jobs, which collectively got about 940,000 views in 2018. A business development manager position at Amazon was at the top, followed by a position of a lead railway engineer at ABB and the job of a front office assistant at the Marriot Hotels Dubai Marina complex. The 4th position was taken by the receptionist and administrative post at Huawei, followed closely by an account job at White Aluminum Enterprises, a customer service officer at Majid Al Futtaim who is fluent with Arabic, a personal assistant position at Emaar, a role of a project manager at Temenos, business analyst position at Dubai Careers and lastly, an assistant brand manager role at Nestle were some of the most viewed job postings.
DEWA is going to partner with a Dubai startup on getting AI innovative solutions
The Dubai Electricity and Water Authority or DEWA have recently signed a memorandum of understanding (MoU) with a startup in Dubai named Whizkey Future labs to design innovative solutions with an aim to change the existing electricity and water utility business models. The partners are going to use Fourth Industrial Revolution technologies like artificial intelligence (AI), robotics, the blockchain, etc for improving efficiency, productivity, and quality of their service. The MoU was signed when DEWA was participating in the 5th Dubai Future Accelerators program, organized by the Dubai Future Foundation.
- Newsletter, U.A.E
- December 31, 2018
The UAE succeeded in attracting almost 40 percent of FDI in the Arab region in the year 2017, as per a top official of the Ministry of Economy. Ahmed Al Saleh, who is the undersecretary for foreign affairs at the Ministry of Economy, said that the UAE has been leading the way when it comes to FDI inflows in this region. He further said that the UAE got 40 percent of FDI inflows into the Arab and Western Asian nations and approximately 23.3 percent of FDIs went to the Middle East and North Africa regions in the year 2017, totaling to $130 billion of cumulative FDI inflows, which was 8.7 percent more than 2016.
A whooping $330bn worth of cheques were processed in the UAE in 2018
In the 11 months of 2018, almost 22.5 million cheques which were worth AED1.2 trillion about $330 billion were handled by the UAE Clearing Cheque System, as per the data released by the Central Bank of the UAE (CBUAE). The cheques processed between January to November were almost 80 percent of the total cheque value processed in whole of 2017, which stood at AED1.5 trillion, as reported by the state news agency WAM. Seeing the monthly data, about 2.1 million cheques, which totaled to AED97.8 billion were processed during November as against AED118.2 billion handled in the same month last year.
Abu Dhabi offers a waiver on duties on industrial imports
The government recently announced that the industrial inputs that are imported into the emirate of Abu Dhabi will now be exempted from the customs duties as of January 15. The Abu Dhabi Department of Economic Development (ADDED) and the General Administration of Customs declared in a media briefing held in the capital about the tax waiver, which is a part of a stimulus package offered by ADDED to the industrial sector of Abu Dhabi. The list of exempted materials included the raw materials, equipment, machinery, and spare parts.
Dubai envisions expanding the Islamic economy to amount to 10% of GDP by 2021
The Dubai Islamic Economy Development Centre (DIEDC) has the vision to enhance the Islamic economy’s contribution to the city’s GDP to almost 10 percent (it was 8.3 percent in 2018) by implementing and using more new and modern technology by the year 2021. This decision comes as a part of a five-year strategy announced by DIEDC in 2017 with an aim to expand three major sectors of the Islamic economy, which includes Sharia-compliant products and services. The approach will be focusing on enhancing knowledge and skills, industry standards, usage of digital technologies especially in the sectors of Islamic finance, halal products, and also Islamic lifestyle like fashion, styling, and tourism.
1 billionth passenger welcomed on the Dubai International Airport
The billionth passenger recently flew from the Dubai International Airport, making it one of the world’s busiest airports. Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum said that they had reached a new milestone are definitely headed towards a brighter future. It was a nine-year-old boy flying in from Orlando, Florida, who was chosen as the honorary billionth passenger. As a part of the celebration, the child and his family were welcomed by the Dubai International’s chairman.
- Article, India
- December 27, 2018
Foreign Direct Investment or FDI is not only a key driver of economic growth but is also one of the main sources of non-debt financial resource for economy’s development in India. Various global organizations come to invest in India to take benefit from comparatively lower wages and special investment advantages like tax exemptions, etc. When it comes to the Indian government, it has a very favorable policy regime and competitive business environment that attracts foreign capital to flow into the country. The government has been taking various initiatives lately like relaxing FDI norms in all the sectors such as defense, telecom, PSU oil refineries, stock exchanges, power exchanges, etc.
Market size
As per the data given by the Department of Industrial Policy and Promotion (DIPP), the total FDI investments that came in India in 2018 (April-June) were at US$ 12.75 billion, pointing towards the success of government’s effort to make it easier to do business and relax FDI norms. According to this data, the services sector got the highest FDI equity inflow which was around US$ 2.43 billion. Trading attracted US$ 1.63 billion, followed by telecommunications which stood at US$ 1.59 billion and then computer software and hardware which got US$ 1.41 billion. In June 2018, the total FDI equity inflows went up to US$ 2.89 billion. Indian received the maximum FDI equity inflows from Singapore, Mauritius, Japan, Netherlands, and United Kingdom (in the same order).
Investments and further developments
India ranked as the top recipient of Greenfield FDI Inflows from the Commonwealth, according to a trade review that was released by The Commonwealth in 2018.
Some of the significant announcements about FDI off late are as follows:
- Bharti Airtel received the approval of the Government of India in August 2018 for selling 20 per cent stake in its DTH arm to Warburg Pincus – an American private equity firm for $350 million.
- Idea’s request for 100 per cent FDI for an approval in June 2018 by the Department of Telecommunication (DoT) and then it got merged with Vodafone, which made Vodafone Idea the largest telecom operator in the country.
- In the month of May, Walmart bought a 77 per cent stake in Flipkart for US$ 16 billion.
- In the month of February 2018, Ikea announced that it is going to invest about Rs 4,000 crore (US$ 612 million) in Maharashtra to establish multi-format stores and their experience centers.
- 39 MoUs have been signed in November 2017 at an investment of Rs 4,000-5,000 crore (US$ 612-765 million) in India’s North-East region.
- In the month of December in 2017, the Department of Industrial Policy and Promotion (DIPP) gave approval to FDI proposals of Supr Infotech Solutions in retail sector and Damro Furniture, while Department of Economic Affairs, Ministry of Finance gave its approval to two FDI proposals which valued at Rs. 532 crore (US$ 81.4 million).
- The Department of Economic Affairs also signed three foreign direct investment (FDI) proposals worth Rs. 24.56 crore (US$ 3.80 million) in October of 2017.
- Kathmandu based CG Group is planning to invest Rs. 1,000 crore (US$ 155.97 million) in India in its food and beverage business by 2020.
- International Finance Corporation (IFC) is also planning to invest around US$ 6 billion by 2022 in various sustainable and renewable energy programs in India.
Government Initiatives
The Government of India is considering 100 per cent FDI especially in Insurance intermediaries in India to promote the sector and attract more funds. In early 2018, the Government of India permitted a foreign airline to make investments in Air India up to 49 per cent. However, the percentage of investment cannot go over 49 per cent, directly or indirectly.
Now, no government approval is needed for FDI going up to 100 per cent in the Real Estate Broking Services. In September last year, the government spurred the states to strengthen single window clearance system to enable fast-tracking approval processes, so that we could attract bigger Japanese investments in India.
The Ministry of Commerce and Industry has made the approval mechanism easier for foreign direct investment (FDI) proposals by abolishing the approval of Department of Revenue and making it compulsory to clear all proposals that need approval within 10 weeks after receiving the application.
The Government of India is also discussing with the stakeholders to ease foreign direct investment (FDI) even further in defense sector to 51 per cent from the existing 49 per cent, so as to boost the “Make in India” initiative and also generate employment. Then in January 2018, Government of India permitted 100 per cent FDI in single brand retail via automatic route.
What’s in store?
India is now the most lucrative and emerging market especially for global partners (GP) investment in the coming year, according to a market attractiveness survey done recently by Emerging Market Private Equity Association (EMPEA).
Annual FDI inflows in India are forecasted to go up to US$ 75 billion in the coming five years, as per a UBS report. According to the World Bank, private investments in India would grow by 8.8 per cent in FY 2018-19 which would overtake the private consumption growth of 7.4 per cent, and thus promote India’s gross domestic product (GDP) in 2018-19.
- Article, Singapore
- December 27, 2018
Is setting up a business in Singapore in 2019 on your mind? You might be sure about new company formation in Singapore but cannot decide on the best and most viable business ideas. So here it is… We have listed the top ten and most lucrative small enterprise investment opportunities available for foreigners in Singapore.
It’s a well-known fact that Singapore currently tops the charts in the Ease of Doing Business Rank as per the World Bank. This means that accordingly to the World Bank Singapore is the easiest place in the whole world to set up a business or for incorporating a Singapore company. With over 3,000 multinational companies operating here, this data gets proven.
With a highly-evolved economy, Singapore’s market has been ranked as one of the most open, business-friendly and not at all corrupt. The low rates of taxes and high GDP per capita make it a great and most favorable destination for doing business.
So, if you are interested in starting your own business and for new company formation in Singapore, the first step is to do proper research and assess the demand and what customers actually want. You would also need to know about the country’s laws, culture, business trends and the overall economy. Your success will completely depend on where and in which business you invest in.
Top 10 Best Business Opportunities in Singapore
1. Food and Gourmet
2. Agriculture
3. Biotechnology
4. Fast foods and snacks
5. Transport
6. Electronics
7. Online Marketing
With the boom of e-commerce and businesses wanting to lure more and more customers and sell their products and services through the internet, there is also an ever-expanding demand for professionals and companies offering online marketing services. The services could range from marketing, copywriting to search engine optimization. If you have any skills like copywriting, website designing or developing search engine optimization, or social media marketing, then there are huge opportunities for you and you can think of new company formation in Singapore.
8. Freelance Writing
9. Laundry
10. Automobiles, Repair and Spare Parts
11. Financial services
Here are some more small business or investment opportunities for foreigners in Singapore:
- Thrift or vintage store
- Eco-friendly products or organic products or gift packs
- Home tutoring
- E-books
- Hand-crafted jewelry
- Fitness training
- Elderly care services
- Repair services
- Deep-cleaning services
- Newsletter, U.A.E
- December 26, 2018
According to the statistics from Emirates NBD (one of the largest banking groups in the Middle East), the private construction sector of Dubai saw phenomenal growth. The non-oil private sector reflected faster expansions in business activity, new employment generation, and new work.
As per the data from Emirates NBD’s Dubai Economy Tracker Index, the three main non-oil sectors that saw improvements in November in comparison to the previous months include travel and tourism, wholesale and retail and construction. Among the three, the construction sector showed the fastest growth. The report further suggests that the growth of the non-oil private sector accelerated at the sharpest rate since August. The reason for such growth is attributed to healthy market conditions and successful promotional activity.
The rate of expansion in the above sectors was much greater than the overall trend for the year and above the historic average since January 2010.
The growth has further led to incremental job generation in the month of November. The employment data is now stable after a period of two months. The construction sector saw an increase in recording the personnel numbers. Furthermore, the new work data for November has shown a jump for the 33rd month in a row.
After experiencing a two and a half year of low, the rate of growth is the strongest in five months. The growth is led by construction, wholesale and retail sectors.
- Newsletter, U.A.E
- December 26, 2018
According to the Ministry of Finance, after the success of the eDirham system launched in 2001, UAE will launch a new integrated payment system. Senior local and federal officials were invited by the Ministry of Finance on Sunday for a meeting to review the strategic plan for the new system which is to be implemented in 2020.
As per the report by UAE’s state-run WAM news agency, the digital payment mechanism is under development. The payment system shall support all national and operating banks in the UAE. The mechanism is an effort by the federal government to protect the country’s financial system and ensure the sustainability of financial flows for free.
To discuss and review the transformation of the eDirham system, the senior representatives of 22 banks in the UAE met in the month of October.
During the same month, EDMobile application was unveiled by the Ministry of Finance. The application shall give the customers access to the eDirham services and e-payments.
With the help of the application, the customers can use their smartphones, EDMobile website or points of sales to pay charges. H1 revenues of the system experienced a 52.23 percent growth over the same period of the previous year with the total amount of AED 11.8 billion.
More than 3.7 million cards were issued for Dirham services whereas the number of recipients in H1 2018 were 11,385,661.
- Newsletter, U.A.E
- December 26, 2018
UAE’s Federal Tax Authority (FTA) launched the second phase of the Tax Refunds for Tourists Scheme on Sunday, 16th December 2018. The first phase went into effect on November 18, 2018, and it covered major hubs like Dubai, Abu Dhabi, and Sharjah international airports. FTA launched phase 2 with full preparations and expanded the scheme to a total of 12 air, land, and sea ports across GCC country. The scheme entitled eligible tourists to recover value-added tax (VAT) refund claims incurred on their purchases.
Phase two scheme took forward the previous phase by implementing the scheme nationwide. The scheme covers Abu Dhabi, Dubai, and Sharjah international airports. There are inclusions of three airports in phase two that are Al Ain International Airport, Al Maktoum International Airport, and Ras Al Khaimah International Airport.
Furthermore, phase two also covers two sea ports and four land ports. The sea ports include Zayed Port in Abu Dhabi and Port Rashid in Dubai. The land ports include Al Ghuwaifat Border Post in Abu Dhabi, Hili Border Port and Al Madheef Border Crossing in Al Ain, and Dubai’s Hatta Border Exit.
Khalid Ali Al Bustani, FTA director general said: “We have witnessed great turnout among retailers to register for the Tax Refunds for Tourists Scheme and their numbers continue to increase.” He further added that 3,800 tax refund requests are processed under phase one of the scheme on daily basis.
Khalid Ali Al Bustani also said, “The FTA coordinated with the system operator Planet, running all necessary experiments to ensure the scheme is implemented smoothly and accurately.”
Khalid Ali Al Bustani emphasized on the fact that implementation of the scheme shall enhance the appeal of UAE as a tourist destination, improve internal trade and solidify the country’s position as a commercial hub for the region.
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