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Newsletter, U.A.E

UAE is Now Implementing New Laws Like 100% Ownership and 10-year Residency Visa for Expats

January 14, 2019

Some new regulations are anticipated to pull in foreign investors and also retain the expats in the Gulf country.

The cabinet of the UAE has started implementing laws like 100 percent foreign ownership and 10-year visas for the expats, entrepreneurs, and investors.

Though the full ownership of companies set up in the Gulf country is limited to only the free zones as of now, this new law is anticipated to bring in new foreign investors who want to establish or take over local companies in the UAE.

This year, new long-term visas will be introduced, which will be granted for up to 10 years to entrepreneurs, investors, and specialists working specifically in fields of medicine, science or research.

In addition, exceptional students would be eligible for getting a long-term visa under the new amendments, so as to motivate them to reside in the UAE after completing their education. The students scoring an average of a minimum of 95 percent grades in school and a grade point average of minimum 3.75 on graduation from the UAE universities and abroad would qualify for getting a five-year visa for themselves and also their families.

All the people looking to invest in the UAE, would be eligible to get a five or 10-year residency visa dependant on how big is their investment. The investor’s spouse, family or children, one executive director and also one adviser would also get long-term visas.

Entrepreneurs and businesses who have had a former business worth at least $136,000 (AED500,000), or those who to get approval of an accredited business incubator in the UAE, would also be given a five-year residency visa. They can also upgrade to an investor visa soon depending on certain pre-set conditions.

The visa would also be offered to the entrepreneur’s spouse, family or children, firm’s or business partners and also to three executive directors.

All the professionals such as doctors, inventors, scientists, specialists in the field of culture and art and the people involved in research in science and knowledge would be given a 10-year visa. The researchers, doctors, and scientists are also permitted to include their spouses and children under their residency visa.

Expatriates who are 55 years of age or above are allowed to live in the UAE after their retirement once they obtain a five-year retirement visa meeting certain pre-set criteria, which includes the ownership of property for a minimum valuation of $545,000 (AED2 million). There are other conditions such as the ownership of a minimum valuation of $272,260 (AED1m) in savings or the person should be having an active income or earning of over $5,445 (AED20,000) every month.

Besides this, a new quota system will be announced in 2019, which guarantees 50 percent of seats reserved especially for women in the Federal National Council (FNC) taking effect during elections. This move means, if there are 40 members in the FNC, there will be 20 women appointments in that for sure.

So if you are looking for DMCC company formation or company setup in Dubai, do get in touch with our team of professionals who will assist you according to your specific needs.

Newsletter, U.A.E

Companies to get set for the upcoming audits in 2019

January 7, 2019

All the UAE businesses should be prepared for the upcoming tax audits by the Federal Tax Authority (FTA) conducted for checking their resources and how accurately they are keeping their records.

The FTA has started sending e-mails to organizations notifying them that they would be audited within five working days of when they get an e-mail, for the tax periods of January 1, 2018 till April 30, 2018 and May 1, 2018 till July 31, 2018.

Getting through VAT audits could be a challenge for companies who are not prepared and have not been maintaining their tax records in accordance with the FTA guidelines.

The companies have to show that every business expense they have made is legitimate and they must possess proper documents for it. In addition to expenses, every revenue should be properly accounted for and the due tax amount should be paid on time regularly.

The FTA has recently enhanced its attention on VAT compliance for companies and has also announced guidelines to some important issues to clear out the doubts. Some businesses have also requested for tax audits recently, that cover one to two tax periods.

Tourist VAT refund

The UAE has announced its tourist VAT refund scheme – first phase on November 18, which permits the visitors to the country to claim the VAT refund on whatever they buy from the three busiest airports, namely Dubai, Sharjah, and Abu Dhabi when they fly out of the country within a period of 90 days.

Phase two was announced on December 16, being rolled out from the following locations: three airports like Al Ain International Airport, Ras Al Khaimah International Airport, and Al Maktoum International Airport; two sea ports like Port Rashid in Dubai and the Zayed Port in Abu Dhabi; and also four land ports such as Hili Border Port and Al Madheef Border Crossing in Al Ain, Al Ghuwaifat Border Post in Abu Dhabi, and Dubai’s Hatta Border Exit.

The data showed the number of retail outlets that were linked to this refund scheme totaled to 6,903 with almost 3,800 digital transactions being processed every day by December 10.

The UAE is forecasting that revenues will go up to Dh20 billion through VAT in the year 2019. This way, the government will be able to diversity the revenues away from the petrodollars as the falling crude prices encouraged the UAE and some other oil-producing countries to find alternatives due to unstable prices.

But the UAE has now rolled back the announced VAT on investments done in the sector of precious metals like gold, platinum, and silver used in business as per globally-accepted standards having purity levels of 99 percent or more.

This regulation was imposed under the framework that was agreed upon by the GCC states and some verticals in major sectors like healthcare, transport and education got an exemption under the new tax system.

Newsletter, U.A.E

Long-term visa announced for expats in 2019

January 7, 2019

The New Year has begun with a lot of good news for UAE women and also for all expat investors, businessmen, executives and specialists in the field of science, medicine, or research. A new quota system promises to reserve 50 percent seats for women in the Federal National Council (FNC) this year during the FNC elections. This move will push UAE to the fourth position in the world as per the Inter-Parliamentary Union.

20 out of the 40 FNC members will mandatorily be women

In 2019, more women would be seen on top jobs in the judicial system, diplomatic services and other areas, thus improving gender equality in the workplace. UAE authorities have also taken initiatives to enhance women’s participation in advanced sciences and also give prenatal and postnatal healthcare to all women.

The government will also now permit foreigners to stay in the country even after they retire, from this year onwards. Expats of the age of 55 or above would be eligible to obtain a five-year retirement visa in case they meet the criteria: owning property worth at least Dh2 million, or having a saving of at least Dh1 million, or having an active income of over Dh20,000 per month.

100 percent foreign ownership

Dr. Mohammad Al Khazraji, who is a leading Emirati lawyer, pointed towards the recent Cabinet measures and said that this is a great news for someone who loves working and living in the UAE, but could have struggled to settle somewhere after retirement. This new year will see another announcement for 100 percent foreign ownership of UAE companies, thus making the nation a more attractive destination for investors who want to take over local companies or start their business in the UAE.

Getting new long-term visas

In 2019, businessmen, investors, entrepreneurs and specialists (in the area of medicine, science or research) would be allowed to reside in the country for up to 10 years only on one visa.

Students with outstanding performance and grades would be now eligible for getting a long-term visa; this move will encourage budding professionals to live and work in the UAE for a long term.

Visa upgradation

Those investing in the country can get a five or 10-year residency visa, which depends on the volume of their investment. The investor’s spouse, or family like children, and also one of the executive directors and one adviser would also be eligible to get long-term visa.

Businessmen who have done a project earlier worth at least Dh500,000, or those who obtained approval of a UAE’s accredited business incubator, would get a visa for five years, with an option of upgradation to an investor visa, in case the required conditions are fulfilled.

Outstanding students who have scored at least 95 percent in school and also a grade point average of a minimum of 3.75 while graduating from universities in the UAE and in other nations would be eligible to get a five-year visa.

If you need any assistance or are looking for Dubai residence visa services or PRO services in Dubai, get in touch with us and we would be happy to help.

India, Newsletter

India Overpowers China With $93.7 Billion Deals

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 77^th 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

UAE Latest Business News: Dubai free zones recorded 22 percent trade growth in the year 2018

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 4^th 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

UAE Latest Business News: UAE brought in 40 percent of Foreign Direct Investment in the Arab region in 2017

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.

Newsletter, U.A.E

November: A month of Strong Improvement in Dubai’s Private Sector

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 33^rd 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

UAE Launched Phase 2 of Tourism Tax Refund Scheme on 16th December

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.

Newsletter, U.A.E

Abu Dhabi Launches First Digital Courtroom of the World

December 21, 2018

Abu Dhabi has launched the world’s first digital courtroom on Sunday. Launched by the Abu Dhabi Global Market Courts (ADGM Courts), these courts will revolutionize the way in which court proceedings are carried out. The courts will let the plaintiffs and respondents upload their documents using the online portal of ADGM Courts.

The digital courts shall have the power and authority to handle disputes of civil and commercial nature between parties. Since it is a digital platform, the courtroom will be paperless and use the digital screen to display the relevant documents during the court hearing. The parties shall have access to all the information as both plaintiff and respondent shall upload the necessary document using the online portal of ADGM Courts before the court hearing. Any update or change shall be notified to the party in real time.

Ahmad Al Sayegh, Minister of State and Chairman of the ADGM Courts said “Technology and innovation have been disrupting every aspect of our lives and the judiciary sector is no exception. The best innovations to come out of this sector are those that allow us to creatively manage the growing demand for transparency, information, speed and effectiveness,”

Linda Fitz Alan, registrar and chief executive of ADGM Courts said “We can do the court hearing by video conferencing, not every party has to be present in the courtroom. In fact, everybody can be on a screen if that’s the most efficient way. The judge overseeing the case will be the only person who has to be present inside the digital courtroom during the hearing because we are a public court. For anyone else — the lawyer, plaintiff and respondent — if there’s no particular need for it, they can all be on screen in different places,”

She further added, “We have some rules that determine the steps that need to be taken before coming to court, but essentially once a case is registered it will be brought to the court within 14 days to a month after which the judge will begin managing the case.”

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