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UAE New Trust Law and Tax Planning for Wealth Optimization
  • Newsletter, U.A.E

UAE New Trust Law and Tax Planning for Wealth Optimization

Overview

Trusts are most popular for estate and wealth planning and can be used as a planning tool for both tax and non-tax reasons. UAE is a no income tax jurisdiction and with the introduction of recently introduced onshore trust law may become the strongest competitor in establishing trust-based estate and wealth planning structures among the other no-tax jurisdictions. Foreign assets and foreign beneficiaries are allowed under the UAE Trusts Law. Trusts are also used as asset protection and succession tools.

What is UAE New Trust Law?

UAE witnessed a new Trust law during September last year to support the onshore wealth management sector when President Sheikh Khalifa bin Zayed enforced much needed Federal Law No.19 of 2020.

The undersecretary of the Ministry of Finance, Younis Haji Al Khouri announced in a press briefing noting, “The decree-law regarding trusts was an important addition to the UAE’s advanced legislative structure.” He also said, “The onshore Trust law supports the wealth management sector in the country and provides new mechanisms for managing companies and family funds. It also encourages the allocation of charitable trusts.”

It is noteworthy that two financial free zones in the country, the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM), already have trust laws based on English common law. Now for the first time, the UAE government recognised the country’s vast onshore private wealth and has allowed this financial model within the onshore wealth management system.

A ministry official remarked that this new trust law will allow both onshore companies and individuals to transfer their wealth to a trustee through a special document which is recorded electronically to reflect the assets if movable or property. The deed will mention the settlor, trustees and beneficiaries and document the responsibility and authority of the trustee and the details of the property.

As per the ministry the new initiative ‘was an important addition to the advanced legislative structure of the UAE’ and will help the financial sector to integrate with global financial industries and be more competitive with new avenues for managing funds.

The necessary tools for administering the new trust law are already being implemented by the UAE government. The trust registry for family businesses has been established and is currently being done for private trusts.

Why did the UAE Government Pass the New Trust Law?

Legal financial products including private family trusts, real estate investment trusts, securities, investments and mutual funds are already familiar to the UAE citizens and there was already a public demand for such a law. Although these products were available in the two financial free zones, the trust arrangements didn’t effectively deal with and establish ownership over UAE onshore assets such as cash, securities, land and moveable assets.

This new law will hugely benefit the family-owned company as this empowers the founders to do succession planning for securing the future of their businesses, assets and descendants in the long run.

Besides dealing with the securities for charitable and private trusts on financial markets, the new law will also include retirement funds to provide financial security to the beneficiaries in exchange for contributions to trust once they cease to work.

The law will help bridge some gaps in the onshore legal system in the country and will accelerate developments in onshore laws and practices. The country’s financial legislation will be stronger and more effective.

Preservation and investment of huge capital within the country will also be assured with the introduction of trust law.

The law has been aligned with the regulatory structure and best practices of the wealth management industries in advanced countries strongly emphasising investor protection and will help increase the confidence of the investing community.

What are Trusts?

A trust structure is established when the settlor, legal owner of assets transfers legal ownership of those assets known as the trust property to an individual or a company called the trustee and for the benefit of some persons as the beneficiaries. Once established, the legal ownership of the trust property will lie with the trustee with beneficial ownership vested upon the beneficiaries.

There are different types of trusts including public trusts, private or family trusts or public cum private trusts based on the types of beneficiaries. However, trusts can also be formed without any beneficiaries for charitable and non-charitable purposes.

What are Foundations?

A foundation is based on civil law and is an independent legal entity with characteristics of both a corporation and a trust. It doesn’t have shareholders and there is a Council that manages the foundation following its charter and regulations.

There are mainly three types of foundations viz Charitable foundations, Private foundations and Corporate foundations.

How are Trusts and Foundations Taxed?

Tax treatment of trusts can be quite complicated because it is a legal relationship and straightforward taxation doesn’t apply as an individual or business entity. Though the trustee is the legal custodian of the trust assets, they essentially belong to the beneficiaries of the trust.

Trusts are treated as individuals in many tax jurisdictions and the trustee needs to file a tax return for the trust besides filing their tax return.

As a no-tax jurisdiction, UAE doesn’t levy any income tax on trusts. However, if a UAE trust has settlers, trustees and beneficiaries who are residents of high tax jurisdictions in other countries, the trust can be considered as ‘ deemed tax resident’ and would be liable for payment of tax and filing tax returns. The settlors of a UAE trust may be liable for gift tax.

As the resident status of trust is primarily determined by the residence status of the trustees, a UAE trust with trustees who are UAE residents can enjoy tax-free status. If a DIFC trust has trustees with a tax residency certificate in Dubai, the trust can earn tax free income even when the beneficiaries of the trust are not UAE residents.

As the foundation is treated as a legal person, taxation is relatively easier.  However, if a non-resident controls the foundation, the country of residence of the controller may be considered as the residence of the foundation.

Takeaway

Tax planning of a trust can be simple when both the trustees and beneficiaries are UAE residents. However, when they are residents of other tax jurisdictions, the trust deed must be documented and phrased very wisely and carefully for ensuring that the tax advantage is preserved. Similar measures must be followed for ADGM foundations as well.

Though UAE has reached DTAA agreements with many countries, most of these tax jurisdictions don’t mention taxation of trusts very clearly and comprehensively. Considering taxation of trusts as hugely complicated affairs, expert consultations are often recommended as a necessity.

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UAE Plays a Decisive Role in the Economic Integration of GCC
  • Newsletter, U.A.E

UAE Plays a Decisive Role in the Economic Integration of GCC

One of the main objectives of the GCC is the gulf economic integration as per provisions of Article IV of the GCC’s set of laws for achieving coordination, integration and interdependence among member countries in all fields through similar economic regulations, joint ventures and strengthening ties with private sectors including technological and scientific progress.

 

Gulf economic integration focuses on the movement of products, removal of trade barriers including coordination and unification of economic policies. Work is also in progress to complete the requirements of the Monetary Union and the issuance of a GCC single currency.

The UAE has always been a forerunner in the area of GCC joint integration and all the country’s achievements are documented in the statistical reports of the Gulf Cooperation Council General Secretariat. UAE is the first member state to permit GCC citizens to own real estate (76%) in 2013 and grant licenses for economic activities and company formation in Dubai. It also allows GCC citizens to work in its government sector, grants admission to GCC students to public education, and achieves a high volume of intra-regional trade of GCC countries.

The Minister of State for Financial Affairs of the UAE, Obaid Humaid Al Tayer met Dr Nayef Falah Mubarak Al-Hajraf, Secretary-General of the Gulf Cooperation Council (GCC) on 2nd August 2021.

The agenda of the meeting was to discuss measures for enhancing economic and financial cooperation between GCC countries, ensuring better economic integration, accelerating trade and promoting outputs delivered by the GCC Customs Union Authority (GCCCUA, established in 2003) and the Gulf Market Committee (GMC, established in 2008).

The Minister of State for Financial Affairs emphasized the crucial role that UAE played in boosting the economic, trade and developmental integration, and widening the scope of cooperation amongst the GCC member countries and solidifying the role of GCC countries in the decision-making process of the world economy.

Al Tayer noted that the Gulf Council plays the desired and necessary role in strengthening economic ties and strategic partnerships between the member countries. He also stressed the intentions of the Ministry of Finance for promoting relations between the UAE and other GCC countries for achieving planned developmental goals.

The Unified Economic Agreement of the GCC countries and its implementation is looked after by the Ministry of Finance of the UAE including joint GCC economic action, associated projects, financial integration, and the implementation of plans of the GCCCUA and GMC.

“Department of the Cooperation Council for the Arab States of the Gulf Affairs”, a specialized wing of the Ministry of Finance has been established and assigned the responsibility to keep a follow up on the effective implementation of projects for economic integration.

Implementation of policy frameworks as a measure towards strengthening and boosting economic and investment ties with the GCC countries has been discussed by Dubai UAE with particular emphasis on the enhancement of trade exchange. The framework was also designed to support the sustainability of the gains accomplished by the GCCCU and the Gulf Common Market.

Discussions were held between Obaid Humaid Al Tayer and Dr Nayef Falah Al- Hajraf on potential frameworks and ways for strengthening and accelerating economic and investment cooperation with the GCC member states.  The meeting convened on 2nd August 2021 was a result of efforts put by the Ministry of Finance for strengthening and extending support to joint GCC economic action and deciding on a common direction towards confronting international as well as regional changes in the economy.

Expanding on areas of co-operation and joint coordination among the GCC countries particularly in terms of the volume of trade exchanges that could confer the GCC region a distinguished position on the global economic decision-making map were also discussed during this meeting.

Al Tayer highlighted saying, “The Gulf Cooperation Council (GCC) plays a key role in consolidating the strong relations and strategic partnership between the member countries to enhance the Council’s march. The Ministry of Finance is keen to bolster the ties between the UAE and the GCC countries, to support the GCC joint action and meet its aspirations for development and prosperity.”

To strengthen and promote ways of economic and investment cooperation with various countries of the world, the UAE, represented by the Ministry of Finance (MoF) previously signed agreements with other countries as a GCC member state to strengthen its position across the world. As per the latest data and statistics, the total volume of the economy of all GCC countries is one of the biggest across the globe.

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Why is Well Designed Governance Structure Critical for Successful Family Offices in UAE
  • Newsletter, U.A.E

Why is Well Designed Governance Structure Critical for Successful Family Offices in UAE?

Overview

Universally recognised as overly complicated, Family Offices are run for many generations and greatly influenced by family dynamics and numerous business ventures, local and global investments, International business structures, trusts, foundations, real estate and other assets giving rise to a great number of complexities.

With time, family offices expand due to increasing numbers of beneficiaries through inheritances and the new and younger entrants bring in a plethora of conflicts of interests. Unless effective corporate governance is put in place, future decision making processes and maintaining harmony within the family becomes extremely difficult for a long and successful family business.

Corporate structures for family offices are often tailor-made as there is no single fit for the purpose that can control and manage these entities, ensure family unity in diversity and comply with all Family office regulations in UAE.

What is Corporate Governance?

Corporate governance is defined as a set of rules, regulations, policies and procedures that controls, directs and guides a business entity for balancing the interests of all the stakeholders including the community and the government as a whole. In the context of family offices, it governs every aspect of managing family affairs be it an investment, charity, business diversification, personal maintenance etc.

Though informal governance is sometimes practised for smaller family offices such as board meetings convened out of board rooms, well documented governing arrangements must be implemented for bigger family offices to effectively address the complex decision-making processes. As a family business grows, well-documented policies and procedures become inevitable to ward off family conflicts and navigate through unprecedented emergencies.

Why is good governance indispensable for UAE family offices?

Lack of transparent, ethical and well-accepted decisions can have serious consequences on a family business with growing conflicts and distrusts amongst family members and many lost business opportunities. A robust governing mechanism headed by a professionally credible board of directors can only make such decisions and steer clear of all family conflicts during major and bold moves in acquisitions, investments and other strategic issues.

A well established 4 P governing system encompassing people, process, performance and purpose can aid in achieving the following

Effective Conflict Resolution

Conflicts and disputes in family office environments emerge due to many reasons including differences in values, poor communications and interactions, poor performance, opposing interests, scarcity of resources, and personality differences and requires the management to timely and rapidly intervene before the conflicts can jeopardize the mission and objectives of UAE company incorporation.

A consensus-oriented responsive corporate governance with dispute resolution mechanisms and procedures can help the management eliminate conflicts to a great extent through improved communication, interaction and exchange of ideas and perspectives. The success of family offices is most often determined by the effectiveness of corporate governance and conflict management systems establishing a balance of interests of various stakeholders.

Smooth Succession Planning

For the preservation of family wealth, smooth and effective succession planning is crucial. However, it poses several challenges to family offices and is time-consuming considering the long time taken to strategize and formulate handing over the decision-making responsibility from a founder to the next generation. Most of the founders believe in short term fixes and prefer to keep the decision making process with themselves and are reluctant to transfer the power.

Good governance can instill business culture and promote values amongst the family members that help them understand the long term business goals and the necessity for the participation of the younger generation as early as possible facilitating smooth succession planning.

Reduced Risks of Fraudulent and Unethical Practices

As good governance creates an environment of values and cultures, employees develop the right behaviour and attitude to discriminate the right from the wrong. It helps the family offices to ensure that business is carried out openly and transparently and as documented in the ethics manuals and procedures with appropriate controls against fraudulent and unethical practices.

Improved Financial Performance

Good governance promotes the financial performance of family offices as it encourages systematic and strategic investment plans depending on the need and preferences and avoids adhocism. Fundraising also becomes easier for a business set up in Dubai when well-governed and in compliance with every law and regulation of the Emirates.

Business Continuity

With governance policies solidly implemented, family businesses can ensure continued operation even when business responsibilities are not directly assigned to any family members. It also helps to attract employees and retain them for long.
What are the attributes of well-governed family offices in the UAE?

Following are some attributes of well-governed family offices

  • A shared vision, mission and goal are most important for family offices for implementing major decisions eliminating conflicts and randomly taken decisions by the founder.
  • A tailor-made governing framework must be designed, developed and implemented as every family office is unique with varying objectives and scope.
  • An environment of open and transparent communications comes first even when the best governance system is implemented as disputes and conflicts can not be ruled out completely. An accommodative and participative policy fosters easy and effective communication and helps avoid pent up ill feelings and personality clashes.
  • A review mechanism must be in place to evaluate continuing suitability of the governance system for meeting the shared vision, mission and goal of family offices.
  • A resilient and flexible governance structure can help family offices in times of unforeseen circumstances without any serious adverse effects on business performance and sustainability.
  • A technology-driven governance structure can facilitate risk management, easy and interrupted communication amongst family members and fast decision making backed by information and data.
Takeaway
The success of family offices is determined by the quality of decision making backed by authentic data that can satisfy all family members and help protect the private family wealth for future generations. However, all family offices must understand and assess their core purposes before implementing a governance system and documenting the policies and practices.

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Estate and Succession Planning in the UAE – The New Regime
  • Article, U.A.E

Estate and Succession Planning in the UAE – The New Regime

Overview

COVID-19 pandemic has posed a global health crisis and turned out to be our greatest adversary since World War Two.  Irrespective of the elderly and those suffering from health issues, all individuals are made to ponder over the systematic planning of distribution of their estate and wealth for rightful succession through a legal document declaring individual intentions for the division of their assets upon death.

To provide better living standards to the expatriate community who are in great numbers and both working and residing in the country, the government has put a lot of effort into introducing many crucial amendments to several laws and most important amendments to the issues of succession planning and inheritance. However, this being a complicated and sensitive subject needs careful handling and expert professional and legal advice.

Estate and Succession Planning in the UAE

The United Arab Emirates (UAE) has recently announced several legal and regulatory changes in the private wealth space.

The UAE is considered as an investment hub in the MENASA region and its regulatory environment plays an influential role in drafting the succession plan and division of wealth to the future generations of the Ultra High Net Worth Individuals (UHNWIs). As huge private wealth is concentrated in the Middle East mostly owned by family businesses, the successful transfer of such wealth is vital for the future economic development and growth in this region.

UAE’s inheritance provisions, long dictated by the Sharia provision, have recently been replaced with alternative measures for Expatriates and brought in amendments in the distribution of the estate of a non-Emirati individual. The estate planning can now be handled as per the rules of the home country of a non-Emirati when found different. In case of a divorce, similar provisions shall apply for the distribution of wealth and property.

The latest amendments demonstrate the country’s commitment to remain attractive to foreign expatriates and attract foreign direct investment into the country.  The changes are made to address certain succession issues and facilitate the planning of transfer of wealth of many expatriate residents and private business owners in the country. Earlier Sharia dictated inheritance provisions applied even to the non-Muslims and for the distribution of assets of individuals on their demise unless a registered will was available with the Wills and Probate the Registry of the DIFC or the Abu Dhabi Judiciary.

The new regime mandates that the country’s rules and regulations shall determine the distribution of assets of the deceased citizen unless a registered will has been made with specific intentions. Similarly, the distribution of real estate in the UAE will continue to be distributed as per the rules prevailing in the country.

Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum as Ruler of Dubai issued Law No. 9 of 2020 for regulating family-owned businesses in Dubai. A transparent legal structure has been introduced in this legislation in an endeavour to secure and grow the wealth of individual families as well as promote contributions of the family businesses and private wealth for the social and economic development of the nation.

The new law has been made optional for new and existing family businesses including corporate equity securities and proprietorship. Family ownership in public joint-stock companies including movable and immovable properties however have been excluded from this regulation.

 A legal framework for the internal business processes of family-owned entities has been provided in this new law regulating articles of family ownership contracts, organizational structure and management, responsibilities and authorities management with clearly defined delegation of power including the composition and structure of the board. The responsibilities of government entities towards the formation of family businesses have also been clearly outlined.

To make the family ownership contract legally binding, a few conditions have been put forth as under. Once the conditions are successfully met, the contract will require an attestation from a notary.

  • All parties of the contract to be members of the same family with a single common interest
  • Shares of each member to be clearly defined, and,
  • The legal monetary rights including rights of assets must lie with the concerned parties under the purview of the contract

How can IMC help in your Estate and Succession Planning in the UAE?

We, at IMC, continually strive to offer families personalized services that can create maximum value. We are a UAE based professional services provider with an entire range of solutions fully compliant with UAE laws and regulations and backed by advanced technological infrastructure and systems.

We put our clients first and build a trusting relationship with a commitment to utmost confidentiality and help our clients for an effective and smooth transfer of family assets to their future generations.

We religiously coordinate with inheritance, tax and estate law experts and commit our most value-added services to establish and administer estate planning and succession structures to families across the globe. We also provide our services for asset management and protection, tax planning, trade transactions, business and family succession, and estate planning.

Takeaway

The succession planning process can be complex at times and especially when it involves establishing Company Structures, Foundations and Trusts at an international level. It usually calls for professional and expert consultations and can be outsourced to a local service provider for ensuring the continued security of assets and smooth succession.

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The UAE Cabinet Approves Registration of Marks under the Madrid Protocol
  • Newsletter, U.A.E

The UAE Cabinet Approves Registration of Marks under the Madrid Protocol

The long-anticipated approval of the UAE cabinet for joining the Madrid Protocol for trademark registration systems has been accorded recently and is likely to come in force by this year-end or early 2022.

To strengthen and promote Intellectual Property Rights, the authorities planned for using the International Madrid Protocol Administrative System that allows filing, registering and maintaining Trademarks in over 120 different member countries. Amongst the GCC nations, only Bahrain and Oman are presently a part of the Madrid Protocol.

The UAE Trademark Office (TMO) will only certify international applications and forward those to the World Intellectual Property Organisation (WIPO) electronically once the Madrid Protocol is enforced in the country.

The WIPO will then carry out the subsequent processes involved including conducting examination, goods or services classification, trademark registration, publishing the trademark in the International Gazette and notification to the designated countries.  There is usually a strict deadline given by WIPO within which the member countries of the Madrid Protocol must decide if the international trademark in their territories can be granted.

The International Trademark Registration normally takes around 18 months from the date of notification of the registration subject to no objection from individual designated members. The trademark will then be registered within the territory of that member in the same way as it gets registered directly with the local IP office.

Once the UAE joins the Madrid Protocol, UAE applicants will be allowed to obtain and protect their trademarks around the world through cost-effective and user-friendly procedures for trademark applications and registrations in many countries in a centralized manner.

What is the Madrid Protocol? 

The Madrid Protocol is a system of international registration of trademarks that permits the brand owners to apply and maintain protection in 124 countries through one single procedure. The levels of protection, however, can differ in different territories.

The Madrid System for the international registration of trademark rights in multiple jurisdictions is administered by the WIPO headquartered in Geneva.

The registration of Marks under the Madrid Protocol is cost-effective and the application can be done in one language. A cost savings of 30% to 40% may be realized compared to national filings.

What are the Benefits of Madrid Protocols? 

The use of the Madrid System for companies with a global presence provides several benefits including

  • Cost Savings potential
  • The simple and easy filing process
  • Streamlined management with centralized filing, registration and maintenance
  • Use of one language as per applicant’s choice
  • No need for local representatives in individual designated countries
  • Easy and less cumbersome documentation with minimum formalities e.g no requirement of POA
  • Provision for extension of geographical protection of an international mark as and when necessary for commercial interests, any new jurisdiction can be easily added
  • The examination period is fixed and finite either 12 months or 18 months
  • The application receives automatic protection whenever there is no objection raised
  • Country specific local representatives are not warranted if no objection is raised by national trademark authority or by third parties
  • Easy renewal of Trademark
  • Easy incorporation of Mark holder’s details

What are the Disadvantages of using the Madrid Protocol?

Though the Madrid Registration system offers multiple benefits, it also comes with its share of anomalies, complications and vulnerabilities, both in terms of the process and the protection offered.

  • Can only be extended to the member countries
  • As the registration is based on home filing for the initial five years, any cancellation or abandonment of the home filing renders the international registration automatically stands cancelled
  • Even if a mark is accepted in the home jurisdiction, it doesn’t necessarily mean that it would be accepted in every designated country in the Madrid registration application due to the non-circumvention of WIPO in local trademark laws
  • Response deadlines can be very short posing difficulties in timely action and appointment of local representatives for responding to actions
  • The wide variance in application processing time
  • Enforcement problems in countries where national trademark laws have not been revised to recognise the international registration system e.g. African continent
  • Also, some anomalies exist in certain key territories

What is the Process of Registration of Trademarks under the Madrid Protocol?

The following three important steps are involved in registering a trademark through the Madrid System.

Step 1: Application through Office of origin

An international application needs to be filed,  Form MM2 through the “home” IP or Trademark office  known as Office of origin, certifying your international application and forward it to WIPO online

Step 2: Examination by WIPO

WIPO carries out a formal examination of the international application and does not refuse or grant trademark protection. WIPO only checks the information provided in international applications. Once the application complies with the requirements of WIPO, the Mark is recorded in the International Register and subsequently published in the WIPO Gazette of International Marks making the applicant the holder of an International Registration.

WIPO then sends a certificate of registration with a notification to the IP Offices in all the territories where the applicant wishes to have the trademark protected and as given in the international application.

Step 3: Substantive examination by national/regional IP offices

Once notification is received from WIPO, the IP offices of the territories where protection is sought conduct a substantive examination of the trademark as per the prevailing trademark laws in those territories. Every individual territory through its IP office decides if the trademark can be protected in that territory or not. It usually takes around 12 to 18 months.

WIPO then sends an intimation informing the decision of the individual territories. In case trademark protection is refused by any territory either totally or partially, this will not affect the decisions of other IP offices.

If trademark protection is accepted by an IP office, it states a grant of protection. The international registration of trademarks bears a validity of 10 years in each designated territory making the registration renewal through the Madrid System compulsory every 10 years.

Specialized online tools and resources are made available by the Madrid system to facilitate the filing and management processes of an international trademark registration providing complete control to the trademark holder at every stage of the lifecycle of the trademark.

How does a company decide on the Madrid System?

All companies with global operations usually eye for access to foreign markets with huge business potential such as India, China, the US and Japan and the Madrid Protocol can play a pivotal role in realizing this ambition by enabling these companies to cost-effectively register trademark rights in these member countries. 

The following considerations however must be made before the start of the application process for determining the cost benefits and effectiveness of brand protection.

  • If a company is aiming for registration in only one or two countries, national filings may be cheaper compared to this all-inclusive international protocol.
  • The requirements of this protocol are stricter in some countries and may cost the companies more.
  • In some countries, the IP rights obtained through this protocol may be more vulnerable compared to national registration.
The Fine print

Despite some challenges, anomalies and inconsistencies present in the registration process, the Madrid Protocol is a mature, effective and widely accepted system for getting IP rights in many international jurisdictions simultaneously. It follows a year-long developed solid trademark registration strategy enabling brand owners protection of rights in many territories affordably.

The UAE trademark owners will certainly derive lots of opportunities to build and expand their brands in the international market. It is believed that the recent approval of the Madrid Protocol will stand Dubai and the UAE in good stead in IP protection and international recognition.

At IMC, we are closely monitoring all the developments in the UAE IP system and will be more than happy in providing our professional and expert services to our clients in this regard.

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UAE FTA Announces Amendments in Administrative Penalties on Violations of Tax Laws
  • Newsletter, U.A.E

UAE FTA Announces Amendments in Administrative Penalties on Violations of Tax Laws

VAT was introduced in the UAE with effect from 1st October 2017 and 1st January 2018, respectively. The common tax procedures documenting the rights and obligations of the Federal Tax Authority (FTA) and the taxpayers have then been developed and specified in Federal tax procedures legislation, the Federal Law No. 7 of 2017 on Tax Procedures called “FTP Law” and applicable to all Federal taxes under the jurisdiction of the tax authority.

The number of violations subject to administrative penalties has been specified in Article 25 recommending that each of such penalties must be more than 500 AED but not exceeding three times the amount of tax on which the penalty is imposed.

The UAE Cabinet has announced Decision No. 49 of 2021 on 28th April 2021, making amendments in some of the administrative penalties applicable on the violations for assisting businesses in the country. The amendments included reduced tax and increased clarity on the redetermination of penalty levied as per the old penalty regime of 2017.

A summary of Amendments made on Violations and Administrative Penalties related to the Implementation of Federal Law No. 7 of 2017 on Tax Procedures made the following two areas.

  1. Reduction in Tax
  2. New Mechanism for Tax determination

Reduction in Tax

Reduction in Tax has been made on Violations and Administrative Penalties in relation to the

  1. Implementation of Federal Law No. 7 of 2017 on Tax Procedures
  2. Implementation of Federal Decree-Law No. 7 of 2017 on Excise Tax, and
  3. Implementation of Federal Decree-Law No. 8 of 2017 on Value Added Tax

The amendments made in reducing taxes are summarized below

1. The failure of the person conducting business to keep the required records and other information mandated in the tax procedures Law and the tax law. 10,000 AED for the first time and 20,000 AED if repeated

2. The failure of the taxable person to issue a tax Invoice or the alternative document when making any supply 2,500 AED for each detected case.

3. The failure of the taxable person to issue a Tax Credit Note or alternative document 2500 AED for every case detected

4. The failure of the taxable person in meeting the conditions and procedures in relation to the issuance of a tax invoice and a tax credit note electronically 2500 AED for each case detected

5. The failure of the taxable person in displaying prices inclusive of tax 5000 AED

6. The failure of the Taxable Person to provide the Authority with the price lists of the Excise Good that it produces, imports or sells 5,000 AED for the first time and then AED 10,000 in case of repetition.

7. The failure of the Legal Representative of the Taxable Person to inform the Authority of its appointment as Legal Representative within the specified time frame (the Penalties will be due from the Legal Representative’s funds) 10000 AED

8. The failure of the Registrant to inform the Authority of any circumstance that requires the amendment of the information about its Tax record kept by Authority 5,000 AED for the first time and then 10,000 AED for every repetition

9. The failure of the Taxable Person to submit a registration application within the timeframe specified in the Tax Law 10,000 AED

New Mechanisms

New Mechanisms have been announced on Violations and Administrative Penalties related to the Implementation of Federal Law No. 7 of 2017 on Tax Procedures and are as under

1. The failure of the Registrant to submit a deregistration application within the timeframe specified in the Tax Law.  

1,000 AED in case of delay, and on the same date afterwards every month, up to a maximum of 10,000.

2. The failure of the Taxable Person to settle the Payable Tax stated in the submitted Tax Return or Voluntary Disclosure or the Tax Assessment he was notified of by the Authority, within the specified timeframe

The Taxable Person shall be obliged to pay the penalty applicable to late payment of Payable Tax up to a maximum of 300% as mentioned below 2% of the unpaid tax shall be due on the next day of the due date 

A 4% monthly penalty is due after one month from the due date of payment on the Tax amount unsettled at that point in time

The due date of penalty payment for Voluntary Disclosure and Tax Assessment shall be

For voluntary disclosure, 20 business days from the date of submission

For Tax assessment, 20 business days from the date of receipt

3. The submittal of an incorrect Tax Return by the Registrant

Fixed penalty as mentioned below shall be applied:

1,000 for the first time

2,000 if repeated

If the incorrect Tax Return amounts to Tax difference less than the fixed penalty, a penalty equal to the Tax difference of at least 500 AED shall be levied

Anyone correcting their Tax Return before the due date of payment shall be excluded from the penalty imposed

4. The submittal of a Voluntary Disclosure by the Person/Taxpayer on errors in the Tax Return, Tax Assessment or refund application will attract penalty as below

a percentage-based penalty on the difference between the inaccurately calculated Tax and the correct tax which should have been and as per the following

5% on the difference if submitted within one year from the due date of submission

10% on the difference if submitted in the second year

20% on the difference if submitted beyond the third year

30% on the difference if submitted in the fourth year

40% of the difference if submitted beyond the fourth year

5. The failure of the Taxable person to voluntarily disclose an error in the Tax Return, Tax Assessment, or refund application will attract penalty as below

A penalty of 50% on the amount of error

A penalty of 4% for every month or part of the month, of the following:

The unpaid Tax to the Authority, from the date the payment is due for the relevant Tax Period until the date of receipt of the Tax Assessment.

The Tax that was not returned to the Authority due to ineligible refund, from the date of Tax refund until the date of receipt of the Tax Assessment.

6. The Registrant if fails to calculate Tax on behalf of another person where the Registrant Taxable Person is obliged to do so under the Tax Law is imposed with penalty as under

The Registrant is responsible for paying the penalty applicable to the late settlement of Payable Tax up to a maximum of 300%, according to the following:

2% of the unpaid tax is due on the day following the due date of payment, where the settlement of Payable Tax is late.

A monthly penalty of 4% is due after one month from the due date of payment on the unsettled Tax amount as on that date.

The due date of payment for this penalty in the case of Voluntary Disclosure and Tax Assessment shall be as under

20 business days from the date of submission, in the case of a Voluntary Disclosure.

20 business days from the date of receipt, in case of a Tax Assessment.

We, at IMC can assist you with our expertise in UAE Tax Laws and provide professional advice on the impact of the public clarification on your business and suggest ways that are best in ensuring compliance with the requirements of FTA.

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How Does a Foreigner File for a Trademark Registration in UAE
  • Newsletter, U.A.E

How Does a Foreigner File for a Trademark Registration in UAE?

The UAE is known as the leading financial hub in the Middle East and North Africa Region and many foreign companies look for setting up businesses in the country. It is, however, necessary that they prioritise the need to protect the company’s trademark with full consideration whether the trademark infringes the rights of others before registering the new corporation.

The Government of the UAE has put bold steps forward for implementing sound trademark legislation in line with international trademark registration classifying goods and services for the Registration of Marks under the Nice Agreement. The federal law for trademarks focuses on protecting trademarks and the procedures for the protection of intellectual property rights. Trademarks are effectively protected by Federal Trademark Law No. 37 of 1992 subsequently amended by Federal Law No. 8 of 2002 called the ‘Trademark Law’ with the requirements for trademark registration in Dubai UAE and the penalties for violating the same.

Rights of trademarks are permitted to both the UAE nationals and foreigners performing commercial, industrial, services and other business-related activities.

What is Trademark and its Benefits?

UAE Federal Law No.37 of 1992 defines a trademark as “a trademark is any distinguished form of names, words, signatures, letters, figures, graphics, logos, titles, hallmarks, seals, pictures, patterns, announcements, packs or any other marks or group of marks, if they were used or intended to be used either to distinguish goods, products or services from whatever sources, or to indicate that certain services, goods or products belong to the owner of the trademark, because of their provision, manufacturing, selection of trading. The voice accompanying a trademark is considered a part of it.” In a nutshell, it is the ‘Brand Name ‘ in legal terms.

Though Trademark registration is not mandatory in UAE, it can benefit foreign businesses by providing exclusive rights to beneficially operate under the registered trademark. It also protects the company name and brand from any infringement and allows legal actions whenever such a case arises. Besides, a trademark also helps in promoting business through

  • Unique Image creation
  • Easy Manpower deployment with minimum attrition
  • Creating an intangible asset
  • Product quality recognition
  • Enhancement of goodwill and trust

What is the Trademark Authority in the UAE?

The Ministry of Economy is the controlling authority for Trademark in UAE with a Trademark office located in the Ministry.

How does a Foreign Company register for a Trademark?

Trademark registration can be done by submitting an online application with registration documents including Trademark logo, Commercial licence, Power of Attorney, Priority document, Passport and others, as relevant.

What Is the Scope of Trademark Registration in the UAE?

As per Article 2 of UAE Trademark Law, any character with a distinctive form that helps to distinguish a brand from others can be trademarked such as titles, characters, seals, posters, engravings, paintings, names, signatures, titles, paintings, and any kind of label.

Article 3 of Federal Law No. 37 of 1992, prohibits certain marks from trademark registration on absolute or relative grounds and a few of them are listed below.

  • Marks with no distinctive character
  • Descriptive marks, ordinary drawings and pictures of products
  • Marks breaching public morals or interest
  • Public emblems, flags and other logos
  • Trademarks that are identical or similar to symbols having a purely religious character
  • Geographical names that may create confusion regarding the origin of products or services
  • Particulars of honorary degrees
  • Trademarks owned by prohibited natural persons or legal entities
  • Trademarks composed of national and foreign medals, coins and banknotes
  • Red Cross and Red Crescent symbols
  • Third-party names and titles
  • Other well-known trademarks translated directly
Additional restrictions in trademark if any needs to be consulted with the local trademark registration attorney.

What is the process of Trademark Registration in the UAE?

Trademark Registration Process in the UAE is simple with the below-mentioned steps

  • Filing Application
  • Examining on formal, absolute and relative grounds
  • Publishing for opposition purposes in national newspapers
  • Approval for Trademark Registration
  • Payment of fees, rolling penalty fees for late payment
  • Final Registration of Trademark
  • Issuance of electronic registration certificate, no hard copy certificate is issued

What is the validity of a Trademark in the UAE?

The trademark’s validity lasts ten years from the filing date and can be extended for another ten years.

What is the Trademark Registration Fee in the UAE?

The trademark registration fee in the UAE as of 2021 is USD 1366.
How is Trademark Renewed in the UAE?
Trademark renewals are done by submitting an application through the Service platform of the Ministry of Economy along with a copy of the registration certificate for the mark and a power of attorney if done through a professional farm or agent. The renewal fee is USD 1366 and includes publication fees. Late fees apply for late renewals.
What are Trademark Infringements and what are the penalties?

Trademark infringement can be a major problem in the UAE as in other countries with serious business implications. A business must have a good title to its trademark to ward off any possible risk of infringement.

Various legal actions can be initiated against the infringers and may even lead to criminal proceedings. The trademark holder may even commence civil proceedings for infringing the use of the trademark. The best way to prevent a third party from infringing business rights is trademark registration with the UAE government enabling the enforcement authority to assess trademark rights for most effective countermeasures.

Besides criminal proceedings and imprisonment for infringement of trademarks, hefty fines are also imposed by the authorities. Dubai Customs can also facilitate avoiding infringement with its authority to stop infringing products before entering the UAE soil and can make trademark protection more robust and secure.

Takeaway

There may be an additional cost to hire local PRO services as an attorney for trademark registration, however, partnering with an experienced attorney allows new business owners to focus on other value-added tasks including business development, marketing strategies, advertising etc. instead of getting involved in intricacies of trademark law and submitting applications. A reputed firm ensures that the registration process is successful without getting rejected with complete search and intricate legal analysis.

It is highly recommended that businesses invest in a trademark lawyer and draw up and implement a plan for operating in the UAE, particularly about how trademark rights are handled for a sustainable business with trust and goodwill. A reputed firm also keeps a constant watch and strenuously protects against any infringement of registered trademarks in the UAE.

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Why is it Beneficial to Start a Business in the Dubai Free Zone
  • Article, U.A.E

Why is it Beneficial to Start a Business in the Dubai Free Zone?

Overview

Dubai is a geographically strategic location as the confluence of the East and West and enhances business growth beyond all borders. It is the gateway to the rich oil economies and an obvious choice for international investors and entrepreneurs.

Dubai Government has embarked upon its relentless effort to transform the city into an enviable global logistics hub supported by solid aviation and supply chain networks. Dubai also implements an agile and business-friendly regulatory environment.

The city is supported by a solid and stable economy and forward-looking policies, planned development and infrastructure initiatives. A metropolitan city and home to more than 3 million expats from many countries across the globe, Dubai promotes technology and innovation in all spheres of life consistently outperforming many other international cities in global indicators e.g. prosperity, happiness and living standard.

The city enjoys world-class infrastructure facilities and transportation networks including high-quality communication systems. It is very well connected with all leading economies in the world through air and sea.

Business set up in Dubai Free Zone is ideal for start-ups because of a host of factors such as e-governance and other support services, and easy fundraising potential.

What are Free Zones?

Free Zones are special economic zones that offer customs duty benefits and tax concessions to investors and they are each governed by a special framework of rules and regulations. They are designed to encourage foreign investment with 100% ownership for all nationalities along with easier start-up processes, labour and immigration procedures, and other legal services.

How many Free Zones are there in Dubai?

There are more than 30 Free Zones operating in Dubai out of which 19 are participating Free Zones and most of them cater to specific sectors, providing industry-specific licenses trading, industrial activities and different types of services.

The city is surrounded by these Free Zones that accommodate all businesses, from startups to SMEs to large multinationals.  All businesses activities are benefitted from  well developed logistics and supply-chain networks.

The major Dubai Free Zones are

  • Dubai Silicon Oasis
  • Dubai Airport Free Zone
  • Dubai Design District
  • Dubai Healthcare City
  • Dubai International Academic City
  • Dubai Internet City
  • Dubai International Financial Centre
  • Dubai Knowledge Village
  • Dubai Media City
  • Dubai Gold and Diamond Park
  • Dubai Multi Commodities Centre (DMCC)
  • International Media Production Zone
  • Jebel Ali Free Zone
  • Dubai Production City
  • Dubai World Central (Dubai South)
  • Dubai Studio City
  • Dubai World Trade Centre Free Zone
  • Dubai CommerCity

There are some Free Zones that are less costly and more economical for business operations and include

  • Dubai Silicon Oasis (DSO) DSO is the mecca of cutting-edge technology and development in Dubai
  • Jebel Ali Free Zone (JAFZA)
  • Dubai Media City (DMC)
  • Dubai Healthcare City (DHC)
  • Sharjah Media City (SHAMS)


Are all the Free Zones suitable for all types of businesses?

Before you go for a Free Zone, you need to carefully ascertain what advantages are offered in that Free Zone for your business. While Jebel Ali Free Zone gives you easy access to air and sea routes most appropriate for shopping business, a DMCC company formation needs to be considered mostly for trading businesses and JAFZA company formation would be best for logistics businesses.

As a regional hub for many sectors including aviation, financial services, logistics, trade, media, tourism, information and communication technology, and healthcare, Dubai offers a host of benefits and cluster effects to companies in those sectors that choose Dubai as a base.

Which free zones suit your business most can be found from this link.

Why should I incorporate my business in Dubai Free Zones?

Dubai is widely known as the Future City and heaven for startups because of its thriving technology and innovation ecosystem and supportive government policies. It is untrue that Dubai is expensive, rather it is one of the most cost-effective choices for setting up a business due to zero tax, no import-export duty including many more cost benefits. With the development of both physical and digital infrastructure including other business amenities, Dubai has started to attract more and more foreign businesses and become home to more than 70% of fortune 500 companies.

 There are multiple benefits of setting up your business in Dubai Free Zone and the most notable ones are enumerated as under.

  • 100% Foreign Ownership needing no local UAE citizen as a sponsor.
  • 100% Repatriation benefits on capital and profits
  • No Foreign Exchange regulation and simple and easy transactions
  • No Import/Export duty and free global trade
  • Straightforward Immigration process including Residence and Employment visas
  • Easy and convenient Company Incorporation with simple licensing procedures
  • Easy and simple Workforce engagement and conducive employment rules for foreign expats
  • Tax-free business environment both for corporates and individuals with 15 years tax exemption renewable for another 15 years
  • No mandatory initial capital requirements
  • Easy access to huge MENASA market
  • Availability of several incubators and accelerators such as DIFC FinTech Hive etc.
  • Easy access to funding with 19 Venture Capitalists (the highest in MENA region) as well as P2P and Islamic Funding
  • Economic Assistance by Dubai government through 20% Capital project cost allocation to startups and SMEs, 27 million USD through ‘Smartprenuer’ initiative


How can you Set Up a Company in Dubai Freezone?

Registering a foreign company in the Dubai Free Zone is easy but becomes easier when you outsource the services of a reputed and professional service provider based in Dubai to avoid some complexities and impediments experienced from time to time. It typically takes three weeks once you decide on the specific free zone to incorporate your business.

More details of the Dubai Free Zone company formation process can be found in this link.

How can IMC help you in a successful business set-up in the Dubai Free Zone?

We at IMC are a team of highly experienced and qualified professionals with a proven track record of providing high value-added PRO services backed by our global business insight and local knowledge.

We have been operating in Dubai and the UAE for more than a decade and also have our operational bases in many parts of the Middle East and other GCC nations.

We believe in continuous learning and keep ourselves updated and well informed about the rapidly changing business laws and regulations in the UAE and Dubai.

Once you hire us, we shall help you in business-related documentation including translation and attestation, all immigration and licensing formalities, banking and all other legal processes and also assist you in developing a strong and transparent relationship with the authorities for continued business growth and development.

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UAE SMEs are Optimistic about Post-Covid Economic Recovery
  • Newsletter, U.A.E

UAE SMEs are Optimistic about Post-Covid Economic Recovery

MasterCard, a leading global payments and technology company in its recent research reported that the confidence and optimism amongst the UAE Small and Medium Enterprises (SMEs) are now coming back after the severe economic upheaval caused by covid 19 induced pandemic.

While 88% of SMEs were seen upbeat on the next 12 months; two-thirds of them forecasted the revenue flow to be better or remain stable over that period, the inaugural Mastercard Middle East and Africa (MEA) SME confidence index revealed. Increased and easy access to funding, skill enhancement and digitalization have been identified as key growth drivers in the future.

With a remission in the number of active covid cases and gradual easing of lockdowns and social restrictions, many emirates are coming back to normal economic activities enabling the UAE SMEs easier access to funding for a business, suggested by 40% of the SME population. Digital payments and online transactions have been cited as one of the other reasons by 34% of the respondents. Skill enhancement and training of staff have also been identified as major growth drivers by 34% of SMEs surveyed.

The reasons for future growth opportunities thus factored both external influencers e.g. industry policies, regulations, industry trends etc. and internal transformation and capability enhancement of SMEs through experience, training and upskilling.

Increased focus on core business activities, streamlining operations and cost reductions have also been recognized by Dubai SMEs for internal strengthening and outsourcing PRO services in Dubai should be an ideal proposition in that direction. Engaging external accounting services in Dubai will also come as a great help in reducing overheads and fixed costs of SMEs and enhancing business competitiveness.

More than 400,000 SMEs run their operations within the UAE employing over 86% of the UAE workforce in the non-oil sector and to support this sector, the UAE government has already announced 8.2 billion USD financial support for these SMEs and startups in April. Vision 2021 of the UAE government also stressing on SME participation in the non-oil economy touching 70% this year.

“Starting a business is one of the most ambitious and rewarding things one can do, and it’s great to see that confidence is returning to the UAE’s SME sector after a challenging period. The study highlights the potential of several key drivers of growth that small and medium businesses in the UAE rely on as they look towards an optimistic future. At Mastercard, we connect SMEs to the technologies, the network and the expertise they need to sustainably grow their businesses, collaborating to build prosperous and more inclusive economies,” added Girish Nanda, Country Manager, UAE and Pakistan, Mastercard.

Though the UAE SMEs sounded more upbeat compared to other middle eastern counterparts, they voiced their concerns over the high cost of running a business in the country. Public-Private partnerships, however, are cited as a positive growth engine. During the survey, 60% of UAE SMEs said that the maintenance and growth of their business was the biggest challenge they were facing.

61% of SMEs surveyed highlighted the increasing cost of doing business as the major hurdle over the next one year while 38% of them pointed to the immediate requirement of even more easy access to capital and funding.

Private sector partnerships were seen as positive for business growth by 57% of SMEs and 53% spoke in favour of government-led initiatives as one of the most potent factors for favourably impacting SMEs and the greater UAE market and economy.

Girish Nanda emphasized saying, “Access, whether it is to growth, stability and financial support, stands out as the top concern that SMEs in the UAE face today. The fundamental benefit of a digital economy is that it eases access across these barriers. Whether it is the ability to sell online, acquire a larger customer base through eCommerce, or enable instant access to apply for or extend credit lines through digital banking, the digital economy works for everyone. At Mastercard, we work every day with the diverse players in this financial ecosystem to transform this infrastructure and build a smart economy that enables access for businesses of all sizes.”

As new consumer trends are rapidly evolving after the covid pandemic across the globe, businesses must acclimate themselves to these new trends for sustainable growth and development. It is believed that a more than 20% increase in e-commerce retail spending would be a permanent thing in the future. 73% of consumers in the UAE are seen doing more shopping online than they used to during pre-covid time and 97% of UAE businesses would prefer and adapt to digital payment over the coming years.

The Dubai government announced four economic stimulus packages in 2020 to mitigate the impact of economic restrictions during the pandemic. The latest package announced this year amounted to AED 315 million for the revival of Dubai startups and SMEs.

An independent agency of the Government of Abu Dhabi, the Khalifa Fund for Enterprise Development (KFED) has recently launched a new media platform called Abu Dhabi SME Hub fully dedicated to supporting small and medium enterprises (SMEs) in the UAE and will extend support to all SMEs during every stage of business and equip them with the appropriate tools needed to comfortably cope up with the local UAE ecosystem to as well as to grow and innovate in terms of best industry practices and newly evolving technologies.

The UAE government has handled the covid pandemic with utmost determination and unwavering commitment that has been very much appreciated and recognized internationally. UAE as a whole and especially Dubai has retained its status as one of the most coveted places for business, logistics, travel and holiday and increased migration of companies for business set up in Dubai is a glaring testimony of that.

The government has also done a stupendous job and kept international travel restrictions limited during the pandemic and stayed away from unnecessary and unpredictable lockdowns to encourage the international business community and promote FDI.

There has been an all round endeavour in keeping the UAE startup and SME ecosystem vibrant by connecting foreign business entities to different local stakeholders including regulatory bodies and investors.

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UAE and Kuwait Markets are Fastest Growing for the UK Service Sectors
  • Kuwait, Newsletter, U.A.E

UAE and Kuwait Markets are Fastest Growing for the UK Service Sectors

It has been confirmed recently by the Lord Mayor and the leader of the City of London William Russel that the two GCC states, the UAE and Kuwait have been identified as the fastest-growing markets for UK services worldwide. Russell noted that British technology and innovation in the fields of green energy and digital infrastructure could offer huge collaboration opportunities for Kuwaiti investors and can open the doors for much British technology based Kuwait company incorporation.

The Lord Mayor said, “We look forward to continuing to work with them in the years ahead and see a bright future for our ongoing trade relationship.”

As estimated by the Lord Mayor, the existing business and investments from the GCC nations including Kuwait, Bahrain, Saudi Arabia, Qatar, and the UAE exceed 140 billion Sterling (USD 195 billion approx at the current exchange rate). He also noted that the City of London would be appreciating these investments into green and renewable energy infrastructure programs and projecting increased future investments pouring into the finance and fintech sectors.

The UAE remains to be the top trading partner for the UK among other GCC nations and has already attracted significant FDI from the UK. The ongoing trade deal between the UK and GCC is likely to be finalized during this summer and once the bilateral trade pact gets through, many more UK companies would likely be rushing for company formation in Dubai.

There were a series of discussions held recently between Mr Russell and the GCC member states, especially the higher authorities in Kuwait on many different issues, however the main topics of discussions revolved around the forthcoming UN Climate Change Conference (COP26) to be held in Glasgow during November 2021. It didn’t come as a surprise when Mr Russell sounded optimistic on the prospects of the trade agreement between the UK and the GCC countries that could surpass China as a trading partner for the UK in a giant leap forward.

He was upbeat on Kuwait and praised Kuwait Investment Authority (KIA) with recognition and delight for being committed to London and mentioned the world’s oldest KIA sovereign wealth fund back in 1953. Kuwaiti investments in the UK infrastructure sector included 20% stakes in London City Airport, Associated British Ports, Thames Water, and several significant properties in and around the Square Mile and Canary Wharf, Mr Russell clarified.

The Lord Mayor of the City of London didn’t want to attach much importance to the Brexit issue and negated any adverse long term business impact on the market. He also emphasised saying that London would continue to be a leading global centre for business and trade including the heritage and culture as evident from the extent of growth and development work being undertaken in the city exhibiting continued support of investors and businesses communities.

“London’s fundamental strengths such as its vast international reach, pragmatism, and spirit of innovation have not been lost, and I am confident that our unique city will continue to thrive for decades to come. We have been through tough times before and we will come through this period as well,” he remarked.

In his concluding remarks, the Mayor added that the City of London and the UK government would now concentrate more on future strategies and visions for promoting future growth markets such as green finance, fintech, and other rapidly developing business areas and maintain its position globally.

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