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  • Newsletter, U.A.E

World Alliance of Inter Financial Centres (WAIFC) Accorded Membership to The Dubai International Financial Center (DIFC)

In March 2021, the WAIFC board unanimously agreed to recognize the DIFC, the leading financial center in the MEASA region as a member of the association, the 4th from the GCC to spearhead the development of digital finance and in the areas of Fintech, Sustainable Finance, and Innovation.

As a non-profit organization located in Brussels and founded in July 2018 in Paris, the WAIFC represents the top nineteen global financial centers across four continents that promote and share best practices in the field of finance with a varied scope of activities and benefit from the collective strength of its members. The alliance as city governments and other financial institutions also facilitates cooperation amongst the group members and interaction with the general public besides developing and promoting their financial Centres.

As a member of WAIFC, DIFC as the highest-ranked financial center in the MEASA region will now collaborate with other leading global financial centers in Tokyo, London, Paris, Frankfurt, Toronto, and in many other countries on global best practices some of which are already entered into memorandums of understanding with DIFC.

DIFC with the vision to drive the future of finance is focused on embracing new and innovative technologies in the field of finance and aims for achieving sustainable economic and social goals including Environmental protection.

“We are very pleased to have DIFC join our association. Dubai is a leading global financial center, and DIFC will undoubtedly bring a valued contribution to our initiatives. We are very much looking forward to working with the colleagues in Dubai,” remarked Jennifer Reynolds, the Chairwoman of the WAIFC.

CEO of DIFC Authority, Arif Amiri highlighted: “DIFC is pleased to be joining the World Alliance of International Financial Centres. The Centre is looking forward to representing Dubai and building partnerships with other members so we can be a collective force for good. Together we can make progress in areas such as FinTech, innovation, sustainable finance, and developing digital economies. We can align our approaches which will allow us to cohesively drive the future of finance.”

Dr. Jochen Biedermann, Managing Director of the WAIFC, added: “DIFC has been an observer to WAIFC since last year, and we are delighted that it will join WAIFC as a full member now. DIFC has had a phenomenal development in less than twenty years from its first steps to one of the world’s leading financial centers. We are very much looking forward to exchanging best practices and learning from each other.”

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC with his able leadership taken DIFC to the pinnacle of its performance during 2020 amidst global economic uncertainty caused by the pandemic and elevated the country’s status as a pivotal global economic destination with many businesses reporting exponential growth, including capital markets, asset management, FinTech, professional services, and banking aided by a conducive FinTech and venture capital environments, cost-effective licensing and easy DIFC management startup license, flexible regulation, innovative promotional events, and easy access to funds for start-ups.

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  • Article, U.A.E

Your Complete Guide: How Indian Businesses Can Register and Set Up a Company in Dubai

Are you an ambitious entrepreneur or a forward-thinking business planning to set up a business in Dubai? This is one of the most dynamic cities in the United Arab Emirates that attract investors from all around the world. Commercial opportunities in the UAE are lucrative indeed, and with globalization, international businesses are keen to make the most of these profitable opportunities. As per the 2024 World Competitiveness Report, Dubai ranked 7th globally in terms of business efficiency.

Dubai has a cosmopolitan population. It is the home to approximately, 7.8 million immigrants, compared to 1.4 million Emiratis.

In this comprehensive blog, we have presented a step-by-step guide on how to register a company in Dubai from India. As an Indian resident, creating a company in Dubai can be overwhelming unless you are aware of the stringent incorporation laws in the country. Don’t worry, as we have holistically discussed the steps for company registration in Dubai.

10 Key Benefits of Company Registration in Dubai

Strategically located in the Middle East, Dubai continues to be a dynamic business hub for foreign investors. Let’s take a look at the key benefits of creating a company in Dubai.
  • Strategic demographic location: Dubai is strategically located at the crossroads of Asia, Europe, and Africa. Providing an easy access to the international market, it is ideal for businesses looking to expand globally.
  • Superior infrastructure: For global trade, Dubai is a prime location as it offers a world-class infrastructure. From transportation to business facilities, it is an ideal gateway to international markets.
  • Streamlined business setup: The complete process for registering a company in Dubai as a foreigner is straightforward and takes little time. The country offers more than 2,000 business activities to choose from.
  • Tax benefits: One of the prime benefits of registering your business in Dubai is the favorable tax regime in the country. Consider the exemption of corporate and income taxes, hidden fees, and import and export duties in the country. This transparency in Dubai makes its environment business-friendly. In Dubai, the standard VAT rate of 5% is among the lowest in the world. Low tax rates allow Indian companies save money on taxes and allocate them on core business priorities.
  • Specialized Free Zones: In Dubai, foreign companies can operate in specialized free zones that cater to specific industries. These Free Zones have their own legal framework and has streamlined their regulations. This empowers foreign businesses to operate more flexibly.
  • 100% foreign ownership: When you set up business in Dubai as a foreign individual, you can benefit from complete control through 100% ownership of the registered company.
  • Agile and cost-effective workforce: The labor laws in Dubai provide an ideal framework to attract talent and retain staff. This empowers Indian entrepreneurs build a competitive workforce in the country.
  • Security of investors: In Dubai, laws upheld by the DLD, RERA, and DED are impartial and supportive to foreign investors. The crime rate in the city is 0%, which makes it a haven for Indian companies interested in creating a company in Dubai.
  • Growth in population: In Dubai, the population is expanding and its economy is rapidly evolving. This is a popular location for startups. Also, foreign investors choose Dubai as a base for expanding their companies. The growing population in Dubai ensures that they get customers in the long run.
  • Seamless visa management: If you are wondering how to register a company in Dubai from India as you need to deal with the visa of your employees, the process can be amazingly ease. Reputed professionals at IMC Group provide comprehensive global mobility services. Along with your business license, they can also help you process the visa.
Now that you know why Indian companies are looking to expand to Dubai, we will discuss the step-by-step guide to the Dubai company registration process.

During Q1 2024, the Dubai Chamber issued 191,013 certificates of origin, which is a 7% increase compared to the previous year.

Source: Dubai Chamber

Documents checklist for company registration in Dubai for Indian nationals

For the convenience of foreign entrepreneurs, the UAE official website clearly presents the Dubai company incorporation process and required documentation for foreigners. Have a look at the necessary documents during the company registration process.
  • Receipt of Initial Approval
  • Copy of Lease Contract (Attested)
  • Memorandum/s of Association
  • Copies of Submitted Documents
  • Government Approvals (if applicable)
  • Business Plan
  • Completed Application Form
  • Existing Trade License/Certificate (if applicable)
  • Manager Registry Identification Code (RIC) Form (Original & Notarized)
  • Shareholder & Manager Passports
  • Specimen Signatures of shareholders and appointed manager
  • Letter of Intent
  • Financial Documents (as required)
  • Title Deeds (if applicable)
Professional advisors at the IMC Group can guide you on how to register a company in Dubai from India with minimal paperwork, reducing stress and the required time.

What is the minimum investment required to start a business in Dubai?

Are you an entrepreneur wondering what the cost of registering a company in Dubai is? The minimum investment for Indian entrepreneurs to set up business in Dubai is AED 20,000. This is pretty reasonable, and the cost can vary based on factors like the type of license, location of the company, size of your office, visa requirements, and other aspects. Consult experts to know the Dubai company registration fees breakdown for foreign investors in detail.

Company Registration in Dubai: Different Types Of Businesses

In Dubai, foreign companies can choose different business structuring options customized to their needs. Companies planning to set up business in Dubai from India can choose different types of businesses.

Types of Business Setup in Dubai

Dubai Mainland Company Registration

  • Mainland companies in the country are integrated within the legal framework of the UAE. These companies need to adhere to the regulatory standards of the country and follow the national corporate taxation policies.
  • Dubai Mainland Companies can freely carry out their business activities across the UAE. They can also own or lease properties in the mainland areas.
  • Such type of business setup is ideal for companies planning to integrate them deep in the local market. These businesses offer products or services directly to the customer base in the UAE.
  • Operating in the mainland facilitates broader activities and business engagements. These include government contracts and access to a more extensive market within the UAE.

FY 2022-23: Trade between India and the UAE reached $84.5 billion, a 16% increase from $72.9 billion in FY 2021-22

Source: The Hindu Business Line

Dubai Free Zone Company Registration

  • During company registration in Dubai, Indian businesses can choose a free zone company in the city. This allows them to capitalize on benefits like corporate tax exemption and specific regulations applicable on mainland companies. This creates a significantly favorable business environment.
  • Free Zone companies in Dubai can operate only in the designated zones. The city has tailored areas for each business category.
  • Usually, Free zone companies in Dubai cannot own mainland properties. However, you can take advantage of 100% foreign ownership and retention of profits.
  • If you are focussing on a specific sector, it’s logical to set up business in Dubai Free Zones. Companies requiring a strategic base for exports or re-exports can benefit from the tax-efficiency in Free Zones.
Here are some of the most popular Free Zones for creating a company in Dubai.

Dubai Offshore Company Registration

  • In Dubai, offshore companies offer an attractive prospect for businesses carrying out international trade while prioritizing their asset protection. These companies don’t have the obligation to comply with specific regulations related to local corporate taxes.
  • If you are planning to set up business in Dubai to operate beyond the borders of the UAE, offshore company registration will be the right choice. This type of business setup offers confidentiality and privacy, while you can efficiently plan international taxation.
  • Offshore business registrations are suitable for holding companies carrying out investment activities or international trading. It offers both financial security and efficiency.

Different Types of Business Licenses for Company Registration in Dubai

While creating a company in Dubai, you can choose from different types of business licenses based on the nature of your commercial activities.
  • Trade license: Businesses engaged in trading activities in Dubai, like selling or buying goods, need a trade license.
  • Industrial license: A trade license is applicable to companies that produce or fabricate goods, or are engaged in manufacturing or industrial activities.
  • Professional license: Those engaged in service-oriented businesses in Dubai based on their skills or expertise, like artisan, professionals, and craftsman, should get a professional license.
Next, we will discuss the process of online company registration in Dubai for Indian citizens.

More than 15,000 new Indian companies registered in Dubai during FY 2022-23, reflecting a growing interest in business opportunities

Source: Dubai Chamber

How to Incorporate a Company in Dubai from India online: A Step-by-Step Guide

Now, let’s check out how to register a company in Dubai from India.

Define your commercial activity

While you consult experts to set up business in Dubai, clearly define your commercial activity. When you explain the activities you are going to carry out, they will help you identify the type of license required. The range of permits in Dubai includes, but is not limited to the following:
  • Commercial trade
  • Industrial
  • Consultancy services
  • Educational
  • Ecommerce
  • Offshore operations
  • Media
  • Freelancing
  • Manufacturing
  • Warehousing
During company registration in Dubai, it’s imperative to choose a proper license as it must match the activities of your business and fulfill the regulatory requirements of the UAE.

Choose the right business structure

While creating a company in Dubai from India, it’s crucial to choose the proper legal structure. We have already discussed the three main structures, which include mainland, free zones, and offshore companies. Here’s a detailed breakdown of the different types of business under each category.

Free Zone Companies

Type of Company Key Features Best Suited For
Free Zone Limited Liability Company (FZ LLC) Offers limited liability to shareholders, allows multiple owners, whether individuals or corporate entities Businesses with multiple shareholders (individuals or corporate)
Free Zone Company (FZ Co.) Similar to FZ LLC but subject to specific free zone regulations Businesses in specific free zones
Free Zone Establishment (FZE) Offers limited liability but for sole shareholders Single-owner businesses

Mainland Companies

Type of Company Key Features Best Suited For
Limited Liability Company (LLC) Provides limited liability, allows a wide range of business activities A popular choice for general business activities on the mainland
Sole Proprietorship Complete control for individual entrepreneurs but with personal liability for business debts Entrepreneurs preferring full control but accepting full liability
Civil Company Suitable for professional services like consulting, law, or accounting Professional partnerships (consulting, law, etc.)
Branch or Representative Office Allows foreign companies to set up for marketing and business activities with regulatory constraints Foreign companies looking to establish a presence in Dubai
Type of Company Key Features Best Suited For
Partnership Company Collaborative structure for two or more partners, sharing management and responsibilities Businesses with shared ownership and management
Public Joint Stock Company (PJSC) Designed for large ventures with the option of public share offerings and strict regulatory adherence Large enterprises seeking public investment
Private Joint Stock Company (PrJSC) Similar to PJSC, but for private share distribution; ideal for sizable private ventures Large private ventures

Offshore Companies

Type of Company Key Features Best Suited For
Offshore Foundation Non-shareholder entity used by non-profits or for asset management Non-profits, asset management entities
Offshore Trust Focuses on asset protection and beneficiary planning Asset protection and privacy-focused businesses
Limited Liability Company (Offshore LLC) Offers limited liability, generally exempt from local taxes, ideal for international businesses without physical presence in Dubai International businesses without physical presence
International Business Company (IBC) Exempt from local taxes and duties, suitable for international operations such as trading, investment, or holding company International trading, investment, or holding companies

Approximately 30% of the UAE's population (around 3.5 million) are Indians, fostering strong cultural and business ties

Source: IBEF

Register the Name of Your Business

Choose a name for your company as you set up business in Dubai. Check the availability of this name with the relevant Free Zone Authority or Dubai Economic Department (DED) to make sure it has not already been taken. Here are some guidelines to choose the ideal name for your business in Dubai.

  • Include the legal form abbreviation (LLC or FZ LLC).
  • Avoid offensive or inappropriate terms.
  • Ensure the name aligns with your business activities.
  • Do not use government names, logos, or symbols.
  • Choose a unique, unregistered name.
  • Obtain approval from the Department of Economic Development and Ministry of Economy.

Decide the Location

While creating a company in Dubai, you need to lease or rent a commercial space based on the needs of your organisation. Choose the mainland or a Free Zone following which you need to sign a Tenancy Contract, which typically remains valid for one year. Businesses must also obtain an Ejari Certificate and submit it to the issuing authority. The final license must include the address mentioned in your Tenancy Contract.

Additional documents may be required based on the type of premise you select. It can be an office in a commercial complex, a flexi-desk office, a standalone office, a retail space, or a warehouse.

Apply for Your Business License

Obtaining a business license is a crucial step during your company registration in Dubai. Businesses need this license to run their organization legally in Dubai. It involves several steps, as explained below.
  • Initial Approval: During the initial approval, the authorities confirm your business name, structure, and its activities.
  • Verifying documents: The authority will schedule a meeting to verify your documents like passports of shareholders or UBOs (Ultimate Beneficial Owners). Next, key documents like the Board Resolutions, Articles of Association (AOA), and Specimen Signature Forms need to be signed.
  • Obtain the Business License: Next, businesses can receive the necessary approvals and fulfill their payment obligations. The authorities will then issue relevant corporate documents, including the business license. Businesses involved in sectors like healthcare, travel, and tourism may need additional approvals from specific departments of the government.

Key Sectors Driving Dubai's Economic Growth in 2024

Key Sectors Growth Rate Contribution in GDP Contribution in GDP
Transportation and Storage 5.6% AED 15.4 billion This sector was one of the top performers, largely driven by increased air transport activity.
Financial and Insurance Activities 5.6% AED 15.1 billion Strong performance in credit and deposit balances supported this growth.
Information and Communications 3.9% AED 5.1 billion Continued advancements in technology and communication services bolstered this sector.
Accommodation and Food Services 3.8% AED 4.7 billion High hotel occupancy rates, averaging 83%, fueled growth in tourism-related services.
Real Estate 3.7% AED 8.4 billion The sector benefited from a notable increase in real estate sales, up by 22%.
Trade 3% AED 26.3 billion The wholesale and retail trade sector remained a major contributor to GDP, representing approximately 22.9% of the total economy.
Source: Economy Middle East

Things to Do After Creating A Company In Dubai

After obtaining your business license, consult experts for further assistance. This includes:

  • Arranging visas for employees and investors
  • Acquiring Emirates ID
  • Opening a bank account
  • Setting up your accounting or bookkeeping system
Reach out to the IMC Group for professional assistance and get this downloadable PDF guide for incorporating a company in Dubai from India.

Consult IMC Group for Creating a Company in Dubai

Ready to set up your business in Dubai? Don’t let the stringent norms and legal complexities derail your ambitious plans. With expert guidance from professionals, you can simplify the process of creating a company in Dubai. The IMC Group continues to be your trusted partner, offering holistic assistance for company registration in Dubai. From obtaining your trade license to registering your company and opening a bank account to arranging visas, these experts have you covered. The professionals also streamline operations with outsourced accounting and bookkeeping services. Entrust professionals on these crucial aspects and focus on growing your business, which matters the most.

Contact the IMC Group today to get personalized assistance regarding your company registration in Dubai.

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Amendment in Citizenship Law will Attract More Investment and Talent to The United Arab Emirates
  • Newsletter, U.A.E

Amendment in Citizenship Law will Attract More Investment and Talent to The United Arab Emirates (UAE)

The UAE announced on Saturday, January 30 2021 about the amendment of the country’s citizenship laws granting citizenship status to investors and expatriates for the first time, a move that could potentially benefit the UAE with more foreign investment and new business setup in Dubai. Additionally, the move will mean quality human capital for the country.

The Prime Minister of UAE, Sheikh Mohammed bin Rashid Al Maktoum, also the ruler of Dubai, said “the new measures were aimed at attracting skilled professionals and their families to help in the development of the emirates.”

“We adopted law amendments that allow granting the UAE citizenship to investors, specialized talents & professionals including scientists, doctors, engineers, artists, authors, and their families. The new directives aim to attract talents that contribute to our development journey,” he added.

The nomination and approval rights for qualifying the eligibility of such citizenship will lie with the UAE cabinet, local emiri or rulers’ courts, and executive councils of the seven emirates under clear criteria set for each category. The law will allow those qualified and provided with UAE passports to “keep their existing citizenship”, he added.

The changes to the law on nationality and passports, in effect, will allow expatriates to become dual citizens and for the first time in history for any of the Middle East nations. The UAE has also become one of the few countries in West Asia to grant citizenship to expatriates, who form a large chunk of the population in the region.

The UAE alone is home to millions of foreigners, one of the largest concentrations of expatriates in the Middle East and other parts of West Asia. It is believed that this citizenship amendment act along with the recent Abraham Accord and normalization of diplomatic and economic ties with Israel will witness increased FDI pouring into the UAE with many new Dubai company incorporation as well as many new businesses in other parts of the Emirates.

The categories that can qualify to acquire UAE nationality include.

  • Investors
  • Specialists
  • Families, spouses, and children
  • Doctors
  • Scientists
  • Artists
  • Inventors
  • Talents
  • Intellectuals


Granting of citizenship will be through nominations from the courts of rulers and crown princes, executive councils of the seven emirates, and the cabinet and will be based on nominations received from federal entities.

The UAE cabinet declared the changes in line with an order received from President Sheikh Khalifa bin Zayed Al Nahyan to attract and retain individuals with specialized skills and innovative minds.

The amendments laid down certain criteria and conditions to be fulfilled by each of the above categories before granting UAE citizenship.

Doctors and specialists must be specialized in a unique scientific discipline or any other scientific principles that are highly required in the UAE and have acknowledged scientific contributions, studies, and research of scientific value and practical experience of not less than 10 years, in addition to obtaining membership of a reputable organization in his/her field of specialization.

Scientists are required to be active researchers at a university, research center, or in the private sector, with practical experience of not less than 10 years. They should have contributions in their field, such as winning a prestigious award or securing substantial funding for research in the past 10 years. It is also mandatory to obtain a recommendation letter from any recognized scientific institution in the UAE.

Investors must own a property in the UAE

Inventors need to obtain one or more patents approved by the UAE’s ministry of economy or any reputable international body, in addition to a recommendation letter from the Economy Ministry.

Persons with creative talents, such as intellectuals and artists, should be pioneers in culture and arts and winners of one or more international awards. A recommendation letter from related government entities is mandatory as well.

If some expatriates qualify then before acquiring citizenship, the expatriates must swear an oath of allegiance, commit to abide by local laws, and inform authorities in case they acquire or lose any other citizenship.

UAE citizenship offers a range of benefits, including the right to establish or own commercial entities and properties, and any other benefits coming into effect from federal authorities.

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UAE-ADNEC and Expo Tel Aviv Sign Strategic Memorandum of Understanding (MOU) for Enhancing Business and Investment Opportunities
  • Newsletter, U.A.E

UAE-ADNEC and Expo Tel Aviv Sign Strategic Memorandum of Understanding (MOU) for Enhancing Business and Investment Opportunities

Abu Dhabi National Exhibitions Company (ADNEC) and Expo Tel Aviv, the leading exhibition center of Israel, enters into partnership to encourage and promote further collaboration and cooperation in the business of travel and tourism sector in the region. The MOU signed will help in identifying and capitalizing on the business opportunities for the Middle East’s business tourism sector and will facilitate new business setup in Abu Dhabi.

The Memorandum of Understanding (MoU) signed between the two leading exhibition centers will forge a relationship and enhance their respective new business pipelines and increase opportunities for collaboration at both venues as reported by the state news agency.

The MoU demonstrates the greater spirit of cooperation between the United Arab Emirates (UAE) and Israel. The agreement was signed at a virtual signing ceremony between Humaid Matar Al Dhaheri, Managing Director and Group CEO of ADNEC, and Tamir Dayan, CEO of Expo Tel Aviv.

Humaid Al Dhaheri in his comments about the agreement added, “Our relationship with Expo Tel Aviv will enable the wider growth of the business tourism sector in the UAE and wider region, which ADNEC consistently seeks to promote. This strategic partnership showcases ADNEC’s efforts in fostering intraregional cooperation and will offer new developments for the transfer of knowledge to local audiences. Through this partnership, we aim to foster innovation and business opportunities between our two nations.”

Al Dhaheri remarked, “Additionally, this partnership will continue to boost ADNEC’s leading status as a key destination for business tourism. Our efforts to identify opportunities for collaboration with a range of regional and global partners are ongoing, strengthening the Middle East’s and the world’s business tourism sector.”

Tamir Dayan of Expo Tel Aviv remarked, “The Abu Dhabi National Exhibitions Company and Expo Tel Aviv provide models for regional leadership in the business tourism sector. Our mutual expertise in the design, delivery, and execution of world-class events makes us natural partners. Israel and The Emirates will probably be the first countries in the world to be vaccinated against the coronavirus and lead the exhibitions industry forward and now through this MoU, we are aiming to foster our cooperation, providing further opportunities for the transfer of knowledge and expertise between our two entities. My colleagues and I look forward to working with our Emirati partners in identifying and capitalizing on new opportunities for the Middle East’s business tourism sector, and welcoming new visitors from the UAE and beyond in Tel Aviv.”

ADNEC is committed to encouraging and promoting regional collaboration in the business tourism and events sector in the region, which is evident from a range of agreements and partnerships that have been signed with other countries in the Middle East. The continued focus of ADNEC on encouraging and exploring the greater outreach opportunities with event organizers and associations in Israel at the backdrop of the historic signing of the Abraham Accords in 2020 will provide new opportunities for pan-regional collaboration and cooperation including Israeli foreign investments by encouraging business entities to explore how to start business in Abu Dhabi Global Market.

Municipally owned Expo Tel Aviv is the leading and foremost international convention center in Israel’s leading and center city of an economy, commerce, culture, and media. The center hosts approximately 400 events every year that include both local and international conventions and exhibitions, along with events, fairs, and shows. Founded in 1933, the Expo Tel Aviv International Convention Centre houses eight pavilions and 20 conference halls, 45,000 sqm of exhibition and conference space. A 400 room hotel is also currently being developed. Expo Tel Aviv attracts over 3 million visitors each year and also hosted and broadcasted the 2019 Eurovision Contest to 200 million viewers across the globe.

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How to start a business in Abu Dhabi Global Market (ADGM)
  • Article, U.A.E

How to start a business in Abu Dhabi Global Market (ADGM)

ADGM Background

Abu Dhabi Global Market is an award-winning international financial centre and free zone located on Al Maryah Island in the heart of Abu Dhabi. Its strategic location helps to serve the growing economies of the Middle East, Africa and Asia.

Since the time it came into operations in 2015, it has gained immense global recognition for its robust, progressive and responsive business-friendly ecosystem. Besides, it is an ideal location for businesses operating in the financial sector, particularly private banking, wealth management, insurance and asset management.

Some of the compelling reasons to consider setting up a company in ADGM are 0% corporate and personal tax, 100% company ownership, 100% repatriation of capital and profits, 100% import and export tax exemption and no currency restrictions.

Legal Framework of ADGM

The ADGM free zone is governed by its own rules and regulations and is controlled by three independent authorities – the Registration Authority, the Financial Services Regulatory Authority and the ADGM Courts.

ADGM came into existence in accordance with Federal Legislation and Abu Dhabi Legislation including Abu Dhabi Law No. 4 of 2013 with its own civil and commercial laws. The free zone offers a world-class legal system and regulatory regime.

Setting Up in ADGM

The four broad categories of businesses that can set up in ADGM are financial businesses, non-financial businesses, retail and Special Purpose Vehicles. Let us see each category in detail.

1. Financial Business

As an International Financial Centre, ADGM offers a conducive environment to financial businesses along with the geographical advantage of serving growing economies. Let us see, which type of companies can set-up under financial business.

Banking

  • Corporate and transaction banking
  • Private banking and wealth management
  • Investment banking
  • Money service business
  • Digital banking

Wealth and asset management

  • Investment management
  • Funds and fund management
  • Asset servicing
  • Virtual assets activities
  • Securities

Capital markets

  • Brokerage
  • Market infrastructure

FinTech

  • FinTech
  • RegLab

2. Non-Financial Business

Along with financial businesses, ADGM also provides a legal and operational platform for non-financial businesses. Let us see, which type of companies can set-up in ADGM under non-financial business.

Corporate

  • Corporate headquarters
  • Corporate treasury
  • Family offices and foundations
  • Professional services
  • Tech start-ups
  • Associations

3. Retail

ADGM also offers a dynamic environment for retail businesses. Some of the permitted retail activities in Al Maryah Island include wholesale and retail trade, manufacturing, transportation and storage, repair of motor vehicles and motorcycles, accommodation and food service activities, scientific and technical activities, information and communication, arts, entertainment and recreation and administrative support service activities, among others.

4. Special Purpose Vehicles (SPVs)

SPVs are passive holding companies that come into existence with an intention of isolating financial and legal risk by ring-fencing certain assets and liabilities. The SPV regime at ADGM

Procedure to Set-up in ADGM

If you are looking to set-up in ADGM, there are various options available for you. You can incorporate as a business limited by shares where you will need at least 2 directors, or you can open a branch of the company which is already established in the UAE or any other foreign country.

When you decide to set-up in ADGM, you will be required to fill up an online application form through ADGM online registry solutions. You can also opt to apply offline by paying some extra fees.

The ADGM registration process is as follows:
  • Before filling and submitting the business application form, you will be provided with a special business development team to discuss the requirements of your business.
  • After receiving the approval from the authorities, you need to fill up the online registration or incorporation form and submit the required documents mentioned in the form.
  • On receiving approval, you will be issued a commercial license within a week.
  • In order to proceed with the visa processing, you need to apply for a FAWRI account and Establishment Card.

    So, this was a brief process of setting up a business in ADGM. However, the specifics of the process largely depend on the kind of business you wish to carry on, type of license and so on. Therefore, it is advisable to consult an expert who can guide you through the entire process and ensure smooth and timely incorporation.

For any assistance related to business set up and allied services in ADGM free zone, you may get in touch with IMC Group.

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Dubai Startup Hub Launches Eight Sector-Specific Guides To Support New Entrepreneurs
  • Newsletter, U.A.E

Dubai Startup Hub Launches Eight Sector-Specific Guides To Support New Entrepreneurs

Established by Dubai Chamber in 2016, Dubai Startup Hub is the first initiative of its kind in the Middle East and North Africa region that emphasises public and private sector collaboration for promoting innovation and entrepreneurship as key economic drivers of Dubai and the UAE.

The initiative provides a multi-programme platform for global entrepreneurs to explore business opportunities in Dubai and enables them to benefit from a set of initiatives and services including Market Access Program, Emirati Development Program, Dubai Smartpreneur Competition, and the Co-Founder Dubai Program, among others.

Dubai Startup Hub initiative has launched eight guides to help startups in the UAE do business, as the Chamber concluded its fifth and final ‘Networking Series’.

Organised in cooperation with Virtuzone, the Series convened from mid-October to mid-December 2020 and focused on eight industrial sectors.

The key sectors identified include Fintech, Healthcare, Transportation, Education, F&B, Social Impact, Sustainability, and Travel, Tourism & Hospitality.

The fifth edition of Dubai Chamber’s Networking Series attracted more than 360 participants including 22 per cent Emirati entrepreneurs besides global startup owners desirous for new company formation in Dubai participating in the virtual event.

Natalia Sycheva, Senior Manager, special projects and Entrepreneurship in Dubai Chamber noted, “The guides are an innovative new tool to help promising startups in each of the target sectors,”

She also highlighted saying, “They form part of the Chamber’s plan to address the repercussions of the Covid-19 pandemic, where a significant chunk of our investments has been earmarked for knowledge-building and providing information for entrepreneurs and startups at this critical time.”

“The Dubai Startup Hub’s mandate is to support emerging companies and help them understand and navigate the procedures for establishing businesses in Dubai,” she explained.

“The initiative serves to facilitate the exchange of knowledge and lays solid foundations for partnership and cooperation, all to drive growth in the emirate’s startup scene. This ultimately boosts Dubai’s entrepreneurial ecosystem and strengthens its position as a global destination for new businesses,” she also added.

Entrepreneurs willing to know and learn more on the Dubai market can now make use of this industry guide to better equip themselves on the know-hows and can continuously receive sectoral updates for informed business decisions. This initiative will also equally benefit the business startup consultants in Dubai to discharge their responsibilities.

For Delivery, Logistics and Transport businesses, the key elements addressed are

  • Key market statistics e.g. Dubai’s 11th position as the world’s logistics-friendly country in the world, Dubai International airport as the world’s 6th busiest cargo traffic, its strategic location as the gateway to the Arab, African and Asian countries and its logistics market ranked first among the top 55 global logistics markets in logistics etc.
  • Dubai customs being the main regulatory body
  • Licensing and authorities
  • Incubators and accelerators
  • Important industry events and conferences
  • Choosing between various free zones and mainland options
  • Steps for starting a logistics business

For the Fintech Industry, the important aspects covered are

  • Key market statistics highlighting UAE as MENA’s largest fintech hub with 39 per cent yearly growth of fintech startups since 2012 and the 2nd largest outward remittance country in the world 44 billion remittance market size
  • Dubai Financial Services Authority (DFSA), Securities and Commodities Authority and Central Bank of Dubai as regulators
  • DIFC as the licensing authority
  • DIFC Fintech Hive as the prime accelerator
  • Industry events and conferences
  • Easy steps for a startup business and fundraising including crowd funding

 

For Healthcare business, the guide focuses on

  • Important market statistics e.g. healthcare sector accounting 3.6 per cent of UAE’s GDP with a total of 3397 healthcare facilities licensing between January to June 2020
  • Dubai Health Authority (DHA) as the regulatory authority
  • Dubai Future Accelerator (DFA) as the prime accelerator
  • Main Events and conferences
  • Dubai Department of Economic Development (DED), Dubai Healthcare City (DHCC) for health tech licensing and other information
  • Startup steps and financing guidance
  • For F&B startups, the guide highlights
  • Dubai F&B market is estimated to grow by 6.9 per cent YoY, UAE’s National Food Security Strategy 2051 stresses upon local domestic food processing for self-reliance, a tremendous surge in demand for packaged food etc.
  • Dubai Municipality as the sole controller of food safety and licensing through DED and Food watch platform
  • UAE Food and Beverage as the accelerator
  • Important events and conferences including Halal Expo, SIAL Middle East etc.
  • For Travel, Tourism and Hospitality business, the guide specifies
  • Key market statistics e.g. Dubai’s ranking as 4th most popular global tourist destination and 3rd in International tourism spending approximately AED 102.47 billion in 2019 etc.
  • Department of Tourism and Commerce Marketing ( DTCM) acts as the business regulator
  • INTELAK HUB and WAMDA as accelerators
  • Digital Travel MEA, Arab Medical Travel as important events


Similarly, for startups in sustainability and education businesses, all important and pertinent information is provided in the respective guides.

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100 Million Venture Debt Investment Fund Launched by Dubai-Israel Partnership
  • Newsletter, U.A.E

100 Million Venture Debt Investment Fund Launched by Dubai-Israel Partnership

Tel Aviv-based venture fund Liquid Capital and Dubai-based Vault Investments jointly announced agreeing and launch a joint Venture Debt Investment fund with more than $100 million based in Dubai. It shall deploy debt financing aiming for technology financing across the Middle East, North Africa, and Europe and benefitting from already used and available technologies by Liquidity Capital for its newly formed offices in Dubai.

This joint venture stands as the living testimony of recent diplomatic ties between the two countries as a result of the Abraham Accords easing and normalizing bilateral relations between Israel and the UAE. The two firms will benefit by using the existing technologies in the Middle East and explore opportunities for Middle Eastern startups and companies with growth potential and help them become competitive globally.

Debt financing as opposed to equity financing will fuel technology financing in the Middle East, North Africa and Europe, and will deploy technology already in use by Liquidity in its company’s Asia-Pacific and US investments. As part of the partnership, Liquidity Capital and Vault investment will engage in DMCC company formation, to more strategically locate investments in the region.

The joint venture stands as a significant step forward in the speedy diplomatic and economic relationships between Israel and the United Arab Emirates and at the backdrop of the recent peace agreements between those countries. Coming together, Liquidity Capital and Vault Investments will better explore and capitalize on the region’s growing and sound technological know-how including adequate available capital to unlock opportunities for business set up in Dubai for Middle Eastern startups and growth companies.

“The United Arab Emirates, the Gulf Cooperation Council countries and the Middle East as a whole are overflowing with technology,” remarked Sultan Ali Lootah of Vault Investments. “The partnership between Vault Investments and Liquidity Capital will create new growth in the region, and the facilities and services we provide will be a positive anchor for entrepreneurs. We believe that our partnership will provide success in the future through our combined leadership in Dubai,” he also added.

Ron Daniel, CEO and Founder of Liquidity Capital said, “Beyond the personal excitement by this first of its kind fund, and the wonderful relationship with Sultan Lootah of Vault Investments and his team, I strongly believe the new fund is a game-changer in both the availability of non-dilutive growth capital in the region and for the fast distribution of tech products from the Middle East and globally. The new climate in the region brings a lot of potentials to capture. Non-dilutive debt is an asset class now transforming successful companies into unicorns and Liquidity Capital is at the forefront of this by marrying technology and credit know-how.”

Avner Stepak, Controlling Shareholder at Meitav Dash and Chairman at Liquidity Capital noted “We are thrilled to cooperate with one of the most significant business groups of Dubai and incorporate an innovative fund that will help technology companies, mainly from our region, finance rapid growth, based on Liquidity’s great online underwriting technology. Sultan Lootah and his team will become great partners of ours and I strongly believe that this is just the beginning of several future joint businesses.”

Navas Ebin Muhammed, Partner at Vault Investments added, “We are very excited about this partnership with Liquidity Capital. Non-dilutive growth capital is the need of the hour and together we can play a significant role in helping companies that will redefine the collective future of humanity.”

Established in 2017, Liquidity Capital is a global fund manager providing growth capital through funds focused on the US, Asia and the Middle East. Mars Growth Capital, the Singapore based subsidiary of Liquidity Capital and its partner MUFG manage and administer the company’s South East Asia program. Liquidity’s newly-released proprietary platform, Liquidity Dynamics, is one of the most advanced, real-time predictive modelling SAAS platforms for investment professionals from Vault and many other companies.

Vault Investments was founded in 2012 and is considered to be one of Dubai’s most prominent investment companies engaged in investing in many companies besides offering investment advisory services to both private organizations and governments. A dynamic, diversified, innovative and cross-border approach towards investment helped Vault investments to exploit both innovation and technical and financial expertise of its team to evaluate potential opportunities.

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Want to Start a Business in Dubai: Dubai PRO Services Can Address All Your PRO Needs
  • Article, U.A.E

Want to Start a Business in Dubai: Dubai PRO Services Can Address All Your PRO Needs

Summary

Dubai is increasingly growing as one of the most attractive international business hubs due to the UAE government’s initiatives in economic policy reforms. Dubai has a competitive and diverse business environment with numerous opportunities. However, from a legal and administrative standpoint, there exists bureaucracy and stringent regulations for an entity willing for a business set up in Dubai.

PRO Services

Pro service providers are equipped with specialized knowledge and expertise in core business areas including law, marketing, accounting etc. They allow customers to focus and excel in fundamental business concerns, take responsibility for end business outcomes.

Dubai Pro services are mainly needed because company owners are not aware of all the applicable laws including labour contracts, residence Visa and other visa applications. Liasioning with different government departments for approvals also becomes an uphill task at times without dedicated internal resources for effectively dealing with government officials which is almost an everyday chore.

Services offered by Dubai PRO Services

The scope of Dubai PRO services normally includes

  • New Company and Branch setup
  • Resident and Employee visa
  • Labor and Immigration cards
  • Emirates ID card
  • Passport
  • Approval and renewal of Trade License
  • Regulatory approvals and NOCs
  • Notarization of legal documents
  • Annual License renewals, automatic status updates and timely reminders
  • Opening Corporate Bank Account

Benefits of outsourcing PRO Services in Dubai
1. Saves Money

PRO services often reduce the cost of document processing and clearing. It also eliminates the need for any internal PRO and administrative set up resulting in a drastic reduction in salary and other fixed costs.

2. Saves Time

Time is money and outsourcing of PRO services can help you save a lot of time. You can concentrate on the core areas of your business rather than standing in queues in various government offices.

3. Reduces Hassles

From picking up documents to handing them over to your offices are all done by PRO services on-time after necessary clearing from government offices and relieve you of your daily worries.

4. Provides Automated Reminders

PRO services keep all the records of your essential company documents and provide automated timely reminders for renewal requirements such as trade license and employee visa renewals.

5. Increases Business Efficiency and Growth

As the huge burden of judicial and government responsibilities are taken away, you can come up with innovative business strategies for future growth and expansion.

6. Improves Company Reputations and Goodwill

PROs act as company extensions in the Government departments improving public relations through their expertise, knowledge and professionalism and generate a positive longtime image in the government and amongst the business communities.

7. Protects from Fines and Penalties

Professional PRO services help companies remain updated with renewals and regulatory compliances e.g. government licenses, visas and registration policies. Businesses in Dubai can be subjected to heavy fines and penalties in case of failure to comply with UAEs rules and regulations.

8. Transparency

Every government fees and incidental spendings are supported by valid receipts and documents enhancing transparency and maintenance of cost.

Criteria for selection of your PRO Services in Dubai
1.  Awareness of Dubai business environment

As a business owner in Dubai, you need to know your competitors on how they are handling their PRO related issues. Your chosen PRO services should be well acquainted with similar businesses in Dubai and their modus of Operandi.

2. Adequate knowledge of the laws of the land

The PRO services in Dubai you choose need to be well-versed with the law of the land for ensuring appropriate business need identification for PRO services.

3. Proven Experience

Your chosen PRO services need to have the right and proven experience preferably with exposure to international laws and regulations.

4. Affordability

PRO services always come with a cost. Selecting the right option as per your affordability without sacrificing the service quality is always a must.

5. Referrals

Before hiring any pro services in Dubai, it is advisable to check from your peer companies, friends and other sources about their quality and cost of services.

6. Scope and terms of services

Critically reviewing all the clauses of the business agreement and clearly understanding the scope of services is important before signing the contract.

Summing up

Doing business in Dubai comes with lots of regulatory challenges and an experienced and expert PRO services can be your real support.

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Dubai Tax Residency Certificate: Everything You Need To Know
  • Article, U.A.E

Dubai Tax Residency Certificate: Everything You Need To Know

What is the Tax Residency Certificate?

A Tax Residency Certificate in Dubai sometimes called Tax Domicile Certificate (TDC) is issued by the Ministry of Finance (MOF), International Financial Relations and Organizations Department conferring eligibility to government entities, companies and individuals to benefit from the treaties of double taxation avoidance of the UAE with its other global counterparts.

If a person resides in the UAE for at least 180 days he can apply for the Dubai Residency Certificate. The non-residents cannot apply for this certificate.

Companies functioning in the UAE for at least past one year can apply for the certificate.

The eligible applicants on opening an account online on the MOF website system receive the Tax Residency Certificate in Dubai through email after making payments of necessary government fees.

Double Taxation Agreement(DTA)

Double Taxation Agreements (DTAs) are treaties reached between the UAE and other treaty countries for relieving double taxation of income earned in one country by a resident of the other country.

The United Arab Emirates first signed the Double Taxation Avoidance Agreement with France and since then, the Emirates, including Dubai, have signed 92 double taxation treaties with countries across the world.

Eligibility for a Tax Residency Certificate

To obtain a Tax Residency Certificate or Tax Domicile Certificate in the UAE, eligible government entities, legal persons and resident individuals can apply to the FTA from 14 November 2020. Mainland and Free Zone entities are also eligible to apply for the certificate. However, offshore companies may not be eligible to apply for TRC in the UAE since they do not have a physical presence in the country.

For individuals:

  • To qualify, individuals must have lived in the UAE for a minimum of 183 days within the applicable tax year.
  • Residency can be verified using an Emirates ID, a residence visa, and documented entry/exit stamps.

For businesses:

  • Entities must have been legally established in the UAE for at least one year to qualify for a DTA TRC.
  • A valid trade license, whether from the mainland or a free zone, is required.

Processing Time

The Tax Residency Certificate or Tax Domicile Certificate is generally issued within 3-5 days for individuals and 3-7 days for companies after the submission of a complete application.

Procedures for Dubai Tax Residency Certificate

The procedural steps involved in the tax residency certificate in Dubai are

  • Creating an online account in the system of the MOF
  • Filling up tax Residency application form
  • Attaching necessary documents in digital formats such as PDF or JPEG and applying with fees
  • Receiving email notification of successful verification of application and remaining payment advice
  • Making payment
  • Issuance of certificate and sending to the registered address by express courier

Goals of Tax Residency Certificate

  • This stimulates Dubai and the UAE’s economic growth
  • It helps individuals to avoid paying taxes in multiple countries
  • The process of international commerce and investment becomes more efficient with its implementation
  • This facilitates increased economic growth for all parties involved

The Validity of Tax Residency Certificate in Dubai

The validity of the tax residency certificate in Dubai is one year from the date of issue. Corporates and individuals can use the Tax Residency Certificate also known as Tax Domicile Certificate for one specific country at a time. Application for multiple certificates can also be made based on specific requirements.

Documents Required for Tax Residency Certificate in Dubai

For Companies

To apply for tax domicile certificates, the company must have exercised its activity in the UAE for at least one year:

Documents required for Companies to get a tax residency certificate in Dubai are

  1. A copy of the trade license and partners’ attachments
  2. A copy of MOA (Memorandum Of Association
  3. A copy of the company’s owners/partners/directors’ passports, IDs and permits of residence
  4. A certified copy of the audited financial accounts
  5. Validated Bank statement for 6 months
  6. A certified copy of the lease agreement
  7. The establishment contract certified by official authorities (if it is not a sole company)
  8. The organizational structure of the company ( if it is not a sole company)
For Individuals

To apply for a tax domicile certificate individuals must have been a resident in the UAE for at least 180 days. The certificate is not granted to non-residents.

The documents required for individual tax residency certificate in Dubai are

  1. A copy of Passport and Emirates ID
  2. Valid residence permit
  3. A certified copy of the (residential) lease agreement / Tenancy contract
  4. Bank statement for 6 months
  5. Salary certificate / Income certificate
  6. A report from the General Directorate of Residency and Foreigners Affairs mentioning the duration of the person’s stay in UAE (Minimum 180 days)
  7. Tax forms (if any) from the country where the certificate needs to be submitted
For Investors
The company license in addition to partners’ names should be attached including any previously mentioned documents.
For Housewives
The application should accompany a copy of Marriage Certificate plus a copy of passports and permits of residence for the married couple including the salary certificate and employment contract of the husband. Any other documents related to the husband and submitted previously must also be attached.

Fees for Tax Residency Certificate in Dubai

For Individuals

100 Dirhams plus 3 Dirhams, paid through e-Dirham Card for application submission and 2,000 Dirhams plus 3 Dirhams paid through e-Dirham Card for issuance of cards.

For Companies

For applying, 100 Dirhams plus 3 Dirhams paid through e-Dirham Card and for issuing the certificate, 10,000 Dirhams plus 3 Dirhams, paid through e-Dirham Card.

TRC for Treaty Purposes

  • Submission fee: AED 50
  • For commercial activities and tax registrants: AED 500
  • For non-tax-registered individuals: AED 1,000
  • For non-tax-registered legal entities: AED 1,750

TRC for Domestic Purposes

  • Submission fee: AED 50
  • For tax registrants and commercial activities: AED 500
  • For non-tax registrants’ natural persons: AED 1,000
  • For non-tax registrant legal entities: AED 1,750
Additional Charges
  • Commercial Activity Certificate: AED 500
  • Printed Certificates: An additional AED 250 for hard copies
  • For duplicate, damaged, or missing original certificates: A total of AED 103 (AED 100 + AED 3 for processing).
  • All fees must be paid using the e-Dirham Card
This streamlined format clarifies the application criteria, processing times, and fees associated with obtaining a Tax Residency Certificate in Dubai.

UAE Tax Residency Test

An individual is considered a tax resident of the UAE under the resolution if they meet any of the following criteria:
  1. The individual has physically resided in the UAE for at least 183 days within the last 12 months
  2. The person’s center of financial and personal interests is located in the UAE, or they satisfy another condition specified by the Ministry
  3. Over a 12-month period, the individual has been physically present in the UAE for at least 90 days and meets one of the following conditions:
    1. Is a UAE citizen or resident, or a GCC national
    2. Owns a permanent residence in the UAE
    3. Is employed or operates a business within the UAE

For legal entities, such as companies or establishments, the tax residency status under the Resolution is determined if the entity is:

  • Established, formed, or registered according to UAE law (this does not include branches of foreign legal entities).
  • Recognized as a tax resident under UAE tax law
The Federal Tax Authority (FTA) is responsible for implementing the new tax residency test and for issuing Tax Residency Certificates (TRCs) in accordance with these guidelines. It is important to note that the process and documentation requirements for obtaining a TRC may undergo significant modifications. For those seeking to understand the new statutory definition or to obtain a TRC, consulting with a leading tax adviser in the UAE is highly recommended.

Benefits of Tax Residency Certificate in Dubai

Investors in Dubai can considerably benefit from their access to the international market after company formation in Dubai. The benefits of being a Tax Resident in Dubai are many and include

Leverage Double Taxation (DTA) Avoidance

The UAE has established double taxation avoidance agreements (DTAAs) with numerous countries. By obtaining a Tax Residency Certificate (TRC), you can access the benefits of these agreements, preventing the same income from being taxed both in the UAE and your home country.

Enhance Import-Export Operations

A Tax Residency Certificate enables tax exemptions and additional benefits for your import and export activities, enhancing your business’s competitiveness and profitability.

Legal Validation

The Tax Residency Certificate acts as recognized proof of your tax residency in the UAE, useful for activities like opening bank accounts or meeting regulatory reporting requirements.

Boost Credibility and Transparency

Possessing a TRC affirms your adherence to UAE tax regulations, enhancing your business’s credibility and transparency with partners and potential investors.

Ease and strengthen cross border business relationship

The Tax Residency Certificate facilitates international business by enhancing cross-border relationships. It is available for both individuals and corporates, allowing each to obtain separate certificates.

Bottom Line

Effective tax planning with a multidisciplinary approach backed by strong business knowledge, accounting and finance structures and prevailing tax rules are must get the maximum benefits out of the tax residency certificate in Dubai. Considering this fact It is always prudent to outsource one of the best professional and experienced PRO services in Dubai for this purpose.

FAQs
Q1. What is the tax residency certificate in Dubai?
Tax Resident certificate (TRC), also known as Tax Domicile Certificate (TDC) is an official document issued by the Ministry of Finance of UAE to either a Company or an Individual with UAE residency visa / permanently residing in the UAE for a minimum of 180 Days.
Q2. What is the purpose of the tax residency certificate in Dubai?
The TRC offers tax advantages of the Double Taxation Avoidance Agreements (DTAA) signed by the UAE with more than 76 Countries in the World where foreign-sourced income is not subjected to double taxation.
Q3. What is the validity of TRC?
The certificate is valid for one year from the date of its issue.
Q4. Is the Tax Domicile certificate applicable for the UAE offshore companies?
No, the TRC alias TDC is not Applicable to Offshore Companies or International Business houses.
Q5. What are the requirements for the TRC?
Documents are required for Tax Residency Certificate and depend on the type of Application viz. a company or an individual.
Q6. What documents are required for companies?
The documents required are Valid company Trade License Copy, Passport Copies of shareholders & Manager Copies of Residence Visa, Shareholders’ and the Manager’s Emirates ID, Certified copy of the latest audited financial Statement and Audit Report, Latest and validated 6-month Company bank statement, Certified copy of Company lease agreement or Tenancy Contract and Tax forms, if any from the country of origin.
Q7. What documents are needed for individuals?
The documents required for individuals are Passport Copy, the UAE Residence Visa Copy, Emirates ID Copy, a certified copy of residential lease agreement or Tenancy Contract Copy, latest Salary certificate and validated last 6-months bank statement, a report from the General Directorate of Residency and Foreigners Affairs specifying the number of days the resident has been staying in the UAE, applicable tax forms from the country in which the TDC is to be submitted.
Q8. How long does it take to obtain a TRC in Dubai?

It usually takes 4 to 5 working days for pre-approval processing and 5 to 7 working days for the issuance of a tax residency certificate in Dubai once approval is made.

Q9. What happens if the tax Residency certificate in Dubai is lost or damaged?
For lost, damaged, or an extra copy of origin you have to pay 100 Dirhams for issuing a replacement of lost, damaged or copy of original certificate plus 3 Dirhams, paid through e-Dirham Card.
Q10. Do I need a residential address in Dubai?
Yes, a residential address in Dubai is mandatory.
Q11. Are foreign bank statements acceptable?
No, a UAE bank personal account is mandatory and should be held for a minimum of 6 months.
Q12. Can I get a backdated certificate?
Yes, you can get one provided there is documented evidence of holding a valid bank account, a residential address and staying in Dubai during that period.

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The UAE is All Set for USD 7 Billion Investments in India’s Food Sector Over the Next Three Years
  • Newsletter, U.A.E

The UAE is All Set for USD 7 Billion Investments in India’s Food Sector Over the Next Three Years

UAE business entities, coordinated by Dubai based Emaar group will invest up to USD billions in India’s food sector over the next three years as a part of the UAE-India food corridor project. The investment is planned for the mutual benefit of two nations with the core focus of UAE’s food security and company-formation–in–India.

UAE- India diplomatic ties date back to 1972 and have developed as a strategic partnership over the years. UAE is the third-largest trading partner of India with an annual trade volume of approximately USD 60 billion.

The National Strategy for Food Security was presented during UAE Government’s second annual meeting in November 2018 with its objectives focused on ‘facilitating the global food trade, diversifying food import sources identifying alternative supply schemes, and covering three to five sources for each major food category.’

In line with its National Food Security 2051, the UAE has a concrete and robust plan of investment in India for developing food security and in the sector including agricultural produce as well as logistics for storage and transport.

In a recently held two days of food conclave on 7th and 8th December 2020 between the two countries, UAE confirmed its investment of USD 7 billion in Food-Corridor.

Two UAE based companies, DP World and Dubai Multi Commodities Centre (DMCC) are already working on possible tie-ups with Indian companies and farmers. While DP World is exploring synergies for Integrated Supply chain solutions, DMCC with its agriculture trading platform “Agriota” will connect Indian farmers with the food companies in the UAE for promoting agriculture import from India.

The Emaar group, a real estate company in the UAE will invest USD 5 billion in setting up mega food parks, logistics and warehouse hubs, fruits and vegetable hubs in several Indian cities and USD 2 billion in contract farming, and sourcing of agricultural commodities and related infrastructures.

“Considering our strategic relationship, I strongly believe that this is an opportune time for UAE and India to escalate food security cooperation,” remarked Ahmed Al Banna, UAE’s Ambassador to India in a public briefing. UAE’s investment in eight food parks in Madhya Pradesh in India is a testimony to this statement. This project will benefit 2 crore Indian farmers and will create 20,000 new employments by establishing logistics and agriculture infrastructures. The food park projects are essentially planned to keep in mind the farmers from Punjab and Maharashtra, the two most fertile Indian states with excess agriculture produce.

UAE choosing India over other adjacent gulf countries as a food security partner doesn’t come without reasons. Firstly, India with its vast fertile land bank and geographic climate has tremendous potential in agriculture and becomes a food surplus nation. As per a report, approximately 30 per cent of agriculture produce goes waste due to shortages of appropriate storage and other logistics facilities. Agriculture export to the UAE will not only prevent this huge wastage but will also pave the path for additional income for Indian farmers who are currently demonstrating in Delhi for the Minimum Support Price (MSP). This will help alleviate Indian farmers’ monetary concerns and direct contact with the companies will free them from the clutches of middlemen.

Secondly, UAE’s climate is not conducive for agriculture and farming and partnering with India in its food security programme can bring its objectives to fruition. The long-standing diplomatic ties with UAE is thus a guiding factor in choosing India as its reliable partner.

Thirdly, UAE is one of the biggest trading partners of India and there are already regular trades in oil and petroleum. India presently imports approximately 8 per cent of its oil requirements from UAE.

Last but not the least, this investment will help promote the UAE’s logistics and services sectors and lower food prices from India can hugely benefit UAE economically.

It is worth noting that a Minister from the Punjab government, Rana Gurmeet Singh Sodhi, invited UAE investors to set up food processing industries in the state who can benefit from a reliable and steady source of crops and can avail efficient logistics support through a company–formation–in–Delhi.

With increasing business and FDI policy reforms, India is becoming an attractive business destination for foreign investors easing the incorporation steps–for–companies-in–India. The recently launched production linked incentive scheme will also make India lucrative to foreign companies. Even the presently introduced more lenient insolvency and bankruptcy act will help foreign investment flow in India.

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