Documents required for Company Formation DWC Dubai

The DWC free zone also includes Al Maktum International Airport, which once completed will have the capability to handle 12 million tons of annual cargo capacity and 160 million passengers. This makes DWC free zone an extraordinary multimodal project that supports a number of activities in aviation, logistics, commercial, residential, exhibition, humanitarian and leisure-related businesses.

company formation in dubai

DWC free zone company formation is the demand of most of entrepreneur. DWC free zone is a strategic enterprise of the Government of Dubai that is set to be biggest and a leading global trade, aviation and business hub. DWC free zone is an extension of Dubai’s legacy as a connection point between the East and the West. It is recognized as one of the most ambitious and unique projects of its kind in the world and it cover the 140-square kilometre area next to Jebel Ali Sea Port.

 

Registering a business in DWC has numerous benefits for companies such as 100% foreign ownership, tax emption along with being a part of history as Dubai World Central aims to become a global logistics hub. Nam Accountants has streamlined the processes for our clients setting up in DWC and deliver timely managed solutions.

 

The Business Centre, which is right at the entrance of DWC, gives businesses the opportunity to establish in a large hub. The infrastructure has been designed with a view to facilitate business operations.

 

Business Incentives:

No Capital requirement

100% Foreign ownership

100% Tax Free environment

No corporate tax

 

Documents required for Company Formation in DWC Dubai

To establish a DWC free zone company, the following documents must be submitted to the DWD free zone authority:

 

* A completed form – registration & licensing application (Dubai world central)

 

* Clear and valid passport copies (preferably in color) of any individual listed as a shareholder, director, general manager and company secretary in the application form.

 

* A certified copy (true copy) of the certificate of incorporation, valid certificate of good standing or valid trade license if it is a corporate shareholder.

 

* If the person handling the application and signing the declaration at the end of the registration & licensing application form is not named as a shareholder, director, general manager or company secretary in the application, then a notarized power of attorney or signed board resolution (if the shareholder is a corporate entity) will be required from each shareholder, confirming that the person handling the application is properly authorized to act on behalf of the shareholders.

 

* 2 copies of the memorandum of association and the articles of association of the DWC free zone company, bearing the name of the company to be incorporated and signed by all shareholders, noting their names, addresses and respective shareholding.

 

* Last but not the least, the applicable fee.

 

For more information on registering a DWC company please contact our specialist business advisers at info@namaccountants.com & + 97150 9683237 who will provide complete assistance.

 

 

Audit firms in Dubai,Indian CA Firms in Dubai

Indian ca firms in Dubai

Chartered accountant designation is worldwide, and it refers to professional accountants who are qualified to take on a number of specific activities within the spectrum of accountancy. Such tasks include auditing financial statements, filing of corporate tax returns and financial advising. While the name is seen around the globe, in the United States, the equivalent position is known as a certified public accountant, or CPA. The professional body that governs this group of accounting workers goes back to 1854 where it was founded in Britain. There are now several associations that act as governing and accrediting bodies for these professionals, such as the Canadian Institute of Chartered Accountants and the Institute of Chartered Accountants in England and Wales.

 

Roles of Chartered Accountants in Business

 

A competent professional accountant in business is an invaluable asset to the company. These individuals employ an inquiring mind to their work founded on the basis of their knowledge of the company’s financials. Using their skills and intimate understanding of the company and the environment in which it operates, professional accountants in business ask challenging questions. Their training in accounting enables them to adopt a pragmatic and objective approach to solving issues. This is a valuable asset to management, particularly in small and medium enterprises where the professional accountants are often the only professionally qualified members of staff.

 

Accountancy professionals in business assist with corporate strategy, provide advice and help businesses to reduce costs, improve their top line and mitigate risks. As board directors, professional accountants in business represent the interest of the owners of the company (i.e., shareholders in a public company). Their roles ordinarily include: governing the organization (such as, approving annual budgets and accounting to the stakeholders for the company’s performance); appointing the chief executive; and determining management’s compensation. As chief financial officers, professional accountants have oversight over all matters relating to the company’s financial health. This includes creating and driving the strategic direction of the business to analysing, creating and communicating financial information. As internal auditors, professional accountants provide independent assurance to management that the organization’s risk management, governance and internal control processes are operating effectively. They also offer advice on areas for enhancements. In the public sector, professional accountants in government shape fiscal policies that had far-reaching impacts on the lives of many. Accountants in academia are tasked with the important role of imparting the knowledge, skills and ethical underpinnings of the profession to the next generation.

 

Comprehensive Internal Audit Consulting to Help You Manage Risks

Nam Accountant is an established accounting and VAT consultancy firm based in the city of Dubai. We offer tailored financial assistance solutions and internal audit consulting services that empower companies to grow and overcome corporate challenges towards achieving their business goals.

How Does an LLC Business Pay Taxes?

Taxes can be confusing and complicated at the best of times. The fact of the matter is that most business owners or directors are not tax experts. They have other valuable skills that have allowed them to create a successful business.

On the surface, an LLC is much like any other business. Business owners have clients to whom they provide services. However, the structure of an LLC can vary based on the number of people involved in the organization, the tax needs of the organization and its partners, as well as the jurisdiction the LLC is operating in.

Feeling a little confused already? When talking about LLCs and taxes, it’s easy to feel overwhelmed at first. Luckily, much like any other business, a little bit of research can go a long way when it comes to filing taxes.

This article will help shed some light on LLC business taxes, clear away the confusion that can arise come tax time, and tackle the myths that always seem to pop up any time taxes become the topic of discussion. By the end, LLC business taxes won’t feel nearly as complicated or daunting as before.

What Are LLC Business Taxes?

LLC taxes are treated much like personal income rather than separate business taxes as taxes would be treated with a corporation. This can make tax filing much more simple for business owners who want the protection of a limited liability without the complicated processes that accompany incorporating a business.

In many cases, an LLC is referred to as a passthrough business. This is a simple way of describing how profits and losses are managed within an LLC. The financial considerations of the business are passed through to the members of the organization who then file their taxes personally as they would normally.

While that is a simple way of describing LLC business taxes, the finer details can change based on the specific type of LLC in question. Each type of LLC will have slightly different rules on how taxes must be handled.

Single Member LLC

As the name suggests, this is an LLC with a single member. For tax purposes, this type of LLC is treated much like a sole proprietorship would be treated. The LLC business is managed by the sole owner with the main difference being that an LLC offers limited liability while a sole proprietorship does not.

For business owners that have been operating for some time, the question often arises about when to incorporate or form an LLC. Forming an LLC is a much more popular option as it is less costly and time consuming. In addition, the member can continue managing their business and taxes in the same way they were previously.

Tax deductions for business purposes can be claimed on personal income to help reduce the tax burden of the member that oversees the day-to-day operations of the LLC.

General Partnership LLC

This is the second most common type of LLC chosen by business owners. A general partnership LLC would be the appropriate type of LLC if there is more than one person with an interest in the business.

When registering as an LLC, different members are named, and they can be given different percentages of ownership in the business. The interest does not always necessarily have to be split equally between all members. This slight nuance, however, can affect tax obligations in a big way.

For a very simple LLC where two members have equal interest, the profits and losses can easily be split among members and there is little question about who is responsible for what. Things become slightly more complicated when multiple members are involved with varying levels of interest in the business.

For example, a 5-person LLC could see 1 member hold 60% interest with the remaining 4 members holding 10% each. When profits and losses are distributed accordingly, the members could have different tax obligations from one another.

Despite this one complication, filing taxes as a member of a general partnership LLC can still be much simpler than filing separate returns for corporate taxes as well as personal taxes on dividends earned.

Family Limited Partnership LLC

This type of LLC is very similar to a general partnership LLC but, as the name suggests, all members are from the same family. Family members can hold property within the LLC, designate members to control the property, and change membership as-needed.

For all intents and purposes, a family limited partnership should be treated much like a general partnership LLC should be treated. This is a less common form of LLC as it is increasingly less common for families to see the need to group assets into a business entity.

Series LLC

This is a much less common form of LLC as it is only available in a handful of states including Iowa, Nevada, Illinois, Utah, Texas, Oklahoma, and Tennessee. The structure of these LLCs is similar to other LLCs with one major notable change. In a Series LLC, there are smaller cells within the parent LLC and debts or obligations can be assigned to each individual cell.

As a result, collectors can only pursue individual cells for the debts they are owed. This can help to protect parent LLCs from debt obligations held by other cells. It does not, however, change the tax responsibilities for the members of the LLC.

LLC Business Taxes are Personal Taxes

 

If this article could be boiled down to one line, it would be the header above. People unnecessarily complicate the concepts of LLCs and the tax responsibilities associated. This is often a result of confusion with corporations.

It’s important to remember than an LLC is a passthrough business and any earnings made by the business will be passed along to members of the LLC based on their ownership interest in the business. Once the profits have been passed along, individual members are responsible for incomes taxes as they would if they were simply operating as a sole proprietorship or partnership that had not yet registered as an LLC.

Business tax deductions are claimed on the personal tax returns which also makes taxes a little simpler for individuals that are filing. In a partnership situation, business expenses would be claimed based on a percentage of the interest that each member had in the LLC and its associated expenses. This may complicate things slightly, but good tracking of expenses and solid communication should overcome any obstacles.

Sometimes LLC Taxes Are Not Personal…

Just when everything looked nice and clear, this section pops up. While basic LLC taxes can be relatively simple as far as business taxes go, there is another wrinkle that may be added to the entire situation.

An LLC may, if the members wish, apply to be taxed as a corporation. There are some tax advantages to doing this if the members are high income individuals and the corporate tax rate is determined to be a more beneficial way to manage taxes. These LLCs are known as S Corporations.

This is not the most common way to pay taxes as an LLC, but it is important to understand as it can radically change how the LLC and its members are taxed.

Don’t Forget the State and Local Taxes

Finally, it’s important to remember state taxes when filing. This is where LLC business taxes can vary from state to state.

The good news is that most states use the IRS definition of an LLC and, as such, the business is treated as a pass through business meaning members are individually responsible for taxes. However, some states do take on their own definitions of how an LLC should pay business taxes and people in those states should be aware of their unique requirements.

These rules can regularly change as state governments change. For example, Florida doesn’t charge a separate business tax for LLCs that are sole member LLCs. However, partnership LLCs and S Corporations must pay business taxes.

New York City applies an additional tax to LLCs but, otherwise, the income taxes are treated the same way as in the federal tax system.

These are just a couple examples of how LLC taxes may vary from jurisdiction to jurisdiction. Being aware of the local or state rules regarding LLCs can help business owners make a more informed decision when deciding whether or not to register as an LLC.

Which Businesses Should Register as an LLC?

Unfortunately, there is no simple way to determine in a blog if a business should register as an LLC or not.

This is a decision that may offer a lot of benefits without introducing new tax complications which makes it an attractive solution for many business owners.

However, there may be situations where choosing to incorporate makes more sense, despite the additional tax complications this may introduce.

It is advised that business owners consider all of their options and look beyond just tax responsibilities before making a final decision. If needed, it may be wise to consult with a tax professional that can help lay out all of the pros and cons as they relate to local, state, and federal tax responsibilities.

LLC Company Formation Dubai

LLC Company Formation in Dubai

Along with low taxes and a thriving business environment, Dubai’s straightforward company formation process is a major reason why so many international entrepreneurs flock to do business here.

The business license application process is both fast and affordable and there are many great benefits to doing business in this part of the world. As well as a favourable tax environment – on both personal and corporate incomes – the UAE also boasts a strategic global location and a thriving community of business savvy entrepreneurs.

If this sounds appealing, there are a few things you need to know before you start your business here. For one, you need to be aware of the different company types that can be formed in Dubai. The most common, and the one that we’ll cover here in detail, is the LLC.

 

In short, an LLC is a company that benefits from an entirely separate legal identity to its owners. It is an independent entity established in the UAE mainland that can be owned by one or more shareholders. There are many benefits to forming a mainland LLC including direct access to the UAE marketplace and low start-up and running costs.

 

If this sounds appealing, below is everything you need to know about   LLC company formation in Dubai.

 

LLC company formation: a wealth of opportunity

 

One of the biggest benefits of forming an LLC in Dubai is that you can establish your business anywhere across the mainland. While you are required to lease official business premises when forming an LLC, it is entirely up to you where you do this. Perhaps your business needs a prestigious address? Or maybe a warehouse near the airport would be more suitable? The choice is yours.

 

With an LLC mainland set up, you’re also completely free to trade directly with the local UAE market. Mainland LLCs are also able to carry out government work, which is a rather lucrative business here in the UAE.

 

LLC company formation cost

 

Contrary to popular belief setting up an LLC in Dubai is not usually any more expensive than establishing a business in a free zone.

 

There are several costs involved – fees for the license itself along with setup fees. There is also a fee payable to secure a local sponsor. In all, you should expect the cost of forming an LLC in Dubai to be in the region of AED 50,000. There is then a fee payable every year to renew your business license.

 

A simple, straightforward setup

 

Setting up an LLC in Dubai is not just affordable, the process is incredibly straightforward too.

 

To get started, you simply need to register with Dubai’s Department of Economic Development (DED). This is an incredibly simple process that usually only takes around an hour and a half. As with all applications in the UAE, it’s advisable to work with a company formation expert during this process to ensure everything is completed and filed correctly.

 

You have the choice of forming your LLC alone or with a business partner or partners. An LLC can be established with up to 50 shareholders which can be companies or individuals.

 

Flexible company formation

 

Another major benefit of forming an LLC is greater flexibility.

 

When forming an LLC in Dubai you are free to choose from any of the 2,000-plus business activities as set out by the DED. These include everything from potato trading to business consultancy. It is even possible to combine multiple activities under a single business license.

 

LLCs are also incredibly flexible when it comes to expanding. As you are free to set up anywhere in the mainland, you are also free to move and expand as your business does. You have the option of applying for more and more visas as your business grows too.

 

There is no maximum cap on visas, but generally speaking, it is possible to apply for one employee visa per 100 sq.ft. of space. There is some leniency to this rule if you are operating a business with many remote workers.

 

The process for sponsoring dependants for their visas is just as straightforward. As the owner of a UAE LLC, you’ll also qualify for an investor visa. This allows you to sponsor the visa applications of your spouse, any dependant children or family members and any domestic staff. Again, as with applying for your business license, it is a good idea to work with a company formation expert at this stage to ensure your application runs smoothly.

 

LLC company formation in Dubai

 

Once you’re familiar with the formalities and the benefits of establishing an LLC, the next step is to understand what’s involved in setting one up. There are several key steps to this process.

 

Step one: Choosing an activity

The first thing to do when setting up a business in Dubai is to decide on the business activity or activities you wish to undertake. While there are thousands to choose from, it is vital that you pick the ones that best suit your business. Carrying out activities not listed on your license can lead to regulatory difficulties and even fines. A company formation expert with a knowledge of UAE license types and activities can work with you at this stage to advise on the best ones to suit your needs.

 

Step two: Choosing a name

A difficult task anywhere in the world but here in the UAE, it comes with a few extra complications. Some of the UAE’s business naming conventions are simple common sense (no offensive or blasphemous language) while others may take a little working around. For example, if you wish to name your business after yourself, you can only do so if you include both your first and last name. You must also avoid reference to known organisations (such as ‘CIA’ or ‘church’). Finally, and most importantly, you must check that your chosen name is available to be registered.

 

Step three: Finding a sponsor

Previously when setting up in the mainland, foreign entrepreneurs would have to work with a local sponsor who would hold a 51 percent stake in the company. However, this is no longer the case. Foreign ownership of mainland companies is now permitted in most sectors. There are, however, some exceptions. These include banking and finance, water and electricity provision, telecoms, pilgrimage services, printing and publishing, and medical retail.

 

Step four: Applying for your license

With most of the vital admin out of the way, you are free to apply for your business license. To make your application you will need to provide the DED with a number of documents including your passport and visa copies and shareholder information. The whole process takes around three weeks. With your license in hand, you can apply for visas for you, your employees and your dependants.

 

That’s all there is to it. A simple yet hugely important four-step process. Working with a company formation expert here can help you to avoid any delays in your application and ensure your UAE LLC is up and running in no time.

Nam Associates Group is a cross-border advisory firm focusing on providing financial consultancy and advisory services . We  can assist you in registering and securing ongoing compliance by advising you on the changes as per the DIFC regime and helping you with the incorporation of a company as per new law. For further information, you can visit http://www.namaccountants.com/

or

email at Info@namaccountants.com

 

 

New DIFC Law Set to Help Small Private Companies in UAE

http://www.namaccountants.com/company-formation/llc-company-dubai-uae.html

Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has enacted changes to the Dubai International Financial Centre (DIFC) authority’s legal and regulatory framework.

The newly enacted laws, which update the DIFC’s companies and property regimes, as well as the overall operating environment for entities based in the centre, aim to ensure that the DIFC remains the most sophisticated and business-friendly common law jurisdiction in the region.

The new law will now follow a public and private company regime after substantial research, consultation and global benchmarking to allow maximum flexibility, especially for small private companies.  In addition, it will provide appropriate levels of oversight for complex corporate arrangements, such as those associated with listed entities, mergers, schemes of arrangement and debt restructurings.

The changes to the companies law are accompanied by a complete revamp of the Centre’s companies and operating regulations to facilitate ease of doing business, whilst complying with the latest requirements of the Financial Action Task Force and the Organisation for Economic Co-operation and Development on transparency of beneficial ownership and anti-money laundering requirements.

The changes to the Real Property Law and Strata Title Law implement an updated property regime that ensures better protection for owners and mortgage holders of DIFC properties, and also introduces an off-plan register and escrow requirements for developers.      Essa Kazim, chairman of DIFC Authority Board of Directors and Governor of the DIFC, said: “A robust and comprehensive legal framework is one of the foundations of a major financial hub, such as the DIFC, as it ensures businesses and investors can operate easily and with confidence. We continue to develop and adapt our legislative system, in line with international best practices, reinforcing our position as one of the world’s top financial centres.”

He added: “In addition to elevating transparency standards and protecting purchasers and investors, the changes will continue to enhance our business environment and reduce barriers to entry, while increasing the cost-efficiency and flexibility of small businesses, which constitute an increasing number of companies operating within the DIFC.”

The new law replaced the former Companies Law and its operating regulations. We will glance through the key changes under the Companies Law and Regulations and Operating Law and Regulations.

 

Key Changes to the Former Companies Regime

  • Key changes in the Companies Law and Regulations
  • The new law has abolished limited liability companies and has introduced a new classification of public and private companies. The private and public company regime will now allow maximum flexibility, especially for small private companies. With the introduction of the new law, private companies limited by shares (Ltd.) can have up to 50 shareholders and public companies limited by shares (Plc.) can have any number of shareholders. Moreover, there will be a distinct set of requirements for both of them.
  • A public company must operate with at least two directors and a company secretary whereas a private company is not required to appoint a company secretary and can operate with just one director.
  • The new law will further expand directors’ duties for DIFC companies. They are expected to disclose any interest in a transaction that is entered into or is proposed to be entered into by the company that conflicts or may conflict with the interests of the company. Furthermore, directors are required to act honestly, lawfully and in good faith keeping the best interest of the company.
  • Another change is, a public company is required to have a minimum of USD 1,00,000 capital, of which at least 25% must be paid up. However, a private company is not required to have a minimum share capital.
  • The new law also introduced a statutory pre-emption right for existing shareholders of the companies to guard against undue dilution of their existing rights.
  • The new law has enacted a new schedule of administrative fines that the Registrar of Companies can impose on a company.
  • As per the new law, companies are not required to notify ROC about the initial allotment of shares. Notification is required only in case of subsequent allotments.
  • The law further provides new provisions for ‘whistle-blower’ protection.
  • The law also enhanced the company accounting and auditing requirements.
  • Key changes in the Operating Law and Regulations
  • The new law provides a detailed framework for the role of the Registrar of Companies. ROC’s role will now include supervision and monitoring of the DIFC law and ensuring that the companies operating within DIFC are complying with the law.
  • The new law further enhanced the licensing regime by providing a detailed framework concerning the licenses issued by the Registrar of Companies and their types. The new licensing regime will enable companies to conduct more business within DIFC or from DIFC. The new law requires companies to file a confirmation statement in case of license renewal.
  • The law has strengthened the powers of the Registrar relating to inspection and investigations.
  • The law also provides an extension of the ROC’s enforcement powers.

 

What are the objectives of the legislative changes?

The legislative changes are aimed at providing flexibility to the companies operating in the DIFC. The law further aims to enhance the business environment and reduce entry barriers in the DIFC. Moreover, it will increase the cost-efficiency and flexibility of small businesses, which constitutes a major portion operating within the DIFC.

 

How can we help you?

Nam Accountants Group is a cross-border advisory firm focusing on providing financial consultancy and advisory services . We  can assist you in registering and securing ongoing compliance by advising you on the changes as per the DIFC regime and helping you with the incorporation of a company as per new law. For further information, you can visit http://www.namaccountants.com/

or

email at Info@namaccountants.com

These UAE residents can get long-term visa

These UAE residents can get long-term visa

The decision aims to maintain the position of the UAE as a country having optimal business environment.

 The UAE Cabinet on Saturday approved the recently announced long-term visa system, which includes 10-year residency visa for investors and specialists and five-year visa for exceptional students.

The decision of the Cabinet will facilitate visas for investors, entrepreneurs, specialized talents, researchers – including their spouses and children – and create an encouraging environment for the growth of business for investors, entrepreneurs and professional talents.

The decision includes the terms and conditions for obtaining long-term visas for all the above-mentioned categories as well as outstanding students to attract talents in all vital sectors of the national economy. The visa benefits for the family ensures a cohesive social structure that will create a stimulating environment for stability and growth. Here are the categories and specifications”

These UAE residents can get long-term visa

1. INVESTORS (10-year visa)

Two categories of investors benefit from this, and the decision includes provisions to grant them the visas.

Investors in a property of a value of Dh 5 million or more will be granted a residence for five years, while investors in public investments through a deposit, an established company, business partnership of Dh10 million or more, or a total investment of not less than Dh10 million in all areas mentioned as long as non-real estate investments [ not less than 60 per cent of the total investment[ will be granted a renewable residency visa every 10 years.

The Cabinet decision outlines the following conditions for both categories:

>The amount invested shall be wholly owned by the investor and not loaned, and should be proven by supporting documents

>Investment retention for at least three years

>A standard financial liability with a financial solvency not exceeding Dh10 million

> The long-term visa could also be extended to include business partners, provided that each partner contributes Dh10 million, the spouse and the children, as well as one executive director and one advisor.

However, the decision allows investors to enter the country for a six-month period, multiple entry, to apply for the long-term visa requirements.

2. OUTSTANDING STUDENTS

The decision also includes provisions for granting a 5-year visa to outstanding students with a grade of at least 95 per cent in public secondary schools in public and private schools, and a distinction of at least 3.75 GPA upon graduation from universities within and outside the country. Benefits include families of the outstanding students.

3. ENTREPRENEURS

Entrepreneurs will be granted a 5-year visa with a possibility for upgrading to an investor’s visa provided they meet the requirements. The decision also includes the terms to grant long-term visa to two categories of entrepreneurs; having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country.

The benefits of the entrepreneurial visa include entrepreneurs, partners, three executive directors, spouse and children. The entrepreneur is allowed entry into the country for six months, multi-entry visa period, with renewal for another six months.

4 SPECIALISED TALENTS (10-year visa)

The decision also includes provisions for granting a 10-year visa for specialised talents and researchers in the fields of science and knowledge for doctors, specialists, scientists, inventors. As well as creative individuals in the field of culture and art. The visa’s advantages include the spouse and the children.

All categories are required to have a valid employment contract in a specialised in fields of priority for the UAE, and the conditions for each category are defined as follows:

>Scientists:

– To be accredited by the Emirates Scientists Council

– Holders of the Mohammed Bin Rashid Medal for Scientific Excellence.

>Creative individuals in culture and art

– Accredited by the Ministry of Culture and Knowledge Development

>Inventors

– Obtain a patent of value added to UAE’s economy with the approval of the Ministry of Economy

>Exceptional Talents:

– Those who have exceptional talents that are documented by patents or scientific research published in world-class journals

>Executives:

– Owners of leading, well-known and internationally recognised companies

– Holders of high academic achievement, professional experience, and position (Example, an engineer in a rare specialty with a university degree and working in a private company in the UAE). The inclusion of this category aims at maintaining current competencies and attract new competencies

Criterion for doctors and specialists

Requires at least 2 of the conditions mentioned below:

1. Holder of a PhD degree from one of the top 500 universities in the world

2. Holder of an award or certificates of appreciation for the work in the applicant’s jurisdiction

3. Contribution to a major scientific research related to the work of the applicant

4. Published articles or scientific books in distinguished publications in the field of work of the applicant

5. Membership in an organisation related to the work of the applicant, which requires excellent work to accept membership

6. A PhD degree in addition to 10-year professional experience in the applicant’s field of work.

7. Specialisation in areas of priority to the UAE (additional requirement for the doctor)

DUBAI EXPO 2020- A WINDOW OF OPPORTUNITY

DUBAI EXPO 2020- A WINDOW OF OPPORTUNITYDubai is getting set to play host to the world between 20 October 2020 and 21 April 2021. These dates mark the start and end of the Dubai Expo 2020 – an extravagant event that will serve as a confluence of ideas and expected to be attended by 25 to 30 million people from around the globe 70% of which will be innovators and investors from over 180 countries.

What is Expo?

It is a global destination for millions of people to share ideas, showcase innovation, encourage collaboration and celebrate human ingenuity. They are organised every five years and last for six months.

The first World Expo was held in 1851 at London’s Crystal Palace and was known as The Great Exhibition of the Works of Industry of All Nations. It displayed about 100,00 objects showcasing the inventions from the industrial revolution.That was called the Great Exhibition of London and showcased the innovations and inventions of the industrial revolution.

The Dubai Expo 2020 is organised by BIE (Bureau International des Expositions), a global intergovernmental organisation in charge of overseeing and regulating World Expos, since 1931.

 

The Expo 202o offers a unique opportunity for those considering company setup in Dubai. This is the first expo that will be hosted by the Middle East, North Africa and South Asia and the infrastructure added by it is predicted to add 1.5% to Dubai’s GDP over a 6 year timel

Opportunities Everywhere

Many global economic experts predict that nearly three hundred thousand new jobs will be created in Dubai by the time the Expo opens up for the world, with 90% of the jobs being created from 2018 to 2020. This simply means a massive increase business opportunities in Dubai in the following sectors:

➔ Skilled and unskilled labour – The Expo is expected to have a cascading effect on the job market, and human resource business opportunities on all sectors are expected to rise in tandem.

➔ Real estate – The massive influx of people into Dubai is expected to cause an exponential boom for the established names in the construction business. The massive demand is also expected to pave the way for many new entrants in this sector.

➔ Services – Service field businesses such as travel agents, legal advisors, and law firms such as legal consultants for company formation in Dubai as well as medical practitioners and hospitals will continue to be in demand.

There might not be a better time to start planning for business setup in Dubai than just before the Expo 2020.

 

The Boom During The Expo

Some of the businesses expected to have improved opportunities during the Expo are:

★ Printing and packaging – The Expo is expected to place an increased demand on supplementary businesses like the printing and packaging industry resulting in phenomenal growth during the Expo period.

★ Media and advertising – All kinds of advertising and media operations will see a massive boom during the Expo.

★ Hospitality – The unparalleled number of visitors will fuel a tremendous growth in the hospitality industry.

★ Travel Agency – The high number of foreign visitors will provide a massive opportunity for the travel agents of UAE.

 

The Expo 2020 is also expected to act as spur for the tourism industry. The many Small and Medium Enterprises (SMEs) in Information Technology can use this as an opportunity to popularise an idea they have or a bring in a new application that could potentially lead to its mass adoption. Artists and designers will be able to showcase their collection to a very diverse market. Freelancers like writers, software developers, gamers will be able to find new collaborations. Expo 2020 will generate at least a million jobs indirectly.

 

The Boom After The Expo

 

Long after the Expo is over it will continue to feed Dubai’s economy, several new projects commissioned during the Expo will find completion and those sectors that will continue to receive the results:

  • Human resource services – Many cutting edge companies and enterprises visiting Dubai will choose to stay back and initiate their business operations in UAE. This opens an opportunity in the Human Resource Sector to supply the required resources for these industries.
  • Construction – The large scale infrastructure projects will provide a spike in Dubai’s construction sector as well as create additional metros, roads, power plants and lead to the reclaiming of land for development.
  • Energy & Water – The demand for energy and water will increase rapidly due to the increased business opportunities.

 

With the theme of “Connecting Minds, Creating The Future” Dubai Expo 2020 pays homage to the strategic location of Dubai as the ideal connector between East and West. Dubai Expo fosters an ideal environment for entrepreneurs all around the world to collaborate and come up with new ideas to make the world a better place.

 

International companies looking to set up a business in Dubai ahead of 2020 are urged to seek assistance from a local company formation expert with relevant knowledge and experience of company formation in Dubai and its many Free Zones. Make the most of this chance and start your company in Dubai to become a part of the success story of the Expo.

 

Get in touch with  an established business setup consultant in Dubai who can help you obtain requisite permits and permissions for any venture you are interested in launching in Dubai. Most well-known agencies provide company setup in Dubai mainland as wellnes.

For more details  visit:                                                                                                                          http://www.namaccountants.com/company-formation.html                                                                                                  or                                                                                                                                 contact  : +971-558876440

 

Strategic Business Plan

A determined entrepreneur must have a concrete business plan. With it, an entrepreneur knows the potential challenges in the business and providing effective business solutions. And, whenever you struggle in running your business, there is an overall direction and plan in place to follow or refer back.For startups, it is always helpful to have a company formation expert with relevant experience in strategic business planning working alongside you. They can help start your business on a positive note by recommending the most appropriate jurisdiction.

So read on. And, know the benefits of getting a formation agency with the knowledge in effective strategic plans.

 We can suggest you the best offshore registration suitable for your business and can also help you through all the legal complications that can occur in the offshore registration process.

A strategic business plan is essential for offshore company startups. Know the benefits getting a company formation agent with strategic planning skills.

Why Consult a Company Formation Agent for a Strategic Business Plan

Strategic planning can be an effective process in putting a new company abroad. Before registering a business offshore, make sure you also have better business solutions to help you in managing your company.

Always bear in mind that besides foreign companies, it is also important to consider local businesses. So, by tapping on a reliable formation specialist, you can come up with an effective business strategy. This will enable your business to outshine your competitors once you start business activities.

Now, how can you find an agent to help you create an effective strategic plan for your offshore business? Well, this guide will help you choose the right expert for your business needs.

Choosing a Company Formation Agent for Startup Business Plan Solutions

A reliable formation agency is not the only expert in registering a company. They also have the skills to provide effective business solutions, especially for offshore business startups.

Here are the top three qualities of a formation specialist that startups should look out:

Professional Knowledge and Expertise

This is the best quality of a company formation expert. They are fully aware of the local laws of the land. They know the trend and business condition of a particular jurisdiction. So, that makes them a perfect candidate to become a consultant for strategic business plan solutions.

Facilitation Skills

Since they have the knowledge and expertise in the laws and governing policies, they can easily guide you the different process of setting up a company abroad. Thus, a formation expert can immediately identify an issue and provides quick solutions.

Experience

Company formation agents have gone through the same experience as yours. Their actual experiences and interaction with the locals have honed them to become a specialist in helping entrepreneurs set up a new company. What’s more, they can easily help you find the right individuals for your corporate needs.

Get Offshoring Right With A Trusted Formation Agency

Clearly, starting a new business abroad is not all about earning more profits outside your location. It is also about providing the right product and/or service of a certain jurisdiction.

It may sound cliché. But, it would be ideal to have a strategic plan first before putting up an offshore company. So, tap on to the most trusted formation agency today.

 

Steps to Claim Tax Refund Scheme

Complete Steps to Claim Tax Refund Scheme Under UAE VAT

 

 

With the introduction of Value Added TaxVAT in the UAE, among all other schemes Tax Refund Scheme for Tourists has been the most awaited one.  UAE has been a destination for millions of tourists especially Dubai, which is one of the Emirates of the UAE well known for its Tourist Attraction, Business Hubs, Luxury Shopping and its ultramodern architecture.

 

When will VAT refund scheme for tourists be applicable in the UAE?

 

The Federal Tax Authority – FTA  has declared that Tax Refund Scheme for tourists will be initiated from November 2018. In this scheme, tourists will be able to avail for the VAT refund if they shop from retailers who are registered for Tax Refund Scheme under tax refund scheme for tourists.

 

When can retailers register for VAT Refund Scheme for tourists?

 

Retailers registered for VAT under FTA  can start registering for Tax Refund Scheme for tourists from 10th September 2018. Briefing from the FTA related to the above will be held in Abu Dhabi on September 11th, 2018 and subsequently in Dubai.

 

What are the conditions to avail VAT Refund Scheme for Tourist?

 

  • Goods should be bought by the tourist in the UAE.
  • Tourist visiting the UAE must exit UAE within 90 days from the date of shopping along with the items bought.
  • In order to get the VAT Refund, tourists should be sure only to buy from registered businesses for tourist refund scheme in the UAE.                          FTA will lay down the procedures to be followed to avail VAT refund to the tourists.

Where can tourists avail refund of the VAT they paid for their shopping?

The tourist can refund the tax they paid for their shopping only from the outlets and point of sales which are registered under the Tax Refund Scheme for tourists.

 

There will be designated places where the tourists will be able to avail their VAT refund scheme through an electronic system. A digital machine will be able to determine the taxes that are eligible for refund and then the tourists shall be paid accordingly.

 

What are the steps to avail Tourist Refund Scheme?

 

Step No. 1 – To get the Tax-free tag

Once you are finished with your shopping, a “tax-free tag” will be attached to your payment receipt. This “tax free tag” is very important as it will help you further to avail Tourist Refund Scheme with a minimum purchase of AED 250/-. This “tax free tag” is valid for Tourist Refund Scheme for a period of 90 days from the date of purchase. Once your “tax free tag” is validated you will receive 85% of the VAT with less AED 4.80/- deducted for admin fee.

 

Step No. 2 – Validation

It is important to note that validation is mandatory in order to avail Tourist Refund Scheme. For this purpose, you will be required to provide your passport / boarding pass and additional checks will be carried out to ensure everything is carried out in the right way. The validation can be done in 3 major airports of UAE until 16th December 2018 which is Dubai International Airport, Abu Dhabi and Sharjah airport.  Later, validation points for Tourist Refund Scheme will be available in 9 other locations in different emirates.

 

Step No. 3 – Methods of refund

There are two types of refund in which you can avail Tourist Refund Scheme, i.e., by cash or credit. There will be assistance provided by planet  tax free staff in order to get your refunds availed by Tourist Refund Scheme. No one apart from the owner can avail the refund.

 

Nam Accountants houses a wide range of TAX Services for all businesses in the UAE . The Tax Team in Nam  Accountants engages professionals with relevant experience in Taxation hailing from different ends of the globe.

For more details  visit:                                                                                                                      http://www.namaccountants.com/vat-consultant-in-dubai.html                                                                                                                      or                                                                                                                                 contact  : +971-558876440

 

DAFZA slashes business set-up cost

The move is in line with the directives of the UAE leadership to improve competitiveness.

Dubai Airport Free zone Authority (DAFZA) has reduced business set-up cost by up to 65 per cent, as part of its aim to increase DAFZA’s regional competitiveness and activate a number of key sectors by attracting foreign direct investment (FDI).

Dr. Mohammed Al Zarooni, director general, DAFZA, said: “This new approach falls in line with the directions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to boost Dubai’s economic competitiveness. This is being done through a number of initiatives and incentives that aim to attract and promote FDI into the Emirate, ensuring sustainable growth across all economic sectors and strengthening Dubai’s status on the world economic stage.”

Reduced business costs

DAFZA has revisited and reduced registration, licence, and staff visa fees for new investors by 65 per cent, 33 per cent, and 20 per cent, respectively. Establishment card issuance fees have been cut by 17 per cent, while fees for Board Resolution and MOA issuance have been waived.

The new incentives include facilitating the process of obtaining general trading licenses for new investors by halving the capital requirement from Dh1 million to Dh500,000. DAFZA has also allowed its member companies to be structured as a Limited Liability Free Zone Company (FZ-LLC), in a bid to provide more flexibility in business setup, licensing and operation.

In addition, DAFZA has waived licence expiry fines in an effort to relax the terms of license renewal. Allowing the restoration of legal records and licenses, the decision will help investors renew their expired license without paying any late renewal fines. This reflects DAFZA’s constant support for the growth of business sectors and its commitment to remove all the obstacles faced by them in order to develop the economy and create a competitive, investment-friendly business environment.

For more details  visit:                                                                                                                                                               http://www.namaccountants.com/                                                                                      or                                                                                                                                                      contact  : +971-558876440