Below a comprehensive list of Business Councils, provided by Dubai Chamber of Commerce and Industry. Dubai Chamber of Commerce and Industry (www.dubaichamber.com/who-we-are/about-dubai-chamber) was established in 1965. It’s a non-profit public organization whose mission is to represent, support and protect the interests of the business community in Dubai. It does so by creating a favorable environment; … More List of Business Councils published by Dubai Chamber of Commerce and Industry
This week I attended Dubai Investment Week, under the Patronage His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and in the presence of the Deputy Ruler of Dubai, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. The mood was very upbeat ! Foreign direct investment (FDI) flows … More Dubai FDI: a great source of information and support for foreign businesses looking to invest in Dubai
Dubai’s status as a global hub continues to strengthen. Knight Frank published a great overview this year that anyone who is considering Dubai as a base may find very helpful. Dubai the hub report 2018
Yesterday I met with one of the Partner at Knight Frank in Dubai and asked him what he thought would be the best place to set up for an import / export business. Attached a map which highlights the key industrial areas throughout Dubai and provides indicative values of the associated areas, alongside information on … More Dubai – best place to set up an import / export business
This week I met with a representative of the Dispute Resolution Authority in Dubai and would like to share with you helpful information about DIFC Courts and the DIFC-LCIA Arbitration Centre, as well as the respective opt-in clauses. Please see below for the links to the respective websites, as well as – in particular – … More Information about DRA (including the Courts and the DIFC-LCIA Arbitration Center) and useful clauses to include in contracts
I visited Jebel Ali Free Zone last week with one of my Clients from Europe and was impressed. Jafza was first launched in 1985 and covers over 57 square km. It contributes to over 20% of Dubai’s GDP. The freezone is connected to Jebel Ali Port and custom bounded with Al Maktoum International Airport. Jafza offers … More JAFZA Jebel Ali Free Zone (Dubai, UAE)
The value-added tax (VAT), which came into effect from January 1, 2018, in UAE, is a consumption based tax which will be applicable at each stage of the ‘supply chain’. That means, any UAE business making a taxable supply of goods and services will have to pay VAT on that supply. The UAE VAT is based on the same concept as followed by the other countries which use this tax system, however, the standard rate of VAT is fixed at 5% for all taxable supplies in UAE.
As per the VAT rules and regulations, some basic services (and goods) like food, public transport, and some healthcare services are exempt from the VAT, while some other services will be taxed at zero percent. You can find out more about VAT-exempt and non-exempt supplies on http://www.thevatuae.com. The VAT shall be levied at each stage of the supply chain, but there is a concept of input credit through which businesses can claim their taxes back from the government, and the ultimate VAT cost is borne by the end consumers. … More The Introduction of VAT in the UAE
Deloitte has published useful research notes on the 5% VAT that will be introduced in the UAE in 2018. Deloitte is among the region’s leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with more than 3,000 partners, directors and staff. It is a Tier 1 … More The UAE Government is planning to introduce VAT on 1 January 2018.
Morgan Lewis published a very helpful article exploring the rules governing marketing in the UAE of interests in foreign (non-UAE) funds, and in particular the various exemptions from the general requirement that such foreign funds be registered with the Securities and Commodities Authority of the UAE and marketed in the UAE by locally licensed placement agents. Conclusions of the article: … More Regime for Marketing Foreign Funds in the UAE
21/04/2017 –Today at the OECD Headquarters in Paris, His Excellency Muadid Hareb Mughair Al-Khaili, Ambassador of the United Arab Emirates to France, signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in the presence of the OECD Deputy Secretary-General, Rintaro Tamaki. The Convention’s impact grows with each new signatory; it also serves as the … More The United Arab Emirates become the 109th jurisdiction to join the most powerful multilateral treaty against offshore tax evasion and avoidance