Establishing Company in UAE

         It is the dream of every entrepreneur to establish and flourish their business and generate profit. This is the basic wish of anyone who is into business line. Establishing business as such is not an easy procedure, especially when it is abroad. Huge populations of Indians reside in Middle-East. United Arab Emirates (UAE) is a federation of seven Emirates. Though UAE does not provide NRI’s with citizenship, they are given the right to stay for long years. Incorporating business in UAE is  favorable for entrepreneurs as it stimulates growth in short time at the same time there are procedures, which should be dealt with utmost care else you may step into trouble.

Think, Consult, Plan and then Implement!

      “Look Before You Leap”. Never act without considering possible consequences on your way before you set up a business in any part of the world. UAE Company formation has its own cons and pros, which should be handled properly.

    Company formation in United Arab Emirates is controlled and coordinated by Department of Economic Development and Dubai Chamber of Commerce & Industry. For starting any kind of business you must apply and obtain a license mentioning the purpose from concerned departments. Trade, Professional and Engineering Licenses are the major kind of licenses issued. We must meet the eligibilities like experience, qualification, capital, business nature etc to get the license. One should get clearance from Concerned Municipality, Ministry of Finance & Industry, Department of Economic Development, Industrial Register at the Ministry of Finance & Industry and also organize the factory site for your business. Once you are ready with all these legal formalities, you must seek help from financial consultancies or financial advisors in order to manage your ideas and capital in an effective manner.

UAE Company formation in a nutshell.

• ·        Execute your ideas.
  ·       Thoroughly study the business you tend to start.
  ·       Analyze the scope and place of it in both local and world market.
  ·       Know the level of competition and be prepared.
  ·       Apply for  needed licenses.
  ·       Adopt pertinent legal structure for your business.
  ·       Correlate with concerned authorities and get approval.
  ·       Find an appropriate place for starting your business.
  ·       Gather the basic things such as raw materials, labors, visas etc.
  ·       Set up personal requirements as per need.
   

Offshore Company Formation

         Prime focus of offshore company is to promote international business and avail beneficial tax regulations. Offshore company regulates higher yields and returns. Offshore companies are mainly used for trading, investment, ship management, holding, financing etc. UAE offshore incorporation helps you to run business in the Middle East in the most profitable way. For offshore incorporation in UAE, you need services for operating business, hire local employees, sign agreements, rent office space, sell goods and company services, draft contracts and offer investments, taxation and banking assistance.

Dubai Free Zones

       There are around 20 entrenched free zones in Dubai. Free zones are also known as trade zones. Main purpose of these zones is to promote International business establishments providing better options for entrepreneurs.

Free Zone Company Benefits:

• ·       100% foreign takeover
• ·       100% recovery of profit and investment
• ·       Collective and personal income tax exemption
• ·       No restriction on currencies
• ·       Abundant supply of energy
• ·       Excellent support and services from local authorities

Handle your keys to safer hands

       Though the procedures seem easy for UAE company formation, it really isn’t. We must seek the help of an approved consultancy especially when you are a beginner because they know the rules much better. Make sure you are into safer hands and never get swindled by unauthorized consultancies. Topmost advisory firms in UAE like Morison Menon Group is one among the trust worthy and well known consultancies. They provide with one-stop solutions for their clients. They provide multi-services like Investment & Incorporation Services, Assurance Services, Financial & Business Advisory, Performance & Risk Advisory, IT Consulting & IT Products, Property Consulting, and Compliance & Consulting Services for companies in Dubai. Morison group is spread over Dubai,  Abu Dhabi, Sharjah, Jabel Ali, and Ras Al Khaimah.

Company Formation in Abu Dhabi

      Abu Dhabi is the largest and wealthiest of the seven Emirates in UAE. Company Formation in Abu Dhabi is a perfect way to gain profit without paying local corporation tax. Company Formation in Abu Dhabi needs no capital requirements. It is experiencing rapid growth, hair-raising diversification and vital liberalization of the economy. UAE is one among the best place in globe to initiate business and come out with flying colors.

Competition exists in all fields and the basic fact is only “THE FITTEST SURVIVE”. Fly high and conquer the sky!! 

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Morison Menon Middle East Headquarters Inauguration

                 The new office of Morison Menon was inaugurated on September 15^th, 2014 jointly by His Excellency Mr. Sami Al Qamzi, Director General of the Department of Economic Development and His Excellency T.P. Seetharam- Ambassador of India to Dubai. Also present at the event were several distinguished personalities from the business world. The group’s Managing Partner and Chairman Mr.Raju Menon and the CEO Mr. Khalid Shams watched proudly as the who’s who of the Dubai corporate and business world admired the elegant and plush office.

              After nearly two decades since entering the professional advisory field, Morison Menon moved their office to the prestigious Lake Central Tower, Business Bay on Al Abraj Street. Within a short period of existence, the group has emerged as one of the leading Accounting and Professional Advisory firms in not just Dubai, but in the whole of UAE. With dedicated offices in the UAE and other Gulf countries, and expert team of professionals to serve the needs of the business community, the Morison Menon group has proved their mettle in this field.

         The services offered by Morison Menon include Chartered Accountant services, Audit & Assurance, Business Consulting, Property Consultancy, IT Consultancy, and Offshore company formation assistance. 

 

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Benefits of offshore company formation in Dubai and UAE

                          Registering an offshore company is among the most prevalent methods of managing businesses in today’s world. The reasons for this are many. The countries that encourage businesses to set up offshore companies are usually tax havens, and the regulations with regards to operations and other aspects of running the business are not as strict as in other places. Setting up a Dubaioffshore company is very easy and convenient for both Asian and European businesses, thanks to its central location. Businesses from around the world also prefer setting up a UAE offshorecompany as among the gulf countries, it is cosmopolitan and liberal both socially and business wise. The UAE is an independent territory and is white listed, and there are Double Taxation Avoidance Agreements in place between the UAE and over 40 other countries.                  One may think that setting up an offshore company involves more expenditure but nothing could be further from the truth. UAE offshore companies, particularly Dubai offshore companies result in huge savings for businesses. Let us see how this is possible:

·          Cost of setting up companies in the UAE are much lesser than in other parts of the world·         Companies can be set up with just a small amount as capital
·          It is possible to set up a company with just a single Director and/or shareholder·           The UAE permits 100% foreign ownership
·           The company need not have a UAE national as a sponsor or shareholder
·            Business can be carried out with total privacy and anonymity
·             A public register of company officers is not maintained in the UAE
·            It is possible for the company to own property in localities approved by the administration
·           It is permissible to have multicurrency accounts
·           No corporate or income taxes are levied on the company
·             Restrictions on foreign currency are practically non-existent
·           The profits as well as the capital can be fully repatriated to the home country.
·            Overheads are negligible as there is no necessity of maintaining an onshore office. Hence                    staffing  and related costs are nearly zero.
·           The company can be liquidated at any time
·           Renewal charges are very low

               So from these above points it is very clear that setting up a Dubai offshore company helps businesses save money, time and effort. The management can streamline operations and focus on the core business.  However it should be borne in mind that to establish a UAE offshore company, it is necessary to apply for and obtain certain licences. There are various licences that the company may need depending on whether it is a free zone company or an off shore company, whether it intends to do any actual business there, and so on.
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First Audit & Accounting Firm in UAE to be Awarded Superbrands Status

  Morison Menon - the first Audit ,  Accounting , Management & Business Consulting firm in the UAE to be awarded Superbrands status. Morison Menon received the Superbrands status at the Superbrands Tribute Event held on June 18 at the Inter Continental, Dubai Festival City. The award was presented to Morison Menon by the Superbrands Council in the UAE, an offshoot of the Superbrands Organization, an independent brand arbiter, which comprises Councils throughout the World. The UAE Council consists of Senior Executives from top Companies in the UAE.

      Commenting on the achievement Raju Menon, Chairman and Group Managing Partner of Morison Menon group said 'We are delighted to be awarded 'Superbrands' status and I thank the Council members and associates for voting for Morison Menon. This award is a well-deserved endorsement of the relationship we have with our clients, stakeholders and employees and our commitment to the UAE for the last two decades'. Sudhir Kumar, Partner & Head-Corporate Communications of Morison Menon Group said 'Awarded as a Superbrand on our 20th year in UAE truly shows Morison Menon as a home grown brand with all the international expertise and the trust that we have in the business landscape in UAE'.       

                Mike English, Director of Superbrands Middle East giving the award to Raju Menon, Chairman and Managing Partner, Morison Menon and Sudhir Kumar, Partner & Head-Corporate Communications, Morison Menon.

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Emirates and its varying business conspiracies

Economy of UAE has been in the amendment stage from 2009, as a result of global economic downturn. One of the key sectors affected was the real estate, even though the overall business was in a better position. Keeping real estate within norms, legislation was made active. This was done before the amendments. Real Estate Regulatory Authority has been set up to prior to the amendments, but the tapering itself was not executed recently.

It is to be noted that there is an indirect advantage occurred to the economy from the recession. Living in Dubai for the middle class and lower middle class is really a burden at the time of boom, as the cost of living was so expensive. During the boom, business men shifted their key activities to real estate. Their core businesses were in suffers, as the margins were lowered. Nobody can deny the infrastructure and amenities in Dubai that positively favors the business.

Government has established SME in Dubai in promoting SMEs to hatch up their business, as 98% of businesses are SMEs. UAE is known as a trading hub, but soon it will become the business hub in addition to the same. Human resource efficiency is really high in UAE, so, developing into an industrial hub will not be a dream come true to UAE economy. Dubai SME supports people of UAE as well as the expatriates in developing a business.

All the foremost banks in Dubai have dedicated divisions for SMEs in Dubai. But it really important to make sure that all the documentations should be with the shareholders when they need to set up business here. UAE levies only 5% of import tax and that too is excused in many areas, which means, you can focus only on your business and its improvement. It is really an easy task to start a business in UAE. Business men who wish to develop their business globally can locate a hub either in Dubai or elsewhere in UAE.

Al Gharbia – pave ways to sustainable growth

Al Gharbia, located at Abu Dhabi covers 60,000 sq.kl, i.e. the 71% of the total land mass of UAE. Al Gharbia is home to seven major cities namely, the Madinat, Zayed, Ruwais, Ghayathi, Liwa, Mirfa and Sila. Madinat Zayed is the administrative centre of region, which is named after His Highness late Sheikh Zayed Bin Sultan Al Nahyan. Al Gharbia is located close to the borders of Saudi Arabia and Qatar.  It is home to the world’s peak sand dunes and natural shores that extend along 350 kilometers. It is Al Gharbia that hosts the rarest wildlife in UAE.

It conserves the values of traditional Arabian lifestyle and civilization, while succeeding in incorporating into contemporary opulence and other facilities. It offers luxury hotels and resorts neglecting the sea, thus turning it into a perfect tourist’s destination for visitors round the globe. During the past couple of years, Al Gharbia has noticed the establishment both the Western Region Development Council (WRDC) and an independent Western Region Municipality, as a result of the direct momentum offered by the Crown Prince His Highness Sheikh Mohammed Bin Zayed Al Nahyan.

One of the key significance of Al Gharbia is that, it possesses the largest refineries and oil fields and reserves in UAE. It is also home to advanced agricultural activity, which is supported by the rich farms in the country. Al Gharbia offers over AED 115 billion to the Emirate’s yearly GDP. It is notable for its varied agriculture and animal husbandry, which ranges from dates and vegetables fabrication to goat, sheep and camel farming.

Presently, Al Gharbia is being developed to be the most perfect investment destination and has become a novel economic center that attracts investors round the globe. Government has plans to improve its infrastructure. A new railway project has been approved by the Government that connects the seven emirates. The proposed railway line will start from the coast and run all the way through the borders of Saudi Arabia, which is in the city of Sila. This new project will facilitates access to Al Gharbia making it more open. At the same time, this kind of investment will help the region in building economy by increasing prospects and efficiency, thereby achieving growth and prosperity as a whole. 

KIZAD; the Global Industrial Zone for Low Cost Operations

KIZAD, the Khalifa Industrial Zone Abu Dhabi  is one of the world’s biggest industrial zones, which was revealed to the potential investors during November 2010. KIZAD offers industries with novel ways of conducting their business. It also offers unparalleled prospects for them to grow in their core business sector. This mega project is a division of Abu Dhabi Ports Company, the ADPC, which spans over an area of 417 square kilometers. This proves to be a crucial part for Abu Dhabi Government’s Economic Vision.  Abu Dhabi Economic Vision intends in diversifying its economy away from dependence and oil that adds 15% of Abu Dhabi’s non-oil GDP by 2030.

It is clear that KIZAD stands unique for a wide array of motives, apart from its size, which is really two-thirds that of Singapore. Besides that, KIZAD have extraordinary access to world market. It offers a low cost operating environment to the global business. Moreover, it offers Free Zone and Non-Free Zone option for companies. KIZAD also provide potential leaseholders with classy transport infrastructure and a matchless connecting network via air, sea and road. Businesses will get profited from the low cost power, gas and water utilities along with zero custom duties.

Planning and association of KIZAD is designed in such a way that it adds value to each and every stage of the supply chain by increasing productivity. KIZAD provides business efficiency of scale, immediacy and market admittance. It will present all necessary information with regard to the business establishment and will facilitate the relationship with the Government and Licensing Authorities in ensuring processing approvals. KIZAD has started on to showcase its unique features to the world through the partaking of conferences and demonstrations.  

A few of the conferences and Exhibitions that KIZAD has played a part were International Cargo & Logistics Conference in Malaysia and also the Hannover Messe Exhibition held at Germany. This Industrial Zone is guaranteed to attract local and global firms. It is expected that, around 60-80% of the total goods produced in this zone is exported to major nations. The well known Industrial Zone is well set to play a vital role in Abu Dhabi Economy by 2030, by giving way for foreign direct investment. It is likely to set novel standard for industrial zone infrastructure, operations and environment. KIZAD will also establish global business best practice for strengthening aggressive benefits of Abu Dhabi.