Creative Zone, the Dubai based business advisory firm and Capital Club Dubai recently organised the first in-person UAE-Israel business roundtable conference to advance and speed up the dialogue between businesses of the two countries, as they look at opportunities created by the Abraham Accords.

Leading the roundtable talk were the distinguished panellists; Henrique Cymerman, President of Israel-GCC Chamber of Commerce and renowned international journalist for the Middle East, Gilad Carni Founder & CEO, UAE Israel Innovation Office, and James Khoury, Co-Founder & CEO, NEWME GCC & Israel Business Consultants and the session was moderated by Lorenzo Jooris, CEO, Creative Zone. 

The conference was described as a historic moment by many, as it was the first time the Israeli and UAE delegates, entrepreneurs, and business owners came together under one roof to network, understand the deep-rooted business dynamics of both countries’ and form long-term relationships. 

“The agreement between Israel and the UAE will bring positive changes not only between the two countries but will improve the symmetry between Israel and the Arab world altogether. With exchanges taking place in defence, intelligence, commerce, educational operations, technology and culture, the sky is the limit,” said Henrique. 

In practical terms, enabling Israeli based companies to establish themselves in the UAE or team up on a joint venture basis (whether contractual or corporate) is a boon for both Israeli businesses looking to expand into the Gulf region and UAE entities seeking to grow their trading networks. 

The UAE is the region’s trade, transport, and financial hub, and one of the world’s leading commercial centres. Israel, the ‘Startup Nation’, is an undisputed leader in technology and innovation, with the most per capita startups, R&D spending, tech unicorns, and the source of many of the world’s key enabling technologies. With direct flights and improved connection between the nations, the trade between Israel and the UAE is expected to reach $4 billion, complementing this will be the 1.25 million tourists that will flow between the two nations. 

“We are extremely excited with the future prospects as we will finally be able to share our products and services with the UAE, creating more opportunities for both countries. The highly advanced and deep technologies that we are producing are not only for the local consumption but are created for international markets, and we are thrilled to have the UAE as our partners in progress”, quoted Gilad Carni.

“We wanted to provide an opportunity to the business communities of both the sides to have an open dialogue, as it is vital for any relationship to grow. The event was sold out in minutes, that reflects people are ready to get on board and explore the massive economic opportunities this deal has sparked. As business setup advisors we believe it is our responsibility as well as privilege to lead the way forward to strengthen collaborations and promote business innovation,” said Lorenzo Jooris.

Both Israel and the UAE are countries that live in their present with a brave view of the future along with a strong connection to their traditions, beliefs, and past. Indeed, the outcome of this agreement, the business relations that it is opening for independent entrepreneurs, startup companies and investors, has hope written all over it. 

About Creative Zone:

Creative Zone is Dubai’s largest and most trusted business setup advisory firm. Creative Zone’s registration professionals have helped thousands of aspiring entrepreneurs and SMEs grow their businesses in the UAE since its launch by Mahesh Dalamal and Steve Mayne in 2010. The Company was created with a simple yet revolutionary model for the UAE marketplace; to serve as a one-stop-shop, with flexible payment plans, for easy company incorporation. Creative Zone has now evolved to provide added business support services to create an ecosystem that helps entrepreneurs and SMEs to set up, sustain, and grow their businesses and contribute to the UAE’s position as the global location of choice for company setup. 

The DED License is also known as a Mainland license, LLC, or Onshore license. It has become increasingly popular ever since the traditional regulations have been lowered, allowing 100% ownership by the ex-pats. There are a lot of benefits of setting up a DED company. Let us explore.

1. Ease of Business Setup:

• The DED encourages and eases the process of setting up a new business in Mainland Dubai.
• The administrative and legal process for registering a DED company is easy and hassle-free.
• The DED imposes fewer restrictions and offers more opportunities for business setup and growth.
• The flexible regulatory procedures, easy approval processes, affordable options, and quick timelines have made the DED License a preferred choice for many investors. 

2. Multiple Licenses: 

• You can apply for as many licenses as you need, provided you have the office space. 
• There are no restrictions on the scope of the business in the case of commercial and professional licenses.
• No Limitation on Visas: There is no limitation on the number of Visas you can obtain on a DED license. However, the eligibility to obtain Visas depends on office space. The bigger the office space, the more the number of Visas you can get. The equation is one Visa per 100 square feet of office space.

3. Choice of Location for Office Premises:

• A DED company can choose its office location anywhere in Dubai or have an office anywhere in the UAE. This choice allows the company to trade with the local market and open up multiple branches to build a strong presence in the UAE. 

4. Flexibility in Business Activities:

• The DED covers a wide range of business activities in its list. But if a particular activity isn’t listed already, then the DED authorities can still work to get the new activities added to the list so that their clients are covered.
• A DED company has no limitation of business activities, and it can open up to the vast UAE economy. 
• A DED company has a better scope of moving forward with diversified ventures and undertaking various business activities.
• Currently, a DED company needs to have a local partner/sponsor with 51% shareholding. But soon, the DED is set to change this law to provide 100% foreign ownership to specific business activities. 
• For profit-sharing between the foreign investor and the local sponsor, the DED offers a flexible legal arrangement. In this option, the investor pays the sponsor a fixed annual fee, which allows him to retain 100% control of his business. The local sponsor (sleeping partner) will not have any involvement in business activities or profit-sharing. 

5. Fewer Nationality Restrictions: 

• There are fewer nationality restrictions in ownership and visas as compared to other jurisdictions. In other words, more foreign nationalities can hold business ownerships and Visas than other alternatives. 

6. Greater Flexibility in Doing Business:

• DED companies can trade with other mainland companies in Dubai or the UAE. 
• They can do business anywhere in the UAE and outside the UAE. They are also allowed to do business inside any free zone in the UAE.
• This flexibility is unavailable to free zone companies as they are restricted from operating their business within their respective free zone.
• DED companies can also do business with local and government offices. They can opt for tender bids that would allow them to trade or provide services through governmental contracts.

7. No Minimum Capital Requirement: 

• There are limited restrictions and no minimum capital requirement to form a DED Mainland Company. 

8. Easy Recruitment Process:

• There are no limitations on recruitment. 
• The recruitment process is hassle-free with no limit on employment visas. 

9. Office Space Options:

• Office spaces are available with affordable and flexible rental and lease plans for setting up your office anywhere. 

10. Possibility of Business Expansion:

• A DED company has the flexibility to expand its business in terms of branches. If one of the goals of setting up a business in Dubai is opening branches, then a DED license is necessary. 

11. Other Benefits:

• No corporate or personal tax
• Low import duty
• No annual audits
• No currency restrictions 
• 100% repatriation of capital and profits
• Easy procedures to set up a corporate bank account
• Enjoy better reputation and status locally or internationally

Conclusion:

Setting up a DED company in Dubai mainland means an excellent opportunity for profiting, but it also requires specific conditions, regulations, and rules to be fulfilled. Therefore, it is always best to seek professional help from business setup experts to avoid wasting time and effort. 

If you are dreaming of having your own DED company, this could be your ideal time! Contact Creative Zone or call us at 800 LICENSE (5423673) to consult one of our business setup advisors today!

Why Set Up a Business in Abu Dhabi? 

The emirate offers diverse investment opportunities and a business-friendly environment that are ideal for companies to grow and evolve. The following is a list of the top 20 reasons why you should consider setting up a business in Abu Dhabi:

1. Strategic location with close access to European, Asian, and African markets
2. Access to UAE markets
3. Ideal commercial and legislative policies, liberal laws and regulations
4. No capital gains or corporate and personal income taxes
5. 100% foreign ownership in most professional services
6. 100% repatriation of capital and profits
7. No currency restrictions or forex controls, quotas, or trade barriers
8. Competitive freight charges and import duties
9. A two-year business license issued for selected activities, with no government fee in the second year
10. Easy access to seaports and airports
11. State-of-the-art telecommunications and transportation systems
12. Abundant, inexpensive, and reliable energy supply
13. Sophisticated financial and services sector
14. A top destination for international exhibitions and conferences
15. High standard of living and a cosmopolitan lifestyle
16. World-class infrastructure and top-notch amenities in healthcare, education, recreation, hospitality, and real estate sectors
17. Simple staff recruitment procedures
18. Fewer nationality restrictions for company ownership or issuing visas
19. No restrictions in taking up contracts and tenders for government entities
20. Simple, transparent, and flexible business setup procedures

Company Formation Options Available in Abu Dhabi:

• Mainland Company 
• Offshore Company
• Free Zone Company

Company Legal Forms / Entity Types Possible in Abu Dhabi:

• Limited Liability Company (LLC)
• Sole Proprietorship
• Partnership Firms
• Public Shareholding Companies
• Joint Ventures
• Branch of a local UAE company
• Branch of a foreign company
• Foreign Representative Offices 

Step-By-Step Process for Setting Up a Business in Abu Dhabi:

Step 1: Determine the type of Business Activities the company intends to undertake.

Step 2: Find a Local Sponsor (a service agent or a company owned by UAE nationals) to set up a Mainland company.

Step 3: Determine the Legal Entity type for the business.

Step 4: Register the Trade Name of the company.

Step 5: Complete Licensing Requirements.

Step 6: Get special approvals.

Step 7: Obtain initial approval certificate.

Step 8: Pay the legal fee for getting the business license issued

Conclusion:

Entrepreneurs can have everything they dream of while setting up a business in Abu Dhabi. But it can become quite challenging for them to go through all the steps of company formation alone in a foreign land. Hence, it is best to get professional help from business set up consultants in Abu Dhabi. 

If you are planning to set up your business in Abu Dhabi, then contact Creative Zone or call us at 800 LICENSE (5423673) to speak to one of our consultants today!

Dubai, November 26, 2020
Dubai

On November 23, 2020, the UAE amended its commercial company ownership laws, annulling the need for an Emirati shareholder for onshore companies and opening up many sectors to foreign investors.

The new law is being widely celebrated in the national & international business communities, investors and entrepreneurs as it majorly reduces overhead costs, facilitates the ease of doing business for foreign investors, and provides flexibility of operations for any business wishing to operate anywhere in the country.

Apart from this key change, there are several other significant changes, all directed towards making the legislative environment more conducive for investment.

Here’s a broad overview of what has changed

• National Ownership

The new law has removed the need for limited liability and joint-stock companies to be owned 51% by a UAE national. Which essentially means, Mainland companies can now be established without a UAE national shareholder. However, the Department of Economic Development (DED) will retain the right to determine the level of UAE national ownership participation in any company. It is probable that DED in each Emirate will institute specific eligibility criteria for every business segment.

• Local Service Agent

As per the amendments, we foresee, that it will no longer be required to appoint a UAE national as the local service agent for branches of foreign companies. Foreign companies can now register branches in the UAE without a local service agent. However, companies in strategically important sectors, including oil and gas exploration, utilities and transport, as well as state-owned entities, are exempt from the changes.

• Changes in Board of Directors

The changes will remove the obligation for the chairman and a majority of the Board of Directors of private and public joint-stock companies to be Emirati. Extending the board membership should in-turn improve corporate governance.
Additionally, the chair or senior executives of a company can now be removed if found guilty of fraud or abuse of authority. Shareholders can now sue a company in civil court over any failure of duty that results in damages. Moreover, electronic voting at annual general meetings is now permitted.

• Foreign Direct Investment Law

The new rules superseded the Decree-Law No 19 of 2018 on Foreign Direct Investment as the 51% UAE national ownership participation is no longer a requirement under the Companies Law.

• Effective Date

Most of the Amendments will be effective from December 1, 2020. The amendments related to foreign ownership, local agent and board of director appointments will come into effect after six months from the date of publishing the modifications in the UAE’s Official Gazette. Companies will have one year to comply with the amendments from the effective date.

“This will undoubtedly strengthen the country’s FDI attractiveness, removing the requirement to have a major UAE shareholder or agent. The UAE will expand its reach of potential investors and increase the depth of investment over time given the greater level of autonomy, reduced costs, and improved ease of doing business. Not only will this drive growth, but it will also foster innovation by increasing the willingness of investors to bring substantive capabilities and knowhow into the region,” said Lorenzo Jooris, CEO, Creative Zone.

The new decree is an additional step in a series of efforts that the UAE is taking to raise the readiness of the national economy and prepare for the future by developing commercial and investment opportunities and increasing the competitiveness of the business environment, in line with the rapid economic changes and developments taking place in the global economy.

Creative Zone is closely monitoring the situation and will provide further updates once the new law is published, thereby providing a more detailed overview of how the decree will be applied in practice.

About Creative Zone
Creative Zone is Dubai’s largest and most trusted business setup advisory firm. Creative Zone’s registration professionals have helped thousands of aspiring entrepreneurs and SMEs grow their businesses in the UAE since its launch by Mahesh Dalamal and Steve Mayne in 2010. The Company was created with a simple yet revolutionary model for the UAE marketplace; to serve as a one-stop-shop, with flexible payment plans, for easy company incorporation. Creative Zone has now evolved to provide added business support services to create an ecosystem that helps entrepreneurs and SMEs to set up, sustain, and grow their businesses and contribute to the UAE’s position as the global location of choice for company setup.

A successful business warrants several components, over and above one’s passion towards the product or service they are selling. The region one chooses to setup their business is a critical factor that may sway one’s venture in either direction. Over the last many decades, Dubai has emerged as an inevitable region for entrepreneurs seeking to establish a strong foothold in the Middle East and beyond. With its liberal economic policies, double tax treaties with most of the countries in the world, modest corporate tax rates, opulent infrastructure, and trade route accessibility, Dubai has become a preferred location for corporates and entrepreneurs looking to set up a business in Asia.

However, setting up a business in Dubai can be a rewarding experience, but the logistics and the legal formalities can be overwhelming and time-consuming. The points below will serve as your comprehensive guide to setup the business in Dubai.

Choose a Business Activity
The nature of your business will determine the kind of license one will require. There typically four types of business licenses in Dubai

• Commercial License for general trading business
• Professional license for service rendering business
• Industrial license for manufacturing goods
• Tourism license for travel and tours sector

Department of Economic Development is the license issuing authority and regulates all the legal activities pertaining to establishing a business in Dubai.

Pick a Jurisdiction
Deciding in which part of the city to setup a business should also be considered wisely. The UAE has three different types of jurisdiction- Mainland or Onshore, Free Zone, and Offshore. The Mainland company setup allows one to do business in the local market as well as outside UAE without any restriction. The Free Zones are located in a specifically allotted area within the Emirates and are allowed to carry out business activities within that region or outside the UAE. An offshore company is the one established in another jurisdiction while its parent corporation in another country. This is not a branch company since there is no physical office that is required. They are not physically present in the country that they choose to be registered as an offshore company.

Choose a Business Structure
Dubai offers various kinds of business structures for entrepreneurs to choose from. Depending upon the nature of your business and its location select a structure, there are certain rules regarding the make-up of one’s firm, for instance, if one plans on starting a legal consultancy firm, this can be done only as a branch of the company or as a stand-alone company.
Types of business structures offered in Dubai are;

• Sole Proprietorship
• Joint Venture
• Public Shareholding Company
• Private Shareholding Company
• Limited Liability Company
• General Partnership
• Partnership en Commendam
• Professional Company

Register the Company’s Name with DED
Decide on a business name that does match any other company’s in Dubai; the name will not be accepted if it does. After the name is approved, register it with DED, it usually takes 3 days to register it and is valid for a period of 6 months.

Approval on the Business Activity
There are a few commercial activities that are not permissible according to the DED law. According to Law No. 13 of 2011, DED is the accountable body to decide, regulate, classify, permit and license all the economic activities. However, this is not applied to free zones and offshore business setups.

Get an Office Space
Only required if the business is located in the mainland. The tenancy agreement, Real Estate Regulation Authority (RERA) documents, and EJARI need to be submitted, following which the initial approval is granted by the DED. Creative zone offers innovative co-working office spaces for its clients at a nominal cost.

Get an Initial Approval from DED
This is an initial consent given by DED to register the company, it can be acquired by filling an application form and attaching the supporting documents and submitting them to the authority. You can start your business at this stage and continue with the process of acquiring your trade license.

Prepare a Memorandum of Association (MOA) and Article of Association
This is a significant document that should be error-free and drafted carefully, it specifies the share of limitations and liberty every partner has within the company, while the article of Association or LSA describes the role of the agent and fulfils the compliance that will be performed. MOA/LSA are the legal documents and should be drafted with the help of a legal advisor. They also need to be translated in Arabic.

Register your Business
This is one of the final steps in setting up your business. Fill the application form of registration, once it’s duly filled and the required documents attached, submit it to DED for approval. Notification of approval/disproval comes within a week.

Apply for Business License
Once the registration is done, the business license will be processed and are provided mainly depending on the nature of the business activity and the jurisdiction of the business. It takes around one week or more to get the trade license from the time you receive your initial approval.

Pay Fees and Collect the License
A payment voucher will be provided by DED once you fill the license form and send the documents. The final payment needs to be made to collect the business trade license. Once you collect your trade license, you become a full-fledged business entity.
Documents Required to Start a Business in Dubai

Here is the general list of documents and certifications that are required for business setup in Dubai.

• License Application
• Attested LLC Agreement
• Governmental Forms
• Name Reservation Certificate
• Initial Approval Certificate
• External Departments Approval
• Tenancy Contract
• EJARI Registration Certificate
• Passport Copies Partners and NOC for Partners (if any)
• Dubai Chamber of Commerce and Industry Registration

The process of setting up a business in Dubai like any other place in the world is complex with several legal formalities, numerous documents, multilayered company structures, selecting the correct licenses and much more, getting a professional counsel is always advised. Creative zone believes that business set up is just the beginning and to assist the entrepreneurs in making the right choices, our business wings are strategically designed to get you the expert opinion and service in every area of the business, right from Tax and Accounting, Concierge, Banking, Insurance, Getting a trustworthy Local Sponsor/Service Agent to even providing an office space we remain your partners in this long journey.

About the Author

Alistair Paine is the Business Setup Manager at Creative Zone, he is an expert on company formation in Dubai Mainland and has advised over 1,000 companies in successfully launching their business in Dubai. Alistair also holds extensive experience in company structuring, offshore SPV creation, providing risk mitigation solutions to entrepreneurs, SMEs and large corporations establishing or expanding their presence here in the UAE. 

If you are looking to setup your Dubai Mainland Company, please contact Creative Zone or emailalistair@creativezone.ae

Dubai
November 23, 2020

COVID-19 has indeed brought immense change around the world. The pandemic has left many industries on its knees, especially those related to travel, tourism and entertainment. However, there has been an accelerated shift in interest and power towards tech, digital and E-commerce in the last ten months as they witnessed some of the highest growth rates in history.

It is with this transformation that we see the rise of a new type of entrepreneur – The Nomad Entrepreneur.

A Nomad Entrepreneur is someone who is fluid, flexible, that operates from one location, but is able to reach all corners of the world through technology. Lockdowns and social distancing imply, whether you are one mile or fifty thousand miles away, the process remains the same since both will have to deliver online meetings, make digital transfers and rely more on efficient transport solutions. This fast-growing breed of entrepreneurs is giving traditional forms of business a run for their money.

Last week, I bought a new case for my new iPhone 12 from a US based website. The item was manufactured and shipped from China. Express shipping cost was only 12 USD and the case was cheaper than buying it at a local shop here in my home city, Dubai. This item to me competes with whatever it is I can buy here at the mall. In this instance, due to the 48hrs express delivery to my home door and product specifications, the mall option has nowhere to stand.

The same applies to hundreds of other industries, products and services. There are hundreds of people that are able to deliver what you deliver at a cheaper, faster, and more professional manner. If you don’t wake up fast enough, tomorrow might be your last day in business.

With this comes the idea of having to set up more efficient corporate structures. In the post-COVID-19 world, nomad entrepreneurs will prefer to do business in districts that are hyper-connected, support intelligent infrastructure, and have receptive markets. The United Arab Emirates being a pioneer in smart city adoption, is ready to take on the post-pandemic world. The country has rightly invested in advanced digital technologies, including 5G mobile internet networks to facilitate the proliferation of smart services, machine-to-machine communication, and linked transport; that will support the new-age work culture that we all have gotten used to.

In my view there are 7 key things that ‘Nomad Entrepreneurs’ require. This is why I feel Dubai is one of the best destinations around the world to start a new business.

0-tax, or tax-free jurisdiction.
Why not operate from a country where you do not have to pay any income or corporate tax.

A good and reliable banking solution.
Nomad Entrepreneurs need a global bank they can trust but at the same time is easy to operate from afar.

Efficient and non-bureaucratic jurisdiction.
Business owners need a place where it is easy to run a business and not compliance heavy. Every second spent on paperwork is a second taken away from pitching to a new client.

A business address and a jurisdiction that is recognised globally.
It is important for international buyers to know whether your company is registered in a small island in the pacific or in a well-developed business jurisdiction. It is, nowadays, in most cases, a deal-breaker.

Access to talent.
Your customer service team, your operations team or even your finance department could be sitting in all different locations, but you want to have the core team that is in charge of running your business all in one place. That place needs to be a cosmopolitan city that attracts good talent from various nationalities and backgrounds.

Accessibility and time zone.
You need to be in a place that is easily reachable, a hub of transport, logistics, and communications, that is within a convenient time zone to your target market. In this regard Dubai is at the cross-roads of Europe, the Middle East, Asia, and Africa. If your product needs shipping you need Emirates, the world’s biggest airline.

A welcoming nation to foreigners.
Nomad Entrepreneurs need to look for a jurisdiction that welcomes all nationalities and makes it easy to organise working and residency visas for all employees. Again, by setting up a business in Dubai, all partners, employees and their families gain residency visas to stay in the county as long as the company remains active.

In my view, these, among many others, are the main reasons that make Dubai the ideal place for any ‘Nomad or Global Entrepreneur’ to set up their business. I have lived 15 years in Dubai, 12 of them as an entrepreneur. The city allowed me to run a successful media company operating all over the world. Every time I travelled, I was always very well received since Dubai, and the UAE have always been great business partners for most nations around the world. My Dubai address gave a sense of status and credibility that I wouldn’t have received from other business jurisdictions. And of course, I love the idea of having paid zero taxes in 12 years, but at the same time enjoy the excellent services and infrastructure Dubai has to offer.

Presently, I am the CEO of Creative Zone, the largest business setup company in Dubai. And we do exactly that, we help nomad entrepreneurs, global business owners setup their businesses in Dubai and make the UAE the home to their new business journey. Whether you choose to operate remotely or come to Dubai to make this city your home, I can guarantee, this will be a decision you will never regret.

Lorenzo Jooris
CEO Creative Zone
ceo@creativezone.ae

About The Author
Lorenzo Jooris is the CEO of Creative Zone, a Dubai based business advisory firm. Mr Jooris holds an extensive and diverse experience in the Middle Eastern and South Asian business markets and retains an expert opinion on the regions’ SMEs and startup culture. He was the founder of One World Communications, a full-fledged multi-media powerhouse advising governments around the world in branding and communication strategies. He also started LEADERS Middle East Magazine in the UAE, and formulated ‘Leaders without Borders’, an initiative that promotes the development of young social entrepreneurs. He is the author of “Recipes for a Better World” and an advisor to the James Michel Foundation.

About Creative Zone
Established in 2010, Creative Zone is one of the few new-age companies that specialises in overseas company incorporation. Having helped over 44,000 clients set up their businesses in the UAE, Creative Zone provides a unique set of tailored services that meet all the requirements of entrepreneurs and business owners when it comes to establishing and growing business in the UAE. Right from making the whole process remote and electronically enabled, opening bank accounts that can be accessed from anywhere in the world without any transfer restrictions to making sure all the papers and formalities are complete & protected.

With the introduction of new personal and family laws, the UAE has once again exhibited that it’s a people-centric country and shall always be one. The progressive laws seek to harness a unique culture of inclusivity and will allow the 200+ Nationalities to live more confidently and securely on the UAE’s soil.

The UAE has always defied the stereotypes assigned to the Middle Eastern nations by continually striving for liberal reforms, inclusivity and human development. The country transformed itself from a traditional Bedouin society, became a federation when the idea was only a novel concept in the region and today stands tall amongst the most developed and forward-thinking nations of the world. In the current scenario when the world as a whole is juggling with the pandemic, sluggish economic growth and socio-economic crisis, the UAE continues to look ahead and is solving all its significant challenges one day at a time.

With the introduction of new personal and family laws, the UAE has once again exhibited that it’s a people-centric country and shall always be one. The liberal and progressive law promises to harness a unique culture of inclusivity and will allow the 200+ Nationalities to live more confidently and securely on the UAE’s soil.

The laws, reflect progressive measures to improve the living standards and for the UAE to continue to be a destination for foreign direct investment and people from around the world.
The law entails that expats living in Dubai will now be subject to their home country’s rules for family and civil procedures such as divorce, separation, assets division & protection and wills, as opposed to following Sharia law, previously. Until now, assets were divided under Sharia, which expats were not used to.

The asset protection clause in the regulations is highly reassuring to international investors and business owners as now their possessions and resources can be safeguarded and divided as per their country’s law.

Alcohol consumption and suicide have also been decriminalised, and courts would ensure vulnerable people receive mental-health support.
Safeguarding women by eliminating “honour crimes” is one of the major welcome steps. There will be stricter punishments for men who subject women to harassment of any kind, which is thought to cover street harassment or stalking.

However, these laws are only the icing on the cake, the reasons the UAE is called the land of opportunities and has the highest migrant net rate (88.52%) are:

The Good Quality of Life
Dubai is one of the rare countries that focuses on people’s happiness quotient as seriously as its economy, infrastructure, finance and business development. The quality of life and the services offered by the United Arab Emirates is non-comparable. The nation ranks among the top 10 destinations with regards to the quality of life and services offered. It is voted as one the best places on the planet for expats to live, work, and settle. The UAE has continually tried to enhance its attraction as a destination where individuals can build a good career and settle with their families for the longer haul. Be it financial, professional, personal or a combination of all these traits.

Ease Of Doing Business
The UAE is also seen as a prime launch-pad for countries wishing to access markets around the world and presents a solid proposition for investors and companies through a robust legal structure, pro-business regulatory environment, and strong corporate governance. Its laws and regulations are transparent, agile and designed to preserve the rights of organisations and individuals. The UAE was ranked 16th in the World Bank’s Ease of Doing business out of 190 global economies in 2020 is testament to the government’s determinations to drive the country’s growth by bolstering small and medium-sized enterprises (SMEs). A business in Dubai can be set up in as quickly as a week. The government has put forth several reforms like making starting of business less expensive by reducing the fees for business incorporation, easier construction permits by using a risk-based approach to reduce the number of inspections, improving minority investor protection, ease of paying taxes and making trading across borders easier by reducing the time to export by fully digitising certificates of origin and the cost to import by issuing certificates of conformity that cover multiple shipments.

Market Accessibility
Dubai was ranked third in the world in terms of market accessibility; the country sits at the junction between Europe, Africa, and the Far East, making it the meeting point of the world. The government has strong bilateral relation with almost all its neighbouring countries and enjoys political stability enabling business activities to grow. The city has emerged as a global hub for financial services, logistics, hospitality and trade and is steadily increasing in other sectors including healthcare, technology and clean energy, nourishing a diverse and robust knowledge base and community of trained professionals that make it the ideal location for association conferences, corporate meetings and business events. As the business hub of the Middle East, Dubai has continued to invest in strategic infrastructure and transportation projects to support the growing service sectors and ensure a stable economic future.

Leading-Edge Infrastructure
Dubai is well on track for becoming ‘A smart and sustainable city’, focused on building fully-connected and integrated infrastructure which ensures optimum mobility and easy access to all economic centres and social services, in line with the world’s best cities.
The business infrastructure of the city is second to none, sophisticated telecommunication and unparalleled connectivity, that serves multinational corporations to start-ups and SME’s. While the vast majority of business may be conducted remotely via email or telephone, Dubai’s transport network serves as a link between Europe and Asia, making corporeal meetings easy.

Transport Hub
Dubai is the third largest re-export hub in the world and home to Jebel Ali Port, one of the top ten busiest worldwide. The country’s strategic location and developed infrastructure makes it a good supply and re-distribution gateway and offer tremendous growth potential to logistics companies in the country. Owing to its location at the centre of international trade, over one-third of the world’s population lives within a 4-hour flight, and two-thirds of the world’s population lives within an 8-hour flight.
The UAE is well positioned globally to be amongst the top logistics hotspots as it is emerging as a central trans-shipment hub, ranked 1st in emerging market infrastructure, operating one of the top busiest airports globally, and is well suited for multi-modal transport.

About The Author
Lorenzo Jooris is the CEO of Creative Zone, a Dubai based business advisory firm. Mr Jooris holds an extensive and diverse experience in the Middle Eastern and South Asian business markets and retains an expert opinion on the regions’ SMEs and startup culture. He was the founder of One World Communications, a full-fledged multi-media powerhouse advising governments around the world in branding and communication strategies. He also started LEADERS Middle East Magazine in the UAE, and formulated ‘Leaders without Borders’, an initiative that promotes the development of young social entrepreneurs. He is the author of “Recipes for a Better World” and an advisor to the James Michel Foundation.

About Creative Zone
Creative Zone is Dubai’s largest and most trusted business setup advisory firm having helped over 39,000 entrepreneurs during their 10-year lifespan. Creative Zone’s registration professionals have helped thousands of SMEs grow their businesses in the UAE since its launch by Mahesh Dalamal and Steve Mayne in 2010. The company was created with a simple yet revolutionary model for the UAE marketplace; to serve as a one-stop-shop, with flexible payment plans, for easy company incorporation. Creative Zone has now evolved to provide added business support services to create an ecosystem that helps entrepreneurs and SMEs to set up, sustain, and grow their businesses and contribute to the UAE’s position as the global location of choice for company setup.

Ever since the UAE and Israel signed on September 15^th, 2020 the new normalization agreement re-establishing diplomatic and economic relations between the two countries, a wave of interest and hope of new business horizons have emerged in the region. 

The agreement initiates new trade flows, business ideas, and movement of goods and services between the two nations. With it, many entrepreneurs and startups will be setting up new businesses in each other’s economic cities with an interest to leverage the new market opportunities, that up until three months ago was non-existent.

Creative Zone, one of the largest business setup companies in Dubai, having advised over 44,000 business owners in 10 years, has this week helped establish Newme LLC (www.newme.ae), one of the first Israeli owned companies to be fully operational in the UAE.

“We are excited about this new step for us as a company and the opportunity that this represents. There is immense opportunity between what is to come from this new agreement between Israel and the UAE. We look to play our part in bridging the two nations’ business communities” said Ido Ben Shahar, Managing Partner, Newme.

“With the political and economic borders open, it allows for free movement of goods, services and investments as well as immense potential for tourism exchange between Israel and the UAE” added Adib Zaher, Co-Founder, Newme.

It is estimated that a total of 1.25 million tourists will flow between the two nations. The UAE will attract Israeli tourists for its modern infrastructure, world-class hotels, and Dubai’s global appeal while tourists from the UAE will visit Israel for religious tourism as well as business trips.

“It was an absolute pleasure to have assisted Newme LLC, setup their operations in the UAE, as their business setup advisory firm. We are privileged to lead the way forward in supporting Israeli investors setup in the UAE, and we look forward to assisting many more corporations looking to take part of the UAE’s economic landscape. We truly believe that the UAE is one of the best places to setup a new business considering the many benefits and flexibilities it offers foreign investors” concluded Lorenzo Jooris, CEO of Creative Zone. 

About Creative Zone:

Creative Zone is Dubai’s largest and most trusted business setup advisory firm having helped over 44,000 entrepreneurs during their 10-year lifespan. Creative Zone’s registration professionals have helped thousands of SMEs grow their businesses in the UAE since its launch by Mahesh Dalamal and Steve Mayne in 2010. The company was created with a simple yet revolutionary model for the UAE marketplace; to serve as a one-stop-shop, with flexible payment plans, for easy company incorporation. Creative Zone has now evolved to provide added business support services to create an ecosystem that helps entrepreneurs and SMEs to set up, sustain, and grow their businesses and contribute to the UAE’s position as the global location of choice for company setup. 

If you are looking to further develop business interests with Israel or would like to know more information about setting up your company in the UAE please contact Creative Zone on israel@creativezone.ae or +971 4 567 7333.

Source:
Trade Arabia
Travel and Tourism News Middle East
Gulf Digital News

This surge in trade can be attributed to several significant developments such as improved connectivity and easing of visa restrictions, economic reforms and regional integration. The expansion of direct flights between the UAE and Nigeria, the signing of strategic cooperation agreements are some essential factors accelerating bilateral business exchange.   

Elaborating on the topic, we have with us today Lorenzo Jooris, CEO of Creative Zone, a Dubai based business advisory firm. Lorenzo demystified the process of setting up a business in the UAE, the current procedures and visa laws and what makes the UAE so attractive for Nigerian entrepreneurs, investors, and businessowners. 

Q1. ) Thank you, Lorenzo, for doing this, ever since the pandemic started so much has changed. Can you tell us a little bit about the growing trade between the UAE and Nigeria? What does Dubai offer to the African investors and business owners looking to expand into the UAE?

A)Thank you for having me, always a pleasure. Yes, Dubai has always enjoyed a strong trading relationship with Nigeria thanks to the emirate’s proximity to the continent and its status as a preferred hub for African companies. The UAE sits at the crossroads of Africa, the Middle East, Asia, and Europe and continues to be one of the most sought after destinations for individuals looking to migrate to a safe and progressive country, widen their professional choices, diversify and expand their business or acquire an additional residency to a country that welcomes ex-pats from all across the Globe and offers limitless possibilities. 

The country’s strategic location, favourable tax and fiscal structure and cosmopolitan outlook has attracted many African national, investors, and business owners to expand in Dubai.

The ease of setting up a business in Dubai is unparalleled. The country gives a three-year residency visa in the UAE. Moreover, company setup costs in the Free Zone and Mainland are affordable. Entrepreneurs can also benefit from other conveniences, such as more accessible construction permits, improved minority investor protection, ease of paying taxes and efficient export and import procedures.

Q2) How much does it cost to set up a company in the UAE?

The cost depends upon several factors such as the nature of the business activity, jurisdiction, number of visas, approval and certifications involved. But to give you a ballpark figure setting up a company in Dubai can start with as low as around 2000$ in Free Zones and around 5000$ for Mainland.

Q3) Can you tell us a little bit about the tax and fiscal structure of the UAE. How can foreign investors get a Tax Residency Certificate?

The tax structure in the UAE is very straightforward; on an individual level, there is no personal/Income tax. There are also no corporate taxes on the profit that your company makes. Since the UAE Dirham is pegged with the American dollar, the fiscal environment is also very stable. Apart from that, the UAE has a firm double tax treaty with many countries, including Nigeria. Meaning, if the company is based in the UAE and has made profits in another country, the taxes withheld by the country can be lowered due to the double tax avoidance treaty. 

And as far as getting a Tax Residency Certificate is concerned, Yes, one can acquire that. To be qualified for tax exemption one needs to have a residency visa that will allow them to get an Emirates ID, proving a person resides in the country. Next, one has two option for setting up a business- Mainland and Free Zone, acquiring a license in any of these two jurisdictions will allow you to open bank accounts and conduct business overseas, and generate local invoices for international transactions. 

Q4) How many visas can one get by setting up a company in Dubai?

Passports need to be submitted to start the visa process, then comes the medical and once the owner’s visa is processed they can sponsor their wives, parents, children even domestic help. The paperwork needs to be completed, which essentially means that the Birth certificate and Marriage certificate are attested by the Government here and the country where one was born/married, the same then has to be translated into Arabic. The process from start to end takes up about 36 days. However, the ex-pat doesn’t need to be in the country for the entire duration they only need to be physically present for 7-8 working days till their visa is stamped.

Q5) How can one open bank accounts in Dubai, as it can be often challenging.

Setting up a company is a very straightforward process; what is tricky is to open a bank account if you don’t know what exactly is to be done. We usually do this through our concierge, as they maintain relationships with various bankers in the country and advise which one will suit the company’s needs the best. This is done by acquiring the required documents before engaging with the banks and understanding the nature of the business, its overview, where is the funding coming from etc. So, the concierge team will have a confirmation before opening an account.

Q6) How beneficial is the setting up of big Holdings, Special Purpose Vehicles, trusts, etc.?  

It is quite beneficial; the UAE has two regulated Free Zones- Dubai International Financial Center (DIFC) and Abu Dhabi Global Market (ADGM). These two Zones follow the English-welch common law, and if you are someone who is looking to structure a trust or SPV in these areas, then you can take advantage of the well-connected geographical location together with the tax benefits.

Q7) Finally, What is the difference between Mainland and Free Zone? 

A Mainland license allows one to carry out business on the onshore; most Mainland companies have a 49% and 51% ownership arrangement, where a local representative owns the larger portion percentage. But for many professional services, the Government is allowing the expatriate to own 100% of the business. Free Zones are a kind of Special Economic Zone (SEZs) spread all across the UAE. There are more than 50 such zones, dedicated to specialised industries like Shipping, logistics, Media etc.

Q1) What is the New DED One Day License?

The Dubai Economic Department (DED) has made new business setups in Dubai as quick and easy as finishing a cup of coffee! The one day license was launched with the sole purpose of easing the complexities and formalities that usually took close to 15 – 20 days in order to complete.

The same day license was started with a vision to provide enhanced customer experience and transform all government department service outlets across Dubai into customer happiness centres.

What is even better is the fact that this service can be availed from Creative Zone’s Downtown office located at Boulevard Plaza. The team from DED have their desk at Creative Zone office to assist clients with approvals, documentation, registration, and licensing formalities and hand over the trade license within the hour.

Q2) How does it Benefit Entrepreneurs?

For the benefit of new entrepreneurs, this new license offers the following DED services in 15 minutes:

• Trade Name and Initial Approval
• Notary Signing
• Final Payment Voucher
• New Company Registration Papers
• Business Trade Licence

Please Note

• All required documents must be ready
• No special approval on the trade names or activities is required
• No external approvals are required for the activities
• No commitment approvals needed for the shareholders

Q3) How will Creative Zone Assist

Creative Zone has now developed a dedicated kiosk at their office in Downtown exclusive to DED clients, where one can get all the above done within minutes and under the reliable guidance of our setup experts. The services will also provide:

• Co-Working Space: Entrepreneurs and start-ups can utilise the co-working space available at our business hub.
• Dedicated Office Spaces: The business centre also offers serviced office space, desk space, and meeting rooms at rates that are lower than the market price. Whether you are looking to book a meeting room for a VIP meeting for a day or wish to rent a desk or office space for a month, there are special packages available that offer greater flexibility.
• Virtual Office Package: The virtual office package, starting from Dh500 a month, offers benefits like a dedicated receptionist (to greet phone callers in your company name and then transfer the call according to your instructions), high-speed Wi-Fi connection in co-working lounges, and complimentary access to meeting rooms and office facilities.
• No Hidden Costs: There are no hidden costs when you apply for your trade license or avail of any other DED service at our DED hub.
• Latest Technology: The DED hub features advanced technology that provides easy access to business licensing and registration services.
• Qualified & Trained Staff: The well-qualified and trained service advisors at our hub provide complete assistance to business owners.
• Comfort & Convenience: Business owners can have their transactions completed quickly over a cup of coffee or from the comfort of their cars. 

About the Author

Jamie Harvey is a senior business setup advisor at Creative Zone. Jamie specialises in company formation and helping clients make the right choice when it comes to choosing between Mainland or Freezone. Jamie’s firm grasp and knowledge on various Dubai’s jurisdictions have made Jamie the go-to advisor when it comes to any 

type of business consultation.

If you need more information about the prevailing DED laws, requirements, and procedures contact Creative Zone or Call 800 LICENSE (5423673) to speak to one of our Business Setup Advisors today!