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Expo 2020, A game-changing opportunity for business investors and entrepreneurs

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Expo 2020, A game-changing opportunity for business investors and entrepreneurs Ever since its inception, world expos have always remained to be an ideal platform to exhibit or explore ideas and innovations. With Expo 2020 just around the corner, Dubai is all geared up for hosting the country’s most spectacular event. Some massive infrastructure developments have already started appearing and investment opportunities are emerging across the city. This much-anticipated event will start on 20 October 2020 and continue till 10 April 2021. It is the first of its kind to be held in the MENASA (Middle East, North Africa, and South Asia) and GCC region. What makes Expo 2020 so special and how it can benefit your business? Contributes to the economy’s growth This prestigious event will have a positive impact on the country’s economy by attracting millions of visitors and generating business opportunities in various sectors. According to a report by Ernst and Young, Expo 2020 is expected to contribute around Dh122 billion to the UAE’s economy. It is also anticipated to contribute 1.5 per cent growth of the country’s GDP. Attracts foreign direct investment Expo 2020 Dubai will help boost the position of Dubai and the UAE as a global investment destination. Business delegates, decision makers, and tourists from around 192 countries will visit Dubai during the six months. This will expose them to the commercial opportunities in Dubai and the rest of the UAE, which in turn attract foreign direct investment opportunities. Acts as a catalyst for business growth In terms of the number of visitors and exposure, Expo 2020 is an excellent opportunity for entrepreneurs and investors. Another significant aspect is that this event’s timing will coincide with the UAE economy’s growth cycle, therefore, it can act as a catalyst for business growth. From the past 18 months, the economy was quite sluggish, but Expo 2020 will become a path to recovery. Cutting-edge infrastructure and technological developments During the event, the city will witness cutting-edge infrastructure developments whether it is road or rail network extensions, and airport capacity expansion for accommodating maximum visitors. The Expo site, covering 4.38 square km, will be called as ‘District 2020’ after the event. It will feature office and residential space, cultural attractions, parks and leisure amenities. Also, Dubai will become the early adopters of 5G technology in the Middle East, Africa and South Asia (MEASA) region to offer a seamless digital experience for visitors. Any improvements to the infrastructure of a city is certainly a boost for all businesses. For instance infrastructure projects comprising office space can bring down the cost of the rental. Therefore, if you are planning to start a new business, or move your existing operations in Dubai, the next few months are the best time. Expo 2020 will boost your brand on the global stage as well as help you make lasting business connections. Corpin Consultants offer expert consulting and advisory services for setting up your business in the UAE’s offshore, mainland, or free zones. To know more about our services, call +971 55 843 2911 or drop an email to info@corpinconsultants.com.

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UAE Removed from European Union’s Tax Haven Blacklist

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UAE Removed from European Union’s Tax Haven Blacklist The European Union has recently removed the United Arab Emirates from its tax haven blacklist, a list that covers jurisdictions that have failed to cooperate on tax matters. The finance ministers of the European Union made this declaration when the country further enhanced its transparency in tax procedures. Along with the UAE, seven other countries such as Barbados, Grenada, South Korea, Macao, Mongolia, Tunisia and Panama were also removed from this ban. Jurisdictions that remain blacklisted are Belize, Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu and the three US territories of American Samoa, Guam and the US Virgin Islands. The European Union officials mentioned that the underlying reason behind this ban removal was the country’s recent adoption of rules for offshore structures to ensure better transparency on tax practices. Currently, the UAE government charges no corporate taxes, and this attracts several foreign investors to set up their firms in the UAE so that they do not have to pay taxes in their native countries. Normally the EU does not automatically add countries that charge no tax to the blacklist, however, it requested the UAE government to introduce rules which would permit only companies with economic activity in the region, to be incorporated for minimizing the tax evasion risks. The European Union’s decision of removing the UAE from the tax haven blacklist is a great example of the recognition given to the country’s effective tax system and promising governing model. Sectors such as real estate, healthcare, education, logistics and retail will significantly benefit from this initiative. If you wish to know more about company setup in the UAE, please do not hesitate to contact us on  +971 55 843 2911 or drop an email to info@corpinconsultants.com for a free consultation.

Business Consultancy

Virtual Company License in Dubai-Quick Facts

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Virtual Company License in Dubai-Quick Facts Happy news for all entrepreneurs planning to set up their business in Dubai! Dubai economy has recently announced the launch of ‘virtual company license’ enabling non-resident investors and freelancers to set up their business in Dubai without having a residence visa. This initiative inclines with the third article of the 50-year charter announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE for building a virtual commercial city in Dubai. What is A Virtual Company License? A virtual company license will enable investors to register and manage a business without residing in Dubai or the UAE. It meets the international legal standards thereby investors can easily perform all business-related activities digitally including document signing and submission. Advantages of  A Virtual Company License Less administrative and business setup costs Complete Online access to your company anytime anywhere Explore exciting business opportunities in Dubai Meeting new customers, markets and generating investment opportunities Enrollment in virtual companies’ directory Eligibility Criteria for Virtual Company License Applicants cannot be residents of Dubai or the UAE. Owners of virtual companies in Dubai must be either nationals or tax residents from any of the approved countries mentioned in VCC’s official website. Only business activities from the predefined sectors mentioned in the website can set up a virtual business in Dubai. These sectors include printing and advertising, computer programming, consultancy and related activities; design services in the fields of fashion, jewellery, and interior design. All applicants are subject to a background check by Dubai Government authorities Steps to Apply Visit the Dubai Virtual Commercial City’s official website and fill up the company registration form. Enter your name, contact details, date of birth, passport information and previous experience in Dubai, if any. Mention the trade license, name of the company and the intended business activity. Upload the documents listed below: Passport copy (with more than 3 months till expiry) Proof of address (any utility bill or official letter, not more than 3 months old) Proof of tax residency (if you are not from the approved countries) A recent photograph with white background (not more than 3 months old) Once the application is submitted, the Dubai government authorities will perform background verification within a month. Once it is completed, the applicant may receive an email notification with the approval or rejection status. Soon after receiving the approval, the applicant must make a personal visit for identification and passport verification. After validating the identification, the applicant can pay the cost of virtual license via ePay, the VCC’s official payment gateway. With the introduction of this virtual company licensing initiative, there will be a drastic rise in the number of business setups in Dubai. If you are residing in the UAE and planning to set up your business in Dubai, Corpin Consultants can make the entire process easier for you. Call +971 55 843 2911 or drop an email to info@corpinconsultants.com to know more about our business setup services.

SAIF Zone Business setup, Free zone business setup, Corpin Consultant
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Corpin Consultants Now An Official Business Setup Partner For SAIF Zone

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Corpin Consultants now an official business setup partner for Sharjah Airport International Free Zone (SAIF) We are immensely delighted to announce that Corpin Consultants has signed a Memorandum of Understanding with Sharjah Airport Free Zone (SAIFZone), one of the most reputed free zone in UAE. This promising collaboration will ensure fast and efficient business setup services for entrepreneurs. Key Features and Benefits of Starting A Business In SAIF Zone: Strategic Location: SAIF Zone’s strategic location near the Sharjah International Airport and its proximity to Dubai and other major cities in the UAE make it an attractive destination for businesses looking to access global markets easily. Tax Advantages: One of the main draws of SAIF Zone is the tax benefits it offers to businesses. Companies operating within the zone are exempt from personal income tax, corporate tax, and import/export duties. 100% Foreign Ownership: Another significant advantage is that foreign investors can fully own their businesses within SAIF Zone, without the need for a local sponsor or partner. Simplified Business Setup: SAIF Zone provides a streamlined and efficient process for business setup and registration, making it relatively easy for companies to establish a presence in the zone. World-Class Infrastructure: The zone boasts modern infrastructure and state-of-the-art facilities, including warehouses, office spaces, and showrooms. This environment is conducive to fostering business growth and expansion. Diverse Business Sectors: SAIF Zone accommodates a wide range of industries, including manufacturing, trading, logistics, information technology, media, and many others. This diversity contributes to a vibrant business community. Business Support Services: The zone offers various support services to assist businesses, such as administrative support, licensing assistance, and access to banking facilities. Access to Skilled Workforce: The presence of a skilled and diverse labor force in Sharjah and nearby areas makes it easier for businesses in SAIF Zone to recruit talent for their operations. Networking and Collaboration Opportunities: Being a part of the SAIF Zone community allows companies to network and collaborate with other businesses, potentially leading to synergistic partnerships and business growth.

business setup in dubai, business setup in uae, corpin consultants
Business

Business Setup in Dubai

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Dubai has always remained to be a promising business destination for budding entrepreneurs. With a long-term vision, the UAE government creates a win-win situation by offering the right political and economic conditions for businesses to thrive. Therefore, if you are planning for a business setup in Dubai or company formation in Dubai, look no further it is the right place to turn your dreams into reality. Listed below are the top 6 advantages of the place: Geographically Strategic Location The strategic location of Dubai is a major plus point for investors. Ideally located between the east and the west, the city connects the best of both worlds covering major continents Asia, Europe, and Africa. An interesting fact is one-third of the world’s population lives within a 4-hour flight of the UAE and two thirds within eight hours. Therefore for any business activity related to logistics, international trading, hospitality, or tourism, Dubai is the best place. The venue for ‘2020 World Expo Trade Convention’ Dubai has been chosen as the venue for the much-awaited ‘2020 World Expo Trade Convention’. It is the first middle eastern city to host this expo generating tremendous investment and employment opportunities in the country. World-Class Infrastructure When it comes to infrastructure, Dubai never stops progressing. The city takes pride in it’s highly developed roads and public transport system. Dubai is also known for its state-of-the-art commercial, residential, and recreational facilities. In a Travel and Competitiveness Report, the World Economic Forum has listed Dubai among the world’s top well-maintained cities. No Taxation Policy Dubai is a tax-free economy, therefore if you are planning to set up a business in Dubai, you do not have to pay any tax to the government. The country exempts investors from numerous taxes such as personal income tax, corporate tax, withholding tax, and capital gains. Excellent Banking System The banking system in Dubai is known for its economic stability, strong security and prompt customer service. With a secure government and extensive financial resources, an investor can easily open a bank account in UAE when compared to other countries. Existence of mainland, free zone, and offshore jurisdictions  There are three main jurisdictions in Dubai with its unique set of advantages for investors- mainland, free zone, and offshore. For setting up a mainland company, a foreign investor should mandatorily have an Emirati partner. These companies can enjoy an array of advantages such as the freedom to do business anywhere in the UAE, zero tax (corporate and personal), hassle-free recruitment process with no limit on an employment visa, and low import duty.  For a free zone business setup in Dubai, UAE entrepreneurs do not require a partnership with an Emirati sponsor yet enjoy 100% ownership irrespective of their nationality and domicile. These zones have numerous benefits such as exemption from a capital deposit, import and export duties, no office requirement etc. Offshore companies do not require a physical presence in the UAE and have a significantly lower cost structure. If you wish to gain more information on these jurisdictions or are planning for a business setup in UAE, Corpin Consultants can help you out. Our experts can provide you with valuable guidance and support in every aspect of company formation in Dubai. Contact us at +971 55 843 2911 or drop an email at info@corpinconsultants.com, we are happy to help you!

pharmaceutical company setupin dubai, business setup dubai, corpin business setup consultants
Business Setup

Pharmaceutical Company Setup in Dubai UAE

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Pharmacy or pharma is the knowledge and procedure of manufacturing and administering drugs. It is a health profession where health sciences meet chemical sciences to provide valuable usage of the drugs prescribed. Pharmacy includes services like combining and dispensing medications, clinical services, reviewing the safety and efficiency of the medicines, and providing vital information regarding the same. Setting up a pharmaceutical company in Dubai involves navigating a complex regulatory landscape and meeting stringent requirements to ensure compliance with local laws and international standards. The pharmaceutical sector is rapidly increasing in the UAE. Seeking professional guidance and local expertise can greatly ease the process of pharmaceutical company setup in Dubai and ensure adherence to all necessary regulations, allowing companies to focus on growth and expansion in the flourishing regional market. How To Setup A Pharmaceutical Company in Dubai / UAE Dubai Mainland is the preferable location to setup a pharmacy since it provides better opportunities as compared to a Free Zone setup. The Department of Economic Development (DED) is the regulatory body responsible for all kinds of businesses in mainland Dubai. The Steps Included In Pharmaceutical Company Setup:-  To identify a local sponsor with a good profile  Collect the passport copies of your partners and the sponsors  Decide on a suitable name for your company/store  Submit an application for the enterprise’s name approval and for initial approval from the DED  After the approval is received, submit the application to Dubai Health Authority (DHA) Initial approval from the Dubai Health Authority (DHA)  Create an account on their portal to start the initial process of approval Upload the proposal letter Appoint the medical director and pharmacist  Identify the premises for the pharmacy  Upload the engineering layout as per the DHA guidelines  After obtaining the approval from DHA, get the tenancy contract along with Ejari for the premises  With the initial approval from DED and DHA, draft the Memorandum of Association and side agreement with the local sponsor Notarize the Memorandum of Association from the court Submit all the documents to DED and obtain a pharmacy license After issuing the license from the DED, submit the documents for final approval from the DHA Final approval from Dubai Health Authority (DHA) Interior fit-out construction as per the layout approved by DHA in the initial approval  Professional approval for the medical director Final fit-out inspection report and inspection from DHA After the completion of the above steps, DHA will issue a license for the business. The expected time frame for the project would be 5-6 weeks. Documents required: For the Department of Economic Development (DED): Passport copies of the owners, manager, pharmacist, and medical director Unique Identification Number (UID) of the owners and manager Attested qualification and experience certificate of the Manager, pharmacist, and medical director Application form for the name and initial trade approval Initial approval from DHA NOC from the sponsor to verify whether the manager is holding a valid visa or not Tenancy contract (for final submission to the DED)  Passport copy, Emirates ID, and Gincia of Local sponsor (UAE National) For Dubai Health Authority Initial approval  DED trade name reservation  Dubai Municipality affection plan of the plot/building Passport copies and UID numbers of partners Engineering layout as per DHA guidelines Proposal and Undertaking letter Passport copies and attested qualification certificates of the medical director and pharmacist (Two pharmacists are mandatory and one among them can be the medical director of the company)  Offer letters of the medical director and pharmacist Final approval The documents are the same as mentioned above in the clause for Final Approval from DHA Note: Document lists provided here are not final/complete, any additional document/information required further by the Govt. Authorities need to be provided. The medical director’s name will appear on the DHA license. Written By Ebi Kadavan

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