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Foreign Ownership for Mainland Companies
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100% Foreign Ownership for Mainland Companies in the UAE

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100% Foreign Ownership for Mainland Companies in the UAE Here is an exciting news for all entrepreneurs who wish to start their business journey in the UAE mainland! An amendment to the Commercial Companies Law (CCL) now permits 100% foreign ownership for mainland companies in UAE. This new law is effective from 1 June 2021—subject to obtaining specific approval from the relevant authorities in each emirate. Currently, the minimum ownership percentage which an expat can have is 51% and 49 % to be held by a local sponsor. As a result, as companies set up in UAE FTZs often had to face many challenges. For instance, they were permitted to carry out only those activities for which they had license—either within the FTZ where they were registered or outside the UAE (subject to the laws of the countries concerned). However, this new amendment will give foreign investors the freedom to set up their fully owned companies in the mainland and flexibility to carry out business operations. Reasons for Implementing Full Foreign Ownership for Mainland Companies Law By relaxing the existing ownership restrictions, the UAE government hopes to attract more foreign investors, businesses, startups, and top talent from across the globe and as positioning the economy in a better position when it prepares for post-Covid recovery. Creating an investor-friendly legislative environment for business set up in the UAE Enabling ease of doing business Improving the country’s economy Preparing for the future by boosting investment and commercial opportunities Safeguarding the economy against possible disruptions taking place in the global economy Addressing the emerging needs of the UAE business community Enabling the country to attract expat investors, businesses/conglomerates/startups, etc. As a result of this amendment, businesses that are already established in free zones can now establish themselves onshore. All current and previously licensed businesses in the UAE can now amend their statuses in accordance with this latest commercial companies law. Are you an aspiring entrepreneur who is planning to establish your business in the UAE mainland? Corpin Consultants can assist you in company registration, license renewals, legal documentation, bank account opening and more. Contact us for more information.[/vc_column_text][/vc_column][/vc_row]

Corpin DMCC Consultant Awards 2020
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Proud to Receive DMCC Consultant Awards 2020

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Proud to Receive DMCC Consultant Awards 2020 We are immensely delighted to announce that our dedication to provide our customers the outstanding experience were recognized by the World’s #1 Free Zone, Dubai Multi Commodities Center (DMCC). Every year, DMCC recognizes the efforts of 18,000 member companies and chooses the best consultants who make remarkable contributions to promoting and supporting DMCC. Ebi Kadavan, Managing Director of Corpin Consultants, commented on this proud achievement: “ This award is a great recognition for our efforts to provide a seamless customer experience even during the tough times of COVID-19 pandemic. It is a big motivation for us to work harder and outperform in the upcoming years. I wish to express my sincere gratitude to DMCC for recognizing our hard work. This acknowledgement again prove our reputation on the UAE market as a trusted and reliable partner. I would like to extend my gratitude to our dedicated team and precious clients, without them this wouldn’t be possible. “ This annual event of DMCC was held on 17 June at Almas Conference Centre to celebrate the outstanding performance of DMCC’s ever-growing network of partners and consultants. In 2020, around 2,025 new companies registered in this world’s leading free zone, the highest number in five years. The combined revenue of DMCC member companies contributes over 10 percent to Dubai’s GDP.

Business, Business Consultancy, News

Promising Business Ideas in Dubai for 2021

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Promising Business Ideas in Dubai for 2021 COVID-19 has undoubtedly impacted economies all over the world. Though this unprecedented pandemic has brought along many challenges, still it has unveiled several business opportunities for aspiring entrepreneurs. With UAE considered to be the fastest recovering economy in the world, there is no better place to start your business in 2021. Here are a few promising business ideas in Dubai for you: Cleaning Services Post COVID-19, cleaning services have a growing demand at workplaces, restaurants, and public places. This rising need for commercial-grade cleaning is unlikely to subside any time soon as people are paying more attention to disinfect surfaces and avoiding the potential for viruses to spread. App development  The UAE residents have shifted their focus to apps for everything right from the food and grocery delivery, to e-learning, health and fitness, remote working, and even mental health support. As a result, low code app development is gaining significant traction and has become one of the most profitable business ideas in 2021. Online Teaching Now with students becoming accustomed to virtual learning, there is a growing demand for online tutoring and teaching. All you require is a laptop, stable internet connection, and proven qualifications in the chosen field. Online Consultancy Just like how the education sector has switched from real classrooms to virtual classrooms, business world too has witnessed a transformation. Now business knowledge is being shared online and it is the perfect opportunity for consultants to capitalize their business. They can easily offer services and consultations in the virtual atmosphere with the right license and expertise. Rent A Car Dubai is a city visited by thousands of visitors everyday and they need a car for moving from one place to the other. Rent A Car is a lucrative business idea for aspiring entrepreneurs. You can offer customized packages based on the requirements of clients. Are you planning to set up your business in Dubai? Corpin Consultants can help you form your company from scratch. We provide product and trademark registration services in UAE to make the process easier. Contact us today at +971 55 843 2911 or info@corpinconsultants.com for a FREE consultation.

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UAE-Israel Accord Could Bring a New Dimension to Dubai Diamond Trade

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UAE-Israel Accord Could Bring a New Dimension to Dubai Diamond Trade Right after the UAE and Israel normalized ties, traders in Dubai say that they are continuously receiving enquiries from Israelis, who usually trade in Belgium’s Antwerp – the world’s biggest trading center of rough and polished diamonds. Israeli diamond trader Zvi Shimshi flew to the UAE for opening a company in Dubai, a pivotal trading hub for the precious stones. He is among 38 Israelis whom the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange, said have recently contacted for a business setup welcoming this new change in global trade dynamics. On August 29, 2020, the president of the United Arab Emirates (UAE), Sheikh Khalifa bin Zayed Al Nahyan, issued Federal Decree-Law No. 4 of 2020, abolishing Federal Law No. 15 of 1972 on the Boycott of the State of Israel. The purpose of this abolition is to expand diplomatic and commercial cooperation between the two countries. As a result, Emirati citizens and corporations can now freely enter into commercial, financial, and trade agreements with Israeli corporation. It will also allow direct flights between the two countries. Dubai, with $21.2 billion in diamonds traded last year according to the DMCC, and Israel, with around $12 billion according to its exchange, are the Middle East’s main diamond centers. This initiative will be a game changing opportunity for any Israeli who wish to start a diamond business in Dubai. DMCC figures indicate that Dubai imported $4.2 billion of polished diamonds in 2018, down from $7.3 billion in 2012 – and exported $3.96 billion in 2018 compared to $5.35 billion in 2012. “Dubai has an opportunity to develop as a global diamond trading network for polished, and open up channels to the rest of the Arab world for diamonds and jewellery,” said Martin Rapaport, the chairman of Rapaport Group. For Israel, in which there is a substantial market for polished stones, Dubai offers closer links to India and connects it to the Arab world, where most countries still do not have formal ties with the Jewish state. “We see Dubai as a golden gate,” Israel Diamond Exchange president Yoram Dvash told Reuters. Ezra Boaron, who owns Israeli manufacturing factory Rising Star Diamonds, agreed: “The entire Arab world passes through Dubai. It’s a giant market.” If you are planning to set up your diamond business in DMCC, Corpin Consultants can assist you in every step of the incorporation process, so you can focus better on your business. Contact us to know more.

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The UAE Cabinet Clears 100% Ownership Restriction in Mainland for Positive List of Sectors

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The UAE Cabinet Clears 100% Ownership Restriction in Mainland for Positive List of Sectors Under the Foreign Direct Investment (FDI) Law, the UAE cabinet has released the full list of 122 categories for 100 percent ownership in the mainland. Cabinet Resolution No. (16) of 2020 mentioned the ‘Positive List’ of sectors and economic activities in which foreign direct investment is permissible and the percentage of ownership is 100 percent. This list covers key sectors – agriculture; manufacturing; transport and storage; hospitality and food services; information and communications; science and technology; healthcare; education; art and entertainment; and construction. It also includes numerous promising activities such as manufacturing of toys, sports goods, electrical equipment, consultancy services, advertising, photographic activities, construction of buildings, translation services, primary, secondary and higher education, hotel and restaurant management, hospitals, and music bands, etc. Cabinet Resolution No. (16) of 2020 also sets a condition for companies to invest in the latest technologies, contribute to research and development, and meeting the requirements of the UAE licensing entities. This latest initiative by Cabinet, the manufacturing sector will benefit a lot. This measure is implemented to have a positive impact on the creation of jobs and reducing the import of goods by producing it locally. The minimum investment has been set at Dh2 million for manufacturing; Dh3 million for manufacturing of sports and toy industries; Dh20 million for manufacturing activities of automobiles, metal ad medical equipment; and Dh100 million for healthcare. If you are planning for a company formation in Dubai mainland, feel free to contact us at +971 55 843 2911 or ek@corpinconsultants.com. Our team of experts can offer accurate guidance for all your queries related to registration, licensing, business setup, and more.

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DMCC Introduces No Objection Service to Operate Onshore

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DMCC Introduces No Objection Service to Operate Onshore Here’s a good news for all business owners, DMCC, the UAE’s highly growing free zone region in partnership with the Department of Economic Development (DED) has introduced a new service that will help in growing your business. DMCC member companies with specific licence activities can now offer services outside their respective free zone without obtaining a trade licence from DED. This regulation will be effective from 14 April 2020. Member companies can easily apply online for a no-objection-certificate (NOC) from DMCC to obtain the DED permit and commercial permit for operating onshore. It does not require any document submission. The NOC will be issued within two working days and its validity will be 90 days from the date of issuance. Key points to consider Only DMCC licenced companies holding service licence type can apply for NOC to operate onshore after meeting the eligibility criteria. Companies cannot apply for NOC to operate onshore if: They have an active sanction on their account They have an existing open SR for activity amendment They have an open SR for licence termination They have an open SR for company termination Steps to apply for NOC to operate onshore Fill the application form in the DMCC portal to ‘apply for NOC to Operate Onshore’ Make the payment and submit the SR Download the generated NOC on the SR’s documents or ‘Uploads’ sections Next step is to approach DED with the NOC from DMCC and meeting the Department of Economic Development’s (DED) formalities for obtaining the permit to operate onshore. If you have any further questions regarding DMCC company formation, feel free to contact us at +971 55 843 2911 or ek@corpinconsultants.com. We can assist you in all aspects of business setup in DMCC.

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Dubai Airport Freezone Authority (DAFZA) contributes 12 percent to the country’s foreign trade in 2019

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Dubai Airport Freezone Authority (DAFZA) contributes 12 percent to the country’s foreign trade in 2019 Dubai Airport Freezone Authority (DAFZA) contributed 12% to the Emirate’s foreign trade in 2019, compared to 11.2% in 2018, out of a total trade value of AED 1.37 trillion recorded last year. DAFZA’s foreign trade crossed AED 164 billion in 2019 with a 12.6% growth, compared to the previous year (AED 146 billion). The underlying reason for this hike is the recent business facilitation services and incentives that attracted foreign investors to the free zone. As a result, there was more than 15.8% growth in imports worth AED 72.4 billion. The total exports and re-exports reflected 10.2% growth with AED 91.8 billion allowing DAFZA to achieve an AED 19.4 billion trade surplus in 2019. India was DAFZA’s biggest trade partner in 2019 with 18.3 percent valued at AED 30 billion, followed by China with 17.3 percent at AED 28.4 billion. Switzerland got the third position with 16.3 percent at AED 26.8 billion.  India ranked first for imports with 40.7 percent at AED 29.4 billion, followed by China with 39.2 percent at AED 28.4 billion. Switzerland also ranked first in exports and re-exports and accounted for 27.4 percent at AED 25.1 billion, followed by Iraq with 12.3 percent valued at AED 11.3 billion. When it comes to goods, machinery, electrical and electronics equipment ranked first with 55% of the total foreign trade in 2019, with a value of AED 37.4 billion for imports and AED 53 billion for exports and re-exports. This was a hike of 14.3% or AED 11.3 billion in DAFZA’s total trade. The precious stones and metals accounted for 38% of the total import value at AED 29.6 billion and AED 32 billion in terms of exports and re-exports. This meant an increase of 10.4% worth AED 5.8 billion. Both sectors represent 92.6% of DAFZA’s total trade. Apart from these DAFZA also generated increased revenue from multinational companies (36.6% growth compared to the previous year. The total space occupied by multinational companies also increased by more than 135%. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DAFZA quoted that DAFZA’s foreign trade was valued at more than 164 billion AED. This was a result of DAFZA’s contribution as a major hub for international companies and investors across the globe. The results show its major role in accelerating access to global and regional markets, including Dubai’s market. He added that this is positively reflected in Dubai’s economy as DAFZA has been actively contributing to its sustainable growth for the last twenty years. If you wish to set up your business in DAFZA or have any questions regarding the same, contact us at +971 55 843 2911 or info@corpinconsultants.com to book a free consultation.

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Dubai Economy Grew 2.1% in the first half of 2019

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Dubai Economy Grew 2.1% in the first half of 2019 According to recent data published by the Dubai Statistics Centre(DSC), the Dubai economy grew up to 2.1 per cent in the first half of 2019. Arif Al Muhairi, Executive Director of the DSC stated that the flexibility of Dubai’s economy and its business structure helped the country retain its economic growth, in spite of the regional and global economy slowdown. He also mentioned that the wholesale and retail sector plays a significant role in the overall growth of the local economy. Dubai’s strong infrastructure also promote the growth of its re-export business and bilateral trade. Al Muhairi further quoted that the trade sector achieved an exponential growth of 3.3% backed by higher external trade, and higher re-exports by 3 per cent to cross Dh210 billion in the first half of 2019. The wholesale and retail sector, which contributes 25.5 per cent to Dubai’s GDP crossed 3.3 per cent YoY, while external trade grew by 17.7 per cent to reach Dh76 billion. The transport and storage sector flourished up to 6.2 per cent. This sector plays a crucial role in Dubai’s economy as it is closely related to all other economic sectors. The hospitality and restaurant sector, which contributed 5.1 per cent to GDP, grew 2.7 per cent. According to the data by the Department of Tourism and Commerce Marketing, total visitors to Dubai in the first half of 2019 reached 8.4 million, a 3.2 per cent growth compared to the same time in 2018. Manufacturing activity, which contributed 9.5% to Dubai’s GDP, grew by 0.3 per cent in the first six months of 2019, compared to the same period in 2018. Real estate activity also grew by 2.1 per cent in the first half of 2019 compared to the same time in 2018 and contributed nearly 7.4 per cent to the total GDP. Apart from that, mining, construction, professional activities, administrative services, public administration, education, health, arts, entertainment, household, and other service activities grew 2 per cent YoY, with a joined contribution of 23 per cent to Dubai’s GDP. At the same time, agriculture, electricity, gas, water, waste management, insurance, finance, information and communication activities declined by 1.4 per cent. YoY. Al Muhairi said that these sectors contributed 17 per cent to the total GDP. This decline had a slight impact on the overall growth of the economy. Corpin Consultants is one of the most reliable business setup consultants in Dubai with a team of experienced professionals having profound knowledge about the country’s regulations and documentation requirements. To know more about our services, call us at +971 55 843 2911 or drop an email at info@corpinconsultants.com.

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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.

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