DOING BUSINESS IN UAE & UAE FREE TRADE ZONES. Sudhir Kumar, Partner & Head Corporate Communications Chief Executive Officer-Morison (UAE) Consulting
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1 DOING BUSINESS IN UAE & UAE FREE TRADE ZONES Sudhir Kumar, Partner & Head Corporate Communications Chief Executive Officer-Morison (UAE) Consulting
2 UAE (Dubai) UNIQUENESS Busiest trading hub of the Middle East High Per Capita Income No foreign exchange control, quotas, or trade barriers Competitive import duty (5%) with exemptions State policies permit full repatriation of profit and capital No income tax, no corporate tax and no withholding tax Most modern infrastructure Presence of major multinational corporations Mixed population from all over the world Stable currency Proximity to the Indian Subcontinent and Europe Largest Airports and Sea Ports
3 UAE ECONOMIC & COMMERCIAL ADVANTAGES The UAE is the 17th exporter of the world merchandise trade FDI into UAE 2013 USD 12 billion UAE Non oil foreign trade :USD 409 billion (2012) GDP per capita USD 65,600 UNO s world happiness report Ranked 14 Ease of doing business Ranked 23 Global Competitiveness Index Ranked 19 IRENA Headquarters is based in Abu Dhabi
4 UAE (Dubai) UNIQUENESS
5 Macro view of the surrounding regions GDP=$ 5,395B Population=2.28 B Avg. Growth= 5.77% Levant (including Turkey & Iraq) Population: 145.8m GDP: $ 1,172 Billion Economic Growth: 4.95% Iran & Central Asia Population: 171m GDP: $646 Billion Economic Growth: 5.99% India Sub-continent Population: 1,575m GDP: $1,981 Billion Economic Growth: 6.84% North & Eastern Africa Population: m GDP: $ 474 Billion Economic Growth: 4.86% GCC (& Yemen) Population: 66.5 m GDP: $ 1,122 Billion Economic Growth: 6.23%
6 UAE Economic Profile UAE Population 8.3 Million GDP/Capita in USD 65,600 (#8) GDP USD 358 Billion GDP CAGR (05-09) 16% UAE Trade USD 409 Billion 35 8 UAE global rank by GDP UAE global rank by Per Capita Income 21 7 UAE rank on Global Trade Oil Reserves Source: International Monetary Fund (IMF)2010 and Economist Intelligence Unit (EIU) 2010
7 Global Total Population of Young in 2013 (in millions)
8 Dubai Trade, Logistics, Finance and Dubai Economic Profile Tourism Hub $205 1,868 2 M 1 Billion Trade Value 2010 (17.8% growth) Logistics companies Population Quality of living in MEA Airlines Shipping Lines Banks Million Hotel Guests
9 UAE Singapore Trade Relations UAE-2 nd largest Trading Partner of Singapore in the Middle East. The Trade value in 2013 is estimated at USD 20.8 billion More than 350 Singaporean Companies in UAE Singapore is the first non-middle East country to sign a Free Trade Agreement with the GCC nations JAFZA hosts more than 70 and DAFZ has 30 plus Singaporean companies UAE ranked 11 th in FDI inflow and Singapore 9
10 Setting up a Business Mainland Free Zones 10
11 Licensing Mainland TYPE ACTIVITIES Manufacturing Trading Services Professional Activities AUTHORITY Department of Economic Development. Ministry of Industry Ministry of Economy UAE Central Bank REGULATIONS 11
12 Limited Liability Company Common form of legal entity: for Manufacturing Trading Services Ownership Pattern: UAE national : 51% Foreign Investor: 49% Capitalization : AED 150,000 (In Dubai AED 300,000) 12
13 Civil Company [Professional Firm] Common form of legal entity: for Consulting Professional activities Ownership Pattern: Foreign Investor : 100% UAE national Service Agent No Physical Capital 13
14 Branch of Foreign Company Preferred legal entity: for Architecture/Engineering Firm Specialized Constructions Distribution of own products (branded) Specialized Consultancy Back-home taxation Appointment of Service Agent 14
15 Free Trade Zones Free Trade Zones play a key role in attracting FDI Designated by the Govt. for duty free entry of non-prohibited goods Re-export can be done without payment of duties Duties are imposed, if merchandise pass outside the Free Zone Free Zone resolves the ownership issue of 51:49 (100% foreign ownership) 15
16 Licensing - Free Zones TYPE ACTIVITIES Manufacturing/Assembling Trading Services Professional Activities SELECTION OF THE ZONE REGULATIONS 16
17 Major Advantages 100% foreign ownership of the enterprise. 100% import and export tax exemptions. 100% repatriation of capital and profits. No corporate taxes for 50 years, renewable for an additional 50 years. No personal income taxes. Freedom to recruit employees 17
18 Role of Free Zones Drive economic and industrial development Offering world class infrastructure, value added services and incentives. Catalysts for country s inward FDI Employment generation Backbone of diversification of economic activities
19 Free Zones in the UAE Total 42 in number, having over 35,000 companies Dubai 24 Abu Dhabi 6 Sharjah 3 Ajman 2 Ras Al Khaimah 4 Um Al Quwain 1 Fujairah 2
20 Types of Free Zones Cluster Zones Jebel Ali Free Zone (8) Kizad (7) Specialized Zones Media, IT, Printing & Publishing Finance Outsourcing Film & Broadcasting Renewable Energy Commodities Trading & Exchange Bio-Technology, Healthcare and others Industrial Zones Kizad RAKIA
21 Free Trade Zones & FDI UAE ranked 11th Globally in terms of new FDI Projects 1.7% of global share UAE Foreign Trade currently at US $ 405 billion outshines UAE s GDP of US $ 358 billion. Formulating Government Strategies and Vision Catalysts for country s growth and development
22 Regulations Recent regulatory changes allow Free Zone companies to operate from Mainland Mainland companies can operate in certain Free Zones in designated buildings Annual Audited Financials Yearly Licenses Leased Land Employee Visa 3 years
23 Licensing Process - Single Window Clearance Decision on the Free Zone Prepare Business Plan Submission of Project Profile / Business Plan Preliminary Approval Capital Office Space / Land / Warehouse Approval Application Final Documentation License Visas Overall Time Frame Trading: Days Industries: Days
24 Costs at a Glance Jurisdiction Formation Fee - One Time (US $) JAFZA FZE 2725 FZCO Branch DAFZA Same as above Branch - NIL License Fee Recurring (US $) US $ 1500 Normally US $ 8180 General Trading Land Cost US $ 9 / sqm / year Office Space Cost US $ 500 to US $ 700 / sqm / year (Min size 30 sqm) US $ 2725 Not Available US $ 600 / sqm / year (Min size 50 sqm) KIZAD US $ 4 / sqm / year RAKIA US $ 2.7 / sqm / year Yet to be fixed US $ 20 / sqm / year (Min size 30 sqm) Warehouse US $ 140 per sqm / year (Min Size 313 sqm) US $ 300 per sqm (Min Size 350 sqm) Not Available US $ 55 per sqm (Min Size 311 sqm)
25 Type of Entities Type of Entities Free Zone Establishme nt (FZE) Free Zone Company (FZC / FZCO / FZLLC) Branch License Ownership Structure Corporate Wholly owned subsidiary Individual ownership Multiple ownership structure - corporate & individual Foreign Company or UAE Mainland Company Capital JAFZA / DAFZA RAKIA Kizad US $ 272,480 US $ 40,875 From US $ 40,875 US $ 136,240 US $ 54,500 NA NA
26 Restrictions Local / Mainland Retailing Contracting and Installation in the mainland Logistics & Freight Forwarding allowed only as branch of Dubai Company National Industrial License
27 Offshore Jurisdictions Mainly for SPVs if there is no need for local physical presence call account given by bank Registered Agent Needed Real Estate can be purchased in Dubai (only by JAFZA Offshore Companies) Three Jurisdictions in UAE JAFZA Offshore RAK International Company (part of RAK FTZ) RAK Offshore (part of RAKIA)
28 DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) Onshore Capital Market Financial Free Zone Independent legal system DFSA independent regulatory authority NASDAQ Dubai 6 Indian Banks (SBI, BOB, PNB, Axis, IDBI, ICICI) More than 1000 companies registered Freehold property
29 UAE VISION The Vision charts next stage of journey Want to be among the best countries in the world GDP to be increased by 65% Confident and socially responsible citizens Enhanced international standing Sustainable and diversified economy
30 HIGHLIGHTS OF EXPO 2020 Extra USD 23 billion of GDP in next 7 years 25 million visitors, 70% from outside UAE 300,000 new job opportunities 840,000 sq.meters gross retail space by new hotel rooms by next year 200,000 hotel rooms by 2020 AED 2 billion for Arabian Canal Construction, Tourism and Hospitality, Aviation Engineering, Transportation and Logistics
31 Visionary Projects.. Arabian Canal Project cost USD545 million
32 Visionary Projects.. Blue Waters Island & Dubai Eye Project cost USD 1.7 billion
33 Visionary Projects.. Dubai Frame Project cost USD $32.3 million
34 Things to do... Conduct feasibility study Have preliminary meetings with Free Zone authorities to finalize on the options Understand documentation requirements and other formalities Submit on-time error-free documentation Choose the right advisor, if you are new to the market
35 How an Advisor can help you... Understanding the business model Information on legal framework Initial awareness of the markets Understanding on cultural sensitivities First hand experience of the place; arranging preliminary visits to all appropriate places Free Zones and Mainland Correlating available options with investor needs Mainland / Free Zone / Offshore / Free Hold Assist in Market Research, Corporate Finance, Property & Real Estate, HR, Replicating same business model to other GCC countries
36
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