Business Formation - EEG Web

Master the Basics of Opening a New Office in Dubai: 6 Things to Consider

November 4, 2021

For many international expats, the process of opening a new office in Dubai can seem intimidating. If you’re about to start the process, don’t worry. This guide has everything you need to know about the subject. We’ll tackle the six major doubts clients have when faced with opening a new office in Dubai. But first, let’s explore why opening an office in Dubai can be beneficial for your company. Benefits of Opening an Office in Dubai The benefits of opening a branch office in Dubai are numerous: Growing and thriving economy Variety of options: mainland, freezone or offshore Favourable tax policies Highly-developed infrastructure Helpful and foreigner-friendly government Application The first major question is: how to open a new office in Dubai? The first

The UAE Introduced Economic Substance Regulations – How Does This Affect You?

October 21, 2021

n response to concerns of illegal tax practices, the UAE was placed on the EU’s blacklist of uncooperative jurisdictions in 2017. In response, the UAE published its new economic substance legislation and the law was amended in 2020, removing the UAE from this list. Even though the UAE is no longer on the blacklist, its companies must continue to meet the new economic substance regulations for UAE companies. EU Blacklisting The EU blacklisted the UAE in December 2017 as a non-cooperative tax jurisdiction along with 16 other countries. The UAE was included in the list because the EU deemed it to be a jurisdiction that facilitates offshore structures or arrangements aimed at attracting overseas profits that do not reflect the real economic activity

Why You Still Need a Will in the UAE even if You Have Nominees

September 23, 2021

One of the most important qualities of a good business owner is the ability to plan for the future. It’s also essential to plan for untimely events to ensure that all matters are handled and passed on to the right beneficiaries. For expatriates living abroad, this matter is even more important. Creating a will that is legal in the UAE and your home country, even if you have nominees, is a must-do for expatriates. Why is having a will in the UAE important? When an expat passes away in the UAE, Emirate courts take over the administration and handling of the will. After changes to the law in November 2020, expatriates’ wills from their home countries are considered valid, as long as

Is it Possible to Open a Company in the UAE in 24 Hours?

August 19, 2021

As regulations continue to relax in favour of foreigners and foreign investment in the UAE, the options awaiting you and your company are limitless. If 100% foreign ownership and no UAE representative seem too good to be true, you’ll want to hear about this: in just 24 hours, you can incorporate your company in the UAE. Interested? Below, we’ll outline the necessary steps. How do I open a company in the UAE? Choose the purpose/name of your business The number of available industries in the UAE is vast, but make sure to research your specific choice to ensure that you are up-to-date with the newest regulations. For example, some industries benefit from 100% foreign ownership in free zones while others don’t have

Business Confidence in Dubai at its Highest Since 2014

August 11, 2021

When you go about company formation in any jurisdiction, the procedures you undergo don’t stop once you acquire your company licence. You must consider (based on your jurisdiction) what to do to ensure you maintain your favourable status. What are the ongoing corporate governance and compliance components you can’t afford to ignore? We have all the details. But first, what is corporate governance? Corporate governance refers to the framework an entity employs to direct and control all the moving parts. This system includes the necessary processes, norms, and regulations a firm needs to accomplish its business goals while balancing internal and external stakeholders’ needs. Beyond this definition, how does this work in practice? The primary organism in charge of driving this structure is its board of directors because they

Maintenance of a UAE Company In Line With New Regulations

July 29, 2021

Previously, one of the signature aspects of the UAE Foreign Ownership law was that 100% foreign ownership was not allowed, with Article 10 of the Commercial Companies law stating that “one or more UAE partners holding at least 51% of the share capital of the company” was mandatory. What does this mean? Well, foreign investors were only able to hold a maximum of 49% of the company, which was not the most attractive option for many. However, in early 2021, this changed and speaking generally, the need for a majority-holding UAE partner is no longer. In addition, it is no longer necessary to have a UAE national service agent appointed as part of foreign companies. Here are the three main changes that the Commercial Companies