Dubai is the seventh emirate of the United Arab Emirates (UAE). The population currently stands at 1.5 million however 82% of the population are expatriates. Arabic is the office language however English is the business language. Dubai is the undisputed business hub of the Middle East.
The Jebel Ali Free Trade Zone is a Dubai based, state owned Economic Zone and is one of the biggest, most service driven, customer centric Free Zones in the world. Regulations were passed in 2003 establishing the basis for Jebel Ali Free Zone Offshore Companies which operate under the Jebel Ali Free Zone Authority (JAFZA). Such companies enjoy all the advantages of other international offshore companies but have the added benefit of Dubai’s reputation for business transparency. It is worth noting however that the a Dubai Offshore Company is not allowed to carry out business within the UAE or the Free Trade Zones.
Key benefits of UAE:
- A Dubai Offshore Company is not a tax haven company; it is not on any black list. The UAE is considered a Schedule 3 FATP jurisdiction and complies with relevant anti-money laundering regulations.
- No Corporate or Personal Taxes payable. Only banks and companies active in the oil sector are subject to corporate taxes.
- Offers a high degree of anonymity. Directors and Shareholders information is not kept on public record.
- Dubai is not a signatory to any international exchange of information agreements. This status is not expected to change as Dubai has no taxation gain from the participation of such treaties.
- The UAE has entered into some mutual assistance / double tax treaties with relevant jurisdictions such as Malayisa, Hong Kong and the UK. More will follow.
Bank Account Opening:
Bank Accounts can be opened in a number of international banks located in Dubai however a personal visit is required and the process can take a number of weeks to complete.
Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore
In order to ensure that the regulatory regime of Singapore continues to be robust, relevant and in line with international norms, on the 30th of March 2017, the Companies (Amendment) Act 2017 of Singapore was gazetted. Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.
Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever
Last March, the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.
Cryptocurrencies: technical and legal overview
In this article, we will try to succinctly describe the technical and legal characteristics of Cryptocurrencies. The understanding of Cryptocurrencies is crucial for today’s modern payment services and investment opportunities around the world. We have seen the increasing importance that this topic has acquired in the last few months and the rise of the price of the most popular type of Cryptocurrency, the Bitcoin, from $0.06 cents of a dollar in 2010 to $5,518.85 by the 25th of October, 2017.
The Belize IBC Amendment Act 2017: 3 notable changes for businesses
Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.
Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law
The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of Initial Coin Offerings (ICOs) for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as "securities" and as such are therefore governed by the relevant securities legislation of Hong Kong.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.
The terms of Hong Kong's new register of significant controllers and what it means for companies
As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
The pros & cons of European Passport-by-Investment schemes
In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.