Free Zones in the UAE - PKF International

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• Attracting liquidity back into investment opportunities within the region, thereby contributing to its economic growth. • Facilitating planned privatisations in the region and enabling initial public offerings of privately owned companies, thus providing impetus to the programme of deregulation and market liberalisation throughout the region. • Contributing to the development of regional stock markets which, in turn, will contribute towards broadening the capital and ownership base of private sector companies; and, promoting the growth of Islamic finance and the development of the region’s reinsurance sector. NASDAQ DUBAI (Formerly known as The Dubai International Financial Exchange Limited {DIFX}), a subsidiary of the DIFC Authority, is expected to play a major role in the development of regional capital markets by attracting key regional companies to list their shares and other issued securities on the exchange. This, in turn, is expected to attract international investors and encourage additional portfolio flows to the region, thereby accelerating the process of the region’s integration with world markets. The DIFC has three independent bodies overlooking its operations, which enable it to function as a self contained financial service center and each body is assigned independent functions. These are DIFC Judicial Authority (DIFC Courts), DIFC Authority [with its subsidiary DIFC Investments and NASDAQ DUBAI and Dubai Financial Services Authority (DFSA)]. Legal Restrictions on Authorized Firms in DIFC • DIFC entities may not offer any products or services to the retail market • Insurance activities in the UAE are restricted to re-insurance • UAE federal laws regarding the Criminalisation of Money Laundering apply, while federal civil and commercial laws do not apply. • DIFC entities may not take deposits, deal and offer any products or services in UAE dirham • All DIFC licensed entities must be resident in the DIFC. If no space is available in DIFC, the entity may apply to be resident in Dubai until such time space is available. While the DFSA permits a wide range of financial services to be carried out from within the DIFC, some restrictions apply. Authorised Firms are not permitted to undertake the following activities: 54 PKF - Free Zones in the UAE - Free Zones in Dubai
• Dealing with an individual client with less than US$ 1 million in liquid assets • Dealing with an institutional client with share capital or net assets less than US$5 million • Accepting deposits from the United Arab Emirates market • Conducting insurance business with individuals • Providing money services unless it is connected with another financial service for which the firm is authorized Features • Internationally accepted laws and regulatory processes. • A world-class, independent, regulatory agency working alongside other financial regulatory agencies located in major global jurisdictions. • A wholly transparent operating environment, complying with global best practices. • A dollar denominated environment. • An international stock exchange with primary and secondary listings of debt and equity instruments. • A variety of legal vehicles that may be established with capital structuring flexibility. • The DIFC focuses on several sectors of financial activity like the Banking Services (Investment Banking, Corporate Banking and Private Banking); Capital Markets (Equity, Debt Instruments, Derivatives and Commodity Trading); Asset Management and Fund Registration; Insurance and Re-insurance; Islamic Finance; Business Processing Operations and Ancillary Services. Forms of registration • Company with Limited Liability: - Companies with limited liability are incorporated under Law No. 2 of 2004 – Companies Law. • Limited Liability Partnership:- Limited Liability Partnerships are formed under Law No. 5 of 2004 – Limited Liability Partnership Law. By signing and filing with the Registrar an application for incorporation, any two or more persons may apply for the incorporation of a Limited Liability Partnership, in accordance with the terms of the Limited Liability Partnership Agreement. • General Partnership: General Partnerships are formed under Law No. 11 of 2004 – General Partnership Law. Under the General Partnership Law, all partners are jointly, and severally liable without limit, for the debts and obligations of the partnership. PKF - Free Zones in the UAE - Free Zones in Dubai 55
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Accountants & business advisers Fre
Page 3 and 4:
Free Zones in the United Arab Emira
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Contents Preface 1 PKF in the UAE 3
Page 7 and 8:
Preface The globalisation of trade
Page 9 and 10: PKF in the UAE PKF UAE is a member
Page 11 and 12: JEBEL ALI FREE ZONE Lease Office Bu
Page 13 and 14: Introduction The United Arab Emirat
Page 15 and 16: Economy The UAE economy has been tr
Page 17 and 18: GDP (AED in billions) (Estd) 2005 2
Page 19 and 20: Jebel Ali Offshore The announcement
Page 21 and 22: Ras Al Khaimah Offshore Similar to
Page 23 and 24: Free Zones in the UAE The Free Trad
Page 25 and 26: Given hereunder are the various Fre
Page 27 and 28: FREE ZONES IN DUBAI PKF - Free Zone
Page 29 and 30: Types of Licenses Cost in AED per a
Page 31 and 32: • Worker accommodation ( as per a
Page 33 and 34: Facility costs and type of license
Page 35 and 36: The DMC is fully supported by the G
Page 37 and 38: with excellent networking opportuni
Page 39 and 40: e considerably reduced, as they can
Page 41 and 42: Facility costs and type of licenses
Page 43 and 44: Form of registration As a branch of
Page 45 and 46: ENERGY AND ENVIRONMENT PARK (Enpark
Page 47 and 48: The park will be built in several p
Page 53 and 54: Type of License Cost in AED per ann
Page 55 and 56: • Online customer service (e-Serv
Page 59: Office Min 50 sq.mts 2,300 per sq.m
Page 63 and 64: community and relocating to new fac
Page 65 and 66: or custom designed facilities for d
Page 67 and 68: • Tap into the creative and innov
Page 69 and 70: FREE ZONES IN SHARJAH AND THE NORTH
Page 71 and 72: Land Min. 2500 sq.mts 50 - 100 per
Page 73 and 74: Features • Economical wage struct
Page 75 and 76: Flexi Desk Varies 15,000 Virtual Of
Page 77 and 78: Forms of registration • Branch (p
Page 79 and 80: The Al Hamra Development, located a
Page 81 and 82: including teleport facilities for u
Page 83 and 84: FREE ZONES IN ABU DHABI PKF - Free
Page 85 and 86: The creation of ADAFZ is driven by
Page 87 and 88: comprehensive range of media discip
Page 89 and 90: About PKF PKF International PKF Int
Page 91 and 92: PKF International AFRICA Angola, Ca
Page 93 and 94: PKF UAE Publications As part of the
Page 95 and 96: ANNEXURE A Useful Contact Numbers P
Page 97 and 98: ANNEXURE B List of UAE Tax Treaties
Page 99 and 100: • The Government of The People’
Page 101 and 102: Notes PKF - Free Zones in the UAE -
Page 103: Although the greatest possible care
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