Doing Business in UAE - Morison Menon

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Preface The fourth edition of ‘Doing Business in the UAE and UAE’s Free Zones’ could not have come at a more opportune time. The only constant, that is change, is making its presence felt across the Gulf region. Economies are on high gear – not driven by oil alone. The market dynamics is reflected in the way the world perceives the region too. There is a renewed interest in emerging economies like the UAE, which is fast becoming an investment hub for foreign investors. The well-rounded growth in all sectors of the economy – be it banking, trade and finance, real estate, commodities, services or media – has translated into a greater need for authentic information. This is only natural in the face of emerging developments including the sustained enthusiasm in the stock market and the coming of age of the commodities and financial markets in the UAE. Business is no longer governed by the simple logic of demand and supply. Entrepreneurship has entered a phase wherein the right information channel propels the direction of growth of any business venture. It is in this context that the fourth series of this hand-book comes with a well-delineated two-part structure. The first profiles three vital segments of the economy – industry, services and trade. The second deals with the intricacies of doing business in finance, commodities and banking. Both the sections have been evolved through careful research and extensive background check to ensure that the right information has been culled and collated for the benefit of any investor who is totally new to the region. Old-timers might recall how this handbook has evolved from a simple one-stop information capsule outlining the elementary business modules of the UAE and its free zones. This edition, in marked contrast, is a reflection of the changing times as well as the shifting dynamics of the regional economy. We would like to put on record our appreciation for the wholehearted support all of you have extended to our editions. Indeed, your feedback has been our prime mover; your response has helped us nurture, shape and build on this venture. When we embarked on this, we never imagined the scope of work that would await us in the coming years. Every year has seen radical changes in the way you could do business in the UAE. But then again, some things haven’t changed. Those - the investor-friendly environment, the infrastructural support, the swiftness and efficiency of governmental and Free Zone departments, the hospitality of the people – form the bedrock of doing business in the UAE. That, indeed, is a solid one, built over many centuries of trusted trading links fostered far and wide. Best Regards, Board of Partners Raju Menon Managing Partner Safiya Haji Akbar Mohammad Partner Morison Menon 11
Facts About United Arab Emirates Location Middle East; Eastern Coast of the Arabian Peninsula, in the South Western part of the Arabian Gulf Geographic Coordinates Between the latitudes of 22 o and 26.30 o North and longitude of 51 o and 56.30 o East. Total Area 83,600 sq. kms Boundaries Oman 410 Kms; Saudi Arabia 457 Kms Climate Desert; cooler in eastern mountains Coastline 1318 Kms + 1500 Kms adding by Nakheel Water Front projects Population 4.32 million (comprises local population and expatriates from South Asia, Government Type Far East, Middle East, Europe and USA) Federation with specific powers delegated to the UAE Federal Government and other powers reserved to the member emirates Administrative Divisions 7 Emirates viz., Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quiwain, Ras Al Khaimah, Fujairah Capital Abu Dhabi Independence 2 nd December 1971 (from UK) Legal System Federal court system introduced in 1971; all emirates except Dubai and Ras Al Khaimah have joined the federal system; all emirates have secular and Islamic law for civil, criminal and high courts. Languages Arabic (official), Persian, English, Hindi and Urdu Currency Arab Emirate Dirhams (AED) Political Parties None GDP Inflation Rate (consumer price) Exchange Rate US $ 1.00 = AED 3.667 Major Trading Partners Japan, China, USA, UK, India, Pakistan, Iran, S. Korea, Germany, Italy Major Export Products Crude Oil, Natural Gas, Re-Exports, Aluminium, Dried Fish, Dates Major Import Products Manufactured goods, Machinery, Foodstuff, Transportation equipment. Taxation No corporate, personal and withholding taxation Customs Duty : : : : : : : : : : : : : : : : : : : : : : : : : AED 424 billion (US$ 115.63)(2005) AED 379 billion (2004) 3.2% (2004) 5% import duty (No import duty on industrial raw materials) Position to attract FDI 22nd ( UNCATD) Countries to which FTAs negotiation in USA, Australia, Singapore progress FTA through GCC : EU, China, India & Pakistan 12
Page 2 and 3: 4 th Edition 2006 Dubai: 204, Tower
Page 4 and 5: HH Sheikh Khalifa bin Zayed Al Nahy
Page 6 and 7: Foreword Writing a foreword is a go
Page 10 and 11: The Country Geographic Location The
Page 12 and 13: ADVANTAGES OF UAE FOR BUSINESS Pro
Page 14 and 15: pany are not open for subscription
Page 16 and 17: Ministry of Economy prior to obtain
Page 18 and 19: importance of the industrial sector
Page 20 and 21: Contracting Firms have been classif
Page 22 and 23: •Board Resolution to open a branc
Page 24 and 25: (i) accounting, business, medical a
Page 26 and 27: • If the manager is a new appoint
Page 28 and 29: Dubai Industrial City (DIC) Locatio
Page 30 and 31: name shall not be registered in the
Page 32 and 33: Real Estate in the UAE The economy
Page 34 and 35: Key Communities Al Hamra Village -
Page 36 and 37: General Information Customs Procedu
Page 38 and 39: dure remain the same including depo
Page 40 and 41: the Free Zone. Bank Guarantees Ther
Page 42 and 43: Abu Dhabi Sea Port Port Zayed (Mina
Page 44 and 45: Dubai Port Tariffs Loading/Discharg
Page 46 and 47: Destination Mississippi Boston, Mas
Page 48 and 49: Immigration Requirements for New En
Page 50 and 51: Multiple-Entry Visas Multiple-entry
Page 52 and 53: Name of School Curriculum Location
Page 54 and 55: Dubai Education Council The creatio
Page 56 and 57: Dept of Economic Development, Dubai
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Location Established Distance Size
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DUBAI MARITIME CITY Location Establ
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Facilities Offered Rent Per Annum L
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Facilities Offered (Leasehold and F
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Facilities Offered Rental per annum
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Facilities Offered Rental per annum
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* Location Established Distance Siz
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HEAVY EQUIPMENT & TRUCK ZONE (HETZ)
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AUTO SPARE PARTS ZONE (ASPZ) Locati
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Business Segments Port facilities V
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Doing Business in UAE - Morison Menon

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