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Guide to Doing Business in the United Arab Emirates

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Guide to Doing Business in the United Arab Emirates CANADA-UAE BUSINESS COUNCIL GUIDE TO DOING BUSINESS IN THE UNITED ARAB EMIRATES 1ST EDITION This document offers an overview of each federal government’s strategies and initiatives, key organizations, main women’s events & key people. This Canada-UAE Business Council Guide to Doing Business in the United Arab Emirates is intended UAE to educate Canadians interested in conducting FACT SHEET business in the United Arab Emirates (UAE). The Guide gives an overview of the UAE—its government structure, demographics, and economy. It presents considerations for business, including reasons to do business in the UAE, business etiquette, establishing a business, labour laws, and taxation. It also incorporates a section on Canada-UAE commercial relations to provide context for the broader bilateral business relationship. This Guide is not an exhaustive resource on every FOUNDED aspect of doing business in the UAE and therefore should only be used as a starting point for Canadian businesses exploring potential opportunities in 1971 the UAE. It is not a substitute for specific business ST or legal advice. Section 12 provides a list of FOUNDER/1 PRESIDENT RELIGION organizations in both the UAE and Canada that can HIS HIGHNESS SHEIKH ZAYED OFFICIALLY ISLAM; be contacted for further information and assistance. BIN SULTAN AL NAHYAN OTHER RELIGIONS PRACTICED This Guide was inspired by the US-UAE Business POLITICAL SYSTEM Council Guide to Doing Business in the United Arab LANGUAGE Emirates CONSTITUTIONAL FEDERATION OFFICIALLY ARABIC; designed for American businesses. The (THE MONARCH OF ABU DHABI IS THE HEAD OF STATE) Canada-UAE Business Council (CUBC) developed ENGLISH IS WIDELY SPOKEN this Guide after reviewing dozens of other similar FEDERATION GDP guides published by various trade and investment SEVEN EMIRATES entities and law offices active in the UAE. These (ABU DHABI, DUBAI, SHARJAH, RAS AL KHAIMAH, AED 1.4 TRILLION (C$495 BILLION) FUJAIRAH, UMM AL QUWAIN, AND AJMAN) tools are listed in the Sources section. GDP PER CAPITA The CUBC has made every effort to provide CAPITAL CITY AED 151,000 (C$53,391) information that is accurate and current. Feedback is ABU DHABI welcome. This Guide is updated on a regular basis. TRADE (AS % OF GDP) Please visit the Resources page of the CUBC’s GEOGRAPHIC AREA 93.8% website (www.canadauaebusiness.org) for other 84,000 SQUARE KM resources such as sector profiles, studies, and CURRENCY market intelligence reports. POPULATION UAE DIRHAM EST. 9.4 MILLION (2017) (OFFICIALLY ABBREVIATED “AED”, “DH” OR “DHS”); THE DIRHAM IS PEGGED TO THE US DOLLAR; 1 DIRHAM = 0.27 US DOLLARS Published by the Canada-UAE Business Council EMIRATI NATIONALS Head Office: EST. 11% CLIMATE 161 Bay Street, Suite 2700 19°C (JANUARY) TD Canada Trust Tower Toronto, ON WORKFORCE: TO 36°C (AUGUST) M5J 2S1 6,330,540 PEOPLE (2016) © Canada-UAE Business Council. All rights reserved 2019. 3 CONTENTS Section 1 — About the Gender . 30 Canada-UAE Business Council ...............4 Youth................................31 Section 2 — President’s Message.............8 5.6 Culture & History ....................32 5.7 World Expo 2020 Dubai UAE ...........34 Section 3 — Introduction ...................10 Section 6 — Canada-UAE...................40 Section 4 — Why Do Business in the UAE? ....12 6.1 Trade...............................42 Section 5 — About the UAE .................14 6.2 investment ..........................42 5.1 Beginnings ..........................15 6.3 Agreements & Announcements ........43 Section 8 — Establishing a Business .........56 10.3 Customs Duty ......................69 5.2 Seven Emirates ......................17 6.4 Successes ..........................44 8.1 Mainland or Onshore Company .........58 10.4 Other Taxes ........................69 5.3 Government .........................21 6.5 Key Sectors .........................46 8.2 Free Zone Company ..................59 Section 11 — Tips . .70 5.4 Economy............................24 6.6 Visiting Entry Requirements ...........46 8.3 Offshore Company or Overview ............................24 Section 12 — Resources....................72 6.7 Travel ..............................49 Commerical Agency .....................61 Trade . .25 Section 13 — Appendix .....................76 Investment...........................26 Section 7 — Business Etiquette .............50 Section 9 — Labour Laws...................62 Currency ............................26 13.1 Business Structures 7.1 Language of Business.................51 9.1 Emiratisation ........................63 Comparison Chart.......................77 5.5 Demographics .......................29 7.2 Meeting & Greeting ...................52 9.2 Visas for Foreign Workers .............64 Population . 29 13.2 List of UAE Free Zones 7.3 Attire ...............................53 Diversity.............................29 Section 10 — Taxation......................66 & Designated Zones .....................78 Religion .............................29 7.4 Gender . .54 10.1 Corporate Tax ......................67 13.3 Sources ...........................80 Language............................29 7.5 Working Hours & Holidays.............55 10.2 Value-Added Tax (VAT) ...............68 13.4 Acronyms ..........................82 5 SECTION 1 ABOUT THE CANADA-UAE BUSINESS COUNCIL OUR VISION is to achieve the shared goal of The CUBC is the premier business-led enhancing economic prosperity organization facilitating greater trade for both countries. and investment between Canada and OUR ROLE the United Arab Emirates (UAE). In is to provide value to our members 2013, the foreign ministers of Canada by leveraging our high-level and the UAE announced the Canada- networks; and, to advance the bilateral relationship by serving UAE Strategic Agenda to strengthen as a meeting point for the private and energize the bilateral relationship. and public sectors to strategically The Agenda had three pillars: diversify and grow trade and investment. Prosperity, Security, and Development. The CUBC was formally established OUR MISSION in 2016 as one of the strategic is to facilitate long-term recommendations that resulted from relationships and strategic 18 months of deliberations between initiatives that will improve overall bilateral market-accessibility and business leaders from Canada and the will increase diverse trade and UAE to support the Prosperity pillar. investment opportunities. 4 LEADERSHIP EXECUTIVE COMMITTEE BOARD MEMBERS The Honourable Jean Charest Khalifa Al Mansouri CUBC Co-Chair CEO, Abu Dhabi Securities Exchange (ADX) Partner, McCarthy Tétrault LLP Fatima Al Jaber Musabbeh Al Kaabi Chief Operating Officer, Al Jaber Group 7 CUBC Co-Chair Otaiba Al Otaiba CEO Petroleum & Petrochemicals, Chairman, Al Otaiba Group Mubadala Investment Company Anuj Ranjan Omar Alhashmi Managing Partner, Private Equity, Middle CUBC Vice Chair East and South Asia, Brookfield Asset Executive Director Asset Management Inc. Management, Abu Dhabi Power Corporation Omar Al Muhairi Director, Government Affairs, DP World Jody Becker CUBC Vice Chair Jody Becker The Honourable Jean Charest Jefferey Graham Senior VP Emerging Markets and CUBC Vice Chair and Senior VP, Emerging CUBC Co-Chair and Partner, CUBC Secretary and Senior VP, Chief Strategy Officer, EllisDon Markets and Chief Strategy Officer, McCarthy Tétrault LLP SkyPower Global EllisDon Jefferey Graham Musabbeh Al Kaabi Graham Richardson CUBC Secretary Essa Al Ghurair CUBC Co-Chair and CEO Petroleum President, TAQA North Ltd. Chairman, Essa Al Ghurair Investment LLC & Petrochemicals, Mubadala Senior VP, SkyPower Global Saeed Al Darei Investment Company Aziz Shariff Ahmed Al Qubaisi Executive VP Government Affairs and CUBC Finance Chair Senior VP, Government Relations, Omar Alhashmi Corporate, TAQA Global Etihad Airways CUBC Vice Chair and Executive Director, Chairman, Trimark Capital Group Drew MacIntyre Asset Management, Abu Dhabi Mustafa Sahin Joe Lombard Vice Chair, Head – Global Energy, Power Power Corporation CUBC President and Global Managing Director, Metals, Hatch & Utilities Group, TD Securities Inc. Executive Director Kerry Adler John Prato Founder, President and CEO, Deputy Chair and Executive Managing Director, SkyPower Global TD Securities Inc. Aziz Shariff CUBC Finance Chair and Chairman, Trimark Capital Group 6 SECTION 2 PRESIDENT’S This Guide to Doing Business in the United Arab MESSAGE Emirates is for Canadian businesses and organizations of any size operating in any sector. Readers will learn more about a remarkable country where Canadians are already thriving and where there is great potential for others to also succeed. The United Arab Emirates (UAE) is a market full of opportunities for Canadian goods, services, investments, and expertise. The Canada-UAE Business Council (CUBC) has developed this booklet as an overview for Canadians interested in the UAE. The Guide is part of a suite of business resources that like the CUBC has created with input from our to extend stakeholders in both countries. I encourage you a special thank to access those resources on our website to you to the embassies and continue to learn more about the Canada-UAE consulate generals for their leadership relationship and the potential for your business. and contribution to bilateral economic relations. As the global economy continues to shift and This is a particularly opportune time for respond to new forces and challenges affecting Canadians to consider doing business in the growth, Canada and the UAE are uniquely aligned UAE.
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