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Doing Business in the UAE PKF International Limited Doing Business in the UAE LOCAL KNOWLEDGE, GLOBAL EXPERTISE Important Disclaimer This publication should not be regarded as offering a complete explanation of the matters that are contained within it and all information within this document should be regarded as general in nature. While significant care was observed in creating this publication, the possibility exists that certain information may, in time, become outdated. This publication has been sold or distributed on the express terms and understanding that the publishers and the authors are not responsible for the results of any actions which are undertaken (or not undertaken) on the basis of the information which is contained within this publication, nor for any error in, or omission from, this publication. The publishers and the authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication. Accordingly, no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances. PKF UAE is a member firm of the PKF International Limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. © PKF International Limited All Rights Reserved. Use Approved with Attribution. “PKF” and the PKF logo are registered trademarks used by PKF International and member firms of the PKF International Network. They may not be used by anyone other than a duly licenced member firm of the Network. II DOING BUSINESS IN THE UAE Contents Foreword 1 PKF in the UAE 2 Range of services 2 Locations in the UAE 4 United Arab Emirates 5 Introduction 6 Geography 6 History 6 Climate 6 Political system 6 Legal system 7 DIFC Courts 8 Population and social patterns 8 Economy 9 World Expo 2020 11 Financial sector 12 The UAE Central Bank 13 Anti-Money-Laundering (AML) & combating the financing of terrorism and illegal organizations law – AML law 13 The UAE bankruptcy law 14 DIFC insolvency law overview 18 Industry 18 Oil and gas 19 Nuclear power 19 Construction 20 Real estate 21 Manufacturing 23 Information technology 24 Tourism 25 UAE stock exchanges 25 Investment climate 26 Trade policy 28 Imports and exports 28 Customs duties 29 Special investment opportunities 29 100% foreign direct investment in mainland UAE 29 DOING BUSINESS IN THE UAE III Structure of Business Entities 31 Federal commercial company law 31 Civil Code 32 Public and private Joint Stock companies 33 Limited liability companies 34 Joint Liability Company 34 Simple Commandite Company 34 Branch office of a foreign company 35 Representative Offices Of Foreign Companies 35 Sole proprietorships 35 Civil company (recognized professions) 35 Establishing a business 37 Annual requirements for businesses 37 Listing shares of UAE and foreign public joint stock companies 37 Licensing 39 Types of licenses 39 Completion of licensing procedure for practicing business activities 40 Free Zones in the UAE 42 Free Trade Zone licenses 42 List of various Free Zones in the UAE 43 Labour Laws 45 Federal Labour Law 45 Working hours and holidays 45 Employee pension and social security benefits 46 Special requirements for foreign nationals 46 DEWS (Difc Employee Workplace Savings) plan 46 UAE labour protection for expats 47 Taxation 49 Taxation of businesses 49 Taxation of individuals 49 Withholding taxes 49 Base Erosion and Profit Shifting (‘BEPS’) in the UAE 49 Transfer pricing 50 Economic Substance Regulations (ESR) 51 Municipal taxes 54 Value Added Tax (VAT) 54 Excise 58 Other taxes 59 IV DOING BUSINESS IN THE UAE Tax treaties 59 Tax compliance and reporting 59 Financial Reporting and Auditing 61 Accounting records 61 Method of accounting 61 Financial statements 61 Accounting principles 62 Financial reporting 62 Accounting profession 64 Living in the UAE 65 Entry visas and work permits 65 Long-term residence visas (golden visa) 66 Retirement visas 67 Wills and estate planning 67 Emirates ID 69 Business hours 69 Currency 69 Transportation and communications 69 Education 73 Medical Facilities 74 Paternity Leave 74 Housing 74 Other attractions in the UAE 75 About PKF International 78 PKF International 80 PKF UAE Publications 81 Practice profile 81 Statement of credentials 81 Doing business in the UAE 81 Free Zones in the UAE 81 PKF update 81 Other International Publications 82 PKF Worldwide Internationally Mobile Employee Guide 82 PKF International Worldwide Tax Guide 2020-2021 82 OECD BEPS Actional Plan Status Update Report 82 Annexure A 83 Annexure B 85 DOING BUSINESS IN THE UAE V Foreword Former British Prime Minister – Winston Churchill once said - “To improve is to change; to be perfect is to change often.” The vibrantly growing and constantly evolving economic landscape of the United Arab Emirates (UAE) seems to have taken these words to heart, quite literally. The scope and magnitude of how much this country has grown in character has been breath-taking, even by global standards. It is natural therefore that most businessmen with a keen eye on the new hub for ‘world’ economics and trade, are attracted to the UAE. Whether it is the lure of consistent profits, the zero-tax regime or the enigmatic real estate sector, there is no doubt that conglomerates and businessmen from both developing and developed world economies want a piece of the pie. From being a tiny tear drop on the world map to being the most progressive centre in the world for commerce, trade and tourism, the UAE has come a long way. With the prestigious World Expo slated for this year, all eyes will be on Dubai and its wave makers over the next few years. in 2019, Dubai lead the middle east region in quality of living for the 7th consecutive year as per the Mercer Quality of Living Index. Abu Dhabi ranked just a shade below Dubai. Abu Dhabi has also been the first port of call for globally renowned international artistes and entertainers for the last decade or so. The UAE has benefited on the crest of popularity of Abu Dhabi and Dubai as two of the world’s most preferred destinations for tourism and relocation. It is only fair that investors, both existing and potential should have a more than just a bird’s eye view of what it takes to be a part of this vibrant desert landscape. Nestled in the following pages is a brief overview of the economic and regulatory landscape of the UAE, along with nuggets of information on some of the pearls on the UAE like the towering Burj Khalifa, the grand Dubai World Central Airport or Abu Dhabi’s signature entertainment destination, Yas Island, jostling for space with useful information on what it is like to do business in the UAE. We, at PKF in the UAE hope this booklet will help in providing readers with an insight on setting up businesses in the UAE. 1 DOING BUSINESS IN THE UAE PKF in the UAE PKF is a member of PKF International Limited, a network of legally independent firms. PKF in the UAE provides audit and management assurance, business consulting, regulatory and taxation and corporate finance services. We provide an integrated service spanning multiple disciplines to many local, regional and international clients. With 45 years presence in the UAE we have offices at Dubai, Dubai International Financial Centre(DIFC), Sharjah, Abu Dhabi, Abu Dhabi Global Market(ADGM), Jebel Ali Free Zone, Dubai Internet City and Hamriyah Free Zone. Through each of our offices, our clients have access to the expertise and experience of more than 100 qualified professionals including Chartered Accountants, Cost Accountants, Certified Public Accountants, Certified Internal Auditors, CMAs and MBAs. Range of services PKF professionals in the UAE can provide expert advice on various business issues. Our services include: Audit, Assurance & Advisory • Statutory audit • regulated entities • Other assurance services including Agreed- • Business risk identification upon Procedures • Internal control review • Compilation of financial statements • Risk management review • Agreed-Upon Procedure for Real Estate • Finance and Accounting Procedures Manual Regulatory Authority (RERA) • System and Operating Procedures Manual • In-Country Value (ICV) certification for ADNOC • Due diligence reviews • Training, consulting and implementation of International Financial Reporting • Forensic and other investigations • Standards (IFRS) • Delegation of authority matrix • Internal audit including compliance for Dubai Financial Services Authority (DFSA) DOING BUSINESS IN THE UAE 2 Corporate Finance Structuring Services • Financial due diligence • Entry strategy • Market analysis and feasibility studies with • Free Zone, mainland and Offshore financial forecasts company formation • Business & share valuations • Identification of local sponsor • Identification and valuation of intangible assets • Administration services including company on a business acquisition - Purchase Price secretarial services Allocation (PPA) • Registered agents’ services • Impairment reviews Tax Advisory and Compliance • Preparation of Business Plans and Information Memoranda • Tax Advisory Services • Fund raising • VAT and Excise Tax Implementation support for new businesses
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