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DMCC Licenced Companies Can Now Operate From Their JLT Office with Dual Licence Office Permit

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DMCC Licenced Companies Can Now Operate From Their JLT Office with Dual Licence Office Permit DMCC member companies with a DED branch/ subsidiary / a company with common shareholder can now operate from their JLT office after obtaining a dual licence office permit. This helps in saving the cost of leasing another office for the DED licence. Key Points to Consider When Applying For A Dual Licence Office Permit Companies occupying office space in DMCC planning to share the unit with another DED company must strictly obtain a dual licence office permit. After obtaining the licence, they should always abide by the relevant requirements of dual licence office permit. The validity of this licence permit is one year and can be cancelled anytime by the applied DMCC Company. It can be also terminated by the DMCCA. Only DMCC licenced companies can apply for dual licence office permit. Property type should be office according to the title deed of the Unit. Sharing of any other property types such as shops, flats, land are not permitted. Units within business centers such as co-working spaces, incubation centers, and accelerators are not entitled for dual licence office permit. Retail and industrial activities are not eligible for dual licence office permit. Every company must be allocated a specific area within the unit with a minimum area size of DMCC Company being 300 sq.ft. The standard Visa quota policy shall be applied wherein the quota for DMCC Company shall be calculated based on the actual area allocated to the company. For DED Company, the visa quota and process will be based on the DED rules and requirements. Certain licence activities may not be eligible for dual licence office permit and this shall be at the sole discretion of DMCC. A company cannot apply for a new dual licence office permit if there is an existing sanction on their account. Late renewal of dual licence office permit may attract penalties from DMCC. Dual licence office permit cannot be amended after it is issued. Once the application of dual licence office permit is issued, permit fee is non-refundable. When it comes to visas, DED companies follow the mainland regulations as per DED requirements. However, DMCC companies must apply for access approval for all non DMCC employees sponsored under the DED licence and wish to work from the same premises. DED companies should submit a report from Ministry of Human Resources and Emiratization compiling the names of all sponsored employees. This service will be provided to all DED companies only through the DED service center located in High Level Business Center (DED Café).

News

DMCC Introduces No Objection Service to Operate Onshore

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DMCC Introduces No Objection Service to Operate Onshore Here’s a good news for all business owners, DMCC, the UAE’s highly growing free zone region in partnership with the Department of Economic Development (DED) has introduced a new service that will help in growing your business. DMCC member companies with specific licence activities can now offer services outside their respective free zone without obtaining a trade licence from DED. This regulation will be effective from 14 April 2020. Member companies can easily apply online for a no-objection-certificate (NOC) from DMCC to obtain the DED permit and commercial permit for operating onshore. It does not require any document submission. The NOC will be issued within two working days and its validity will be 90 days from the date of issuance. Key points to consider Only DMCC licenced companies holding service licence type can apply for NOC to operate onshore after meeting the eligibility criteria. Companies cannot apply for NOC to operate onshore if: They have an active sanction on their account They have an existing open SR for activity amendment They have an open SR for licence termination They have an open SR for company termination Steps to apply for NOC to operate onshore Fill the application form in the DMCC portal to ‘apply for NOC to Operate Onshore’ Make the payment and submit the SR Download the generated NOC on the SR’s documents or ‘Uploads’ sections Next step is to approach DED with the NOC from DMCC and meeting the Department of Economic Development’s (DED) formalities for obtaining the permit to operate onshore. If you have any further questions regarding DMCC company formation, feel free to contact us at +971 55 843 2911 or ek@corpinconsultants.com. We can assist you in all aspects of business setup in DMCC.

News

Dubai Airport Freezone Authority (DAFZA) contributes 12 percent to the country’s foreign trade in 2019

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Dubai Airport Freezone Authority (DAFZA) contributes 12 percent to the country’s foreign trade in 2019 Dubai Airport Freezone Authority (DAFZA) contributed 12% to the Emirate’s foreign trade in 2019, compared to 11.2% in 2018, out of a total trade value of AED 1.37 trillion recorded last year. DAFZA’s foreign trade crossed AED 164 billion in 2019 with a 12.6% growth, compared to the previous year (AED 146 billion). The underlying reason for this hike is the recent business facilitation services and incentives that attracted foreign investors to the free zone. As a result, there was more than 15.8% growth in imports worth AED 72.4 billion. The total exports and re-exports reflected 10.2% growth with AED 91.8 billion allowing DAFZA to achieve an AED 19.4 billion trade surplus in 2019. India was DAFZA’s biggest trade partner in 2019 with 18.3 percent valued at AED 30 billion, followed by China with 17.3 percent at AED 28.4 billion. Switzerland got the third position with 16.3 percent at AED 26.8 billion.  India ranked first for imports with 40.7 percent at AED 29.4 billion, followed by China with 39.2 percent at AED 28.4 billion. Switzerland also ranked first in exports and re-exports and accounted for 27.4 percent at AED 25.1 billion, followed by Iraq with 12.3 percent valued at AED 11.3 billion. When it comes to goods, machinery, electrical and electronics equipment ranked first with 55% of the total foreign trade in 2019, with a value of AED 37.4 billion for imports and AED 53 billion for exports and re-exports. This was a hike of 14.3% or AED 11.3 billion in DAFZA’s total trade. The precious stones and metals accounted for 38% of the total import value at AED 29.6 billion and AED 32 billion in terms of exports and re-exports. This meant an increase of 10.4% worth AED 5.8 billion. Both sectors represent 92.6% of DAFZA’s total trade. Apart from these DAFZA also generated increased revenue from multinational companies (36.6% growth compared to the previous year. The total space occupied by multinational companies also increased by more than 135%. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DAFZA quoted that DAFZA’s foreign trade was valued at more than 164 billion AED. This was a result of DAFZA’s contribution as a major hub for international companies and investors across the globe. The results show its major role in accelerating access to global and regional markets, including Dubai’s market. He added that this is positively reflected in Dubai’s economy as DAFZA has been actively contributing to its sustainable growth for the last twenty years. If you wish to set up your business in DAFZA or have any questions regarding the same, contact us at +971 55 843 2911 or info@corpinconsultants.com to book a free consultation.

Business Consultancy

A Step By Step Guide for Setting Up A Restaurant Business in Dubai

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A Step By Step Guide for Setting Up a Restaurant Business in Dubai Starting up a restaurant in a place like Dubai is a lucrative business idea as this destination attracts approximately 4.7 million tourist visits every year. The industry is further going to flourish in the upcoming days with the advent of Expo 2020. Therefore if you are planning to set up a restaurant business in Dubai, this is the right time. Here is a step by step guide given below: Identifying a local sponsor If you are planning to set up your restaurant business in the Dubai mainland, it is mandatory to have a local sponsor. A local sponsor is a UAE national who acts as a representative for all government-related paperwork and approvals. It is essential to find an educated, reliable, and trustworthy local sponsor. Applying for the trade license Before starting a restaurant business in Dubai, one needs to obtain a trade license issued by the  Department of Economic Development (DED). Before applying for the trade license, one must first select a trade name and then file with the DED for initial approval. Selecting a strategic location The next step is selecting an ideal location. You need to decide where you want to set up your business-mainland, free-zone, or offshore. Choose the location based on these crucial factors such as visibility, accessibility, customer base, affordability, and proximity to suppliers. Also, confirm with the Municipality of Dubai whether the restaurant business activity is permitted in that selected area and obtain a no-objection certificate. Special approvals Food License:  Soon after receiving the trade license, you need to procure a food license for receiving the construction plan of your restaurant. A food license is issued by the Food Safety Department in Dubai and it is mandatory to follow the food code for ensuring food safety right from the production to the distribution stage. One needs to also obtain other selective permits such as Ramadan Permit, Liquor Permit, Pork Permit, and Delivery Permit.  Submitting the kitchen layout After getting the initial approval, you need to submit the kitchen layout to the Food Safety Department.  Drafting a memorandum of association The next step is making an LLC memorandum of association. This is a commonly agreed set of clauses between the shareholders. Both the ex-pat and local sponsor need to sign this contract in front of the Dubai court official notary public. Issue of License This contract will be submitted to the DED along with initial approval. After the successful completion of all processes, your restaurant license will be issued. If you are planning to set up a restaurant business in Dubai, Corpin Consultants can make the entire process less tedious for you. We have a team of experts who will guide you in every step with continued commitment. Contact us at +971 55 843 2911 or info@corpinconsultants.com for a free consultation.

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Business Setup

Setting Up An SPV in the ADGM

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Setting Up An SPV in the ADGM The Abu Dhabi Global Market (ADGM) has been serving us as a major ecosystem for many ambitious organizations handling banking, insurance, wealth management, asset management, and capital market activities. Recently the ADGM has implemented a cost-effective and flexible SPV system, which is attracting a significant number of investors in the UAE and MENA region. Special Purpose Vehicles (SPVs) are passive holding companies established with the agenda of isolating financial and legal risk by guaranteeing certain assets and liabilities. These companies can be set up as subsidiaries, projects or joint venture vehicles so any assets related to a transaction are exposed to the liabilities associated with that transaction.  Major Attractions for setting up a Special Purpose Vehicle (SPV) in the ADGM No attestations Corporate documents do not require any attestation and there is no need for filing audited financial statements. Shelf SPVs are permitted ADGM enables the setup of shelf SPVs wherein a business, law firm or corporate service provider needs ready SPVs for a transaction. No restrictions on the nationality of ownership and share capital There are no restrictions on the nationality of shareholders and minimum share capital. Apart from that there are no mandatory requirements for the maximum number of shares or shareholders; just one shareholder and a director are required. No physical office space required SPVs can keep the address of an agent, existing or holding company, or virtual office. This may reduce set-up costs. Uses of SPV Securitisation An originating party can offer security for loans by creating an SPV that purchases assets by issuing debt, secured on the underlying assets. Real Estate Investment Can be used for acquiring title to real property and limit recourse of mortgage lenders based on the location of the asset. In some jurisdictions, the sale of the SPV’s shares can reduce taxes and transaction fees. Asset Transfer Can be used for transferring assets along with material agreements. Risk Sharing Joint ventures can form project-based companies and allow equal sharing of risks between both partners. Raising Capital Can be used for raising capital, with creditworthiness determined by the collateral of the SPV Intellectual Property Can be used for separating Intellectual Property into a different structure with less liabilities, increased funds and signing license agreements with third parties. If you have any questions or need any assistance for setting up an SPV in the ADGM, get in touch with us at +971558432911 or ek@corpinconsultants.com.

Blogs

6 New Year’s Resolutions For Businesses Success in 2020

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6 New Year’s Resolutions For Businesses Success in 2020 New Year is the time for new hopes and resolutions. You may have already made up your mind to get back in shape, travel more, or spend quality time with the family. However, resolutions are not just restricted to personal life, it is essential to set apart some impactful resolutions for your business as well. Here are 10 powerful resolutions to build a better and brighter future for your business in 2020: 1. Delegation is the key When you own a business,  quite often you end up wearing many hats and at times, this makes you feel exhausted or eats up a tremendous amount of time. If you wish to maintain a healthy work-life balance, try delegating the work to someone else or automate the process for a change. By doing this, you can improve your physical, mental, and emotional wellbeing. 2. Improve your digital footprint If you wish to stand out from your competitors, it’s essential to maintain a strong online presence. It can also help acquire more customers and build better conversion rates. When it comes to business promotion, focus on quality rather than quantity. Create a marketing plan and follow it religiously. Focus on search engine optimization, get press coverage, utilize quora effectively, share videos or post stories with clickable URLs on social media profiles. 3. Drop what’s not working and move on If a product, a marketing technique, or partnership is not working for you, it’s necessary to bid goodbye. Do not waste your money, time or energy anymore behind it. You never know something better may turn up. 4. Manage your cash flow wisely Trying to run a business without managing cash flow is like building a house of cards. It plays a major role in your future spending decisions and determines the direction of your business. Plan and monitor your cash flow by acquiring financial skills or getting expert guidance. Reduce your outgoing expenses, sell any unused assets, monitor stock levels, and build a cash reserve for emergencies. 5. Perform weekly business planning Business planning is a vital step that helps you know where you stand and allow you to have a clear hold on your business. Set apart a day every week to review your strategies so you will come to know what worked and whatnot. 6.Attend networking events Approach networking events with a clear strategy for turning it to be a successful experience. Attend events that’s big in your industry and connect with like-minded people. Try to collect at least 10 business cards and send follow up emails the next day. When you enter this new decade, commit to something you always say you’ll do but always fail to start. It’s the right time to take that first step now.  In fact, we’re here to help you make them happen in 2020. To know more about business setup services contact +971558432911 or email at ek@corpinconsultants.com.

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Business Consultancy

The Latest UAE Visa Rule: Six Month Stay Extended for 5-Year Tourist Visa Holders

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The Latest UAE Visa Rule: Six Month Stay Extended for 5-Year Tourist Visa Holders On January 6, 2020, the UAE government has announced a 6-month extension for all five-year tourist visa holders visiting the country. This decision was made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai during the first Cabinet meeting of the year on Monday. Sheikh Mohammed affirmed that this new rule is aimed at consolidating the UAE’s status as a global tourist destination. Currently, the country attracts 21 million visitors every year. “The year 2020 will be different because it is the year of preparation for the next 50, the year in which we design the future of the emirates,” his highness mentioned on Twitter. Previously the tourist visa validity was thirty days or ninety days for single or multiple entries. The new five-year validity tourist visa will allow visitors to stay for up to six months on every entry within the span of five-year validity. However, the terms and conditions will remain the same for all types of tourist visas. This crucial initiative comes in conjunction with the preparations to host Expo 2020 Dubai, the much-awaited global event organised by the UAE. The decision will further boost the tourism sector which is a key pillar of the country’s economy. Meanwhile, Ali Mohammed Bin Hammad Al Shamsi, Chairman of the Federal Authority for Identity and Citizenship made a statement that the Federal Authority for Identity and Citizenship has been assigned for implementing this new decision. He also emphasized the active role of the UAE government in implementing laws and regulations for strengthening its global position and boosting the tourism sector. He concluded by affirming that the UAE is a state of law and justice. Right now, more than 200 nationalities reside in harmony, love, and tolerance. For any visa-related services, never hesitate to contact us at +971558432911 or email at ek@corpinconsultants.com

News

Dubai Economy Grew 2.1% in the first half of 2019

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Dubai Economy Grew 2.1% in the first half of 2019 According to recent data published by the Dubai Statistics Centre(DSC), the Dubai economy grew up to 2.1 per cent in the first half of 2019. Arif Al Muhairi, Executive Director of the DSC stated that the flexibility of Dubai’s economy and its business structure helped the country retain its economic growth, in spite of the regional and global economy slowdown. He also mentioned that the wholesale and retail sector plays a significant role in the overall growth of the local economy. Dubai’s strong infrastructure also promote the growth of its re-export business and bilateral trade. Al Muhairi further quoted that the trade sector achieved an exponential growth of 3.3% backed by higher external trade, and higher re-exports by 3 per cent to cross Dh210 billion in the first half of 2019. The wholesale and retail sector, which contributes 25.5 per cent to Dubai’s GDP crossed 3.3 per cent YoY, while external trade grew by 17.7 per cent to reach Dh76 billion. The transport and storage sector flourished up to 6.2 per cent. This sector plays a crucial role in Dubai’s economy as it is closely related to all other economic sectors. The hospitality and restaurant sector, which contributed 5.1 per cent to GDP, grew 2.7 per cent. According to the data by the Department of Tourism and Commerce Marketing, total visitors to Dubai in the first half of 2019 reached 8.4 million, a 3.2 per cent growth compared to the same time in 2018. Manufacturing activity, which contributed 9.5% to Dubai’s GDP, grew by 0.3 per cent in the first six months of 2019, compared to the same period in 2018. Real estate activity also grew by 2.1 per cent in the first half of 2019 compared to the same time in 2018 and contributed nearly 7.4 per cent to the total GDP. Apart from that, mining, construction, professional activities, administrative services, public administration, education, health, arts, entertainment, household, and other service activities grew 2 per cent YoY, with a joined contribution of 23 per cent to Dubai’s GDP. At the same time, agriculture, electricity, gas, water, waste management, insurance, finance, information and communication activities declined by 1.4 per cent. YoY. Al Muhairi said that these sectors contributed 17 per cent to the total GDP. This decline had a slight impact on the overall growth of the economy. Corpin Consultants is one of the most reliable business setup consultants in Dubai with a team of experienced professionals having profound knowledge about the country’s regulations and documentation requirements. To know more about our services, call us at +971 55 843 2911 or drop an email at info@corpinconsultants.com.

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Business Consultancy

Checklist to Apply for a Family Visa in the UAE

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Checklist to Apply for A Family Visa in The UAE According to the latest data published by the UN, more than 80 per cent of the UAE population constitutes of foreign nationals. The rapidly progressing business environment in the country offers a promising future for them. In order to accommodate such a diverse foreign population, the UAE government are providing family visas for employees and investors. An expatriate resident in the UAE is eligible for a family sponsorship only if he has a monthly salary of Dh4,000 or Dh3,000 plus accommodation. If he wishes to sponsor his parents, he needs to have a monthly income of Dh20,000. If you are planning to apply for a family visa in the UAE, here is a checklist to consider: 1. Make your documents ready A legally translated and attested marriage certificate Original and attested birth certificate copies of children Valid passport copies of family members( valid for at least 6 months) Passport-sized photographs with white background (ears, forehead,& chin clearly visible) A copy of your registered tenancy contract 2. Visit an Amer centre Once your documents are ready, visit the nearest Amer centre with your original Emirates ID or visit www.amer247.com to apply for an e-visa. Once the process is initiated, you will receive an e-visa in your registered email address within 48 hours. After receiving the e-visa, you can apply for your family’s residence visa in 3 ways: If your family is not in the UAE, a normal e-visa will be issued for entering the country If they are already in the country, either on a visit visa or an old residence visa, you may need to exit the country and reenter with the e-visa. You can also place a request at the Amer centre for change of visa without exit. From the typing services desk get a medical test application and Emirates ID application. 3. Perform the medical test Visit your nearest Dubai Health Authority (DHA)medical fitness centre with the form and perform the medical test. Once the medical results are published, you will be notified via email. 4. Get the Emirates ID Visit a Federal Authority for Identity and Citizenship centre with the following documents: Emirates ID application of family members Your original Emirates ID Photographs of family members Submit the Emirates ID application and complete the biometrics process. 5. Get a health insurance Health insurance is mandatory for all who apply for a resident visa in the UAE. 6. Get the visa stamped The last step is to get your visa stamped on the passport. For that, you need to visit the Amer centre with the following documents: Medical fitness report Emirates ID application Original passport of the family members Health insurance documents Your (sponsor’s) original Emirates ID After applying for the passport stamping, you will receive a call from authorized courier service for the collection of passport. Once the stamping is complete, it will be delivered to you through the same courier service. For Abu Dhabi and other Emirates also, the visa application procedure is almost the same. Here the entry permit or e-visa is referred to as tasheera. You can apply for it either by visiting a typing centre or online. Visit https://echannels.moi.gov.ae and select the ‘Individual Services’ option. After entering your email address, you will receive an email with a registration link. Receive the tasheera within two working days after submission. Corpin Consultants is a renowned business setup consultants in Dubai with a successful track record of offering top-notch visa, PRO, and bank account opening services. If you wish to have a free consultation, call +971 55 843 2911 or drop an email at info@corpinconsultants.com.

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