Corpin Consultants

Author name: admin

UAE tax residency certificate, Corpin Consultants Dubai
UAE Tax Residency Certificate

How To Obtain UAE Tax Residency Certificate

/

How To Obtain UAE Tax Residency Certificate One of the main advantages of doing business in UAE is the fact that you can benefit from the attractive tax-friendly environment. By obtaining sufficient proof of tax residency in the UAE, one can avail a wide range of tax benefits. The UAE Tax Residency Certificate (TRC) is an official document issued by the UAE Ministry of Finance confirming that individuals and corporate entities reside in the UAE thereby avoiding the double taxation. A Double Taxation Agreement is usually signed between the UAE and other treaty countries for avoiding double taxation of income earned in one country by a non-resident. The UAE first signed the double taxation agreement with France, ever since the country has signed 92 treaties with countries across the globe. Any person residing in the UAE for minimum 180 days can apply for the Dubai Residency Certificate. The non-residents cannot apply for this certificate. Companies operating in the UAE for at least past one year can apply for a tax residency certificate. Benefits of UAE Tax Residency Certificate Can avoid double taxation. Can receive tax incentives. Can avail tax benefits for import and export. Can promote international business and strengthen cross border business relationship. How to get Tax Residency in the UAE? There are 3 ways to obtain a UAE residence certificate: via an employment contract, by purchasing immovable property, or by registering a free zone company. By registering a free zone (FZ) company, expatriate shareholders and employees of the company can apply a residency status. Applicants can sign up an account on the MOF website system in order to receive the tax Residency certificate in Dubai by email. Listed below is the process for obtaining a Double Taxation Certificate: Creating an online account in the Ministry of Finance system (MOF). Filling up a tax Residency application form. Uploading essential documents in required digital formats such as PDF or JPEG. Paying Application Fee. Receiving email notification of successful verification of application. Making remaining payment advice. Issuance of certificate and receiving at the registered address by express courier. Here is the document list required for obtaining a Tax Residence Certificate: For companies A copy of the trade license and partners’ documents. A copy of MOA (Memorandum of Association). A copy of the company’s owners/partners/directors’ passports, IDs and residence permits. A certified copy of the audited financial accounts. 6 months Bank statement. A copy of certified lease agreement. The establishment contract certified by authorities if required. The organizational structure of the company if required. For Individuals A copy of Passport and Emirates ID. Valid residence permit. Ejari/ Tenancy contract. 6 months Bank statement. Salary certificate / Income certificate. A proof from the General Directorate of Residency and Foreigners Affairs mentioning the duration of the applicant’s stay in UAE (Minimum 180 days). Tax forms (if required) from the country where the certificate needs to be submitted. Validity of UAE Tax Residency Certificate The validity of the UAE tax residency certificate is one year from the date of issue. Companies and individuals can use the Tax Residency Certificate also referred to as Tax Domicile Certificate for one country at a time. A sound knowledge in tax planning, accounting and existing rules are essential for getting maximum benefits out of the tax residency certificate in Dubai. Considering all these, it is always better to outsource this task to a well-experienced business consultants who offer the best PRO services in Dubai. Over the past few years, CORPIN has become a truly established business setup provider in UAE. Contact us for any service related to obtaining tax residency certificate.

DMCC - Global Freezone of the Year
News

DMCC Named Global Freezone of the Year – A Proud Moment

/

DMCC Named Global Freezone of the Year – A Proud Moment Dubai Multi Commodities Center has been named the Global Free Zone of the Year 2022 by the Financial Times’ fDi Magazine for the eighth consecutive year. This prestigious award for free zones is decided by the Financial Times Specialist editorial team and a panel of independent judges against a comprehensive set of criteria and a review of the free zones’ ecosystems. DMCC has won this accolade for the eighth consecutive year. Ahmed Bin Sulayem, Executive Chairman, DMCC, expressed his views on this significant achievement: “DMCC receiving the ‘fDi Global Free Zone of the Year for SMEs Award’ is a strong indication of Dubai’s leading role as the global destination for SMEs. “We attribute this landmark achievement to the vision and leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai to develop a vibrant SME sector and to take a leading position in empowering entrepreneurs. His Highness’ influential leadership constantly inspires DMCC to innovate and grow with one objective – to offer an inclusive marketplace where businesses can trade with confidence while ensuring Dubai continuously excels as the global hub for commodities trade and enterprise.” DMCC has created a successful ecosystem for businesses of all sizes along with a prime focus on sustainability and social impact, this trade hub also received the following titles: Large Tenant Free Zone of the Year – Global Large Tenant Free Zone of the Year – Middle East Middle East Free Zone of the Year SME Free Zone of the Year – Middle East Excellence Award for ESG Practices – Global Excellence Award for Infrastructure Development – Global Around 2,485 new businesses were established in Dubai Multi Commodities Center last year. This momentum was carried even into this year with 1,469 companies, altogether the Free zone now houses 21,000 companies. DMCC is the perfect place to grow a business in the UAE and beyond. This free zone is known for its innovative infrastructure, world-class services, and a wide choice of properties with easy accessibility to airports and seaports. Currently, seventy percent of DMCC’s member companies are SMEs, representing every sector including trading, shipping to recruitment, IT to advertising, and fashion. This is a proud moment for CORPIN too as we are an official channel partner of DMCC. If you are planning to set up your company in DMCC, feel free to contact us at +971 55 843 2911 or info@corpinconsultants.com. We offer a wide range of services including obtaining the necessary approvals, employment visas, licenses, opening bank accounts, etc.

Dubai Metaverse Hub
Blogs

Dubai is Expected to be the Metaverse Hub in the Next 5 Years

/

Dubai, the city of dreams is soon expected to witness a revolutionary transformation with the advent of metaverse and blockchain ecosystems. Being a futuristic city always striving hard to embrace the best of innovation, it is all set to utilize the maximum potential of being a metaverse hub. Announced in June by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, the strategy aims at ensuring that the metaverse hub raises its contribution to 1 percent of the emirate’s overall GDP. Headed by the Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the strategy is made focusing five pillars – innovation, government implementation of metaverse technologies and talent development. The exceptionally crafted regulatory framework of Dubai offers the most favorable environment to make it the global capital of Web 3.0 with the path-breaking metaverse and blockchain. The Dubai Metaverse Strategy was revealed at the Dubai Metaverse Assembly on September 28, to be one of the top economies and a major global metaverse hub. Metaverse and Blockchain has immense potential to transform the digital space with a combined experience of augmented reality (AR), virtual reality (VR), spatial computing and sensorial technology. According to a forecast, the global market size of metaverse is expected to cross $1.6 trillion by 2030. However, companies such Meta (Facebook), Microsoft, Google, Mubadala, and Nvidia are just a few organizations with substantial investments in the metaverse. UAE is already on a mission to create a build a unique space for metaverse with over 1000 companies headquartered in the country. Dubai metaverse strategy is expecting to target $4billion of the country’s GDP in the upcoming five years and will generate over 40,000 virtual jobs in the metaverse and blockchain sectors by 2030. Metaverse, a path-breaking innovation of the blockchain development world though being in its initial stages expects to deliver a revolutionary experience for millions of users worldwide and shake the world’s economy. Presently, the sector generates around 500 million dollars for the UAE’s national economy. Dubai World Trade Center (DWTC) is a dedicated zone for virtual assets. The city is already setting firm foundations for the metaverse to thrive, by exploring opportunities around infrastructure, education, technology, and more.

Gitex Global 2022 - Dubai
News

Gitex Global 2022: World’s Largest Tech Event gets off in Dubai

/

Gitex Global 2022: World’s Largest Tech Event gets off in Dubai GITEX 3.0, the 42nd edition of the world’s largest tech event is taking place from October 10-14,2022 at the Dubai World Trade Centre. Sprawling over an exhibition space of two million sq. ft, the event of Gitex Global 2022 will host 5,000 companies. The visitors get an opportunity to witness some of the most transformative technologies that are making a big difference worldwide. GITEX covers sectors including smart cities, cybersecurity, the data economy, mobility, healthcare and telecoms. It will welcome 52 per cent new exhibitors this year. The Gitex 3.0 edition features seven tech themes: North Star Dubai start-ups, Ai Everything, Future Blockchain Summit in association with VARA, Fintech Surge, Marketing Mania and two new launches Global DevSlam and X-Verse. Trixie LohMirmand, executive vice president of Events Management at Dubai World Trade Centre, Gitex Global’s organiser says “Gitex serves a profound purpose of enabling and accelerating the digital economies of UAE and many of its alliance partners through connecting earnest stakeholders with outstanding minds from the world, and materialising these connections into actionable partnerships.” The organiser expects more than 100,000 visitors from over 170 countries will attend the five-day exhibition, which will showcase a number of unique experiences for visitors. A major highlight of this year’s GITEX is X-Verse, curating a highly immersive metaverse experience, featuring 28 experiential brands and world premiers showcasing a revolutionary experience. A visitor pass provides access to all 8 shows such as GITEX GLOBAL, AI EVERYTHING, GLOBAL DEV SLAM, X-VERSE, NORTHSTAR DUBAI, FINTECH SURGE, FUTURE BLOCKCHAIN SUMMIT, MARKETING MANIA.

Company Incorporation in DMCC
Blogs

Steps for Company Incorporation in DMCC

/

Steps for Company Incorporation in DMCC Dubai Multi Commodities Centre or DMCC is one of the most sought-after freezones in UAE for trading international commodities. With over 20,000 established businesses, it is the perfect place to set up your dream business. DMCC Freezone provides licenses for various business activities in 20 sectors including Energy, Commodities, Gold and Diamonds, Technology, Constructions, FMCG, Healthcare, Aviation, Shipping, Education, Media, Professional Services, Financial Services as well as Personal and Community Services. Advantages of Setting Up your Business in DMCC Enjoy 100% ownership & Capital Repatriation Connect with experts from 20,000 companies Strategic Location Hassle-free Licensing and Registration procedure Top-class infrastructure Choose from a multitude of industry-specific activities Ability to purchase premises Economical freight rates Affordable Company Setup Costs 50-year tax holiday assured on personal and income taxes No foreign exchange controls or barriers to entry Ability to set up a branch, subsidiary or new limited liability company Flexible office space solutions including flexi-desks and business centres for lease or sale Required Documents for Company Incorporation in DMCC: If Individual Shareholder Three proposed company names Passport copy of the shareholder, director, HR signatory and Manager Latest Utility bill of the shareholder, director, HR signatory and Manager Experience details of the shareholder, director, HR signatory and Manager Proposed business activities Business Plan (If required) Note: Documentation requirements are not exclusive lists and any further documents or information required by Government Authorities during the course of company incorporation in DMCC has to be provided by the company. If Corporate Shareholder Certificate of registration/incorporation Certificate of the parent company – Notarized from country of origin Memorandum of association and Article of Association of the parent company – Notarized from country of origin Certificate of Good standing/Incumbency certificate of the parent company – notarized from country of origin Board Resolution of the parent company (template shall be provided) – duly attested and notarized by the UAE embassy in the country of origin and Ministry of foreign Affairs, UAE Ultimate Beneficiary Owners (UBO) details of the parent company Passport copy of the Director, HR signatory, Secretary and Manager Latest Utility bill of the Director, HR signatory, Secretary and Manager NOC from sponsor, if the Director, HR signatory, Secretary and Manager is holding valid residency visa in UAE Experience details of the Director, HR signatory, Secretary and Manager Proposed business activities Business Plan Note: Documentation requirements are not exclusive lists and any further documents or information required by Govt. Authorities during the course of company incorporation in DMCC has to be provided by the Company. If the parent company is not a listed company, then documents 1,2,3 should be duly attested and notarized by the UAE embassy in the country of origin and Ministry of foreign Affairs, UAE for bank account opening. Steps for Company Incorporation in DMCC 1. Preparing the necessary documents Initiating the company registration process by filling in all the necessary documents. 2. Select the right license according to the activity Select from these three license options in DMCC according to your activity: Trading, Service and Industrial. Trading license permits the buying and selling, and import and export of goods from, to, and within the UAE. Service License is necessary for delivering services in sectors such as professional, legal, financial, media, technology, education, energy and healthcare. It is also ideal for representative offices of foreign companies, holding companies, family offices, and for retail activities such as restaurants & cafes. Industrial License is given for light manufacturing inside DMCC such as making jewellery with precious metals & stones and for Coffee & Tea related activities (blending, packaging, roasting, storage etc. 3. Name & Initial approval Applying for the company name with 3 proposed names. Authority would approve one company name by order first in first if it is available. DMCC company names ends with DMCC not with FZE, FZC or FZLLC. 4. Renting an Office Space The next step is to rent an office space/Virtual office/flexi desk within the DMCC freezone/JLT. 5. Select the right license according to the activity Select from these three license options in DMCC according to your activity: Trading, Service and Industrial. Trading license permits the buying and selling, and import and export of goods from, to, and within the UAE. Service License is necessary for delivering services in sectors such as professional, legal, financial, media, technology, education, energy and healthcare. It is also ideal for representative offices of foreign companies, holding companies, family offices, and for retail activities such as restaurants & cafes. Industrial License is given for light manufacturing inside DMCC such as making jewellery with precious metals & stones and for Coffee & Tea related activities (blending, packaging, roasting, storage etc. 6. Making the final Payment Once we are ready with all the approvals from the authority, we need to make the final payment for the Company Incorporation in DMCC. 7. Signing of MOA & AOA Currently, DMCC has introduced E-signing facility to sign the documents through online. Passport verification also will be done on the same time. 8. Receiving Business License Once you finalize the business location, you can obtain the company incorporation documentation, including a trade license, certificate of incorporation, and Memorandum of Articles and Association, Share certificate, Confirmation letter to open bank account in Dubai. 9. Receiving Immigration Card Once the company is Incorporated, we will get the company’ Immigration card in a couple of days. 10. Corporate Bank Account Opening Setting up a corporate bank account is a pivotal step when you Incorporate a company in the UAE. 11. Obtain Investor/ work visas The next step is to obtain employment residence permit for applicants outside the country. It is necessary to get the right entry working permit for employees. How Corpin Helps in DMCC Company Incorporation? If you are planning to set up a new company or the branch of a company in DMCC, Corpin Consultants can make the entire journey easier for you. Our expert team will guide you through every step of company incorporation in

Metaverse: Future of Digital Business
Blogs

What is Metaverse and How it can Transform the Future of Digital Business?

/

What is Metaverse and How it can Transform the Future of Digital Business? Metaverse is the latest buzzword that is supposed to transform the future of digital businesses. It is basically a virtual space where users meet, network, play games, work and shop. It is related to blockchain, NFTs, virtual and augmented reality. NFTs are digital collectibles that can be stored on the blockchain. They can be used as characters, consumables, or other tradeable items in games. Metaverse is a part of the Web3 vision for the future of the Internet which promises a more decentralized and democratic internet in which users own their digital content. One can buy and sell plots in the Metaverse. If a plot becomes popular, owners can benefit from selling advertising space or even engage in event sponsorships. Many big brands and companies are also becoming owners of NFT lands. Few examples of such lands are Meta’s (formerly Facebook), Horizon Worlds, Workrooms, Fortnite, Decentraland, Cryptovoxels, and The Sandbox. Just like investing in stocks of cryptocurrency, there are certain risks associated with Metaverse land too. Therefore, never invest if you are unable to take the associated risks. There are mainly two main ways to buy the land: through an initial land offering (ILO) and on the open market. In an ILO, the developers of a project offer the option to purchase plots directly through an auction. This usually happens before or right after the project goes live. The price is determined based on location and expected future value. Users can choose whether to buy the plots or not at the initial price. If the demand goes high, the plot of land will go to the highest bidder. If you are planning to buy from the open market, always buy metaverse land from reputed and reliable sources as there are scammers out there. It is better to buy directly from platforms such as OpenSea, Binance NFT marketplace. If you have already purchased an NFT before, you already know how to buy land. If not, you will need a cryptocurrency wallet and some cryptocurrency in that. Crypto currency wallets such as Metamask or similar tokens (Ether, MANA, etc.) which can be purchased on exchanges such as Kraken, Binance, etc can be used for buying the land. Never buy land by making direct transfers to someone’s wallet. Metaverse License is mandatory for all who wish to develop and host virtual environments or businesses in the UAE. If you are someone who wish to obtain such a license in Dubai, Corpin Consultants can assist you in the entire process right from planning to execution of your business flawlessly. Get in touch with us for enjoying a smooth transition of your business into a popular metaverse.[/vc_column_text][/vc_column][/vc_row]

open Digital Marketing Company in UAE, corpin consultants
Blogs

How To Open a Digital Marketing Company in the UAE?

/

How To Open a Digital Marketing Company in the UAE? According to several statistical reports, the annual growth rate of UAE’s digital marketing sector is between 25% and 40%. These figures alone consolidate how the industry is going to flourish in the upcoming years. If you are planning to step into this rapidly-growing industry by starting a digital marketing company, this is the right time. In this article, we will guide you on how to open  digital marketing company in UAE. Steps for Starting a Digital Marketing Company Before applying for a Dubai trade license, you should decide where you wish to set up your company whether in the mainland or free zone. If you setup your company in the mainland, you will be free to trade directly with the local market, without hiring the services of a local agent. If you set up the company in a free zone, you won’t have to pay customs tax and get full freedom to repatriate all capital and profits. Select a suitable trade name for your company. Business setup consultants can help you to find out if the name you have chosen is available. If yes, they can reserve that trade name for you in advance. When you apply for company registration and a professional license, this name will be exclusively given to you. Once the trade name is registered and initial approval is obtained, the company may need to undertake the following steps to obtain the digital marketing trade license: Trade Name Reservation with DED. Initial Approval from DED. Prepare any shareholder documents required – if the shareholder is a company – Board Resolution and POA. Draft and notarize the company incorporation documents – MOA and any Shareholder Agreement and GM POA. Rent a commercial space – If you are planning to start your business in the Dubai mainland, you need to apply for license at the Department of Economic Development. If you wish to set up your business in a free zone, then you need to submit the application to the managing authority of that respective free zone. If you are planning to rent office in Dubai mainland, you may need to register a tenancy Agreement with the owner of the premises. This legally valid agreement is also known as Ejari. If you wish to rent an office space in a free zone, then also you may need to enter into a lease Agreement with the respective free zone authority. Acquire any additional regulatory approvals – if necessary for the specific activities on the license. Obtain the final company Trade License from the DED. Register the LLC with UAE Ministry of Labour, Immigration and eChannel for hiring staff and visa issuance. List of Documents Required for Starting a Digital Marketing Company in Dubai Duly filled application form Passport copies of all business partners Copies of stamped resident or visit visa pages Emirates ID of UAE resident shareholders No Objection Certificate from the existing local sponsor, if already a resident of the UAE Payment receipt of trade name reservation The lease agreement document that acts us an address proof Corpin Consultants offer end to end assistance for company formation whether it is obtaining necessary approvals, visa applications, renting office space, or opening bank accounts. We ensure the entire paperwork is error-free so your time and money, both will be saved. Contact us today to know more.[/vc_column_text][/vc_column][/vc_row]

UAE Company Office Requirements
Blogs

What are the Office Requirements for a UAE Company?

/

What are the Office Requirements for a UAE Company? According to UAE law, it is mandatory for all mainland and free zone companies to have a physical office. However, for offshore companies, it is not necessary. Though the cost of hiring an office is high, it still contributes well to the growth of your business, by giving you easy access to tax-free benefits and incentives offered by the UAE government to foreign investors. According to your budget and office requirements, you can select an office in different emirates of UAE for your company.   What type of office do you require? The type of office you require depends on a number of factors such as where your company is registered whether it is a Freezone or mainland, do you require more space for expansion, the duration of your lease, etc. Listed below are the main office space options available in the UAE: Serviced Offices A serviced office is an office that is owned and managed by a third party. The major advantage of renting a serviced office is that you will get all required facilities so you can immediately occupy the space and the cost of all these facilities will be adjusted on a monthly rent. Serviced offices are ideal for those entrepreneurs who wish to operate outside a free zone. If you are planning to reduce your initial setup costs, it is the perfect choice. Freezone Offices If your business is registered in a free zone, these offices are the right choice for you. Most free zone offices require a minimum requirement of space according to the number of employees, nature of the activity, visa eligibility and licensing jurisdiction. Onshore Offices Many options are available for onshore offices, for example, mixed-use dwellings (buildings with residential and commercial tenants), shell and core offices (empty offices that require fitting and decoration) One of the major advantages of renting an onshore office is that you have a choice to negotiate your desired rental period, whereas serviced and free zone offices may require you to sign up a minimum duration of tenancy. Corpin Consultants help entrepreneurs choose the ideal office setup for their business in mainland, freezone and onshore jurisdictions. Our experts help you select the right office according to your requirement and budget. Get in touch with us to know more.

Trademark Registration Benefits
Blogs

Benefits of Trademark Registration

/

Benefits of Trademark Registration A trademark is one of the most important aspects of a company as it sets apart their products and services from others in the market. With trademark registration, your brand will stay protected and prevent anyone from using similar trademarks. The trademark protection in Dubai is offered through the Trademark Law. This law has been applicable since 1992, and it was amended in 2002. If you are a newly established business, it is mandatory to have a trademark registration. Listed below are the benefits of trademark registration: 1. Security for your business A trademark is equally valuable like an immovable asset. It can be used for getting loans from the bank. A trademark will secure your brand from unfair practices such as the use of a similar one by anyone that can lead to confusion in customers. It can be utilized for legal action against infringement. 2. Provides identity and stability for your brand Trademark registration permits you to build a strong presence for your brand in front of consumers. It ensures authenticity and keeps your brand identity and loyalty intact. Trademark permits the smooth functioning of brands without any legal hurdles. It will help you gain a competitive edge and trademarked assets are ideal for marketing, as building awareness about the brand is faster with the registered symbols. 3. Avoid Duplication Trademark Registration enables brands to file a complaint against anyone who misuses their trademark. It prevents counterfeits and helps in dealing with any duplicate products and illegal import or export. It is a valid proof of ownership. When you become an owner of a registered trademark, you will receive the exclusive rights to use that in your marketing initiatives. Corpin Consultants have a team of experts who offer comprehensive support in trademark registration in the UAE. We have assisted numerous clients in the UAE region for managing their intellectual property laws. Feel free to contact us for further information.

expo 2020
News

Expo 2020: The Perfect Time to Kickstart Your Business in Dubai

/

Expo 2020, the Perfect Time to Kickstart Your Business in Dubai Dubai is considered to be the perfect business destination with its first-class infrastructure, tax-free environment and business-friendly regulation. Despite the severe pandemic situation, the city thrived as one of the best investment destinations for many industries including healthcare, tourism, hospitality, finance, construction, etc. If you are planning to set up your business in Dubai or you already own an enterprise, this is the perfect time for opportunities with Expo 2020 in full swing. The greatest show of the year is expected to attract 25 million visitors from across the globe. This event began on 1 October 2021and ends on 31st March 2022. Listed below are the unique advantages entrepreneurs can look forward to: Making connections Just like how the tagline says ‘Connecting Minds, Creating the future, this event will provide everyone an opportunity to connect with experts, partners and investors across the globe. Covering an area of 45,000 square meters, this extravagant event will host seminars, product launches, networking events, and more. Expo 2020 has even a networking app called Business Matchmaking App. You can also collaborate with suppliers and distributors at Emaar 2020 Club. Increased Product Demand There will be an increased product demand throughout the 6-month period. So, businesses can foresee this and take advantage of this opportunity. Gaining inspirations Expo 2020 will provide an opportunity for entrepreneurs to explore possible business opportunities especially drive innovative ideas that are apt for the future. It is also a perfect platform to pitch your business proposal to investors. Get a chance for media attention Expo 2020 offers an amazing opportunity for entrepreneurs to be at the center of the world’s media. This attention is ideal for unique products and services providing significant leverage at an international level. If you are an entrepreneur looking forward to exploring Expo 2020 business opportunities, Corpin Consultants have some exciting company formation packages to kickstart your business in Dubai. Our team of experts guide you in obtaining all necessary licenses, documentation, bank account opening, and all that you require for a smooth entry to the market. Get in touch with us on info@corpinconsultants.com or call us at +971 55 843 2911 to know more about our packages.

Scroll to Top