tag:blogger.com,1999:blog-47871172224016452882024-02-19T01:38:23.974-08:00Business Set Up In DubaiPOWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.comBlogger143125tag:blogger.com,1999:blog-4787117222401645288.post-90933377971843615662014-01-13T05:48:00.000-08:002014-01-13T05:48:36.546-08:00PRO Services in Dubai/UAE Immigration Law<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Optima-Regular; font-size: x-small;"><span style="font-family: Optima-Regular; font-size: x-small;"></span></span><div align="LEFT">
<span style="font-family: Optima-Regular; font-size: x-small;"><span style="font-family: Optima-Regular; font-size: x-small;">The laws governing immigration requirements are mainly contained in Federal Law No. 6 of 1973 regarding the</span></span></div>
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entry & residence of expatriates as amended by Federal Law No. 13 of 1996, the Immigration Law. Other</div>
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immigration regulations have been issued in various ministerial decrees and orders, the most relevant of which,</div>
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in terms of procedure, is Ministerial Decree No. 360 of 1997 to Issue the Executive Bylaw of Federal Law No. 6</div>
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of 1973 (the Decree).</div>
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The general rule regarding foreign visitors to the UAE is that all visitors require visas except transit passengers</div>
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who do not leave the airport, citizens of GCC countries (Qatar, Kuwait, Saudi Arabia, Bahrain, Oman and the</div>
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UAE)<br />
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<b><span style="font-family: Optima-Bold;">VISAS & PERMITS</span></b><span style="font-family: Optima-Bold;"></span></span></span><br />
<br />Winston Wambua <br />
<br />
<br />For more information please contact me on<br />
<br />Mobile +971553350517<br />
<br />Email: <a href="mailto:winstonk@live.com">winstonk@live.com</a><br />
<br />Skype: Winston.wambua</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-79607413678020635172013-11-08T20:17:00.000-08:002013-12-29T23:20:04.660-08:00BVI Case Studies Notes, October 2013<div dir="ltr" style="text-align: left;" trbidi="on">
Below is a summary of recent cases out of the British Virgin Islands (BVI) Commercial Court, compiled by Harneys' Litigation team.<br />
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<strong>Ruling on the use and status of ancillary relief proceedings and forum non conveniens issues.</strong> <br />
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VTB Capital plc v Nutritek International Corp and ors BVIHC (Com) 103 of 2011, 18 September 2013<br />
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Following the dismissal of the English proceedings in the VTB v Nutritek litigation by the Supreme Court earlier this year on forum non conveniens grounds, the BVI Commercial Court has refused to lift a stay of the related BVI proceedings and has held that the BVI is not, in any event, the appropriate forum for the claim.<br />
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The BVI proceedings had initially been issued predominantly for the purpose of obtaining injunctive relief in support of the English proceedings, following the procedure commonly used prior to the Black Swan decision Following that procedure, the BVI proceedings were issued in the form of a substantive claim but were immediately stayed in favour of the English proceedings. Bannister J described such ancillary relief proceedings as a device which "should not be used in future in cases where orders are sought in aid of foreign proceedings. It has no secure legal foundation and is calculated only to cause confusion". It was therefore not appropriate for such proceedings to be converted into substantive proceedings after the foreign proceedings had been dismissed.<br />
Bannister J then ruled on a hypothetical jurisdictional challenge brought by the non-BVI defendants on forum non conveniens grounds. After considering the circumstances of the case, the Judge found that Russia, and not the BVI, was clearly the most appropriate forum for the claim. A major issue that followed from that was whether Russia was an "available" forum - Bannister J held that it was, despite some evidence that the Claimant may not be able to bring fraud claims there on technical grounds due to the interplay between the Russian Civil and Criminal Codes. However, most significantly for the purposes of BVI jurisprudence, Bannister J held that the mere fact that two out of the five parties were incorporated in the BVI was not sufficient to make the BVI the most appropriate forum, ruling that the existence of BVI companies as defendants to an action should only lead to a presumption that the BVI was the most appropriate forum where the proceedings related to the ownership or control, constitution or administration of those companies. An allegation that a BVI entity was involved in an alleged fraud was "neutral for forum purposes". This was particularly the case where the "real target" of the claim was a non-BVI resident.<br />
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<strong>"Wishful thinking: intention versus construction": BVI Court rules on the Construction of Trusts</strong><br />
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The BVI court recently considered the construction of the Trust Deed of a BVI administered trust (the Trust). The Trust Deed listed a number of beneficiaries under the Trust defined as Specified Beneficiaries. Each Specified Beneficiary was listed with a percentage figure that purported to indicate their entitlement under the trust fund of the Trust (Percentage Entitlements). Harneys acted for the trustee (the Trustee) and brought an action for the court's assistance with interpretation of the Trust Deed and a declaration from the court that the Trustee is within its powers to amend the list of Specified Beneficiaries and the related Percentage Entitlements. The Trustee is in possession of a Letter of Wishes from the now deceased settlor, indicating his wish to amend the list of Specified Beneficiaries by deleting one name and adding two more, the Additional Beneficiaries, and to vary the Percentage Entitlements accordingly.<br />
Mr Justice Bannister found that the Percentage Entitlements did not create a fixed interest in the trust fund of the Trust for the Specified Beneficiaries and that the trustees had a legitimate power to vary, amend and delete persons from the list of Specified Beneficiaries and the related Percentage Entitlements under the Trust Deed. Mr Justice Bannister made further comment on the construction of the Trust Deed considering the status of superadded terms and definitions in relation to those that exist in a typed precedent document. The Judge found that although the Specified Beneficiaries and Percentage Entitlements were "undoubtedly" unique to the Trust Deed, it did not follow that "those words of entitlement are to be accorded any special status of priority over the other provisions of the trust deed". The Judge found that it was not possible to infer the settlor's intention from this addition to the Trust Deed and that, because this Trust Deed is not a standard form commercial document in common use between merchants requiring completion or adaptation to conform it to the particular transaction in question, the typed/printed distinction therefore did not arise.<br />
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<strong>Exercising caution in the pleading of oral agreements – summary judgment: <br />Clearlie Todman-Brown v The National Bank of the Virgin Islands Limited, BVI HCV 64 of 2013, Byer J.</strong><br />
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This case follows the recent line of BVI authority clarifying the scope of the Court's discretion in deciding whether to grant summary judgment under CPR 15. The Applicant was the defendant bank which sought to argue that the cause of action, as pleaded against it, was based on a bald assertion of an obligation owed by the bank and disclosed no viable claim.<br />
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The Court held that in making the requisite assessment for summary judgment, all of the evidence and pleadings as filed had to be taken into account. Having examined these in depth, the Court concluded that the lack of specificity in the pleadings surrounding the nature of the relevant agreement was a fatal flaw. In particular, any oral agreement must have pleaded specifics so the party against whom it is alleged can know the case against it. There would need to be an indication somewhere in the pleadings of when, where, in what manner, and the subject matter of nature of the agreement.<br />
Approving the wording of the Saunders CJ(Ag) in Bank of Bermuda Ltd v Pentium, Civ App no 14 of 2003 BVI, at paragraph [18], the Court recognised that in exercising its discretion a judge should not allow a matter to proceed to trial where a party has produced nothing to persuade the court that there is a realistic prospect of success. Speculative claims should not be fostered or encouraged by the Court.<br />
The application for summary judgment was therefore granted.<br />
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.<br />
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<span style="font-family: Calibri;">Winston Wambua </span><br />
<span style="font-family: Calibri;"></span><br />
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For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
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Skype: Winston.wambua</div>
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POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-5756747427410310942013-09-07T05:19:00.003-07:002013-12-29T23:19:45.772-08:00Franchise In Dubai Business Guide Operations<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Dubai describes itself as the fastest-growing metropolis on the
planet and there is no disputing the fact that it is one of the world's most
desirable business centers, with very low or zero taxation, attractive
investment incentives, a stable economy, superb communications, well-educated
workforce, state-of-art infrastructure, robust economic cluster of technology,
media, finance and healthcare hubs. All these make Dubai a viable and
attractive proposition for any business and providing investors with a unique
and comprehensive value added platform. <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Legal Structures for Business <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">The Federal Law stipulates a total local equity of not less than
51% in any commercial company and defines seven categories of business
organisation, which can be established in the UAE. It sets out the requirements
in terms of shareholders, directors, minimum capital levels and incorporation
procedures. The seven categories of business organisation defined by the Law
are: <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">• General partnership company <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">• Partnership-en-commendam <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">• Joint venture company <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">• Public shareholding company <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">• Private shareholding company <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">• Limited liability company (LLC) <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">• Share partnership company <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>Out of these seven
activities LLCs are more commonly used by the foreign investors. <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>Apart from these seven
categories, FDIs are encouraged through Branches and representative offices of
foreign companies and 100% foreign owned professional firms. 100% foreign
ownership is permitted in the Free Trade Zones too. <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>Limited Liability Company <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>A Limited Liability Company
can be formed by a minimum of two and a maximum of 50 persons whose liability
is limited to their shares in the Company's capital. Most Companies with
expatriate partners have opted for this Limited Liability Company, due to the
fact that this is the only option which will give maximum legal ownership i.e.
49% to the expatriates for a trading license. <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>51% participation by UAE
nationals is the general requirement for the Limited Liability Companies.
Therefore the normal shareholding pattern for an LLC will be: <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>Local sponsor - 51% and <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>Foreign Shareholder (s) -
49% <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>The minimum capital
requirement is AED 300,000 (US$ 82,000), contributed in cash. While foreign
equity in the Company may not exceed 49%, profit and loss distribution can be
mutually agreed. Responsibility for the management of a Limited Liability
Company can be vested in the foreign or national partners or a third party. <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>The time required to form a
company will be approximate 1-2 weeks from the date of receipt of all the
documents. The procedure and cost break up will be given upon request. <o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<br />
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Except for foreign companies operating under special licences
within duty-free areas in the State, foreign companies shall not practice their
main activities or establish offices or<o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Branches thereof in the State until permit to this effect be
obtained from the Ministry after prior approval of the Concerned Authority had
been obtained. The issued permit shall specify the activity which a company is
authorized to carry out.<o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Such permit shall be issued if the company engages an agent to be a
natural person holding the state nationality or a company fully owned by natural
citizens, and whose entire partners be nationals too.<o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">The Agent's responsibilities towards the company and third parties
shall be limited to rendering necessary services to the company without his
h\bearing any financial liabilities or obligations related to the company or
its branches and offices inside and outside the State.<o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Foreign Companies licensed to operate within the state, under the
preceding para, shall not start their business except after registration at the
Ministry in the Foreign Companies<o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Commercial Register.<o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Entries in the said Commercial Register as well as control of same
Foreign Companies' accounts & balance-sheets shall be regularized vide a
ministerial decision to be issued in this respect.<o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>The Foreign Company's
officer or branches shall be governed by the laws applied within the State.<o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">ARTICLE (315)<o:p></o:p></span></div>
<br />
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">- 90 -<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">A foreign company or its offices or branches referred to in the
preceding Article shall not<o:p></o:p></span></div>
<br />
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">commence their activities in the State except after entry in the
Register of commerce.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">They shall have a separate balance-sheet, a separate profit a-and
loss account and shall appoint auditors.<o:p></o:p></span></div>
<br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Now what
happen if you need to trade in UAE while you are a foreign entity?<o:p></o:p></span></b></div>
<br />
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>Say you are a foreign entity
trying to relocate your Commercial Business in Dubai; only companies who are
into professional activities can only get a license in Dubai. But if you are a
commercial trade company targeting Local exposure like DHL, Coco Cola, channel,
Adobe to say the few you need to Franchise.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"> </span>A franchise acts like a
license for rapid expansion, a brand’s recognition and provides a consistent
method to deliver your brand‘s promise. Franchises are based on a financial
relationship between the franchisor and franchisee.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">This guide summary looks at what is franchising, how it works, why
franchising is growing as a way of doing business and what makes a good
franchise. Aside from a basic understanding of franchising, the guide considers
the benefits given by a franchise and provides basic guidance to allow businesses
to benefit from innovation.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Franchising is not restricted just to fast food outlets and
gardening contractors. There are now franchises for mentoring managers and
sportspeople and franchises for internet shopping.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">In the future the Dubai economy will more likely be filled by
innovative and creative franchises which seek to capitalize on their market
lead and intellectual property advantage. Franchises fill a market need and
therefore, are the fastest growing way of doing business.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">The 1980’s and 1990’s brought radical changes to the employment
market and the way people work. The oil-shocks and stock market corrections,
the opening up of the world economy, reduction in subsidies, government
deregulation and downsizing thrust into the job market capable, energetic and
resourceful people who work on their own.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Franchisees are people who have been employed in the past by
someone else and a franchise opportunity is seen as a more relaxed way of
making the transition from working for an employer to being self-employed. The
risk factor of a proven business is also seen as a better option than breaking
totally new ground. Thus, franchises are taken up by people prepared to invest
in themselves, their personality and their skills who look for freedom and the
rewards of hard work. Franchises are a personal investment, in the equity
invested in the business, in the time and energy required to achieve success.
Therefore, it is important to take a few commonsense precautions when selecting
a franchise.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">For more information please client <a href="https://docs.google.com/file/d/0B3wL3DnQsNZnMmUzQ0pUdlNLNFk/edit?usp=sharing" target="_blank">here</a></span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Winston Wambua </span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype: Winston.wambua</div>
</div>
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POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-26655877185952444052013-09-06T22:43:00.000-07:002013-12-29T23:19:11.214-08:00Common Customs Law of the GCC States<div dir="ltr" style="text-align: left;" trbidi="on">
<span class="full-name"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">Common Customs Law of the GCC States<o:p></o:p></span></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span class="full-name"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">The GCC was established in accordance with an agreement concluded in 1981
in Riyadh, Saudi Arabia between: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and
UAE. These countries declared that the GCC is established in view of the
special relations between them, their similar political systems based on
Islamic beliefs, joint destiny and common objectives. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span class="full-name"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">The geographic proximity of these countries and their general adoption of
free trade economic policies are factors that encouraged them to establish the
GCC. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span class="full-name"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">The objectives specified were the achievement and enhancement of
coordination in the different areas between the member countries and their
people and the adoption of similar systems in economic and financial matters,
commerce and customs, education and culture, social affairs and health,
information and tourism, legislation and administration, science, technical,
industrial, mining, agriculture, the establishment of joint project in these
areas and the encouragement of private sector activities for the general
benefit and welfare of their people. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span class="full-name"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><span style="mso-spacerun: yes;"></span></span></span><br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span class="full-name"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">GCC Law <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span class="full-name"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">In 1982 the GCC countries concluded the joint Economic Agreement granting
specific privileges and advantages to nationals of member countries to perform
economic and trading activities in other member countries. This was followed by
similar other agreements to encourage economic relations, trade and practice of
professions in the member countries. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span class="full-name"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">Common Customs Law of the GCC States<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span class="full-name"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">Unification of the Customs laws and procedures in the Customs
Administration of the GCC states is one of the main objectives that the GCC
States seek to achieve. The adoption of a common Customs law, which unifies
Customs procedures in all GCC Customs administrations and enhances cooperation
among member States in the Customs field, is one of the envisaged objectives.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span class="full-name"><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">For more information <a href="https://docs.google.com/file/d/0B3wL3DnQsNZndE9KWms0WHIwVjg/edit?usp=sharing"><span style="color: blue;">click
here</span></a><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt;">GCC
Common Customs Law English.pdf<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 9.5pt;"></span><span style="font-family: "Helvetica","sans-serif"; font-size: 9.5pt;">File Size: 322KB<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Winston Wambua </span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype: Winston.wambua</div>
</div>
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POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-26235600073226552712013-04-25T02:15:00.001-07:002013-12-29T23:18:57.834-08:00Cayman Creates Incorporated Cell Companies <div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyXKOwIWRqvG47Cnd8a-8_WIbuQn3aP5mtWh1Luh8ERD_4zIu4mSrMFqo0RWQSV5LoftY8jTttc3sC59EydmVi9NvpL334PldhTxfexRMCPIkXCZXTYcvnb2nCxTnQAQvY_q12Q_Cvd34/s1600/cayman+cell+company.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyXKOwIWRqvG47Cnd8a-8_WIbuQn3aP5mtWh1Luh8ERD_4zIu4mSrMFqo0RWQSV5LoftY8jTttc3sC59EydmVi9NvpL334PldhTxfexRMCPIkXCZXTYcvnb2nCxTnQAQvY_q12Q_Cvd34/s1600/cayman+cell+company.jpg" /></a></div>
A framework for incorporated cell companies in the insurance sector was created in the Cayman Islands on 25 March, when the Legislative Assembly passed an amendment to allow the registration of portfolio insurance companies, or PICs, within segregated portfolio company insurers (SPCs).<br />
<br />
PICs offer four main advantages over existing SPCs, which also are offered in the Cayman Islands, said the Minister for Financial Services, the Hon. Rolston Anglin, who presented the Insurance (Amendment) Bill 2013 to the Legislative Assembly.<br />
<br />
1. A PIC is a separate legal entity, whereas a segregated portfolio of an SPC is not. This means the PIC may have greater ease in dealing with counterparties than a segregated portfolio of an SPC.<br />
<br />
2. Unlike a segregated portfolio of an SPC, a PIC can contract with another cell of its controlling SPC, or with the SPC itself.<br />
<br />
3. Because each PIC is a separate legal entity, there should be less risk of inadvertent comingling of assets.<br />
<br />
4. A single PIC can be wound up without affecting its controlling SPC or other PICs; this is not possible within an SPC structure.<br />
<br />
<br />
<br />
Minister Anglin said that PICs compete with incorporated cell companies (ICCs) that are offered in other captive domiciles, and with structures such as the Delaware Series LLC. The PIC model is also more efficient and cost-effective than introducing standalone ICC legislation. And since PICs were created through an amendment to the Insurance Law, 2010, Cayman has positioned this vehicle to operate within fundamental and well-understood principles of corporate law, and to meet international standards.<br />
<br />
‘PICs do not involve the highly creative and untested jurisprudence involved in an ICC’, Minister Anglin said. ‘Furthermore, because they will take on the form of an exempted company they will be subject to the same legal requirements as any exempted company’. The Bill also creates new class of insurer known as Class B(iv).<br />
<br />
<br />
Minister Anglin thanked the Cayman Islands Monetary Authority, which regulates the country’s financial services industry; and the joint public-private sector Financial Services Legislative Committee, for their work on drafting the amendment.Cayman Islands Government Press Release 26 March 2013, George Town, Grand Cayman.<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Winston Wambua </span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype: Winston.wambua</div>
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POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-74349625573904443532013-04-10T05:44:00.003-07:002013-12-29T23:18:06.194-08:00What are types of Business license entities in Dubai/UAE?<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal">
What are types of Business license entities in Dubai/UAE?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The principal forms of business structures are:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"> ·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> -</span></span><!--[endif]-->Limited Liabilities Company.</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"> ·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> - </span></span><!--[endif]-->Professional License.</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"> ·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> -</span></span><!--[endif]-->Industrial License</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<br /></div>
<div class="MsoNormal">
The main key differences between LLC License &
Professional License</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The difference between the two forms of license is as
following:-</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
a) L.L.C.: Owners
have limited personal liability for the debts and actions of the LLC. Other
features of LLC are more like a partnership, providing management flexibility
and the benefit of pass-through taxation. A Limited Liability Company can be
formed by a minimum of two and a maximum of 50 persons whose liability is
limited to their shares in the Company's capital. The time required to form a
company will be approximately 1-2 weeks from the date of receipt of all the
documents. and procedures and the breakdown of the cost can be given upon
request.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
b) Professional License: A Professional License
is a type of company formation structure in Dubai whereby the foreign investor
or foreign owner has 100% ownership of the company. It is compulsory to appoint
a local UAE agent not the sponsor for this type of company also, with the only
exception being that the local UAE sponsor does not own any equity in the
company. Professional firms are those which consist of professionals and
practitioners and practice non-commercial activities. In setting up a
professional firm, 100% foreign ownership, sole proprietorships or civil
companies are permitted. The firms, which are registered as professional
companies or firms may only practice specific activities and not extend that to
any commercial business. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
These activities include the following services:-</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo3; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> - </span></span><!--[endif]-->Legal practice and consultancy</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> -</span></span>Auditing, Organizing and keeping accounting
records and books</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> -</span></span><!--[endif]-->Civil engineering and architecture
consultancies.</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> -</span></span><!--[endif]-->Managerial and economic consultancies and
studies</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> -</span></span><!--[endif]-->Technical services</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> -</span></span><!--[endif]-->Medical and curative services</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> - </span></span><!--[endif]-->Educational services</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -0.25in;">
<br /></div>
<div class="MsoNormal">
No, limited liabilities companies are restricted to trading
and industrial activities, and civil business companies are established for
practicing professional activities.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>What are the
formalities for registration of the Business?<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo4; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Initial approval from economic department </div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo4; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Trade name approval </div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo4; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Court Document (depend on company share capital)
</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo4; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Typing LLC contract (Arabic & English) </div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo4; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Ministry of economic fees </div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l4 level1 lfo4; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Sponsorship Fee</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l4 level1 lfo4; text-indent: -0.25in;">
<br /></div>
<div class="MsoNormal">
<b>Do I need a local
sponsor?<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
Yes, to operate any kind of business we need local sponsor for
commercial license and Agent for Professional license in U.A.E. </div>
<div class="MsoNormal">
How many partners can we have in the Company? </div>
<div class="MsoNormal">
We can have minimum of 2 partners and maximum of 42 partners
in the co. (U.A.E. Sponsor 51% + Expat 49% </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Do I need an office
for registration?<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
Yes, to operate any type of business and to get trade
license, tenancy contract of the office is required </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Why Sponsor have 51%
Shares in the Company?<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
Federal Law
stipulates a total local equity of not less than 51% in any commercial company
and defines seven categories of business organizations which can be established
in the UAE. It categorises and defines the requirements in terms of
shareholders, directors, minimum capital levels and incorporation procedures.
It further lays down provisions governing conversion, merger and dissolution of
companies.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>The seven categories of business organizations defined by
the law are: </b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo5; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->General Partnership Company</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo5; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Joint venture Company</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo5; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Public Shareholding Company</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo5; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Private Shareholding Company</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo5; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Limited liability Company</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo5; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->Share Partnership Company</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo5; text-indent: -0.25in;">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 13pt; line-height: 115%;">O</span>f
the entities listed above, most foreign businesses choose the limited liability
company </div>
<div class="MsoNormal">
as foreigners can exert significant control over them and it
requires a relatively small </div>
<div class="MsoNormal">
amount of minimum capital to start up. Previously limited
liability companies in Dubai </div>
<div class="MsoNormal">
were required to have a minimum share capital of AED 300,000
and those in other </div>
<div class="MsoNormal">
Emirates required a minimum of AED 150,000. However,
following an amendment to </div>
<div class="MsoNormal">
Article 227 of the Companies Law,8 shareholders now have the
right to determine the </div>
<div class="MsoNormal">
share capital of their limited liability companies, provided
that such company will have </div>
<div class="MsoNormal">
sufficient capital to achieve its objects.9 Such an entity
may, however, be inappropriate to </div>
<div class="MsoNormal">
achieve certain business goals. For example, businesses
involving banking, insurance </div>
<div class="MsoNormal">
or investment activity on behalf of third parties may only
be conducted by a public joint </div>
<div class="MsoNormal">
stock company, and limited liability companies may not offer
their shares for public </div>
<div class="MsoNormal">
subscription, which is a central feature of the public joint
stock company.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The key limitation on entities incorporated under the Companies
Law is that 51 percent </div>
<div class="MsoNormal">
of the capital of a company must be owned by a UAE
national.10 However, it is possible </div>
<div class="MsoNormal">
for the constitutional documents of a limited liability
company to contain the following </div>
<div class="MsoNormal">
provisions designed to protect the interests of a foreign
minority shareholder:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
• the foreign shareholder may appoint all of the directors; </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
• the foreign shareholder may appoint the general manager; </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
• the foreign shareholder may veto major decisions of the
company;</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
• the foreign shareholder may be entitled to all of the
assets of the company on winding </div>
<div class="MsoNormal">
up; and </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
• the foreign shareholder may be entitled to more than 49
percent of the company’s profits.11</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>How much time does it
take to establish a Company?<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
It takes approximately 5-7 working days depending on the
availability of required documents from you. </div>
<div class="MsoNormal">
You need to renew your trade license after every one year
based on Annexure-2. Normally the license is issued for one year and the same
has to be renewed every one year. But if you have a tenancy contact valid for
to 2 year you can also get your license valid for 2 years.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>What is the Benefit of registering the L.L.C. COMPANY from A
Free Zone Company?</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span>You are eligible to trade any were comparing to
Free Zone you can only trade with the free zone its self, if you trade out of
free zone you are subjected to 5 % of the custom duty</div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -0.25in;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -0.25in;">
<!--[if !supportLists]--><b><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span>You can operate without the interference of the
local ?</b></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -0.25in;">
<br /></div>
<div class="MsoNormal">
All business activities carried out in Dubai are tax free at
corporate and personal level. Docs, required for formation of Co.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
-Passport Copy of the investors.</div>
<div class="MsoNormal">
-Min 3 names to be provided for registering Trade name.</div>
<div class="MsoNormal">
-Tenancy contract of the Office which need to be attested from the Land department </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What are the benefits
of business setting up in Dubai?<br />
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQCqs4BkCtBOeivOOstI94RGLsbWnCob2jynmw95c9CgRGMeB5YQy4rtYPqhtUJgz192RinHdu54GL0wbvV3N6Tpq0s548fOMmhjwZjetglRd4l-vSF_8QlSauTM1DgtMGJZlUx3TnDfw/s1600/images.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em; text-align: left;"></a><br /></div>
<div class="MsoNormal">
<div style="text-align: left;">
</div>
<span style="color: #776644; font-family: Tahoma, sans-serif;"><span style="line-height: 15.19px;">United Arab Emirates 0% </span></span><br />
<div class="separator" style="clear: both; text-align: center;">
<span style="color: #776644; font-family: Tahoma, sans-serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitMXDrNGRqVE63zcDSANYkB2bHu9BwyNJYPrQx5b2WPaDWa1V7v2yinjAcJ24UeCCb7-IQ75DoTjGuSV-n6poPhWb5nSnN551w0L4lMpUJtq4KixcBZ4mY2Ka_LTpGnOeSM1HKtheaqqY/s1600/images.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><br /></a></span></div>
<span style="color: #776644; font-family: Tahoma, sans-serif;"><span style="line-height: 15.19px;">Income Tax Rate</span></span><br />
<div>
<br /></div>
</div>
<div class="MsoNormal">
<span style="color: #776644; font-family: Tahoma, sans-serif;"><span style="line-height: 15.19px;">United Arab Emirates 0%</span></span><br />
<span style="color: #776644; font-family: Tahoma, sans-serif;"><span style="line-height: 15.19px;">Corporate Tax Rate</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br />
<span style="color: #776644; font-family: Tahoma, sans-serif;"><span style="line-height: 15.19px;">United Arab Emirates 0%</span></span><br />
<span style="color: #776644; font-family: Tahoma, sans-serif;"><span style="line-height: 15.19px;">Sales Tax / VAT Rate</span></span></div>
<div class="MsoNormal">
<span style="color: #776644; font-family: "Tahoma","sans-serif"; font-size: 10pt; line-height: 115%;"><span style="background: white;"><br /></span></span></div>
<div class="MsoNormal">
<span style="color: #776644; font-family: "Tahoma","sans-serif"; font-size: 10pt; line-height: 115%;"><span style="background: white;"><br /></span></span></div>
<div class="MsoNormal">
<span style="color: #776644; font-family: "Tahoma","sans-serif"; font-size: 10pt; line-height: 115%;"><span style="background: white;"><br /></span></span></div>
<div class="MsoNormal">
No taxes of any sort and no tax department</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
No filing of accounts</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
No tax exchange agreements with ANY country</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
No public record of directors or shareholders</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Highly flexible banking system geared to the requirements of
high net worth international investors<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Winston Wambua </span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype: Winston.wambua</div>
</div>
</div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-19029137367912483172013-04-02T21:49:00.002-07:002013-12-29T23:17:29.555-08:00Offshore financial structures<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<br />
<div class="MsoNormal">
Offshore financial structures</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The bedrock of most offshore financial centre is the
formation of offshore structures – typically:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->offshore company</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->offshore partnership</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->offshore trust</div>
<div class="MsoListParagraphCxSpLast" style="text-align: left; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->private foundation</div>
<div class="MsoNormal" style="margin-left: -0.25in;">
</div>
<div class="MsoNormal" style="margin-left: -0.25in;">
Offshore structures are formed for a
variety of reasons.</div>
<div class="MsoNormal" style="margin-left: -0.25in;">
<br /></div>
<div class="MsoNormal">
<b>Legitimate reasons
include:<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
<b>Asset holding
vehicles.</b> Many corporate
conglomerates utilize a large number of holding companies, and often high-risk
assets are parked in split companies to prevent legal risk accruing to the main
group (i.e. where the assets relate to asbestos, see the English case of Adams
v Cape Industries). Similarly, it is quite common for fleets of ships to be
separately owned by separate offshore companies to try to circumvent laws
relating to group liability under certain environmental legislation.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Asset protection</b>.
Wealthy individuals who live in
politically unstable countries utilize offshore companies to hold family wealth
to avoid potential expropriation or exchange control limitations in the country
in which they live. These structures work best when the wealth is
foreign-earned, or has been expatriated over a significant period of time </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Avoidance of forced
heirship provisions.</b> Many countries from France to Saudi Arabia (and the
U.S. State of Louisiana) continue to employ forced heirship provisions in their
succession law, limiting the testator's freedom to distribute assets upon
death. By placing assets into an offshore company, and then having probate for
the shares in the offshore determined by the laws of the offshore jurisdiction
(usually in accordance with a specific will or codicil sworn for that purpose),
the testator can sometimes avoid such strictures.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Collective Investment
Vehicles.</b> Mutual funds, Hedge funds, Unit Trusts and SICAVs are formed
offshore to facilitate international distribution. By being domiciled in a low
tax jurisdiction investors only have to consider the tax implications of their
own domicile or residency.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Derivatives trading.</b>
Wealthy individuals often form offshore vehicles to engage in risky
investments, such as derivatives trading, which are extremely difficult to
engage in directly due to cumbersome financial markets regulation.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Exchange control
trading vehicles.</b> In countries where there is either exchange control or is
perceived to be increased political risk with the repatriation of funds, major
exporters often form trading vehicles in offshore companies so that the sales
from exports can be "parked" in the offshore vehicle until needed for
further investment. Trading vehicles of this nature have been criticised in a
number of shareholder lawsuits which allege that by manipulating the ownership
of the trading vehicle, majority shareholders can illegally avoid paying minority
shareholders their fair share of trading profits.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Joint venture
vehicles.</b> Offshore jurisdictions are frequently used to set up joint
venture companies, either as a compromise neutral jurisdiction (see for
example, TNK-BP) and/or because the jurisdiction where the joint venture has
its commercial centre has insufficiently sophisticated corporate and commercial
laws.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Stock market listing
vehicles</b>. Successful companies who are unable to obtain a stock market
listing because of the underdevelopment of the corporate law in their home
country often transfer shares into an offshore vehicle, and list the offshore
vehicle. Offshore vehicles are listed on the NASDAQ, Alternative Investment
Market, the Hong Kong Stock Exchange and the Singapore Stock Exchange. It is
estimated that over 90% of the companies listed on Hong Kong's Hang Seng are
incorporated in offshore jurisdictions. 35% of companies listed on AIM during
2006 were from OFCs.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Trade finance
vehicles.</b> Large corporate groups often form offshore companies, sometimes
under an orphan structure to enable them to obtain financing (either from bond
issues or by way of a syndicated loan) and to treat the financing as
"off-balance-sheet" under applicable accounting procedures. In
relation to bond issues, offshore special purpose vehicles are often used in
relation to asset-backed securities transactions (particularly
securitisations).</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Illegitimate purposes include:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Creditor avoidance</b>.
Highly indebted persons may seek to escape the effect of bankruptcy by transferring
cash and assets into an anonymous offshore company.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Market manipulation</b>.
The Enron and Parmalat scandals demonstrated how companies could form offshore
vehicles to manipulate financial results.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Tax evasion.</b>
Although numbers are difficult to ascertain, it is widely believed that
individuals in wealthy nations unlawfully evade tax through not declaring gains
made by offshore vehicles that they own. Multinationals including
GlaxoSmithKline and Sony have been accused of transferring profits from the higher-tax
jurisdictions in which they are made to zero-tax offshore centres</div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Ship and aircraft
registrations<o:p></o:p></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrdICJti3Rq0OudIs7uCmYjV6ngNIpphIu__MBc8RYHem05JJn0hdQzf9GdlNjs-g7Odl-gPeKZx0CFnJXoCiy97yUBxT79aNvRKMnQW1d_d-F7v0ORW2Z5B0i20JprqEU9CUDbMZA_Ck/s1600/Ship.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrdICJti3Rq0OudIs7uCmYjV6ngNIpphIu__MBc8RYHem05JJn0hdQzf9GdlNjs-g7Odl-gPeKZx0CFnJXoCiy97yUBxT79aNvRKMnQW1d_d-F7v0ORW2Z5B0i20JprqEU9CUDbMZA_Ck/s1600/Ship.jpg" /></a></div>
<div class="MsoNormal">
<a href="http://en.wikipedia.org/wiki/File:Liberian_flag_on_Mol_Pride.jpg"><span style="color: blue; mso-no-proof: yes; text-decoration: none; text-underline: none;"><!--[if gte vml 1]><v:shapetype
id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t"
path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f">
<v:stroke joinstyle="miter"/>
<v:formulas>
<v:f eqn="if lineDrawn pixelLineWidth 0"/>
<v:f eqn="sum @0 1 0"/>
<v:f eqn="sum 0 0 @1"/>
<v:f eqn="prod @2 1 2"/>
<v:f eqn="prod @3 21600 pixelWidth"/>
<v:f eqn="prod @3 21600 pixelHeight"/>
<v:f eqn="sum @0 0 1"/>
<v:f eqn="prod @6 1 2"/>
<v:f eqn="prod @7 21600 pixelWidth"/>
<v:f eqn="sum @8 21600 0"/>
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<v:f eqn="sum @10 21600 0"/>
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<v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"/>
<o:lock v:ext="edit" aspectratio="t"/>
</v:shapetype><v:shape id="Picture_x0020_1" o:spid="_x0000_i1025" type="#_x0000_t75"
alt="http://upload.wikimedia.org/wikipedia/commons/thumb/2/20/Liberian_flag_on_Mol_Pride.jpg/220px-Liberian_flag_on_Mol_Pride.jpg"
href="http://en.wikipedia.org/wiki/File:Liberian_flag_on_Mol_Pride.jpg"
style='width:165pt;height:115.5pt;visibility:visible;mso-wrap-style:square'
o:button="t">
<v:fill o:detectmouseclick="t"/>
<v:imagedata src="file:///C:\Users\usr\AppData\Local\Temp\msohtmlclip1\01\clip_image001.jpg"
o:title="220px-Liberian_flag_on_Mol_Pride"/>
</v:shape><![endif]--><!--[if !vml]--><!--[endif]--></span></a>Many offshore financial
centres also provide registrations for ships (notably Bahamas and Panama) or
aircraft (notably Aruba, Bermuda and the Cayman Islands).</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Aircraft are frequently registered in offshore jurisdictions
where they are leased or purchased by carriers in emerging markets but financed
by banks in major onshore financial centres. The financing institution is
reluctant to allow the aircraft to be registered in the carrier's home country
(either because it does not have sufficient regulation governing civil
aviation, or because it feels the courts in that country would not cooperate
fully if it needed to enforce any security interest over the aircraft), and the
carrier is reluctant to have the aircraft registered in the financier's
jurisdiction (often the United States or the United Kingdom) either because of
personal or political reasons, or because they fear spurious lawsuits and potential
arrest of the aircraft.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
E.g., in 2003, state carrier Pakistan International Airlines
re-registered its entire fleet in the Cayman Islands as part of the financing
of its purchase of eight new Boeing 777s; the U.S. bank refused to allow the
aircraft to remain registered in Pakistan, and the airline refused to have the
aircraft registered in the U.S.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Insurance</b>,A
number of offshore jurisdictions promote the incorporation of captive insurance
companies within the jurisdiction to allow the sponsor to manage risk. In more
sophisticated offshore insurance markets, onshore insurance companies can also
establish an offshore subsidiary in the jurisdiction to reinsure certain risks
underwritten by the onshore parent, and thereby reduce overall reserve and
capital requirements. Onshore reinsurance companies may also incorporate an
offshore subsidiary to reinsure catastrophic risks.</div>
<div class="MsoNormal">
Bermuda's insurance and re-insurance market is now the third
largest in the world.[46] There are also signs the primary insurance market is
becoming increasingly focused upon Bermuda; in September 2006 Hiscox PLC, the
FTSE 250 insurance company announced that it planned to relocate to Bermuda
citing tax and regulatory advantages.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Collective investment
vehicles<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
Many offshore jurisdictions specialise in the formation of
collective investment schemes, or mutual funds. The market leader is the Cayman
Islands, estimated to house about 75% of world’s hedge funds and nearly half
the industry's estimated $1.1 trillion of assets under management, followed by Bermuda, although a market shift
has meant that a number of hedge funds are now formed in the British Virgin Islands.
As at year end 2005, there were 7,106 hedge funds registered in the Cayman
Islands, 2,372 hedge funds in the British Virgin Islands and 1,182 in Bermuda.
These figures do not include other collective investment vehicles. See also the
recent survey by Deloitte in Hedgeweek.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But the greater appeal of offshore jurisdictions to form
mutual funds is usually in the regulatory considerations. Offshore
jurisdictions tend to impose few if any restrictions on what investment
strategy the mutual funds may pursue and no limitations on the amount of
leverage which mutual funds can employ in their investment strategy. Many
offshore jurisdictions (Bermuda, British Virgin Islands, Cayman Islands and
Guernsey) allow promoters to incorporate segregated portfolio companies (or
SPCs) for use as mutual funds; the unavailability of a similar corporate
vehicle onshore has also helped fuel the growth of offshore incorporated
funds.[citation needed]</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Banking </b>Traditionally,
a number of offshore jurisdictions offered banking licences to institutions
with relatively little scrutiny. International initiatives have largely stopped
this practice, and very few offshore financial centres will now issue licences
to offshore banks that do not already hold a banking licence in a major onshore
jurisdiction. The most recent reliable figures for offshore banks indicates
that the Cayman Islands has 285 licensed banks, the Bahamas has 301. By
contrast, the British Virgin Islands only has seven licensed offshore banks.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Winston Wambua </span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype: Winston.wambua</div>
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POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-34519344429878907252013-03-31T05:25:00.000-07:002013-12-29T23:17:11.435-08:00What Foundation Vs Trust legal use and Purposes Case Study #1 <div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="margin-left: -1in; text-indent: 1in;">
Case Study #1 </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
How Tragedy and Human Weakness Can Endanger Your Life's Work</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Richard was a fairly wealthy man you can. He had three
beautiful adult children, all of whom were married to great partners. He
himself had been married to the same women for 35 years. At the age of 57,
Jacque, his still young and beautiful wife, had a car accident that disfigured
her face so badly that even plastic surgery did very little to restore her once
beautiful countenance.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Richard and Jacque were accustomed to a life that included
socializing with what I call "the beautiful people." Some of Jacque's
friends were starlets and quite notable individuals. With the disfigurement
resulting from the accident, she never seemed to feel comfortable in the same
circles. Jacque went into a deep depression over this and her Dr. put her on
prescription medications for anxiety.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Unfortunately, her withdrawal from the social circles left
her home with her feelings and she started turning to alcohol and eventually
cocaine as an escape from all her unfamiliar life. She started herself in a
cycle of being up and down, depending on how much of what substance she had in
her. The only time she ventured out of the home was to make a trip to the
drive-thru liquor store or to see her "dealer." This was devastating
to Richard. He couldn't comfort her and she was spinning out of control.</div>
<div class="MsoNormal">
Soon came another car
accident - Jacque was inebriated, at fault, and she caused injuries to the
other parties. With a DUI charge under her belt, Richard, fearing that the
worst was yet to come, set up an asset protection plan making their three
children equal beneficiaries.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
About eight months
passed, Jacque had sought help for her substance abuse and was attending depression
class , AA meetings and had been sober for almost six months. Even though her
license had been suspended due to accident number two, she still drove to her
meetings occasionally, whenever Richard or a friend couldn't drive her.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
She still struggled
with depression but was making what "seemed" like progress. Until one
night on her way to a meeting, she decided instead to stop and get a single
wine cooler. Tragically, this led to a four-hour relapse and ended in a third
automobile accident and the bills soared, as well as the legal fees for her
defense and the lawsuits from the victims and their insurance companies.</div>
<div class="MsoNormal">
This story doesn't
get any better.</div>
<div class="MsoNormal">
Three months later,
Richard left town on a business trip and Jacque, so deep in her guilt, shame,
depression and loneliness, spent the next four days on a cocaine binge which
ended in a cardiac arrest. Richard returned from his trip to find his once
lovely wife sprawled out on the floor, drugs and paraphernalia scattered about
their home.</div>
<div class="MsoNormal">
Suspecting foul play,
Richard immediately called the paramedics…but it was far too late. Once they
pronounced Jacque dead, Richard called his oldest son to break the news. The
next five hours or so must have been very difficult with the police swarming
his home gathering evidence.Sixteen hours later,
when the first of his three children arrived at the estate, Richard was also
dead…his son found him in his study…with an empty bottle of his wife's
prescription Klonopin, a half bottle of Kelt Petra "Tour du Monde" on
the table in front of him and in his lap…a picture of him and Jacque on their
25th wedding anniversary trip.This story made the local news and the media had a heyday
with it… but none of the judgment creditors were able to access any of
Richard's wealth, nobody except his children, because he had set up an ironclad
asset protection plan.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
BOTTOM LINE:</div>
<div class="MsoNormal">
This is a story that
is so tragic that it's hard to say there were any winners. This story does show
the frailty and unpredictability of life. The ONLY positive thing here is that
the children weren't further tortured by a long and arduous probate period or
watching their parents estate be gobbled up by greedy litigants. The painful
loss of both parents was excruciating enough for them.<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Winston Wambua </span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype: Winston.wambua</div>
</div>
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POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-9734878405677434772013-03-31T05:14:00.001-07:002013-12-29T23:16:21.633-08:00What Foundation Vs Trust legal use and Purposes<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal">
Trusts are a legal concept developed in common law
jurisdictions, the laws and principles of which are found in statute and
judicial decisions.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Foundations are a civil law concept, primarily governed by
the statutory laws of the relevant jurisdiction.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
LEGAL STRUCTURE E & OWNERSHIP</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A Trust is created when a person (the settlor) transfers
property to another person (the Trustee) to deal with that property for the
benefit of a third party (the beneficiary). The trust is not a legal entity and
therefore does not have legal personality. It is a private arrangement between
the trustees, settlor and beneficiary ies. There is no requirement to register a
trust.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There is a split in legal ownership of the trust assets,
whereby the trustees legally own and hold the assets in their own name but for
the sole benefit of the individuals or institutions designated as beneficiaries
in the trust deed.</div>
<div class="MsoNormal">
The trust is governed by the terms of the trust deed. A
non-binding letter of wishes might also be issued by the settlor to guide the
trustees.</div>
<div class="MsoNormal">
The beneficiaries are defined in the trust deed. They may be
natural persons, companies or charities. The beneficiaries may include the
settlor.</div>
<div class="MsoNormal">
A trust may be revocable or irrevocable. The' duration of a
trust is sometimes limited by the governing law, although some trust
jurisdictions have abolished their rules relating to maximum duration
(perpetuity). Charitable and purpose trusts may be of unlimited duration.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A foundation is a legal entity with legal personality. For a
foundation to exist, the [name/ details] of the foundation as well as its
statutes have to be registered with the Foundation register in the jurisdiction
in which the foundation is incorporated.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Assets donated by the founder to the foundation arc owned by
the foundation in its own name. These assets may be held directly by the
foundation or consist of shares in an underlying company. Assets are then endowed to the foundation which
is governed by regulations issued according to the desires of the economic
founder </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Generally speaking, beneficiaries are designated by the
founder in a separate document or by-law. They may be natural persons,
companies or charities. The founder may also be a beneficiary.</div>
<div class="MsoNormal">
Where there is a civil law mandate, the foundation ran be dissolve
and liquidated on the instructions of the launder. A foundation may be set up
for an unlimited period of time.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
CONTROL & ADMINISTRATION</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The control and administration of the trust assets is
exercised by one or more trustees in accordance with the terms of the trust
deed and the Jaw of the trust. Trustees may be individuals or corporations</div>
<div class="MsoNormal">
In founder may the power of control and administration belongs
to the foundation board, which is
appointed by the founder. Such board can comprise individuals or corporate
members.</div>
<div class="MsoNormal">
Once the trust has been settled, the settlor no longer has
any rights in respect of the trust. Unless these are reserved expressly by the
trust instrument. The settlor may express his wishes in a non-binding way as to
how the discretionary powers of the trustees are to be exercised.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The founder may maintain control over the foundation through
a written mandate. The founder frequently acts as principal and instructs the
foundation board on all relevant matters.</div>
<div class="MsoNormal">
The foundation board is required to act in the interests of
the founder and the beneficiaries.</div>
<div class="MsoNormal">
The trustee, as the legal owner of the assets, has a fiduciary
duty to act in the best interests of the beneficiaries. A protector or other advisor
may be designated in the trust deed, which will also designate such person’s
powers and/ or duties. Any person may be granted a proxy by the foundation.</div>
<div class="MsoNormal">
A Foundation may have a protector or advisory board with
similar powers to those used in a trust context.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
ASSETS, MANAGEMENT & DISTRIBUTION</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Bankable and non-bankable assets can be held by a
trust. There is no minimum amount as
long as there is an asset of some value. Bankable and non-bankable assets can
be held by a foundation. The minimum
amount usually required is CHF 30,000. The trustee is legally responsible for
the management of the assets and must art in the best interests of the
beneficiaries.</div>
<div class="MsoNormal">
The trustee is liable to the beneficiaries if it fails to
carry out its duties. The- extent of the trustee's liability, if in default,
varies between jurisdictions and may be limited to a certain extent by the
terms of the trust deed. The usual standard is liability for gross negligence
or willful default.</div>
<div class="MsoNormal">
Management is usually
restricted as to who may act as a member of the foundation board. Directors of
the Foundation do not owe direct fiduciary duty to the beneficiaries and must
act in accordance with the by-laws. The trustee
ran carry out any commercial activities and makes any investments as long as
they arc in the best interests of the beneficiaries. Distributions made by the
trustees must comply with the conditions set by the trust deed and take into
account d1e wishes of the settlor.</div>
<div class="MsoNormal">
Distributions are typically made in accordance with the
instructions of the founder and regulated through the by-laws.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
PURPOSES</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Trusts are mainly used as a vehicle to hold business and
personal assets for estate and tax planning purposes as well asset protection
(e.g. in case of divorce, incapacity, political risk etc.). Trusts may also be
created lor charitable purposes. Forever, a trust. May be used to facilitate commercial
transactions such as purchases of real estate, opening and administering bank
accounts, investing in stock markets and mutual funds, and the entering into of international
agreements.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Foundations are also created for succession purposes but
less frequently used for tax planning. A private foundation is not suitable for
the pursuit of commercial purposes. A foundation can only be run in a commercial
manner if this facilitates the attainment of its non-economic purpose or when
required for the preservation or administration of assets. Foundations may also
be used to manage and administer the distribution of money and family
properties, for philanthropic or ecclesiastical purposes, or to be the holding
entity that operates as the corporation's owner.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
CONFIDENTIALITY & BENEFICIARIES' RIGHTS TO INFORMATION</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Trusts are private arrangements between the settlor and the-
trustee and trustees are subject to a duty of confidentiality. The
beneficiaries are only known internally and are not registered anywhere. The
assets are often held in the name of an underlying company which is owned by
the trustees. The beneficiaries usually have a right to information relating to
the trust's documents and the accounts. This may be more restrictive in some
jurisdictions and may be restricted to some extent by the trust deed.</div>
<div class="MsoNormal">
Total anonymity is guaranteed through a foundation. Although
the statutes are registered, the regulations and therefore the beneficiaries
are only known internally. The beneficiaries' rights to information can be
limited or in special cases excluded.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
FLEXIBILITY & PORTABILITY</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Trusts can easily be transferred between common lawful
jurisdiction as the governing law of the trust can usually be changed felon one
jurisdiction to another without room much difficulty. Moreover, changing the
place of management is not normally a
problem.</div>
<div class="MsoNormal">
Foundations are generally tied to one civil law jurisdiction
and therefore, although the possibility of transferring a foundation to another
jurisdiction exists, it is more restrictive than with trusts. In addition, the
articles and by-laws may limit this flexibility.<br />
<br />
For case Study regarding “What Foundation Vs. Trust legal use and Purposes “ visit http://bit.ly/10dCWxl</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Winston Wambua </span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
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POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-26890780644485995242013-03-23T06:42:00.000-07:002013-12-29T23:14:09.844-08:00Capital Flight introduction<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal">
</div>
<div class="MsoNormal">
Capital flight is notoriously hard to define precisely. Many
people agree that it involves the deliberate and illicit disguised expatriation
of money by those resident or taxable within the country of origin. According
to a 2005 book on the subject, capital flight generally means "an outflow
of capital that is not part of normal commercial transactions from a country
where capital is relatively scarce." As a result of capital flight,
domestic resources available for development and for financing public services
are reduced. Capital flight also
depresses economic activity and has a negative impact on long-term growth
rates.</div>
<div class="MsoNormal">
Tax evasion is often the motive for the flight of capital
and the two are implicitly linked. But other reasons exist too -- such as seeking a secure location for cash resources,
avoiding local currency risk, or avoiding other legal obligations within the
state from which capital flight takes place. (These might, for example, relate
to inheritance laws.) For these reasons, capital flight would remain a problem
even if there were no tax incentive implicit within it. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What is certain, however, is that capital flight impacts
negatively on capital-scarce economies: the loss of domestic savings leads to
lower levels of internally funded investment, and the loss of tax revenues
flowing from those savings leads to lower revenues available for public
spending on health, education and public infrastructure. Additionally, use of external borrowings to
finance government deficits imposes a debt servicing burden which impacts
heavily on economic growth and social stability and attractiveness to
investors. It is also important to remember that the tax loss from capital flight
is likely to be greater than that from domestic tax evasion of initially
similar value. This is because in the case of domestic tax evasion the money
stays in the country and generates at least some tax revenue (for example sales
tax or VAT when it is spent in the local economy) whereas capital that has fled
offshore is not invested locally and does not generate local tax revenue. </div>
<div class="MsoNormal">
Capital flight has certain characteristics that help
distinguish it from normal monetary and resource flows. These are:</div>
<div class="MsoNormal">
Flight capital is domestic wealth permanently put beyond the
reach of appropriate domestic authorities. Much of it is unrecorded due to
deliberate misreporting;</div>
<div class="MsoNormal">
Because no (or little) tax is paid on wealth that is
transferred as capital flight, it is associated with a public loss and private
gain.</div>
<div class="MsoNormal">
Because tax evasion is illegal and subject to criminal
sanction in most countries, the management of flight capital is a form of money
laundering. Offshore secrecy arrangements play a crucial part in the laundering
process by enabling the origin and ownership of the capital to be effectively
disguised.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It must be stressed that legal, well-documented and reported
flows of wealth on which proper taxes have been paid are a perfectly legitimate
part of everyday commercial transactions and do not constitute capital flight.
Legal international payments include those where:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The source of the wealth being transferred abroad is legal;</div>
<div class="MsoNormal">
The outflows represent fair payment in a commercial
transaction;</div>
<div class="MsoNormal">
The transfer of wealth does not violate any laws of the
country relating to foreign exchange or capital control;</div>
<div class="MsoNormal">
The taxes due on the capital being transferred have been
paid in the country of their origin;</div>
<div class="MsoNormal">
The flows constitute a part of the official statistics of
the country involved and are properly reported, documented and recorded </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
While capital flight often occurs through similar channels
to those used for the legitimate transfer of funds, it does not meet some (or
all) of the characteristics listed above. Much of the capital flight that
occurs in West Africa, for example, involves cash and other portable valuables,
including gemstones and high value metals, being smuggled across national
boundaries. Trade mis-pricing is an
alternative way of shifting capital across national boundaries, particularly
when large sums are involved. Trade
mis-pricing can be conducted in a number of ways, including mis-invoicing,
transfer mis-pricing, re-invoicing through an apparently unrelated trading
partner in an offshore territory, and other fraudulent invoicing
practices. Abnormally high priced import
transactions are used to reduce the taxable profits in the country of
import. They can also facilitate money
laundering and can be used to disguise illegal commissions hidden in the
inflated prices. Investigation of these
types of fraudulent activities is made significantly more difficult by the
opaque offshore structures used to disguise the identities of the different
parties to the transactions. </div>
<div class="MsoNormal">
A 2005 book contains some interesting history: </div>
<div class="MsoNormal">
"The neglect of capital flight in current debates is
striking given the attention it received at the 1944 Bretton Woods conference,
(which) is said to have laid the foundations for today's financial order and
many reformers today talk of the need for a 'renewed Bretton Woods vision' The
Bretton Woods architects saw the regulation of capital flight as a key pillar
of the international financial order they hoped to construct." </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The two principal Bretton Woods architects, Harry Dexter
White and John Maynard Keynes, were principally worried about large-scale
capital flight from war-devastated European countries to the US, destabilising
them and turning some of them towards the Soviet bloc. They recognised the
difficulties in exerting capital controls, and they addressed these with a
further proposal, as the book explains:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
"They argued that controls on capital would be much
more effective if the countries receiving that flight capital assisted in their
enforcement. In their initial drafts of the Bretton Woods agreement, both
Keynes and White required the governments of receiving countries to share
information with the governments of countries using capital controls about
foreign holdings of the latter's citizens. White went further in his draft to
suggest also that receiving countries should refuse to accept capital flight
altogether without the agreement of the sending country's government. Both of
these proposals were strongly opposed by the U.S. financial community which had
profited from the handling of flight capital in the 1930s . . . in the face of
this opposition, the final IMF Articles of Agreement contained watered-down
versions of Keynes' and White's roposals. Co-operation between countries to
control capital movements was now merely permitted, rather than required."</div>
<div class="MsoNormal">
The replacement of one word with another has had nothing
less than catastrophic consequences for the world's poor.<br />
</div>
<div class="MsoNormal">
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Winston Wambua </span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</div>
</div>
<br /></div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-56782163986790793702013-03-20T01:05:00.003-07:002013-12-29T23:13:28.855-08:00Cyprus going bankrupt<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Calibri;">Just when though article by Riegert, Bernd .The decision in
Cyprus, to reject a bailout offer from the EU and the IMF was a mistake. It is
a step further to eventually leaving the eurzone and could cost Cypriots even
more</span><br />
<span style="font-family: Calibri;">Parliament in Cyprus has made a grave mistake. Rejecting the
conditions for an aid package from the eurozone and the International Monetary
Fund (IMF) will have far-reaching consequences, not only for Cyprus itself, but
also for the other 16 members of the euro currency area. The willingness to
give the ailing banks and the nearly bankrupt state some 10 billion euros in
emergency loans had been a generous offer by the EU and IMF.</span><br />
<span style="font-family: Calibri;"></span><br />
<span style="font-family: Calibri;">But the parliament in
Nicosia was under pressure from angry small savers, and subsequently followed
an almost absurd logic. Yet, the bailout conditions were not about putting
Cyprus under foreign rule, or imposing German interests. It was about keeping
Cyprus afloat - the tiny state will be bankrupt by June.</span><br />
<span style="font-family: Calibri;"></span><br />
<span style="font-family: Calibri;">Living beyond their means</span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">The part that the
Cypriots themselves would have had to contribute was some 5.8 billion euros and
that was an appropriate share. That this amount was to be shouldered by bank
clients and investors is an agreement by EU states, including Cyprus.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">It is now obvious that the country, for years, has lived
beyond its means. The business model to attract foreign capital with low taxes
and lax controls on the banking sector went bust last summer. That is when the
government in Cyprus asked for international help because the partly
state-owned banks were in serious trouble. The national debt was threatening to
spiral out of control - and that situation has not changed, despite what at
first glance seems like a victory for angry bank customers.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;"><span style="mso-spacerun: yes;"> </span>If the eurozone wants
to keep Cyprus in the currency union, there has to be urgent negotiations with
Nicosia. There is time until June to find a solution when the country will
issue it's next batch of government bonds. It is difficult to conceive that
eurozone finance ministers over the weekend had such poor judgment about the
reaction their offer would cause in Cyprus. Poor management and communication
mistakes were made by the EU.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Taxes <span style="mso-spacerun: yes;"> </span>instead of levy
on deposits?</span></div>
<span style="font-family: Calibri;">The only option for
the Cypriot government now is to get the money in some different way. Instead
of a levy on every bank client's deposits, there could be drastic tax
increases. But, should Nicosia fail to implement these as well, the country's
troubled banks would go bankrupt, leaving small savers to bear losses
considerably more significant than the 6 to 10 percent they would have had to
pay with a levy.</span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">If banks, and therefore also the state, go bankrupt, Cyprus
would have to leave the eurozone. The 800,000 Cypriots would then have to find
a new currency and work hard to get on their feet again. A new currency would
most likely be dramatically depreciated and would lead to a great deal of money
being lost.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Should Cyprus have to
leave the eurozone, trust in the currency union on international financial
markets would be seriously shaken. The debt crisis in Spain or Italy might also
be reignited. Investors' trust in those two countries is already stretched
thin. </span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Faith in Cypriot banks, most likely, is already lost.
Starting Thursday (21.03.2013), when the country's banks reopen, private
banking customers will try to withdraw their funds in cash from their accounts.
That could quickly lead to banks going bankrupt - and it could be contagious.
That's why Cyprus is "too big to fail" – even if, compared to other
eurozone countries, it is tiny. Eurozone finance ministers now have to come up
with a new plan as to how a country that goes bankrupt could exit the currency
union.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Unpredictable risk</span></div>
<span style="font-family: Calibri;">Should the eurzone try to save Cyprus, no matter what, it
would signal to other ailing countries that they do not have to take their
reforms and austerity measures all too seriously anymore. That would undermine
the entire idea of eurzone bailouts and put the bloc's credibility on the line.</span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Parliamentarians in Cyprus have stood up to the mighty
European Union, but the price they will have to pay for it is hard to gauge. It
could be very high - a lot higher than the initial contribution which, after
al,l would also have asked foreign bank customers to pay their share. The
current celebrations on the streets of Cyprus are unlikely to last very long.</span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Analyst Robert Halver of the Baader Bank said the fear is
that depositors throughout the eurozone might view the Cyprus experience as
reason to start withdrawing their funds from bank accounts. Such a run on banks
could create a new crisis for European governments, now in the third year of
their debt crisis.</span></div>
<span style="font-family: Calibri;">"What has been
done in Cyprus is an experiment," Halver said. "If the population has
to, in the form of their savings, contribute to rectify the mistakes that have
been made in Cyprus, then there is a danger that in other countries people will
decide, at the breakfast table, to withdraw their money. If money is withdrawn
on a great scale, if we have a bank run, then we see the return of the bank
crisis."</span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Russian President
Vladimir Putin on Monday called the proposed levy "unfair, unprofessional
and dangerous."<span style="mso-spacerun: yes;"> </span>Russian banks and
corporations have billions of dollars in Cypriot banks.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Cypriot media say it
is unlikely lawmakers will agree to the terms set in the bailout.<span style="mso-spacerun: yes;"> </span></span></div>
<span style="font-family: Calibri;">President Nicos
Anastasiades said in a televised address to the nation Sunday if parliament
does not approve the levy, Cyprus faces bankruptcy and the possible exit of
Cyprus from the eurozone.</span><br />
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Winston Wambua </span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-87690603736302192212013-02-18T03:15:00.000-08:002013-12-29T23:12:58.625-08:00 setting up a business in Dubai<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="WordSection1">
<div class="MsoNormal" style="line-height: 10pt; margin: 0.65pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly; mso-pagination: widow-orphan;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: JA;">Few things you need to know about Company
incorporation in Dubai, legal structure with different type of license details
below will guide you. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly; mso-pagination: widow-orphan;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: JA;"><o:p> </o:p></span></div>
<span style="color: black;">
</span><br />
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly; mso-pagination: widow-orphan;">
<span style="color: #365f91; font-family: "Arial","sans-serif"; font-size: 10pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Calibri; mso-fareast-language: JA;"><span style="color: black;">An<span style="letter-spacing: -0.15pt;"> </span>introduction<span style="letter-spacing: -0.7pt;"> </span>to<span style="letter-spacing: -0.1pt;"> </span>setting<span style="letter-spacing: -0.4pt;"> </span><span style="letter-spacing: 0.05pt;">u</span>p<span style="letter-spacing: -0.15pt;"> </span>a<span style="letter-spacing: -0.05pt;"> </span>business<span style="letter-spacing: -0.4pt;"> </span>in<span style="letter-spacing: -0.1pt;"> </span>Dubai</span></span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: JA;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6.5pt; margin: 0.15pt 0in 0pt; mso-line-height-rule: exactly; mso-pagination: widow-orphan;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: JA;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">Summary</span></b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.45pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">1.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>Introduction<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">2.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>The main requirements<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">3.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>The seven<span style="letter-spacing: -0.3pt;"> </span>business entities<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">4.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>The free<span style="letter-spacing: -0.2pt;"> </span>zones 5<span style="letter-spacing: -0.1pt;">
</span>Operating outside a<span style="letter-spacing: 0.05pt;"> </span>free<span style="letter-spacing: -0.2pt;"> </span>zone<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">5.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>Setting up business in a<span style="letter-spacing: 0.05pt;"> </span>free<span style="letter-spacing: -0.2pt;"> </span>zone<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0.05pt -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">6.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>Free<span style="letter-spacing: -0.2pt;"> </span>zone business entities<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">7.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>Rights <span style="letter-spacing: -0.05pt;">o</span>f FZEs<span style="letter-spacing: -0.05pt;">
</span>and FZCs<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">8.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>TECOM<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 14pt; margin: 0.05pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">Introduction</span></b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.4pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 2.1pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">1.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">1 This<span style="letter-spacing: -0.05pt;"> </span>gui<span style="letter-spacing: 0.05pt;">d</span>e<span style="letter-spacing: -0.05pt;"> </span>provides<span style="letter-spacing: -0.05pt;">
</span>an overview<span style="letter-spacing: -0.5pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>legal issues<span style="letter-spacing: -0.05pt;"> </span>for those
considering setting up business in Dubai.<span style="letter-spacing: -0.05pt;"> T</span><span style="letter-spacing: 0.05pt;">h</span>e<span style="letter-spacing: -0.05pt;"> </span>guide
ex<span style="letter-spacing: -0.05pt;">a</span>mines<span style="letter-spacing: -0.3pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>numerous
commercial<span style="letter-spacing: -0.55pt;"> </span>e<span style="letter-spacing: -0.05pt;">n</span>tities<span style="letter-spacing: -0.15pt;"> </span>that <span style="letter-spacing: 0.05pt;">c</span><span style="letter-spacing: -0.05pt;">a</span>n<span style="letter-spacing: -0.1pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>used<span style="letter-spacing: -0.05pt;"> </span>and provides an overview<span style="letter-spacing: -0.5pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
the<span style="letter-spacing: -0.15pt;"> </span>most<span style="letter-spacing: 0.05pt;"> </span>popular methods used by foreign companies to<span style="letter-spacing: -0.05pt;"> </span>operate<span style="letter-spacing: -0.4pt;">
</span>in Dubai.<span style="letter-spacing: -0.05pt;"> </span>The guide also<span style="letter-spacing: -0.05pt;"> </span>pr<span style="letter-spacing: -0.05pt;">o</span>vides<span style="letter-spacing: -0.1pt;"> </span>information <span style="letter-spacing: -0.05pt;">o</span>n <span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: -0.05pt;"> </span>‘free<span style="letter-spacing: -0.25pt;">
</span>zones’<span style="letter-spacing: -0.3pt;"> </span>established to<span style="letter-spacing: -0.05pt;"> </span>facilitate foreign investment.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 2.1pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">1.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">1 This<span style="letter-spacing: -0.05pt;"> </span>gui<span style="letter-spacing: 0.05pt;">d</span>e<span style="letter-spacing: -0.05pt;"> </span>provides<span style="letter-spacing: -0.05pt;">
</span>an overview<span style="letter-spacing: -0.5pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>legal issues<span style="letter-spacing: -0.05pt;"> </span>for those
considering setting up business in Dubai.<span style="letter-spacing: -0.05pt;"> T</span><span style="letter-spacing: 0.05pt;">h</span>e<span style="letter-spacing: -0.05pt;"> </span>guide
ex<span style="letter-spacing: -0.05pt;">a</span>mines<span style="letter-spacing: -0.3pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>numerous
commercial<span style="letter-spacing: -0.55pt;"> </span>e<span style="letter-spacing: -0.05pt;">n</span>tities<span style="letter-spacing: -0.15pt;"> </span>that <span style="letter-spacing: 0.05pt;">c</span><span style="letter-spacing: -0.05pt;">a</span>n<span style="letter-spacing: -0.1pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>used<span style="letter-spacing: -0.05pt;"> </span>and provides an overview<span style="letter-spacing: -0.5pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
the<span style="letter-spacing: -0.15pt;"> </span>most<span style="letter-spacing: 0.05pt;"> </span>popular methods used by foreign companies<span style="letter-spacing: -0.05pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>operate<span style="letter-spacing: -0.4pt;"> </span>in Dubai.<span style="letter-spacing: -0.05pt;">
</span>The guide also<span style="letter-spacing: -0.05pt;"> </span>pr<span style="letter-spacing: -0.05pt;">o</span>vides<span style="letter-spacing: -0.1pt;"> </span>information
<span style="letter-spacing: -0.05pt;">o</span>n <span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: -0.05pt;"> </span>‘free<span style="letter-spacing: -0.25pt;">
</span>zones’<span style="letter-spacing: -0.3pt;"> </span>established to<span style="letter-spacing: -0.05pt;"> </span>facilitate foreign investment.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 14pt; margin: 0.05pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">2.<span style="letter-spacing: -0.1pt;"> </span>The Main<span style="letter-spacing: -0.25pt;"> </span>Requirements</span></b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.4pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0.15in 0pt 5.85pt; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">2.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">1 In<span style="letter-spacing: 0.05pt;"> </span>order<span style="letter-spacing: -0.25pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>set<span style="letter-spacing: -0.15pt;"> </span>up a <span style="letter-spacing: 0.05pt;">b</span>usiness
within Dubai, the<span style="letter-spacing: -0.15pt;"> </span>business entity
used<span style="letter-spacing: -0.05pt;"> </span>must fall within one <span style="letter-spacing: -0.05pt;">of </span>the<span style="letter-spacing: -0.15pt;">
</span>seven<span style="letter-spacing: -0.3pt;"> </span>business categories<span style="letter-spacing: -0.55pt;"> </span>stipulated<span style="letter-spacing: -0.05pt;"> </span>in Federal Law no<span style="letter-spacing: -0.05pt;"> </span>8<span style="letter-spacing: -0.05pt;"> o</span>f 1984<span style="letter-spacing: -0.2pt;">
</span>Concerning C<span style="letter-spacing: -0.1pt;">o</span>mmercial
Companies<span style="letter-spacing: -0.05pt;"> </span>(as amended<span style="letter-spacing: -0.05pt;"> </span>by the<span style="letter-spacing: -0.15pt;">
</span>Federal Law no<span style="letter-spacing: -0.05pt;"> </span><span style="letter-spacing: 0.05pt;">1</span>5<span style="letter-spacing: -0.15pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f<span style="letter-spacing: 0.05pt;"> </span>1998)<span style="letter-spacing: -0.3pt;"> </span>(the Compan<span style="letter-spacing: -0.05pt;">i</span><span style="letter-spacing: 0.05pt;">e</span>s<span style="letter-spacing: -0.05pt;"> </span>Law).<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 5.05pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">2.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">2 In addit<span style="letter-spacing: 0.05pt;">i</span>on, a trade<span style="letter-spacing: -0.25pt;"> </span>license<span style="letter-spacing: 0.05pt;"> </span>must<span style="letter-spacing: -0.05pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>obtained<span style="letter-spacing: -0.05pt;"> </span>from<span style="letter-spacing: -0.25pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>Dubai Department<span style="letter-spacing: -0.6pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f Economic
Development<span style="letter-spacing: -0.65pt;"> </span>(the DED)<span style="letter-spacing: -0.05pt;"> </span>prior to<span style="letter-spacing: -0.05pt;">
</span>the<span style="letter-spacing: -0.05pt;"> </span>entity co<span style="letter-spacing: -0.05pt;">m</span>mencing<span style="letter-spacing: -0.1pt;">
</span>c<span style="letter-spacing: -0.1pt;">o</span>mmercial<span style="letter-spacing: -0.45pt;"> </span>activities.<span style="letter-spacing: -0.05pt;"> </span>Cer<span style="letter-spacing: -0.05pt;">t</span>ain<span style="letter-spacing: -0.2pt;"> </span>business sectors<span style="letter-spacing: -0.35pt;"> </span>may<span style="letter-spacing: -0.25pt;"> </span>also<span style="letter-spacing: -0.05pt;"> </span>require<span style="letter-spacing: -0.4pt;">
</span>further<span style="letter-spacing: -0.35pt;"> </span>approval from<span style="letter-spacing: -0.25pt;"> </span>v<span style="letter-spacing: 0.1pt;">a</span>rious<span style="letter-spacing: -0.1pt;"> </span>ministries<span style="letter-spacing: -0.05pt;"> </span>and/or other<span style="letter-spacing: -0.25pt;"> </span>authorities1.
Certain<span style="letter-spacing: -0.1pt;"> </span>commercial<span style="letter-spacing: -0.55pt;"> </span>activities<span style="letter-spacing: -0.05pt;"> </span>are<span style="letter-spacing: -0.15pt;"> </span>restricted<span style="letter-spacing: -0.5pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span>nationals <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>companies fully
owned by UAE nationals.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 14pt; margin: 0.05pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">3.<span style="letter-spacing: -0.1pt;"> </span>The Seven Business<span style="letter-spacing: -0.45pt;"> </span>Entities</span></b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
</div>
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
</span>
<br />
<div class="WordSection2">
<div class="MsoNormal" style="margin: 2.75pt 8.6pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">3.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">1 The seven<span style="letter-spacing: -0.3pt;"> </span>business entities<span style="letter-spacing: -0.05pt;"> </span>permitted<span style="letter-spacing: -0.5pt;"> </span>by the<span style="letter-spacing: -0.2pt;"> </span>Companies<span style="letter-spacing: -0.05pt;">
</span>Law are:<span style="letter-spacing: -0.2pt;"> </span>a limited liabili<span style="letter-spacing: -0.1pt;">t</span>y company; b<span style="letter-spacing: -0.1pt;"> </span>public joint</span><span style="font-size: 10pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">‐</span></span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">stock<span style="letter-spacing: -0.25pt;"> </span>company; c<span style="letter-spacing: -0.05pt;"> </span>private<span style="letter-spacing: -0.4pt;"> </span>joint</span><span style="font-size: 10pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">‐</span></span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">stock<span style="letter-spacing: -0.2pt;"> </span>company;
d<span style="letter-spacing: -0.1pt;"> </span>joint liability<span style="letter-spacing: -0.05pt;"> </span>company (gene<span style="letter-spacing: -0.05pt;">r</span>al<span style="letter-spacing: -0.3pt;"> </span>partnership);<span style="letter-spacing: -0.05pt;"> </span>e<span style="letter-spacing: -0.05pt;"> </span>simple
commandite c<span style="letter-spacing: -0.1pt;">o</span>mpany (si<span style="letter-spacing: -0.05pt;">m</span>ple liability<span style="letter-spacing: -0.05pt;"> </span>partnership); f private unlimited<span style="letter-spacing: -0.05pt;"> </span>c<span style="letter-spacing: -0.1pt;">o</span>mpany;<span style="letter-spacing: -0.35pt;"> </span>and<span style="letter-spacing: -0.1pt;"> </span>g<span style="letter-spacing: -0.05pt;"> </span>share<span style="letter-spacing: -0.25pt;">
</span>commandite c<span style="letter-spacing: -0.1pt;">o</span>mpany.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; mso-fareast-font-family: Calibri;">3.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">2 The
majority <span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;"> </span>entities<span style="letter-spacing: -0.05pt;">
</span>(outside the<span style="letter-spacing: -0.15pt;"> </span>specified ‘free<span style="letter-spacing: -0.25pt;"> </span>zon<span style="letter-spacing: 0.05pt;">e</span>s’<span style="letter-spacing: -0.1pt;"> </span>referred<span style="letter-spacing: -0.45pt;">
</span>to<span style="letter-spacing: -0.05pt;"> </span>in paragraph 4)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 2.25pt -1pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">require<span style="letter-spacing: -0.35pt;"> </span>participation by a
UAE<span style="letter-spacing: -0.2pt;"> </span>national (usually <span style="letter-spacing: -0.05pt;">i</span>n the<span style="letter-spacing: -0.15pt;">
</span>form<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: 0.05pt;">o</span>f holding an<span style="letter-spacing: 0.05pt;"> </span>equity
interest).<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.15pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 69.95pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">3.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">3 It<span style="letter-spacing: -0.05pt;"> </span>is
<span style="letter-spacing: 0.05pt;">als</span>o permissible<span style="letter-spacing: -0.05pt;"> </span>in the<span style="letter-spacing: -0.15pt;">
</span>UAE<span style="letter-spacing: -0.2pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>establish a branch<span style="letter-spacing: -0.05pt;"> o</span>f
a foreign company <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>a repre<span style="letter-spacing: -0.05pt;">s</span>entat<span style="letter-spacing: -0.05pt;">i</span>ve<span style="letter-spacing: -0.45pt;"> </span>office.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 1pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">4.<span style="letter-spacing: -0.1pt;"> </span>The Free<span style="letter-spacing: -0.05pt;"> </span>Zones</span></b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.35pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 12.8pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">4.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">1<span style="letter-spacing: -0.05pt;"> </span>B<span style="letter-spacing: 0.05pt;">u</span>sinesses
wishing to<span style="letter-spacing: -0.05pt;"> </span>operate<span style="letter-spacing: -0.4pt;"> </span>in Dubai shou<span style="letter-spacing: 0.05pt;">l</span>d be<span style="letter-spacing: -0.1pt;"> </span>aware<span style="letter-spacing: -0.3pt;"> </span><span style="letter-spacing: -0.05pt;">th</span>at<span style="letter-spacing: -0.05pt;"> </span>several<span style="letter-spacing: -0.35pt;">
</span>zon<span style="letter-spacing: 0.05pt;">e</span>s,<span style="letter-spacing: -0.1pt;"> </span>known as ‘free zones’,<span style="letter-spacing: -0.35pt;"> </span>have<span style="letter-spacing: -0.2pt;"> </span>been<span style="letter-spacing: -0.25pt;"> </span>established
with the<span style="letter-spacing: -0.15pt;"> </span>specific <span style="letter-spacing: -0.05pt;">pu</span>rp<span style="letter-spacing: -0.05pt;">os</span>e
<span style="letter-spacing: -0.05pt;">o</span>f f<span style="letter-spacing: 0.05pt;">a</span>cilitating foreign investment<span style="letter-spacing: -0.55pt;">
</span>into Dubai.<span style="letter-spacing: -0.05pt;"> </span>However,<span style="letter-spacing: -0.45pt;"> </span>businesses operating within a <span style="letter-spacing: 0.05pt;">fre</span>e<span style="letter-spacing: -0.2pt;"> </span>zone
are<span style="letter-spacing: -0.2pt;"> </span>restric<span style="letter-spacing: -0.05pt;">t</span>ed<span style="letter-spacing: -0.5pt;"> </span><span style="letter-spacing: -0.05pt;">a</span>s to<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>type<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">of </span>dealings that they<span style="letter-spacing: -0.2pt;"> </span>may<span style="letter-spacing: -0.25pt;"> </span>conduct
outs<span style="letter-spacing: 0.05pt;">i</span>de <span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;"> </span>designated<span style="letter-spacing: -0.05pt;"> </span>free<span style="letter-spacing: -0.15pt;"> </span>zones.<span style="letter-spacing: -0.05pt;"> </span>Businesses wishing to<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 2.2pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">conduct local business in Dubai should comply
with the<span style="letter-spacing: -0.15pt;"> </span>re<span style="letter-spacing: -0.05pt;">q</span>uire<span style="letter-spacing: -0.05pt;">m</span>ents<span style="letter-spacing: -0.45pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
the<span style="letter-spacing: -0.15pt;"> </span>Companies<span style="letter-spacing: -0.05pt;"> </span>Law and other<span style="letter-spacing: -0.25pt;"> </span>relev<span style="letter-spacing: -0.05pt;">a</span>nt<span style="letter-spacing: -0.3pt;"> </span>laws
applicable to<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>respec<span style="letter-spacing: -0.05pt;">t</span>ive<span style="letter-spacing: -0.45pt;"> </span>industry.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.85pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; mso-fareast-font-family: Calibri;">4.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">2<span style="letter-spacing: -0.05pt;"> </span>Below is<span style="letter-spacing: 0.1pt;">
</span>an overview<span style="letter-spacing: -0.5pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>most<span style="letter-spacing: 0.05pt;"> </span>popular methods used by
foreign companies<span style="letter-spacing: -0.05pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>operate<span style="letter-spacing: -0.4pt;">
</span>in<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 2.25pt -1pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">Dubai outs<span style="letter-spacing: 0.05pt;">i</span>de and within a
free<span style="letter-spacing: -0.2pt;"> </span>zone.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.25pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">5.<span style="letter-spacing: -0.1pt;"> </span>Operating<span style="letter-spacing: -0.55pt;"> </span>outside<span style="letter-spacing: -0.45pt;">
</span>of a<span style="letter-spacing: -0.05pt;"> </span>Free Zone</span></b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.35pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 6.75pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">1 The limited<span style="letter-spacing: -0.05pt;"> </span>liability<span style="letter-spacing: -0.05pt;"> </span>company (LLC) is the<span style="letter-spacing: -0.15pt;"> </span>most
widely used<span style="letter-spacing: -0.05pt;"> </span>commercial<span style="letter-spacing: -0.55pt;"> </span>entity for<span style="letter-spacing: -0.05pt;"> </span>companies with a non<span style="letter-spacing: 0.05pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span>national ele<span style="letter-spacing: -0.05pt;">m</span>ent<span style="letter-spacing: -0.4pt;"> </span>wishing to<span style="letter-spacing: -0.05pt;"> </span>conduct commercial<span style="letter-spacing: -0.55pt;"> </span>activities<span style="letter-spacing: -0.05pt;"> </span>in Dubai.
An LLC is a private<span style="letter-spacing: -0.35pt;"> </span>co<span style="letter-spacing: -0.05pt;">m</span>pany and shares<span style="letter-spacing: -0.35pt;"> </span>in it cannot be<span style="letter-spacing: -0.1pt;"> </span>off<span style="letter-spacing: 0.1pt;">e</span>red<span style="letter-spacing: -0.15pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>public.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 6.35pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">2<span style="letter-spacing: -0.05pt;"> </span>Article<span style="letter-spacing: -0.3pt;">
</span>22<span style="letter-spacing: -0.15pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;"> </span>Companies <span style="letter-spacing: -0.05pt;">La</span>w requires<span style="letter-spacing: -0.4pt;"> </span><span style="letter-spacing: -0.05pt;">th</span>at<span style="letter-spacing: -0.05pt;"> </span>no<span style="letter-spacing: -0.05pt;"> </span>less
<span style="letter-spacing: 0.05pt;">t</span>h<span style="letter-spacing: 0.05pt;">a</span>n
51<span style="letter-spacing: -0.15pt;"> </span>per<span style="letter-spacing: -0.15pt;"> </span>cent<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>shares<span style="letter-spacing: -0.35pt;"> </span>in an LLC must be<span style="letter-spacing: -0.1pt;"> </span>held by UAE<span style="letter-spacing: -0.2pt;"> </span>nationals. However,<span style="letter-spacing: -0.45pt;"> </span>Article<span style="letter-spacing: -0.3pt;"> </span>227(2)<span style="letter-spacing: -0.3pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>Companies<span style="letter-spacing: -0.05pt;"> </span>Law permits profits
(and losses) <span style="letter-spacing: -0.05pt;">o</span>f <span style="letter-spacing: 0.05pt;">th</span>e<span style="letter-spacing: -0.15pt;"> </span>LLC
to<span style="letter-spacing: -0.05pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>distributed<span style="letter-spacing: -0.05pt;"> </span>disproportionately
to<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span>national/non U<span style="letter-spacing: 0.1pt;">A</span>E national shareholding ratio.<span style="letter-spacing: 0.05pt;"> </span>This<span style="letter-spacing: -0.05pt;"> </span>ratio<span style="letter-spacing: -0.05pt;"> </span>should be<span style="letter-spacing: -0.1pt;"> </span>set<span style="letter-spacing: -0.15pt;"> </span>out in <span style="letter-spacing: 0.05pt;">th</span>e<span style="letter-spacing: -0.15pt;"> </span>LLC’s
memorandum <span style="letter-spacing: -0.05pt;">of </span>association.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 24.15pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">3<span style="letter-spacing: -0.05pt;"> </span>Article<span style="letter-spacing: -0.3pt;"> </span>218<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>Companies <span style="letter-spacing: -0.05pt;">La</span>w regulates<span style="letter-spacing: -0.55pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>composition <span style="letter-spacing: -0.05pt;">o</span>f an<span style="letter-spacing: 0.05pt;"> </span>LLC.<span style="letter-spacing: -0.05pt;"> </span>An LLC requires<span style="letter-spacing: -0.4pt;"> </span>a minimum <span style="letter-spacing: -0.05pt;">o</span>f two<span style="letter-spacing: -0.05pt;"> </span>shareholders, with a maximum<span style="letter-spacing: -0.05pt;"> o</span>f 50<span style="letter-spacing: -0.1pt;"> </span>shareholders<span style="letter-spacing: -0.05pt;"> </span>permitted.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.85pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 8.95pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">4 There<span style="letter-spacing: -0.3pt;"> </span>are<span style="letter-spacing: -0.15pt;"> </span>no<span style="letter-spacing: -0.05pt;"> </span>nation<span style="letter-spacing: 0.05pt;">a</span>lity<span style="letter-spacing: 0.05pt;"> </span>restr<span style="letter-spacing: -0.05pt;">i</span>ct<span style="letter-spacing: -0.05pt;">io</span>ns<span style="letter-spacing: -0.25pt;"> </span>regarding<span style="letter-spacing: -0.45pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>management<span style="letter-spacing: -0.65pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
an LLC.<span style="letter-spacing: -0.05pt;"> </span>The minimum number <span style="letter-spacing: -0.05pt;">o</span>f directors<span style="letter-spacing: -0.45pt;"> </span>is one,<span style="letter-spacing: -0.25pt;"> </span>with a
maximum <span style="letter-spacing: -0.05pt;">o</span>f five<span style="letter-spacing: -0.15pt;"> </span>directors<span style="letter-spacing: -0.55pt;"> </span>permitted<span style="letter-spacing: -0.5pt;"> </span>by the<span style="letter-spacing: -0.15pt;"> </span>Com<span style="letter-spacing: -0.05pt;">p</span>anies
Law.<o:p></o:p></span></div>
</div>
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">5<span style="letter-spacing: -0.05pt;"> </span>While Article<span style="letter-spacing: -0.3pt;"> </span>227<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f <span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: -0.05pt;"> </span>Compan<span style="letter-spacing: -0.05pt;">i</span><span style="letter-spacing: 0.05pt;">e</span>s<span style="letter-spacing: -0.05pt;"> </span>Law
(which<span style="letter-spacing: -0.05pt;"> </span>applies throughout <span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: -0.05pt;"> </span>UAE)<span style="letter-spacing: -0.25pt;"> </span>stipulates<span style="letter-spacing: -0.05pt;"> </span>that the<span style="letter-spacing: -0.15pt;"> </span>minim<span style="letter-spacing: -0.1pt;">u</span>m<span style="letter-spacing: -0.1pt;"> </span>share<span style="letter-spacing: -0.25pt;"> </span>ca<span style="letter-spacing: -0.05pt;">p</span>ital
<span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;"> </span>company is AED150,000;<span style="letter-spacing: -0.65pt;"> </span><span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: -0.05pt;"> </span>Dubai
authorities<span style="letter-spacing: -0.05pt;"> </span>re<span style="letter-spacing: -0.05pt;">q</span>uire<span style="letter-spacing: -0.3pt;"> </span>a
minimum share<span style="letter-spacing: -0.25pt;"> </span>capi<span style="letter-spacing: -0.05pt;">t</span>al <span style="letter-spacing: -0.05pt;">o</span>f
AED300,000<span style="letter-spacing: -0.65pt;"> </span>for Dubai <span style="letter-spacing: 0.05pt;">i</span>n<span style="letter-spacing: 0.05pt;">c</span><span style="letter-spacing: -0.05pt;">o</span><span style="letter-spacing: 0.05pt;">r</span>p<span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: 0.05pt;">a</span>t<span style="letter-spacing: 0.05pt;">e</span>d<span style="letter-spacing: -0.3pt;"> </span>LLCs.<span style="letter-spacing: -0.05pt;"> </span>Ind<span style="letter-spacing: 0.05pt;">i</span>v<span style="letter-spacing: 0.05pt;">i</span>dual shares<span style="letter-spacing: -0.35pt;"> </span>should have<span style="letter-spacing: -0.2pt;"> </span>a minimum
face<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.1pt;">v</span>alue<span style="letter-spacing: -0.15pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f AED1,000.<span style="letter-spacing: -0.5pt;"> </span>The shares<span style="letter-spacing: -0.35pt;"> </span>cannot be<span style="letter-spacing: -0.1pt;"> </span>other<span style="letter-spacing: -0.25pt;"> </span>than
‘equal shares’.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 11.9pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">6<span style="letter-spacing: -0.05pt;"> </span>An<span style="letter-spacing: 0.05pt;"> </span>LLC may<span style="letter-spacing: -0.2pt;">
</span>not conduct the<span style="letter-spacing: -0.15pt;"> </span>business <span style="letter-spacing: -0.05pt;">o</span>f insurance, banking <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>investment<span style="letter-spacing: -0.55pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f money<span style="letter-spacing: -0.35pt;"> </span><span style="letter-spacing: -0.05pt;">on </span>behalf
<span style="letter-spacing: -0.05pt;">o</span>f third parties.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">7<span style="letter-spacing: -0.05pt;"> </span>Several<span style="letter-spacing: -0.35pt;">
</span>administrat<span style="letter-spacing: -0.1pt;">i</span>ve<span style="letter-spacing: -0.05pt;"> </span>steps must be<span style="letter-spacing: -0.1pt;"> </span>completed before<span style="letter-spacing: -0.35pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>LLC’s incorporation <span style="letter-spacing: 0.05pt;">i</span>s effected. These<span style="letter-spacing: -0.3pt;"> </span>include the<span style="letter-spacing: -0.15pt;"> </span>approval <span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>LLC’s name<span style="letter-spacing: -0.3pt;"> </span>a<span style="letter-spacing: -0.05pt;">n</span>d memora<span style="letter-spacing: -0.05pt;">n</span>dum<span style="letter-spacing: -0.5pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
association by the<span style="letter-spacing: -0.15pt;"> </span>DED. Artic<span style="letter-spacing: -0.05pt;">l</span>e<span style="letter-spacing: -0.05pt;"> </span>219<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
the<span style="letter-spacing: -0.15pt;"> </span>Companies<span style="letter-spacing: -0.05pt;"> </span>Law sets<span style="letter-spacing: -0.25pt;"> </span>out various
requirements<span style="letter-spacing: -0.65pt;"> </span>that must be<span style="letter-spacing: -0.1pt;"> </span>followed when naming an LLC: these<span style="letter-spacing: -0.25pt;"> </span>include a requirement<span style="letter-spacing: -0.6pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span><span style="letter-spacing: 0.05pt;">deri</span>ve<span style="letter-spacing: -0.3pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>LLC’s name<span style="letter-spacing: -0.3pt;"> </span>from<span style="letter-spacing: -0.25pt;"> </span>either<span style="letter-spacing: -0.3pt;"> </span>its<span style="letter-spacing: -0.1pt;"> </span>purpose
<span style="letter-spacing: -0.05pt;">or </span>from<span style="letter-spacing: -0.25pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>name<span style="letter-spacing: -0.3pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
one <span style="letter-spacing: 0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>more<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>its
shareholders.<span style="letter-spacing: -0.05pt;"> </span>The DED<span style="letter-spacing: 0.05pt;"> </span>also<span style="letter-spacing: -0.05pt;"> </span>provid<span style="letter-spacing: 0.1pt;">e</span>s a standard<span style="letter-spacing: -0.05pt;"> </span>form<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: -0.05pt;">of </span>memorand<span style="letter-spacing: -0.05pt;">u</span>m<span style="letter-spacing: -0.1pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f associ<span style="letter-spacing: 0.05pt;">a</span>tion<span style="letter-spacing: -0.05pt;"> </span>and will review<span style="letter-spacing: -0.35pt;"> </span>an LLC’s memorandum to<span style="letter-spacing: -0.05pt;"> </span>ensure<span style="letter-spacing: -0.35pt;"> </span>compliance with local requirements.<span style="letter-spacing: -0.75pt;"> </span>The<span style="letter-spacing: 0.1pt;"> </span>DED
must also<span style="letter-spacing: -0.05pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>satisf<span style="letter-spacing: 0.05pt;">ie</span>d<span style="letter-spacing: -0.05pt;"> </span>that the<span style="letter-spacing: -0.15pt;">
</span>minimum share<span style="letter-spacing: -0.25pt;"> </span>capi<span style="letter-spacing: -0.05pt;">t</span>al <span style="letter-spacing: -0.05pt;">o</span>f
the<span style="letter-spacing: -0.15pt;"> </span>LLC has been<span style="letter-spacing: -0.25pt;"> </span>deposited with a bank operating in Dubai
before<span style="letter-spacing: -0.3pt;"> </span>it will allow the<span style="letter-spacing: -0.15pt;"> </span>LLC to<span style="letter-spacing: -0.05pt;">
</span>be incorporated.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; mso-fareast-font-family: Calibri;">5.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">8<span style="letter-spacing: -0.05pt;"> </span>A<span style="letter-spacing: -0.05pt;"> </span>public
joint</span><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">‐</span></span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">stock<span style="letter-spacing: -0.25pt;"> </span>company
(PJSC) is very<span style="letter-spacing: -0.2pt;"> </span>similar to<span style="letter-spacing: -0.05pt;"> </span>a UK<span style="letter-spacing: -0.15pt;"> </span>public
limited<span style="letter-spacing: -0.05pt;"> </span>company <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>German<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">Aktienge<span style="letter-spacing: -0.05pt;">s</span><span style="letter-spacing: 0.05pt;">e</span>sallschaft<span style="letter-spacing: -0.6pt;"> </span>(<span style="letter-spacing: -0.05pt;">A</span>G).<span style="letter-spacing: -0.15pt;"> </span>It<span style="letter-spacing: -0.05pt;"> </span>requires<span style="letter-spacing: -0.4pt;"> </span>a minim<span style="letter-spacing: -0.1pt;">u</span>m<span style="letter-spacing: -0.1pt;"> </span>share<span style="letter-spacing: -0.25pt;"> </span>ca<span style="letter-spacing: -0.05pt;">p</span>ital <span style="letter-spacing: -0.05pt;">o</span>f
AED10,000<span style="letter-spacing: 0.1pt;">,</span>000<span style="letter-spacing: -0.75pt;"> </span>and a minimum <span style="letter-spacing: -0.05pt;">o</span>f 10<span style="letter-spacing: -0.15pt;"> </span><span style="letter-spacing: 0.05pt;">f</span><span style="letter-spacing: -0.05pt;">o</span>unders,<span style="letter-spacing: -0.35pt;">
</span>who<span style="letter-spacing: -0.05pt;"> </span>are<span style="letter-spacing: -0.15pt;"> </span>responsible for the<span style="letter-spacing: -0.15pt;"> </span>incorporation <span style="letter-spacing: -0.05pt;">o</span>f <span style="letter-spacing: 0.05pt;">th</span>e<span style="letter-spacing: -0.15pt;"> </span>company.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">9<span style="letter-spacing: -0.05pt;"> </span>Shares<span style="letter-spacing: -0.05pt;">
</span><span style="letter-spacing: 0.05pt;">i</span>n a PJSC must be<span style="letter-spacing: -0.1pt;"> </span>offered<span style="letter-spacing: -0.35pt;">
</span>for public<span style="letter-spacing: 0.05pt;"> </span>subscription and
the<span style="letter-spacing: -0.15pt;"> </span>su<span style="letter-spacing: 0.05pt;">b</span>scription notices must be<span style="letter-spacing: -0.1pt;"> </span>published
in two<span style="letter-spacing: -0.05pt;"> </span>lo<span style="letter-spacing: 0.1pt;">c</span>al daily Ara<span style="letter-spacing: -0.05pt;">b</span>ic<span style="letter-spacing: -0.3pt;"> </span>newspapers.<span style="letter-spacing: -0.05pt;"> </span>The f<span style="letter-spacing: -0.05pt;">o</span>unders are<span style="letter-spacing: -0.15pt;"> </span>obliged to<span style="letter-spacing: -0.05pt;"> </span>subs<span style="letter-spacing: 0.1pt;">c</span>ribe<span style="letter-spacing: -0.05pt;"> </span>for a minimum <span style="letter-spacing: -0.05pt;">o</span>f 20<span style="letter-spacing: -0.15pt;"> </span>per<span style="letter-spacing: -0.15pt;"> </span>cent<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>share<span style="letter-spacing: -0.25pt;"> </span>capital (but<span style="letter-spacing: -0.05pt;"> </span>this<span style="letter-spacing: -0.05pt;"> </span>cannot<span style="letter-spacing: 0.05pt;"> ex</span><span style="letter-spacing: -0.05pt;">c</span><span style="letter-spacing: 0.05pt;">ee</span>d<span style="letter-spacing: -0.35pt;"> </span>45<span style="letter-spacing: -0.15pt;"> </span>per<span style="letter-spacing: -0.15pt;"> </span>cent<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
the<span style="letter-spacing: -0.15pt;"> </span>share capital).<span style="letter-spacing: -0.05pt;"> </span>Art<span style="letter-spacing: -0.05pt;">i</span><span style="letter-spacing: 0.05pt;">c</span>le<span style="letter-spacing: -0.25pt;"> </span>153<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
<span style="letter-spacing: 0.05pt;">th</span>e<span style="letter-spacing: -0.15pt;">
</span>Companies Law prevents<span style="letter-spacing: -0.45pt;"> </span>shares<span style="letter-spacing: -0.35pt;"> </span>being issued<span style="letter-spacing: -0.05pt;"> </span>which have<span style="letter-spacing: -0.2pt;"> </span>differing
rights.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 10.7pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.10<span style="letter-spacing: -0.25pt;"> </span>A<span style="letter-spacing: -0.05pt;"> </span>PJSC is required <span style="letter-spacing: -0.05pt;">t</span>o<span style="letter-spacing: -0.05pt;"> </span>have<span style="letter-spacing: -0.2pt;"> </span>between<span style="letter-spacing: -0.45pt;">
</span>three<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: -0.05pt;">an</span>d 15<span style="letter-spacing: -0.15pt;"> </span>directors,<span style="letter-spacing: -0.45pt;"> </span>who<span style="letter-spacing: -0.05pt;"> </span>are<span style="letter-spacing: -0.15pt;"> </span>elec<span style="letter-spacing: -0.05pt;">t</span><span style="letter-spacing: 0.05pt;">e</span>d<span style="letter-spacing: -0.35pt;"> </span>for
three<span style="letter-spacing: -0.25pt;"> </span>year terms.<span style="letter-spacing: -0.3pt;"> </span>The chairman a<span style="letter-spacing: -0.05pt;">n</span>d a majority <span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;"> </span>board<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f directors<span style="letter-spacing: -0.45pt;"> </span>must be<span style="letter-spacing: -0.1pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span>nationals.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 114%; margin: 0in 20.75pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 114%; mso-fareast-font-family: Calibri;">5.11<span style="letter-spacing: -0.25pt;"> </span>A<span style="letter-spacing: -0.05pt;"> </span>priv<span style="letter-spacing: 0.05pt;">a</span>te<span style="letter-spacing: -0.1pt;"> </span>joint</span><span style="font-size: 10pt; line-height: 114%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">‐</span></span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 114%; mso-fareast-font-family: Calibri;">stock<span style="letter-spacing: -0.25pt;"> </span>company
(Private<span style="letter-spacing: -0.4pt;"> </span>Company) is similar to<span style="letter-spacing: -0.05pt;"> </span>a UK<span style="letter-spacing: -0.15pt;"> </span>private<span style="letter-spacing: -0.1pt;"> </span>limi<span style="letter-spacing: -0.1pt;">t</span>ed
company.<span style="letter-spacing: -0.05pt;"> </span>It requires<span style="letter-spacing: -0.4pt;"> </span>a minimum share<span style="letter-spacing: -0.25pt;"> </span>capital <span style="letter-spacing: -0.05pt;">o</span>f
AED2,000,000<span style="letter-spacing: -0.75pt;"> </span>and a minimum <span style="letter-spacing: -0.05pt;">o</span>f <span style="letter-spacing: 0.05pt;">three
</span>founder shareholders.<span style="letter-spacing: -0.05pt;"> </span>Shares<span style="letter-spacing: -0.05pt;"> </span>in a Private<span style="letter-spacing: -0.35pt;"> </span>Comp<span style="letter-spacing: -0.05pt;">a</span>ny cannot be<span style="letter-spacing: -0.1pt;"> </span>offered<span style="letter-spacing: -0.35pt;">
</span>for public subscription<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">but in all o<span style="letter-spacing: 0.05pt;">t</span>her<span style="letter-spacing: -0.1pt;"> </span>respects<span style="letter-spacing: -0.5pt;">
</span>the<span style="letter-spacing: -0.15pt;"> </span>regulations applicable to<span style="letter-spacing: -0.05pt;"> </span>a PJSC apply equally to<span style="letter-spacing: -0.05pt;"> </span>a Private<span style="letter-spacing: -0.35pt;"> </span>Company.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.15pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.12<span style="letter-spacing: -0.25pt;"> </span>Article<span style="letter-spacing: -0.35pt;">
</span>314<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;"> </span>Companies<span style="letter-spacing: -0.05pt;"> </span>Law regulates<span style="letter-spacing: -0.55pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>operation <span style="letter-spacing: -0.05pt;">o</span>f branch<span style="letter-spacing: 0.05pt;">
</span>and repre<span style="letter-spacing: -0.05pt;">s</span>entative offices <span style="letter-spacing: -0.05pt;">o</span>f foreign comp<span style="letter-spacing: -0.05pt;">a</span>nies in the<span style="letter-spacing: -0.15pt;"> </span>UAE.<span style="letter-spacing: -0.3pt;"> </span>These<span style="letter-spacing: -0.3pt;"> </span>may<span style="letter-spacing: -0.2pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>wholly<span style="letter-spacing: -0.05pt;"> </span>owned by a foreign entity,<o:p></o:p></span></div>
</div>
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">provided<span style="letter-spacing: -0.05pt;"> </span>that
a UAE<span style="letter-spacing: -0.2pt;"> </span>national is appointed as local
agent.<span style="letter-spacing: -0.05pt;"> </span>The role <span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>local age<span style="letter-spacing: -0.05pt;">n</span>t<span style="letter-spacing: -0.35pt;"> </span>is further discussed below.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.13<span style="letter-spacing: -0.25pt;"> </span>While a branch<span style="letter-spacing: -0.05pt;"> </span>office may<span style="letter-spacing: -0.2pt;"> </span>carry<span style="letter-spacing: -0.25pt;"> </span>out activities<span style="letter-spacing: -0.05pt;"> </span>similar to<span style="letter-spacing: -0.05pt;"> </span>those <span style="letter-spacing: -0.05pt;">o</span>f its<span style="letter-spacing: 0.05pt;"> </span>parent<span style="letter-spacing: -0.35pt;"> </span>com<span style="letter-spacing: -0.05pt;">p</span>any,<span style="letter-spacing: -0.2pt;"> </span>there are<span style="letter-spacing: -0.15pt;">
</span>c<span style="letter-spacing: 0.05pt;">e</span>rtain<span style="letter-spacing: -0.1pt;"> </span>activities<span style="letter-spacing: -0.05pt;"> </span>which are<span style="letter-spacing: -0.15pt;"> </span>r<span style="letter-spacing: 0.05pt;">e</span>strict<span style="letter-spacing: 0.05pt;">e</span>d<span style="letter-spacing: -0.2pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span>nationals
s<span style="letter-spacing: 0.05pt;">u</span>ch as importing goo<span style="letter-spacing: 0.05pt;">d</span>s.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.14<span style="letter-spacing: -0.25pt;"> </span>A<span style="letter-spacing: -0.05pt;"> </span>representative<span style="letter-spacing: -0.65pt;"> </span>office m<span style="letter-spacing: -0.05pt;">a</span>y<span style="letter-spacing: -0.2pt;"> </span>only<span style="letter-spacing: -0.05pt;"> </span>promote
its<span style="letter-spacing: 0.05pt;"> </span>foreign parent<span style="letter-spacing: -0.35pt;"> </span>company’s activities<span style="letter-spacing: -0.1pt;"> </span>through, for example,<span style="letter-spacing: -0.5pt;"> </span>gathering<span style="letter-spacing: -0.45pt;">
</span>information and soliciting<span style="letter-spacing: 0.05pt;"> </span>orders<span style="letter-spacing: -0.35pt;"> </span>and projects to<span style="letter-spacing: -0.05pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>performed<span style="letter-spacing: -0.5pt;"> </span>by the company’s head office.<span style="letter-spacing: -0.05pt;"> </span>It<span style="letter-spacing: -0.05pt;"> </span>is
not<span style="letter-spacing: 0.05pt;"> </span>permitted<span style="letter-spacing: -0.5pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>c<span style="letter-spacing: -0.05pt;">a</span>rry<span style="letter-spacing: -0.25pt;"> </span>out
the<span style="letter-spacing: -0.15pt;"> </span>parent<span style="letter-spacing: -0.35pt;"> </span>com<span style="letter-spacing: -0.05pt;">p</span>any’s<span style="letter-spacing: -0.25pt;"> </span>activities. Rep<span style="letter-spacing: -0.05pt;">r</span>esenta<span style="letter-spacing: -0.05pt;">t</span>ive<span style="letter-spacing: -0.65pt;"> </span>offices are<span style="letter-spacing: -0.15pt;"> </span>also<span style="letter-spacing: -0.05pt;"> </span>restr<span style="letter-spacing: -0.05pt;">i</span>cted<span style="letter-spacing: -0.5pt;"> </span>as
to<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>number <span style="letter-spacing: -0.05pt;">o</span>f employees<span style="letter-spacing: -0.6pt;"> </span>that they<span style="letter-spacing: -0.2pt;">
</span><span style="letter-spacing: 0.05pt;">c</span><span style="letter-spacing: -0.05pt;">a</span>n<span style="letter-spacing: -0.1pt;"> </span>sponsor and, due to
these<span style="letter-spacing: -0.25pt;"> </span>constraints, repre<span style="letter-spacing: -0.05pt;">s</span>entative<span style="letter-spacing: -0.7pt;">
</span>offices tend to<span style="letter-spacing: -0.05pt;"> </span>act<span style="letter-spacing: -0.15pt;"> </span>as admi<span style="letter-spacing: -0.1pt;">n</span>istrative<span style="letter-spacing: -0.3pt;"> </span>and marketing centers<span style="letter-spacing: -0.35pt;"> </span>for their foreign<span style="letter-spacing: -0.1pt;"> </span>parent<span style="letter-spacing: -0.35pt;"> </span>co<span style="letter-spacing: -0.05pt;">m</span>pany’s<span style="letter-spacing: -0.25pt;">
</span>head<span style="letter-spacing: -0.1pt;"> </span>office.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.15<span style="letter-spacing: -0.25pt;"> </span>The <span style="letter-spacing: 0.05pt;">rol</span>e
<span style="letter-spacing: -0.05pt;">o</span>f a local service<span style="letter-spacing: -0.35pt;"> </span>a<span style="letter-spacing: -0.05pt;">g</span>ent<span style="letter-spacing: -0.35pt;"> </span>for a <span style="mso-font-width: 99%;">branch/representative<span style="letter-spacing: 0.05pt;"> </span></span>office <span style="letter-spacing: -0.05pt;">i</span>s to<span style="letter-spacing: -0.05pt;"> </span>assist<span style="letter-spacing: 0.05pt;"> </span>generally with administrative<span style="letter-spacing: 0.05pt;"> </span>ma<span style="letter-spacing: -0.05pt;">t</span>ters<span style="letter-spacing: -0.45pt;"> </span>such<span style="letter-spacing: -0.05pt;"> </span>as
obtaining v<span style="letter-spacing: 0.05pt;">i</span>sas,<span style="letter-spacing: -0.2pt;"> </span>licenses<span style="letter-spacing: -0.1pt;">
</span>and dealing with local authorities. The local service<span style="letter-spacing: -0.35pt;"> </span>agent<span style="letter-spacing: -0.3pt;"> </span>is<span style="letter-spacing: -0.1pt;"> </span>generally<span style="letter-spacing: -0.45pt;">
</span>paid a fixed <span style="letter-spacing: -0.05pt;">f</span><span style="letter-spacing: 0.05pt;">e</span>e<span style="letter-spacing: -0.15pt;"> </span>and
does<span style="letter-spacing: -0.05pt;"> </span>not have<span style="letter-spacing: -0.2pt;"> </span>a <span style="letter-spacing: 0.1pt;">r</span>ight<span style="letter-spacing: -0.1pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>participate
in any profits from<span style="letter-spacing: -0.25pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>branch<span style="letter-spacing: -0.05pt;">
o</span>r<span style="letter-spacing: -0.1pt;"> </span>representative<span style="letter-spacing: -0.65pt;"> </span>office.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.16<span style="letter-spacing: -0.25pt;"> </span>Provided<span style="letter-spacing: -0.05pt;">
</span>that approval is recei<span style="letter-spacing: -0.05pt;">v</span>ed<span style="letter-spacing: -0.4pt;"> </span>from<span style="letter-spacing: -0.25pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>Ministry <span style="letter-spacing: -0.05pt;">o</span>f Economy and the<span style="letter-spacing: -0.15pt;"> </span>DED,
and the appropriate<span style="letter-spacing: -0.05pt;"> </span>trade<span style="letter-spacing: -0.25pt;"> </span>licen<span style="letter-spacing: -0.1pt;">s</span>e
is obtained, a company may<span style="letter-spacing: -0.2pt;"> </span>establish
a <span style="mso-font-width: 99%;">branch/representative<span style="letter-spacing: 0.05pt;"> </span></span>office in the<span style="letter-spacing: -0.15pt;"> </span>UAE.<span style="letter-spacing: -0.3pt;"> </span>The branch/repre<span style="letter-spacing: -0.05pt;">s</span><span style="letter-spacing: 0.05pt;">e</span>ntative<span style="letter-spacing: -0.75pt;"> </span>office must be<span style="letter-spacing: -0.1pt;"> </span>registered<span style="letter-spacing: -0.55pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>n the<span style="letter-spacing: -0.15pt;">
</span>Registry<span style="letter-spacing: -0.4pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f Foreign Companies<span style="letter-spacing: -0.05pt;"> </span>at<span style="letter-spacing: -0.1pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>Ministry <span style="letter-spacing: -0.05pt;">o</span>f Economy before<span style="letter-spacing: -0.3pt;"> </span>it<span style="letter-spacing: -0.05pt;"> </span>commences<span style="letter-spacing: -0.65pt;"> </span>trading.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">5.17<span style="letter-spacing: -0.25pt;"> </span>In<span style="letter-spacing: 0.05pt;"> </span>setting
up a pro<span style="letter-spacing: 0.05pt;">f</span>essional firm,<span style="letter-spacing: -0.25pt;"> </span>100<span style="letter-spacing: -0.25pt;"> </span>per<span style="letter-spacing: -0.15pt;"> </span>cent<span style="letter-spacing: -0.2pt;"> </span>foreign
ownership is generally<span style="letter-spacing: -0.45pt;"> </span>permitted,
however<span style="letter-spacing: -0.45pt;"> </span>ce<span style="letter-spacing: -0.05pt;">r</span>tain<span style="letter-spacing: -0.25pt;"> </span>sectors<span style="letter-spacing: -0.35pt;"> </span>and activities are<span style="letter-spacing: -0.15pt;"> </span>restr<span style="letter-spacing: -0.05pt;">i</span>c<span style="letter-spacing: -0.05pt;">t</span>ed<span style="letter-spacing: -0.5pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>either<span style="letter-spacing: -0.35pt;">
</span>UAE<span style="letter-spacing: -0.2pt;"> </span>nationals <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>have<span style="letter-spacing: -0.2pt;"> </span>a<span style="letter-spacing: 0.05pt;"> </span>UAE
national shareholding requirement.<span style="letter-spacing: -0.75pt;"> </span>Professional<span style="letter-spacing: 0.05pt;"> </span>firms may<span style="letter-spacing: -0.2pt;">
</span><span style="letter-spacing: -0.05pt;">b</span>e<span style="letter-spacing: -0.1pt;"> </span>in the<span style="letter-spacing: -0.15pt;"> </span>form<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
a sole proprietorship <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>a civil company.<span style="letter-spacing: -0.05pt;"> </span>Such<span style="letter-spacing: -0.05pt;"> </span>firms may<span style="letter-spacing: -0.2pt;"> </span>engage<span style="letter-spacing: -0.35pt;">
</span>in<span style="letter-spacing: -0.1pt;"> </span>profession<span style="letter-spacing: 0.05pt;">a</span>l <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>artisan activities<span style="letter-spacing: -0.05pt;"> </span>but the<span style="letter-spacing: -0.15pt;"> </span>number<span style="letter-spacing: -0.05pt;"> o</span>f persons <span style="letter-spacing: 0.05pt;">t</span>h<span style="letter-spacing: 0.05pt;">a</span>t<span style="letter-spacing: -0.1pt;"> </span>may<span style="letter-spacing: -0.2pt;"> </span>be<span style="letter-spacing: -0.15pt;"> </span>employed<span style="letter-spacing: -0.05pt;">
b</span>y such<span style="letter-spacing: -0.05pt;"> </span>firms is limited.<span style="letter-spacing: -0.05pt;"> </span>A<span style="letter-spacing: -0.05pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span>national must be appointed as local
service<span style="letter-spacing: -0.35pt;"> </span>agent<span style="letter-spacing: -0.3pt;"> </span>for sole proprietorship, but<span style="letter-spacing: 0.05pt;"> </span>he<span style="letter-spacing: -0.1pt;"> </span>has no<span style="letter-spacing: -0.05pt;">
</span>d<span style="letter-spacing: 0.05pt;">i</span>rect<span style="letter-spacing: -0.2pt;"> </span>involvement in the business and is paid a lump sum and/or
percentage<span style="letter-spacing: -0.5pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f profi<span style="letter-spacing: 0.05pt;">t</span>s <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>turnov<span style="letter-spacing: 0.1pt;">e</span>r.<span style="letter-spacing: -0.5pt;"> </span>The
role <span style="letter-spacing: 0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;"> </span>local service<span style="letter-spacing: -0.35pt;"> </span>a<span style="letter-spacing: -0.05pt;">g</span>e<span style="letter-spacing: -0.05pt;">n</span>t<span style="letter-spacing: -0.3pt;"> </span>is, among<span style="letter-spacing: 0.05pt;">
</span>other<span style="letter-spacing: -0.25pt;"> </span>things, to<span style="letter-spacing: -0.05pt;"> </span>assist in<span style="letter-spacing: 0.1pt;"> </span>obtaining licenses, visas and labor cards.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
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<b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">6.<span style="letter-spacing: -0.1pt;"> </span>Setting<span style="letter-spacing: -0.4pt;"> </span>up<span style="letter-spacing: -0.15pt;"> </span>a<span style="letter-spacing: -0.05pt;"> </span>business<span style="letter-spacing: -0.5pt;">
</span>in<span style="letter-spacing: -0.1pt;"> </span>a<span style="letter-spacing: -0.05pt;"> </span>Free Zone</span></b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.35pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">6.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">1<span style="letter-spacing: -0.05pt;"> </span>A<span style="letter-spacing: -0.05pt;"> </span>number
<span style="letter-spacing: -0.05pt;">o</span>f free<span style="letter-spacing: -0.2pt;"> </span>zones exist wi<span style="letter-spacing: -0.05pt;">t</span>hin
Dubai and, as such, <span style="letter-spacing: 0.05pt;">ha</span>ve<span style="letter-spacing: -0.05pt;"> </span>a distinct<span style="letter-spacing: -0.05pt;"> </span>legal status within the<span style="letter-spacing: -0.15pt;"> </span>UAE.<span style="letter-spacing: -0.3pt;"> </span>Companies<span style="letter-spacing: -0.05pt;">
</span>incorporated<span style="letter-spacing: -0.05pt;"> </span>and operating
within the<span style="letter-spacing: -0.15pt;"> </span>free<span style="letter-spacing: -0.2pt;"> </span>zones <span style="letter-spacing: -0.05pt;">a</span>re<span style="letter-spacing: -0.15pt;"> </span>not subject to<span style="letter-spacing: -0.05pt;"> </span>many <span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;"> </span>restrictions imposed by the<span style="letter-spacing: -0.15pt;"> </span>Companies Law and other<span style="letter-spacing: -0.25pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span>laws
and regulations.<span style="letter-spacing: -0.05pt;"> </span>Entities operating
within the<span style="letter-spacing: -0.15pt;"> </span>free<span style="letter-spacing: -0.25pt;"> </span>zone may<span style="letter-spacing: -0.2pt;">
</span>be<span style="letter-spacing: -0.1pt;"> </span>100<span style="letter-spacing: -0.25pt;"> </span>per<span style="letter-spacing: -0.15pt;"> </span>cent<span style="letter-spacing: -0.2pt;"> </span>foreign owned and benefit from<span style="letter-spacing: -0.3pt;"> </span>a<o:p></o:p></span></div>
</div>
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
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<div class="WordSection5">
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<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">guarantee<span style="letter-spacing: -0.5pt;"> </span><span style="letter-spacing: -0.05pt;">th</span>at<span style="letter-spacing: -0.05pt;"> </span>tax
will not be<span style="letter-spacing: -0.1pt;"> </span>applied for a cer<span style="letter-spacing: -0.05pt;">t</span>ain<span style="letter-spacing: -0.25pt;"> </span>period
<span style="letter-spacing: -0.05pt;">o</span>f time,<span style="letter-spacing: -0.25pt;"> </span>notwithstanding any subsequent change<span style="letter-spacing: -0.35pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>federal<span style="letter-spacing: -0.35pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>local laws.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.85pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 3.15pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">6.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">2 The free<span style="letter-spacing: -0.2pt;"> </span>zones include the<span style="letter-spacing: -0.15pt;"> </span>Je<span style="letter-spacing: -0.05pt;">b</span><span style="letter-spacing: 0.05pt;">e</span>l<span style="letter-spacing: -0.25pt;"> </span>Ali
Free<span style="letter-spacing: -0.15pt;"> </span>Zone (the JA<span style="letter-spacing: -0.05pt;">F</span>Z),<span style="letter-spacing: -0.3pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>Dubai International<span style="letter-spacing: -0.05pt;"> </span>Airport Free<span style="letter-spacing: -0.05pt;"> </span>Zone (DAFZA), t<span style="letter-spacing: -0.05pt;">h</span>e<span style="letter-spacing: -0.05pt;"> </span>Dubai Technology and <span style="letter-spacing: 0.05pt;">Me</span>dia<span style="letter-spacing: -0.2pt;"> </span>Free<span style="letter-spacing: -0.15pt;"> </span>Z<span style="letter-spacing: -0.1pt;">o</span>ne<span style="letter-spacing: -0.1pt;"> </span>(TECOM), the<span style="letter-spacing: -0.15pt;"> </span>Dubai Cars<span style="letter-spacing: -0.2pt;"> </span>&
Automotive<span style="letter-spacing: 0.05pt;"> </span>Zone, the<span style="letter-spacing: -0.15pt;"> </span>Dubai Health<span style="letter-spacing: -0.05pt;"> </span>Care<span style="letter-spacing: -0.2pt;"> </span>City,<span style="letter-spacing: -0.2pt;"> </span>t<span style="letter-spacing: -0.05pt;">h</span>e<span style="letter-spacing: -0.05pt;"> </span>Dubai Multi Commodities<span style="letter-spacing: -0.05pt;"> </span>Cent<span style="letter-spacing: -0.05pt;">r</span>e<span style="letter-spacing: -0.35pt;"> </span><span style="letter-spacing: -0.05pt;">an</span>d
the<span style="letter-spacing: -0.15pt;"> </span>Gold and Diamond Park.<span style="letter-spacing: -0.3pt;"> </span>We<span style="letter-spacing: -0.15pt;"> </span>understand
that additional free<span style="letter-spacing: -0.2pt;"> </span>zones will be<span style="letter-spacing: -0.1pt;"> </span>e<span style="letter-spacing: -0.05pt;">s</span>tablished<span style="letter-spacing: -0.15pt;"> </span>in the<span style="letter-spacing: -0.15pt;">
</span>coming years.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 3.3pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">6.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">3 The type<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
business<span style="letter-spacing: 0.05pt;"> </span>that is to<span style="letter-spacing: -0.05pt;"> </span>be set<span style="letter-spacing: -0.15pt;">
</span>up dictates<span style="letter-spacing: -0.05pt;"> </span>which free<span style="letter-spacing: -0.15pt;"> </span>zone shou<span style="letter-spacing: 0.05pt;">l</span>d be<span style="letter-spacing: -0.1pt;"> </span>used.<span style="letter-spacing: -0.05pt;"> </span><span style="letter-spacing: 0.05pt;">F</span><span style="letter-spacing: -0.05pt;">o</span>r examp<span style="letter-spacing: -0.05pt;">l</span>e,<span style="letter-spacing: -0.1pt;"> </span>t<span style="letter-spacing: -0.05pt;">h</span>e<span style="letter-spacing: -0.05pt;"> </span>DAFZA is intended for businesses that
import and export<span style="letter-spacing: -0.3pt;"> </span>goods<span style="letter-spacing: -0.05pt;"> </span>and<span style="letter-spacing: 0.05pt;"> th</span>e<span style="letter-spacing: -0.15pt;"> </span>business activities<span style="letter-spacing: -0.05pt;"> </span>permitted<span style="letter-spacing: -0.5pt;"> </span>in TECOM incl<span style="letter-spacing: -0.1pt;">u</span>de
‘design,<span style="letter-spacing: -0.4pt;"> </span>development,<span style="letter-spacing: -0.7pt;"> </span>use and maintenance<span style="letter-spacing: -0.05pt;"> o</span>f everythi<span style="letter-spacing: -0.05pt;">n</span>g
relevant<span style="letter-spacing: -0.4pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>Information Technology, E</span><span style="font-size: 10pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">‐</span></span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">commerce<span style="letter-spacing: -0.5pt;"> </span>and
Media’.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 5.45pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">6.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">4 The largest<span style="letter-spacing: -0.35pt;">
</span>free<span style="letter-spacing: -0.2pt;"> </span>zo<span style="letter-spacing: -0.05pt;">n</span>e<span style="letter-spacing: -0.05pt;"> </span>in Dubai is JAFZ.<span style="letter-spacing: -0.05pt;"> </span>It<span style="letter-spacing: -0.05pt;"> </span>was<span style="letter-spacing: -0.15pt;"> </span>established in 1985<span style="letter-spacing: -0.3pt;"> </span>and<span style="letter-spacing: 0.05pt;"> </span>was<span style="letter-spacing: -0.2pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>first
zone to<span style="letter-spacing: -0.05pt;"> </span>be set<span style="letter-spacing: -0.15pt;"> </span>up in the<span style="letter-spacing: -0.15pt;"> </span>UAE.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.85pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 30.65pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">6.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">5<span style="letter-spacing: -0.05pt;"> </span>Each free<span style="letter-spacing: -0.2pt;"> </span>zone is governed<span style="letter-spacing: -0.5pt;"> </span>by <span style="letter-spacing: -0.05pt;">a</span>n independent Free<span style="letter-spacing: -0.2pt;"> </span>Zo<span style="letter-spacing: -0.1pt;">n</span>e Authority (FZA),
which<span style="letter-spacing: -0.1pt;"> </span>among other<span style="letter-spacing: -0.25pt;"> </span>things, is respons<span style="letter-spacing: 0.05pt;">i</span>ble<span style="letter-spacing: 0.05pt;"> </span>for issuing to<span style="letter-spacing: -0.05pt;"> </span>busin<span style="letter-spacing: 0.05pt;">e</span>sses<span style="letter-spacing: -0.2pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>necessary<span style="letter-spacing: -0.5pt;"> </span>operating licenses for operation within
the<span style="letter-spacing: -0.15pt;"> </span>re<span style="letter-spacing: -0.05pt;">l</span><span style="letter-spacing: 0.05pt;">e</span>vant<span style="letter-spacing: -0.2pt;"> </span>free<span style="letter-spacing: -0.2pt;"> </span>zon<span style="letter-spacing: 0.05pt;">e</span>.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 8.8pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">6.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">6<span style="letter-spacing: -0.05pt;"> </span>As<span style="letter-spacing: -0.05pt;"> </span>an
illustration <span style="letter-spacing: -0.05pt;">o</span>f<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>types<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
operating licenses issued<span style="letter-spacing: -0.05pt;"> </span>by the<span style="letter-spacing: -0.15pt;"> </span>free<span style="letter-spacing: -0.25pt;"> </span>zones,<span style="letter-spacing: -0.3pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>following
is a descripti<span style="letter-spacing: -0.1pt;">o</span>n <span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>op<span style="letter-spacing: 0.1pt;">e</span>rating<span style="letter-spacing: -0.05pt;"> </span>licen<span style="letter-spacing: -0.1pt;">s</span><span style="letter-spacing: 0.05pt;">e</span>s<span style="letter-spacing: -0.05pt;"> </span>issued<span style="letter-spacing: -0.05pt;"> </span>by the<span style="letter-spacing: -0.15pt;">
</span>JAFZ:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 14pt; margin: 0.05pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 8.2pt 0pt 41.85pt; text-indent: -0.25in;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">1.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span><b>Trade license</b>:<span style="letter-spacing: -0.05pt;"> </span>This<span style="letter-spacing: -0.05pt;"> </span>lice<span style="letter-spacing: -0.05pt;">n</span>se<span style="letter-spacing: -0.05pt;"> </span>is
available to<span style="letter-spacing: -0.05pt;"> </span>companies who<span style="letter-spacing: -0.05pt;"> </span><span style="letter-spacing: 0.05pt;">wis</span>h<span style="letter-spacing: -0.05pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>import,<span style="letter-spacing: 0.05pt;"> </span>export,<span style="letter-spacing: -0.35pt;">
</span>sell, distribute <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>store<span style="letter-spacing: -0.25pt;"> </span>items<span style="letter-spacing: -0.25pt;"> </span>identified<span style="letter-spacing: -0.05pt;"> o</span>n their lice<span style="letter-spacing: -0.05pt;">n</span>se.<span style="letter-spacing: -0.05pt;"> </span>Sales ca<span style="letter-spacing: -0.05pt;">n</span>not
be<span style="letter-spacing: -0.1pt;"> </span>made<span style="letter-spacing: -0.3pt;"> </span>directly to<span style="letter-spacing: -0.05pt;"> </span>the UAE.<span style="letter-spacing: -0.3pt;"> </span>Any<span style="letter-spacing: -0.2pt;"> </span>company
wishing to<span style="letter-spacing: -0.05pt;"> </span>sell goods from<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: 0.05pt;">th</span>e<span style="letter-spacing: -0.15pt;"> </span>JAFZ into<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span>must appoint a distributor <span style="letter-spacing: 0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>agent<span style="letter-spacing: -0.3pt;"> </span>in the<span style="letter-spacing: -0.15pt;">
</span>UAE.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 3pt 0pt 41.85pt; text-indent: -0.25in;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">2.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span><b>Indust<span style="letter-spacing: 0.05pt;">r</span>ial<span style="letter-spacing: -0.5pt;"> </span>li<span style="letter-spacing: 0.1pt;">c</span>ense</b>:<span style="letter-spacing: -0.15pt;">
</span>Industrial licenses are<span style="letter-spacing: -0.15pt;"> </span>inten<span style="letter-spacing: -0.1pt;">d</span>ed<span style="letter-spacing: -0.1pt;"> </span>for
companies wishing to<span style="letter-spacing: -0.05pt;"> </span>carry<span style="letter-spacing: -0.25pt;"> </span>out manufacturing activities.<span style="letter-spacing: -0.05pt;"> </span>Restrictions<span style="letter-spacing: -0.1pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>n selling products
into UAE<span style="letter-spacing: -0.2pt;"> </span>also<span style="letter-spacing: -0.05pt;"> </span>apply to<span style="letter-spacing: -0.05pt;"> </span>indus<span style="letter-spacing: 0.05pt;">t</span>rial licensees<span style="letter-spacing: -0.05pt;"> </span>a<span style="letter-spacing: -0.05pt;">n</span>d a distributor <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>agent<span style="letter-spacing: -0.25pt;"> </span>must be<span style="letter-spacing: -0.1pt;">
</span>appointed in the<span style="letter-spacing: -0.15pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span>in order<span style="letter-spacing: -0.25pt;">
</span>to<span style="letter-spacing: -0.05pt;"> </span>sell products into<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>UAE.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 14.65pt; margin: 0in -1pt 0pt 23.85pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri; mso-text-raise: .5pt; position: relative; top: -0.5pt;">3.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span><b>Servi<span style="letter-spacing: -0.05pt;">c</span>e<span style="letter-spacing: 0.05pt;"> </span>license</b>:<span style="letter-spacing: -0.05pt;"> </span>A<span style="letter-spacing: -0.05pt;"> </span>service<span style="letter-spacing: -0.35pt;"> </span>licen<span style="letter-spacing: -0.1pt;">s</span>e
permits<span style="letter-spacing: -0.4pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>licensee to<span style="letter-spacing: -0.05pt;"> </span>provide
services<span style="letter-spacing: -0.45pt;"> </span>within the<span style="letter-spacing: -0.15pt;"> </span>free</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 13.05pt 0pt 41.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">zone.<span style="letter-spacing: -0.05pt;"> </span>Services<span style="letter-spacing: -0.45pt;"> </span>provided<span style="letter-spacing: -0.05pt;">
</span>by the<span style="letter-spacing: -0.15pt;"> </span>free<span style="letter-spacing: -0.15pt;"> </span>zone licensee<span style="letter-spacing: -0.05pt;"> </span>must be<span style="letter-spacing: -0.1pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>same<span style="letter-spacing: -0.25pt;"> </span>as
those stipulated in the<span style="letter-spacing: -0.15pt;"> </span>parent<span style="letter-spacing: -0.3pt;"> </span>company’s license<span style="letter-spacing: 0.05pt;"> </span>in t<span style="letter-spacing: -0.05pt;">h</span>e<span style="letter-spacing: -0.05pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>abroad.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 2.75pt 0pt 41.85pt; text-indent: -0.25in;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">4.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span><b>National<span style="letter-spacing: -0.45pt;"> </span>Industrial<span style="letter-spacing: -0.5pt;"> </span>lic<span style="letter-spacing: 0.1pt;">e</span>nse</b>:<span style="letter-spacing: -0.1pt;"> </span>A<span style="letter-spacing: -0.05pt;"> </span>national
industrial license<span style="letter-spacing: 0.05pt;"> </span>permits<span style="letter-spacing: -0.4pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>holder
to<span style="letter-spacing: -0.05pt;"> </span>import raw mater<span style="letter-spacing: -0.05pt;">i</span>als,<span style="letter-spacing: -0.3pt;"> </span>manufacture
<span style="letter-spacing: -0.05pt;">s</span>p<span style="letter-spacing: 0.05pt;">ec</span>if<span style="letter-spacing: -0.05pt;">i</span><span style="letter-spacing: 0.05pt;">e</span>d<span style="letter-spacing: -0.1pt;"> </span>products and e<span style="letter-spacing: -0.05pt;">x</span>port<span style="letter-spacing: -0.15pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>finished<span style="letter-spacing: -0.05pt;">
</span>products.<span style="letter-spacing: -0.05pt;"> </span>However,<span style="letter-spacing: -0.45pt;"> </span>a minimum 51<span style="letter-spacing: -0.15pt;"> </span>per<span style="letter-spacing: -0.15pt;"> </span>cent<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
the<span style="letter-spacing: -0.15pt;"> </span>shareholding must<span style="letter-spacing: 0.05pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>owned
by Gulf C<span style="letter-spacing: -0.05pt;">o</span></span><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">‐</span></span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">o<span style="letter-spacing: 0.05pt;">p</span>eration Council (GCC) nati<span style="letter-spacing: -0.1pt;">o</span>nals. In add<span style="letter-spacing: 0.05pt;">i</span>tion to<span style="letter-spacing: -0.05pt;"> </span>this<span style="letter-spacing: 0.05pt;"> </span>restriction,<span style="letter-spacing: -0.55pt;"> </span>a<span style="letter-spacing: -0.05pt;"> </span>minimum 40<span style="letter-spacing: -0.15pt;"> </span>per<span style="letter-spacing: -0.15pt;"> </span>cent<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
the<span style="letter-spacing: -0.15pt;"> </span>value <span style="letter-spacing: -0.05pt;">o</span>f the final product must have<span style="letter-spacing: -0.2pt;">
</span>been<span style="letter-spacing: -0.25pt;"> </span>added<span style="letter-spacing: -0.1pt;"> </span>in the<span style="letter-spacing: -0.15pt;">
</span>free<span style="letter-spacing: -0.2pt;"> </span>zon<span style="letter-spacing: 0.05pt;">e</span>.<o:p></o:p></span></div>
</div>
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
</span>
<br />
<div class="WordSection6">
<div class="MsoNormal" style="margin: 2.75pt 8.15pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">6.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">7<span style="letter-spacing: -0.05pt;"> </span>F<span style="letter-spacing: 0.1pt;">r</span>om
<span style="letter-spacing: 0.05pt;">th</span>e<span style="letter-spacing: -0.15pt;">
</span>above<span style="letter-spacing: -0.3pt;"> </span>description <span style="letter-spacing: -0.05pt;">o</span>f <span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: -0.05pt;"> </span>re<span style="letter-spacing: -0.05pt;">l</span><span style="letter-spacing: 0.05pt;">e</span>vant<span style="letter-spacing: -0.2pt;"> </span>licenses,
it <span style="letter-spacing: -0.05pt;">s</span>h<span style="letter-spacing: -0.05pt;">o</span>uld be<span style="letter-spacing: -0.1pt;"> </span>noted that a
license<span style="letter-spacing: 0.05pt;"> </span>holder cannot operate<span style="letter-spacing: -0.4pt;"> </span>outside the<span style="letter-spacing: -0.15pt;"> </span>free<span style="letter-spacing: -0.2pt;"> </span>zo<span style="letter-spacing: -0.05pt;">n</span>e<span style="letter-spacing: -0.05pt;"> </span>using
its free<span style="letter-spacing: -0.2pt;"> </span>zone license.<span style="letter-spacing: -0.05pt;"> </span>A<span style="letter-spacing: -0.05pt;"> </span>distributor
<span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;">
</span>agent<span style="letter-spacing: -0.3pt;"> </span>must be appointed within
the<span style="letter-spacing: -0.15pt;"> </span>UAE.<span style="letter-spacing: -0.3pt;"> </span>However,<span style="letter-spacing: -0.45pt;"> </span>potential
customers<span style="letter-spacing: -0.5pt;"> </span>from<span style="letter-spacing: -0.25pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>UAE<span style="letter-spacing: -0.2pt;"> </span>may<span style="letter-spacing: -0.2pt;"> </span>visit
the<span style="letter-spacing: -0.15pt;"> </span>premi<span style="letter-spacing: -0.05pt;">s</span><span style="mso-font-width: 99%;">es </span><span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>license<span style="letter-spacing: 0.05pt;"> </span>holder to<span style="letter-spacing: -0.05pt;"> </span>view<span style="letter-spacing: -0.25pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>goods.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 14pt; margin: 0.05pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">7<span style="letter-spacing: -0.05pt;"> </span>Free Zone<span style="letter-spacing: -0.3pt;"> </span>business<span style="letter-spacing: -0.55pt;">
</span>entities.</span></b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.35pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 9.55pt 0pt 5.85pt; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">7.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">1 In general,<span style="letter-spacing: -0.4pt;">
</span>three<span style="letter-spacing: -0.25pt;"> </span>options exist for those
wishing to<span style="letter-spacing: -0.05pt;"> </span>set<span style="letter-spacing: -0.15pt;"> </span>up<span style="letter-spacing: 0.05pt;"> </span>in
a free<span style="letter-spacing: -0.2pt;"> </span>zone.<span style="letter-spacing: -0.05pt;"> </span>A<span style="letter-spacing: -0.05pt;"> </span>business wishing
to<span style="letter-spacing: -0.05pt;"> </span>operate<span style="letter-spacing: -0.4pt;"> </span>from<span style="letter-spacing: -0.25pt;"> </span>a free<span style="letter-spacing: -0.2pt;"> </span>zone can eit<span style="letter-spacing: -0.05pt;">h</span>er<span style="letter-spacing: -0.1pt;"> </span>incorporate a free<span style="letter-spacing: -0.15pt;"> </span>zone establis<span style="letter-spacing: -0.1pt;">h</span>ment<span style="letter-spacing: -0.25pt;"> </span>(F<span style="letter-spacing: -0.05pt;">Z</span>E),<span style="letter-spacing: -0.1pt;"> </span>a
free<span style="letter-spacing: -0.2pt;"> </span>zone company (<span style="letter-spacing: -0.05pt;">F</span>ZC) <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>operate<span style="letter-spacing: -0.4pt;">
</span>through a branch<span style="letter-spacing: -0.05pt;"> </span>office <span style="letter-spacing: -0.05pt;">o</span>f a foreign <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>local company.<span style="letter-spacing: -0.05pt;"> </span>Br<span style="letter-spacing: -0.05pt;">a</span>nch<span style="letter-spacing: -0.15pt;"> </span>offices are<span style="letter-spacing: -0.15pt;"> </span>designed to<span style="letter-spacing: -0.05pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>op<span style="letter-spacing: 0.1pt;">e</span>ned<span style="letter-spacing: -0.15pt;"> </span>with a limited<span style="letter-spacing: -0.05pt;"> </span>amount <span style="letter-spacing: -0.05pt;">o</span>f
administrative<span style="letter-spacing: 0.05pt;"> </span>formality.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 37.65pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">7.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">2<span style="letter-spacing: -0.05pt;"> </span>An
FZE <span style="letter-spacing: 0.05pt;">i</span>n the<span style="letter-spacing: -0.15pt;"> </span>JAFZ requires<span style="letter-spacing: -0.4pt;"> </span>a m<span style="letter-spacing: -0.05pt;">i</span>nimum capi<span style="letter-spacing: -0.05pt;">t</span>al <span style="letter-spacing: -0.05pt;">o</span>f AED1,000,000.<span style="letter-spacing: -0.65pt;"> </span>The<span style="letter-spacing: 0.1pt;"> </span>minimum
capital requireme<span style="letter-spacing: -0.05pt;">n</span>t<span style="letter-spacing: -0.6pt;"> </span>repre<span style="letter-spacing: -0.05pt;">s</span>ents<span style="letter-spacing: -0.35pt;"> </span>one share<span style="letter-spacing: -0.25pt;"> </span>and it can on<span style="letter-spacing: 0.05pt;">l</span>y have<span style="letter-spacing: -0.2pt;"> </span>one shareholder.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.85pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 13.4pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">7.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">3 The minimum
capital<span style="letter-spacing: -0.05pt;"> </span>required to<span style="letter-spacing: -0.05pt;"> </span>incorporate<span style="letter-spacing: -0.05pt;"> </span>an FZC is AED500,000<span style="letter-spacing: -0.65pt;"> </span><span style="letter-spacing: 0.05pt;">a</span>nd an FZC <span style="letter-spacing: 0.05pt;">c</span><span style="letter-spacing: -0.05pt;">a</span>n<span style="letter-spacing: -0.1pt;"> </span>have between<span style="letter-spacing: -0.45pt;"> </span><span style="letter-spacing: -0.05pt;">tw</span>o<span style="letter-spacing: -0.05pt;"> </span>and five<span style="letter-spacing: -0.15pt;">
</span>shareh<span style="letter-spacing: -0.05pt;">o</span>lder<span style="letter-spacing: -0.05pt;">s</span>.<span style="letter-spacing: -0.25pt;"> </span>Each
share<span style="letter-spacing: -0.25pt;"> </span>must have<span style="letter-spacing: -0.2pt;"> </span>a minimum value <span style="letter-spacing: -0.05pt;">o</span>f AED100,000<span style="letter-spacing: -0.6pt;"> </span><span style="letter-spacing: -0.05pt;">or </span>multiples thereof<span style="letter-spacing: -0.35pt;"> </span>and there<span style="letter-spacing: -0.25pt;"> </span>can only be<span style="letter-spacing: -0.1pt;"> </span>one class
<span style="letter-spacing: -0.05pt;">o</span>f share.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 2.7pt 0pt 5.85pt; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">7.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">4 The FZC must have<span style="letter-spacing: -0.2pt;"> </span>a board <span style="letter-spacing: -0.05pt;">o</span>f di<span style="letter-spacing: 0.05pt;">re</span>ctors,<span style="letter-spacing: -0.35pt;">
</span>consisting <span style="letter-spacing: -0.05pt;">o</span>f a minimum <span style="letter-spacing: -0.05pt;">o</span>f <span style="letter-spacing: 0.05pt;">thre</span>e<span style="letter-spacing: -0.25pt;"> </span>people<span style="letter-spacing: 0.05pt;">
</span><span style="letter-spacing: -0.05pt;">an</span>d having at<span style="letter-spacing: -0.1pt;"> </span>least two<span style="letter-spacing: -0.05pt;">
</span>directors<span style="letter-spacing: -0.45pt;"> </span>a<span style="letter-spacing: -0.05pt;">n</span>d one secretary<span style="letter-spacing: -0.45pt;"> </span>(althou<span style="letter-spacing: -0.1pt;">g</span>h a person<span style="letter-spacing: 0.05pt;"> </span>may<span style="letter-spacing: -0.2pt;"> </span>hold<span style="letter-spacing: -0.05pt;"> </span>both the<span style="letter-spacing: -0.15pt;">
</span>offices <span style="letter-spacing: -0.05pt;">o</span>f director and
secretary<span style="letter-spacing: -0.45pt;"> </span>within a company
simultaneously). These<span style="letter-spacing: -0.3pt;"> </span>individuals<span style="letter-spacing: -0.05pt;"> </span>must be<span style="letter-spacing: -0.1pt;">
</span>resident <span style="letter-spacing: -0.05pt;">i</span>n Dubai.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 14pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">8.<span style="letter-spacing: -0.1pt;"> </span>Rights<span style="letter-spacing: -0.35pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
FZE's and<span style="letter-spacing: -0.25pt;"> </span>FZC's</span></b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.35pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 41.45pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">8.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">1 One hundred<span style="letter-spacing: -0.05pt;">
</span>per<span style="letter-spacing: -0.15pt;"> </span>cent<span style="letter-spacing: -0.2pt;"> </span>foreign ownership and full repatriation <span style="letter-spacing: -0.05pt;">o</span>f pro<span style="letter-spacing: 0.05pt;">f</span>its
and capital is permitted.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.85pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 48.75pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">8.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">2<span style="letter-spacing: -0.05pt;"> </span>Exemption
from<span style="letter-spacing: -0.25pt;"> </span>corporate<span style="letter-spacing: -0.5pt;"> </span>and income taxes<span style="letter-spacing: -0.25pt;"> </span>for a determined<span style="letter-spacing: -0.6pt;"> </span>peri<span style="letter-spacing: -0.1pt;">o</span>d,<span style="letter-spacing: -0.05pt;"> </span>regardle<span style="letter-spacing: -0.05pt;">s</span>s<span style="letter-spacing: -0.5pt;"> </span><span style="letter-spacing: -0.05pt;">of </span>subsequent changes to<span style="letter-spacing: -0.05pt;"> </span>local laws.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; mso-fareast-font-family: Calibri;">8.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">3 Goods<span style="letter-spacing: 0.05pt;"> </span>may<span style="letter-spacing: -0.2pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>im<span style="letter-spacing: -0.05pt;">po</span>rted<span style="letter-spacing: -0.2pt;"> </span>into<span style="letter-spacing: -0.05pt;"> </span><span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: -0.05pt;"> </span>free<span style="letter-spacing: -0.2pt;"> </span>zone,<span style="letter-spacing: -0.25pt;"> </span>free<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
duty.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.15pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 25.95pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">8.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">4 It<span style="letter-spacing: -0.05pt;"> </span>is relatively<span style="letter-spacing: -0.45pt;"> </span>straig<span style="letter-spacing: -0.05pt;">h</span>tforward<span style="letter-spacing: -0.05pt;"> </span>to set<span style="letter-spacing: -0.15pt;">
</span>up a company in a free<span style="letter-spacing: -0.2pt;"> </span>zone.<span style="letter-spacing: -0.05pt;"> </span>The first step<span style="letter-spacing: -0.05pt;"> </span>is to complete<span style="letter-spacing: -0.45pt;"> </span>a<span style="letter-spacing: -0.05pt;"> </span>questionnaire issued<span style="letter-spacing: -0.05pt;"> </span>by<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>re<span style="letter-spacing: -0.05pt;">l</span><span style="letter-spacing: 0.05pt;">e</span>vant<span style="letter-spacing: -0.2pt;"> </span>FZA.<span style="letter-spacing: -0.05pt;"> </span>Once<span style="letter-spacing: -0.25pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>questionnaire has been considered<span style="letter-spacing: -0.1pt;"> </span>by the<span style="letter-spacing: -0.15pt;">
</span>FZA <span style="letter-spacing: -0.05pt;">th</span>e<span style="letter-spacing: -0.15pt;"> </span>company<span style="letter-spacing: -0.05pt;">
</span>will be<span style="letter-spacing: -0.1pt;"> </span>req<span style="letter-spacing: -0.05pt;">u</span>ired<span style="letter-spacing: -0.25pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>prov<span style="letter-spacing: 0.05pt;">i</span>de
the<span style="letter-spacing: -0.15pt;"> </span>FZA<span style="letter-spacing: -0.05pt;"> </span>with information <span style="letter-spacing: -0.05pt;">on </span>individual
and corporate<span style="letter-spacing: -0.5pt;"> </span>shareholders.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 34.9pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">8.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">5 Individual shareholders<span style="letter-spacing: -0.05pt;"> </span>are<span style="letter-spacing: -0.15pt;"> </span>r<span style="letter-spacing: 0.05pt;">e</span>quired<span style="letter-spacing: -0.1pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>prov<span style="letter-spacing: 0.05pt;">i</span>de
a personal profile which may<span style="letter-spacing: -0.2pt;"> </span>include
a business background, speci<span style="letter-spacing: -0.05pt;">m</span>en<span style="letter-spacing: -0.1pt;"> </span>signatures,<span style="letter-spacing: -0.55pt;"> </span>domicile and address.<o:p></o:p></span></div>
</div>
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
</span>
<br />
<div class="WordSection7">
<div class="MsoNormal" style="line-height: normal; margin: 2.8pt -1pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; mso-fareast-font-family: Calibri;">8.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">6<span style="letter-spacing: -0.05pt;"> </span><span style="letter-spacing: 0.1pt;">C</span><span style="letter-spacing: -0.05pt;">o</span>rp<span style="letter-spacing: -0.05pt;">o</span>rate<span style="letter-spacing: -0.2pt;"> </span>shareholders<span style="letter-spacing: -0.05pt;"> </span>are<span style="letter-spacing: -0.15pt;"> </span>r<span style="letter-spacing: 0.05pt;">e</span>quired<span style="letter-spacing: -0.1pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>prov<span style="letter-spacing: 0.05pt;">i</span>de:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.2pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">1.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>certif<span style="letter-spacing: -0.05pt;">i</span><span style="letter-spacing: 0.05pt;">c</span>a<span style="letter-spacing: -0.05pt;">t</span>e<span style="letter-spacing: -0.2pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f registration <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>good s<span style="letter-spacing: 0.05pt;">t</span>anding;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">2.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>memorand<span style="letter-spacing: -0.05pt;">u</span>m<span style="letter-spacing: -0.1pt;"> </span>and
artic<span style="letter-spacing: -0.05pt;">l</span>es<span style="letter-spacing: -0.15pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f associ<span style="letter-spacing: 0.05pt;">a</span>tion;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 23.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">3.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>board resolution autho<span style="letter-spacing: 0.05pt;">r</span>izing the<span style="letter-spacing: -0.15pt;">
</span>incorporation<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f the<span style="letter-spacing: -0.15pt;">
</span>FZE <span style="letter-spacing: -0.05pt;">o</span>r<span style="letter-spacing: -0.1pt;"> </span>FZC;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 2.8pt 0pt 41.85pt; text-indent: -0.25in;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">4.<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.75pt;"><span style="mso-spacerun: yes;"> </span></span>Powers<span style="letter-spacing: -0.4pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
attorney<span style="letter-spacing: -0.4pt;"> </span>in favor<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
<span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: -0.05pt;">
</span>FZE/FZC manag<span style="letter-spacing: 0.05pt;">e</span>rs;<span style="letter-spacing: -0.45pt;"> </span>and e<span style="letter-spacing: -0.1pt;"> </span>audited
financial state<span style="letter-spacing: -0.05pt;">m</span>ents for the<span style="letter-spacing: -0.15pt;"> </span>last two<span style="letter-spacing: -0.05pt;">
</span>financial years.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.95pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 2.7pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">8.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">7<span style="letter-spacing: -0.05pt;"> </span><span style="letter-spacing: 0.1pt;">C</span><span style="letter-spacing: -0.05pt;">o</span>mpani<span style="letter-spacing: 0.05pt;">e</span>s<span style="letter-spacing: -0.15pt;"> </span>operating within the<span style="letter-spacing: -0.15pt;"> </span>free<span style="letter-spacing: -0.2pt;"> </span>zone
are<span style="letter-spacing: -0.2pt;"> </span>generally<span style="letter-spacing: -0.45pt;"> </span>entitled<span style="letter-spacing: -0.05pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>employ<span style="letter-spacing: 0.05pt;">
</span>who<span style="letter-spacing: -0.05pt;"> </span><span style="letter-spacing: 0.05pt;">t</span>h<span style="letter-spacing: 0.05pt;">e</span>y<span style="letter-spacing: -0.1pt;"> </span>wish. However,<span style="letter-spacing: -0.45pt;"> </span>various administrative<span style="letter-spacing: 0.05pt;"> </span>re<span style="letter-spacing: -0.05pt;">q</span>uire<span style="letter-spacing: -0.05pt;">m</span>ents<span style="letter-spacing: -0.45pt;"> </span>must be<span style="letter-spacing: -0.1pt;">
</span>complied with such<span style="letter-spacing: -0.05pt;"> </span>as
providing the<span style="letter-spacing: -0.15pt;"> </span>FZA with certain<span style="letter-spacing: -0.4pt;"> </span>details <span style="letter-spacing: -0.05pt;">o</span>f
the<span style="letter-spacing: -0.15pt;"> </span>licen<span style="letter-spacing: -0.1pt;">s</span>e holder’s<span style="letter-spacing: -0.05pt;"> </span>empl<span style="letter-spacing: -0.1pt;">o</span>yees.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 1pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 8.5pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">8.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">8<span style="letter-spacing: -0.05pt;"> </span>While rates<span style="letter-spacing: -0.25pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f pay are<span style="letter-spacing: -0.15pt;"> </span>not specifically r<span style="letter-spacing: 0.05pt;">e</span>gulat<span style="letter-spacing: 0.05pt;">e</span>d,<span style="letter-spacing: -0.15pt;"> </span>a minimum salary<span style="letter-spacing: -0.3pt;"> </span>is stipulated<span style="letter-spacing: -0.05pt;"> </span>in the<span style="letter-spacing: -0.15pt;"> </span>JAFZ. Overtime<span style="letter-spacing: -0.45pt;"> </span>rates<span style="letter-spacing: -0.25pt;"> </span>are<span style="letter-spacing: -0.15pt;"> </span>regulated<span style="letter-spacing: -0.45pt;"> </span>by the<span style="letter-spacing: -0.2pt;"> </span>FZA and shift working<span style="letter-spacing: -0.4pt;"> </span>must be<span style="letter-spacing: -0.1pt;">
</span>notif<span style="letter-spacing: 0.05pt;">i</span>ed<span style="letter-spacing: -0.1pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>FZA.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.9pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 12.45pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; letter-spacing: -0.05pt; line-height: 115%; mso-fareast-font-family: Calibri;">8.</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">9<span style="letter-spacing: -0.05pt;"> </span><span style="letter-spacing: 0.05pt;">W</span><span style="letter-spacing: -0.05pt;">o</span><span style="letter-spacing: 0.05pt;">rki</span>ng<span style="letter-spacing: -0.25pt;"> </span>hours<span style="letter-spacing: -0.05pt;"> </span>are<span style="letter-spacing: -0.15pt;"> </span>regulated<span style="letter-spacing: -0.45pt;"> </span>a<span style="letter-spacing: -0.05pt;">n</span>d
these<span style="letter-spacing: -0.25pt;"> </span>are<span style="letter-spacing: -0.2pt;"> </span>shortened during the<span style="letter-spacing: -0.15pt;"> </span>Holy
Month <span style="letter-spacing: -0.05pt;">o</span>f<span style="letter-spacing: 0.05pt;"> </span>Ramadan. The shortened hours<span style="letter-spacing: -0.05pt;">
</span>apply to<span style="letter-spacing: -0.05pt;"> </span>all e<span style="letter-spacing: -0.05pt;">m</span>ployees,<span style="letter-spacing: -0.6pt;">
</span>re<span style="letter-spacing: -0.05pt;">g</span>ardless<span style="letter-spacing: -0.15pt;"> </span><span style="letter-spacing: -0.05pt;">o</span>f
religion.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0.85pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 115%; margin: 0in 19.85pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">8.10<span style="letter-spacing: -0.25pt;"> </span>Employee
numbers<span style="letter-spacing: -0.05pt;"> </span>are<span style="letter-spacing: -0.15pt;"> </span>r<span style="letter-spacing: 0.05pt;">e</span>stric<span style="letter-spacing: -0.05pt;">t</span>ed<span style="letter-spacing: -0.25pt;"> </span>according
to<span style="letter-spacing: -0.05pt;"> </span>various c<span style="letter-spacing: 0.1pt;">r</span>iteria,<span style="letter-spacing: -0.4pt;"> </span>including
office area<span style="letter-spacing: -0.2pt;"> </span>and machinery<span style="letter-spacing: -0.5pt;"> </span>installation.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 1pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in -1pt 0pt 5.85pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">9.<span style="letter-spacing: -0.1pt;"> </span>Tecom</span></b><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 6pt; margin: 0.35pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0in 16.4pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 115%; mso-fareast-font-family: Calibri;">The
TECOM<span style="letter-spacing: 0.05pt;"> </span>requireme<span style="letter-spacing: -0.05pt;">n</span>ts<span style="letter-spacing: -0.65pt;"> </span>are<span style="letter-spacing: -0.15pt;"> </span>slightly different <span style="letter-spacing: -0.05pt;">a</span>s the<span style="letter-spacing: -0.15pt;">
</span>regula<span style="letter-spacing: -0.05pt;">t</span>ions<span style="letter-spacing: -0.35pt;"> </span>only p<span style="letter-spacing: 0.1pt;">r</span>ovide
for l<span style="letter-spacing: 0.05pt;">i</span>mited liability co<span style="letter-spacing: -0.05pt;">m</span>panies, co<span style="letter-spacing: -0.05pt;">m</span>posed<span style="letter-spacing: -0.05pt;"> o</span>f <span style="letter-spacing: 0.05pt;">betwee</span>n<span style="letter-spacing: -0.45pt;">
</span>one <span style="letter-spacing: -0.05pt;">an</span>d 50<span style="letter-spacing: -0.1pt;"> </span>shareholders.<span style="letter-spacing: -0.05pt;"> </span>The<span style="letter-spacing: 0.1pt;"> </span>current<span style="letter-spacing: -0.35pt;"> </span>mi<span style="letter-spacing: -0.05pt;">n</span>imum
share<span style="letter-spacing: -0.25pt;"> </span>capital for a TECOM<span style="letter-spacing: -0.1pt;"> </span>limited<span style="letter-spacing: -0.05pt;">
</span>liability comp<span style="letter-spacing: -0.05pt;">a</span>ny<span style="letter-spacing: -0.05pt;"> </span>is AED50,000<span style="letter-spacing: -0.55pt;"> </span>and <span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: -0.05pt;"> </span>share<span style="letter-spacing: -0.25pt;">
</span>capital may, upon the<span style="letter-spacing: -0.15pt;"> </span>appropriate
a<span style="letter-spacing: -0.05pt;">p</span>provals<span style="letter-spacing: -0.05pt;"> </span>being recei<span style="letter-spacing: -0.05pt;">v</span>ed<span style="letter-spacing: -0.4pt;"> </span><span style="letter-spacing: -0.05pt;">fro</span>m<span style="letter-spacing: -0.25pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>authorities,
be<span style="letter-spacing: -0.1pt;"> </span>divided into<span style="letter-spacing: -0.05pt;"> </span>d<span style="letter-spacing: 0.05pt;">i</span>fferent<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 14.6pt; margin: 0in -1pt 0pt 5.85pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri; mso-text-raise: .5pt; position: relative; top: -0.5pt;">classes <span style="letter-spacing: -0.05pt;">o</span>f s<span style="letter-spacing: 0.05pt;">h</span>ares.<span style="letter-spacing: -0.25pt;"> </span>Each
TECOM limited liability c<span style="letter-spacing: -0.1pt;">o</span>mpany is
required to<span style="letter-spacing: -0.05pt;"> </span>have<span style="letter-spacing: -0.2pt;"> </span>at<span style="letter-spacing: -0.1pt;"> </span>least
one director</span><span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 2.25pt -1pt 0pt 5.85pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: Calibri;">and may<span style="letter-spacing: -0.2pt;"> </span>have<span style="letter-spacing: -0.25pt;"> </span>a maximum <span style="letter-spacing: -0.05pt;">o</span>f four direct<span style="letter-spacing: -0.05pt;">o</span>rs.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 9.5pt; margin: 0.2pt 0in 0pt; mso-line-height-rule: exactly;">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: 10pt; margin: 0in 0in 0pt; mso-line-height-rule: exactly;">
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POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-89937610291194781962013-02-07T05:46:00.002-08:002013-12-29T23:12:14.349-08:0049%- 51% UAE limited liability company legal Structure case study <div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: "Arial","sans-serif";"> </span><span style="font-family: "Arial","sans-serif";"></span><br />
<span style="font-family: "Arial","sans-serif";"><strong>J</strong>ust when
though a report by <em><span style="font-family: "Arial","sans-serif";">El Ameir
Noor & Zane Anani of Al Tamimi stating that </span></em>recent judgment
handed down by the Federal Supreme Court demonstrates a unique position on the
issue of side agreements and the removal of a partner in a company. The
judgment sheds light on the validity and enforceability of side agreements in
the context of a 49/51 UAE limited liability company. The judgment also
addressed a very important issue on whether the majority shareholder can
request the court to remove any of his partners/shareholders and the grounds
for such request. The case is discussed in detail below.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 11.25pt;">
<b><span style="font-family: "Arial","sans-serif";">Background</span></b><span style="font-family: "Arial","sans-serif";"><br />
<br />
A dispute arose in relation to a limited liability company in Abu Dhabi between
a UAE shareholder (owning 51 % of the shares), an Omani shareholder (owning 24
% of the shares) and a US company (owning 25 %). An action was filed by the UAE
shareholder requesting confirmation of its entitlement to 51 % of the profits
according to the shareholder’s agreement. The UAE shareholder also requested
the court to issue judgment for the withdrawal of the Omani shareholder on the
basis that the Omani shareholder had not been cooperative and caused loss to
the company as a result of his lack of cooperation. The Omani shareholder
argued that the partners in the company signed a side agreement and entered
into an arrangement whereby the UAE partner would own 37.5 % of the shares, the
Omani partner would also have 37.5 % and 25% was owned by the US Company.<br />
<br />
<b>Court of First Instance</b><br />
<br />
The matter progressed before the Court of First Instance and the court issued
judgment in favour of the UAE partner on the basis of the official documents
(the Memorandum of Association) which confirmed that he was the owner of 51% of
the shares of the company. The court however rejected the request of the UAE
partner to expel the Omani partner. <br />
<br />
<b>Federal Court of Appeal</b><br />
<br />
Both the UAE and Omani partners appealed further against the judgment and the
Court of Appeal rejected both appeals and upheld the lower judgment.<br />
<br />
<b>Federal Supreme Court<br />
<br />
</b>Both parties appealed further to the Federal Supreme Court. The Federal
Supreme Court ruling highlighted two important issues:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: 13.5pt; margin: 0in 0in 0pt 15pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span style="font-family: Symbol; font-size: 10pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="font-family: "Arial","sans-serif";">Side
agreements<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 11.25pt;">
<span style="font-family: "Arial","sans-serif";">The
general principle in UAE Evidence law is that a written contract can only be
contradicted by written evidence, except where the opponent waives his right to
documentary evidence or where there is an agreement to defraud the law. When
the fraud exception to the general principle applies, the party against whom
the fraud was made can use all means of evidence including testimony of
witnesses to prove that the official agreement is not genuine vis-à-vis the
side agreement.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: 13.5pt; margin: 0in 0in 0pt 15pt; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-indent: -0.25in;">
<span style="font-family: Symbol; font-size: 10pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="font-family: "Arial","sans-serif";">Withdrawal
of the Omani shareholder<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 11.25pt;">
<span style="font-family: "Arial","sans-serif";">The
UAE shareholder requested the court to dismiss the Omani shareholder as a
result of the losses he caused the company to incur. The Court of First
Instance refused to accept the UAE shareholder’s request on the basis of
articles 37, 47 and 63 of the Commercial Companies Code. These articles mandate
that a numerical majority is required and in these circumstances, only one
shareholder out of three requested the dismissal. This was followed by the
Court of Appeal however this was reversed by the Federal Supreme Court (as
discussed below).<br />
<br />
<b>Federal Supreme Court<br />
<br />
</b>The Federal Supreme Court decided that what is legally required is the
majority of shares rather than a majority of the partners and accordingly a
shareholder owning a majority of the shares could request the court to dismiss
a partner based on sufficient reasons to justify the request. As the UAE
shareholder owned 51% of the shares he could request the dismissal of the Omani
entity on the basis of the following articles:<br />
<br />
<b>Article 677 of the civil code provides:</b><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 11.25pt;">
<span style="font-family: "Arial","sans-serif";">(1)
It shall be permissible for a majority of the partners to apply for a judicial
order dismissing any partner if they adduce serious reasons justifying the
dismissal.<br />
<br />
(2) It shall likewise be permissible for any partner to apply for a judicial
order that he cease to be a partner in the company if the company is of defined
duration, and he provides reasonable grounds for such application.<br />
<br />
(3) In both of the foregoing events the provisions of Article 675 (2) shall
apply to the share of the dismissed or withdrawing partner, and such share
shall be assessed in accordance with its value on the date the claim was
brought.<br />
<br />
Article 675 (2) provides that ‘it shall likewise be permissible for an
agreement to be made to continue the company as between the remainder of the
partners if one of them dies or is placed under a legal restriction or becomes
bankrupt or withdraws, and in those events such partner or his heirs shall be
entitled only to his share in the assets of the company…’<br />
In light of the above, the Federal Supreme Court overruled the Court of Appeal
judgment and remanded the case again to the Court of Appeal to look into the
appeal and consider the directions of the Supreme Court.<br />
<br />
<b>The Court of Appeal<br />
<br />
</b>Upon re-trial, the Court of Appeal gave the Omani shareholder the
opportunity to call witnesses to prove his side agreement. However, the case
was dismissed for lack of evidence confirming ownership of the UAE partner for
51% of the shares. The court also dismissed the appeal filed by the UAE partner
to remove the Omani partner on the basis of lack of evidence to support such
request.<br />
<br />
Both parties appealed again to the Supreme Court. The Omani shareholder argued
that it has submitted sufficient evidence to establish the side agreement but
argued that the Court of Appeal neglected this issue. The UAE shareholder filed
its appeal insisting on its request to remove the Omani shareholder.<br />
<br />
<b>Federal Supreme Court</b><br />
<br />
The Federal Supreme Court confirmed that the Court of Appeal neglected to look
at evidence confirming the Omani’s shareholding. The Court of Appeal did not
address the side agreement which contains a clause (Article 20 of the contract)
Article 20 of the side agreement states that “Each of the parties acknowledges
that they hold shares equally in the company.” The profits and losses of the
firm were distributed equally under Clause 20. This is in addition to various
other documents which prove that the profits and losses were distributed
equally between the two companies and not based on the official 51/49%
shareholding of the UAE Company.<br />
<br />
The Federal Supreme Court, however, rejected the appeal filed by the UAE
shareholder on the basis that there was no evidence to support its request to
remove the Omani shareholder.<br />
<br />
The Supreme Court therefore overruled the Court of Appeal judgment for the
second time and returned the case back for retrial to look into the documents
and arguments raised by the Omani shareholder in support of the side agreement.
<br />
<br />
As a result of this judgment the request of the UAE partner to expel the Omani
partner became final and the only issue that remained to be addressed by the
Court of Appeal was the issue of the side agreement as argued by the Omani
partner.<br />
<br />
<b>The Court of Appeal Judgment –upon retrial<br />
<br />
</b>As a result, the Court of Appeal heard the case again (for the third time)
in order to decide whether or not there are sufficient documents to establish
the existence of the side agreement/arrangement as argued by the Omani partner.
Upon reviewing all the documents submitted by the Omani partner, the court
concluded that there is sufficient evidence to establish the existence of the
side agreement between the parties (and that the shares have been distributed
on the basis of 37.5% to the UAE and Omani partners and 25% to the US Company).<br />
<br />
<b>Comment</b><br />
<br />
In this case, it was clear that the shareholders of the company could continue
the company’s business on the basis of the side agreement. In the event that
one of the parties wanted to dissolve the company, a separate court judgment
would be needed to dissolve the company on the basis that the company lacked
the required legal corporate structure as the UAE partner’s shares had been
declared to be less than 51%, however the partners may need to decide whether
or not their interest are better served by living with the side agreement and
continue with the company or dissolve it.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Arial","sans-serif";">I know this
case study will be very information to lot of people, so I will appreciate if
you can give us your feedback</span><br />
<span style="font-family: "Arial","sans-serif";"></span><br />
<span style="font-family: "Arial","sans-serif";"><div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
<o:p></o:p></span></div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-79375711955099184452012-12-30T02:30:00.000-08:002013-12-29T23:11:54.353-08:00Who should use an offshore company?<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">An offshore company may be of interest to a great number of people and it may
be used for various activities: </span><b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 7.5pt 0in 7.5pt 30pt; mso-list: l0 level1 lfo1; tab-stops: list .75in; text-indent: -0.25in;">
<span style="color: #333333; font-family: Symbol; font-size: 10pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Businessmen</span></b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: <br />
Establishing an offshore company allows you to begin an activity without having
to deal with the set-up of a complicated infrastructure. An offshore company
allows you to benefit from fiscal advantages and ease of administration. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 7.5pt 0in 7.5pt 30pt; mso-list: l0 level1 lfo1; tab-stops: list .75in; text-indent: -0.25in;">
<span style="color: #333333; font-family: Symbol; font-size: 10pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Commerce over the
Internet (E-Commerce)</span></b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: <br />
Internet traders can use an offshore company to maintain a domain name and to
manage internet sites. An offshore company might be ideal for people whose
business is on the internet. You might choose to incorporate the registered
office of your company in an offshore jurisdiction to take advantage of the
various benefits offered by these jurisdictions. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 7.5pt 0in 7.5pt 30pt; mso-list: l0 level1 lfo1; tab-stops: list .75in; text-indent: -0.25in;">
<span style="color: #333333; font-family: Symbol; font-size: 10pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Consultants /Counsellors</span></b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">:<br />
You can also carry on your consultancy or counselling business through an
offshore company. You will find it easier to manage your company and will have
reduced or even zero taxation depending on the jurisdiction in question. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 7.5pt 0in 7.5pt 30pt; mso-list: l0 level1 lfo1; tab-stops: list .75in; text-indent: -0.25in;">
<span style="color: #333333; font-family: Symbol; font-size: 10pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">International business</span></b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: <br />
International business can be carried out through an offshore company. It will
handle purchases and sales operations, taking advantage of the fact that its
profit will not be taxed, or only at a low level, depending on the
jurisdiction. This type of use is particularly interesting where goods from one
country are sold in another country while you yourself are based in a third
country. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 7.5pt 0in 7.5pt 30pt; mso-list: l0 level1 lfo1; tab-stops: list .75in; text-indent: -0.25in;">
<span style="color: #333333; font-family: Symbol; font-size: 10pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Holding intellectual
property rights</span></b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> :<br />
Any kind of intellectual property right (a patent or trade mark) may be
registered in the name of an offshore company. The company may also buy or sell
this type of rights. It may also grant rights of use to third parties against
payments which will be considered as revenues and will thus benefit from the
low level or zero taxation of the jurisdiction in which it is registered. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 7.5pt 0in 7.5pt 30pt; mso-list: l0 level1 lfo1; tab-stops: list .75in; text-indent: -0.25in;">
<span style="color: #333333; font-family: Symbol; font-size: 10pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Assets Protecting </span></b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"> </span><br />
Offshore companies are used to hold both movable property (such as yachts) and
immovable property (e.g. houses and buildings). In addition to confidentiality,
the benefits and advantages they offer include exemption from certain types of
taxes (e.g. inheritance tax). It should be noted, however, that some countries
do not allow the acquisition of movable/immovable property through offshore
structures and therefore those wishing to form an offshore structure are
advised to check with a competent authority before proceeding. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 7.5pt 0in 7.5pt 30pt; mso-list: l0 level1 lfo1; tab-stops: list .75in; text-indent: -0.25in;">
<span style="color: #333333; font-family: Symbol; font-size: 10pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">For inheritance purposes</span></b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> :<br />
An offshore firm that always stays afloat (provided all costs associated with
running it are paid) may, in some countries, be used as a means of avoiding
inheritance tax laws. With a view to optimizing inheritance tax liability, the
offshore structure may also be combined with a trust or a foundation. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 7.5pt 0in 10pt 30pt; mso-list: l0 level1 lfo1; tab-stops: list .75in; text-indent: -0.25in;">
<span style="color: #333333; font-family: Symbol; font-size: 10pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Stockbroker/forex</span></b><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> :<br />
Offshore companies are very often used for share or foreign exchange
transactions. The main reasons being the anonymous nature of the transaction
(the account can be opened under a company name) and the attractive fiscal
conditions of offshore regulations (little or no tax levied on profits made). </span><br />
<span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
<o:p></o:p></span></div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com2tag:blogger.com,1999:blog-4787117222401645288.post-38452087584570571992012-12-29T01:00:00.001-08:002013-12-29T23:11:02.012-08:00What is a Declaration of Trust?<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: JA; mso-fareast-theme-font: minor-fareast;">While setting up an <a href="http://www.adamadvisors.com/offshore-services.html">offshore Company</a>, you will find
a Declaration. A Declaration Trust in the context of an offshore company is a
written undertaking by a nominee shareholder to the beneficial (real) owner to
hold shares on his (beneficial owner) behalf in the capacity of a trustee. The
nominee cannot transfer, deal with or dispose of the shares except on the
specific written instructions of the beneficial owner.</span><br />
<span style="font-family: "Arial","sans-serif"; font-size: 11pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: JA; mso-fareast-theme-font: minor-fareast;"><br />
The nominee shareholder further assigns all rights dividends, profits etc. to
the beneficial owner as well as agree to exercise his voting power as the owner
may direct.</span><br />
<span style="font-family: Arial;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-37204776379203653122012-12-27T02:43:00.001-08:002013-12-29T23:10:45.149-08:00What is the purpose of the Declaration of Trust from nominee shareholder?<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "Arial","sans-serif";">A Declaration of Trust from nominee shareholder to the beneficial owner is to
ensure that nominee cannot use the shares in any way without the express
authority of the beneficial owner.</span><br />
<span style="font-family: Arial;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-79622623099887504032012-12-27T02:41:00.001-08:002013-12-29T23:10:30.451-08:00How is a nominee Director while incorporating a Offshore Company <div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<b><span style="font-family: "Arial","sans-serif";">How is a
nominee Director while incorporating a Offshore Company <o:p></o:p></span></b></div>
<span style="font-family: "Arial","sans-serif";"><br />
A nominee executive is a third party provided by us to be registered as the
director of the company. On his appointment at the first meeting of the
subscribers to appoint the board, an undated letter of resignation is signed by
the nominee director and can be executed by the beneficial owner at any time he
wishes. The nominee director also provides the beneficial owner or other person
(who the beneficial owner may appoint) with a general (POA) Power of Attorney
which vests total authority and control in this person over the affairs of the
company.</span><br />
<span style="font-family: Arial;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-3120680253988320862012-12-24T03:12:00.003-08:002014-01-13T05:39:37.938-08:00Why incorporate offshore?<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<b><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1. Low Taxation</span></b><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Most offshore companies pay no taxes on the income derived from
offshore operations, i.e. from activities outside of the jurisdiction of
company formation. These offshore companies include </span><b style="mso-bidi-font-weight: normal;"><u><span style="color: #002060; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">UAE <a href="http://www.linkedin.com/profile/edit?trk=nav_responsive_sub_nav_edit_profile" target="_blank"><span style="color: #002060; mso-bidi-font-weight: bold;">Belize IBC</span></a>, <a href="http://www.linkedin.com/profile/edit?trk=nav_responsive_sub_nav_edit_profile" target="_blank"><span style="color: #002060; mso-bidi-font-weight: bold;">Seychelles IBC</span></a>, <a href="http://www.linkedin.com/profile/edit?trk=nav_responsive_sub_nav_edit_profile" target="_blank"><span style="color: #002060; mso-bidi-font-weight: bold;">BVI BC</span></a></span></u></b><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> and others. <br />
<br />
Business or Companies in some on-shore jurisdictions, where we provide
incorporation services as well, also have reasonably low taxation. For
instance, a <a href="http://www.linkedin.com/profile/edit?trk=nav_responsive_sub_nav_edit_profile" target="_blank"><b><span style="color: navy;">Hong Kong Company</span></b></a> pays no taxes on profits
from operations generated outside of Hong Kong. At the same time, onshore
companies must comply with all relevant filing requirements, which are often
costly. <br />
<br />
<b>2. Anonymity</b>: Registrars in most offshore jurisdictions do not reveal
information relating to directors, shareholders and beneficiaries of offshore
IBC companies. Therefore, the underlying principal may bear out all relevant
transactions in the name of an offshore company while remaining unidentified. <a href="http://www.dubaibusinessadvisors.com/"><b><span style="color: navy;">Nominee</span></b></a>
directors and shareholders can be provided to further protect the beneficial
owners of an offshore company. <br />
<br />
<b>3. Asset protection</b>: In the international business context, it is
usually the laws of the jurisdiction of incorporation that are applied, rather
than those, where the company is being sued. Many offshore jurisdictions are
renown for their favourable asset protection laws. Complementing an offshore
company with an <a href="http://www.dubaibusinessadvisors.com/"><b><span style="color: navy;">offshore banking</span></b></a> facilities, protects
company’s assets even further. <br />
<br />
<b>4. Ease of Reporting</b>: The compliance reporting necessities for offshore
companies are limited, especially in comparison to companies, registered in
onshore jurisdictions. Most offshore IBC companies are not required to file
annual reports and accounts in the jurisdiction of the company formation.
Instead, local authorities charge a flat annual license fee, which is
insignificant in comparison to reporting expenses and taxes in onshore jurisdictions.
<br />
<br />
<b>5. Operating Costs and Fees</b>: With limited reporting supplies, offshore
companies generally have lower maintenance and operating fees. The cost of
compliance, preparation of accounts and auditing in on-shore countries is often
considerable while offshore companies save on these particular expenses. <br />
<br />
Registered office fees are also significantly lower than buying or renting
premises in onshore jurisdictions. A <a href="http://www.dubaibusinessadvisors.com/"><b><span style="color: navy;">virtual office</span></b></a> could be also set up at the
registered address of the company to further lower the effective fees of
running one's business.</span><br />
<span style="font-family: Verdana; font-size: x-small;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-72052325756935691242012-12-24T02:43:00.001-08:002014-01-13T05:36:42.561-08:00What are the uses of an offshore company(IBC)<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: #205070; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman";">offshore company uses:-<o:p></o:p></span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<span style="color: #205070; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman";">Understanding what is
an offshore license from my previous article, offshore company uses:-</span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">As most other companies, an offshore company may
enter into contracts, open bank accounts, purchase and sell various products
and services, own property. A typical offshore entity, also known as an
international business company (or an offshore IBC) does not pay taxes in its
home jurisdiction. At the same time, it must also operate outside of the
country of incorporation. A typical IBC is effectively a corporation with a
limited liability. This liability is limited only by company’s shares. Shares
are owned by one or more shareholders while the company is managed by
director(s).<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%;">Offshore incorporation can be carried out
in a number of jurisdictions, including UAE,BVI, Belize, Seychelles, Anguilla,
Panama, Nevis etc. The main decision criteria are price, reputation of the
jurisdiction and time to incorporate. For instance, an offshore <a href="http://www.linkedin.com/profile/edit?trk=nav_responsive_sub_nav_edit_profile" target="_blank"><b><span style="color: navy; text-decoration: none; text-underline: none;">BVI company</span></b></a> is the
most popular among offshore entities, highly regarded by incorporators and
business owners alike. An alternative would be a <a href="http://www.linkedin.com/profile/edit?trk=nav_responsive_sub_nav_edit_profile" target="_blank"><b><span style="color: navy; text-decoration: none; text-underline: none;">Seychelles company</span></b></a>,
which is the most reasonably priced among popular offshore jurisdictions. <a href="http://www.linkedin.com/profile/edit?trk=nav_responsive_sub_nav_edit_profile" target="_blank"><b><span style="color: navy;">Belize IBC</span></b></a> is a practical balance between
price, reputation and proximity to fairly developed banking system of Belize.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%;"></span><div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%;">For more information please contact me on</span><br />
<br />
<span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%;">Mobile +971553350517</span><br />
<br />
<span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%;">Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a></span><br />
<br />
<span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%;">Skype Winston.wambua</span></div>
<span style="color: black; font-family: "Verdana","sans-serif"; font-size: 10pt; line-height: 115%;">
</span><br /></div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com1tag:blogger.com,1999:blog-4787117222401645288.post-63015649309788592772012-10-09T21:42:00.002-07:002013-12-29T23:09:24.252-08:00Residence visa for a stepchild in Dubai UAE<div dir="ltr" style="text-align: left;" trbidi="on">
Residence visa for a stepchild in Dubai UAE
If a man sponsors his stepchildren their residence visas will be valid only for single year.
The visa can be renewed annually and sponsor has to put up a Dh 5,000 deposit for each child. The deposit has to be paid at the Naturalisation and Residency Department and will be returned on cancellation of the visa.<br />
<br />
Previous to applying visa for stepchildren, you need to first check at the department if the application will be approved as questions regarding guardianship of the children must be addressed and cleared.
The application will first have to be approved by the director-general of the department.<br />
<br />
Approval<br />
The question of custody of children must be approved by the court in the mother's country and also by the UAE Embassy and Foreign Ministry in her home country. The mother must show proof that she has legal custody of her children from her former husband.<br />
<br />
The man who wishes to sponsor his wife's son or daughter must submit to the department a no objection letter from the father of the children that he agrees that his son or daughter can be sponsored by their stepfather who lives in the UAE.<br />
<br />
The letter must be approved and be legally binding and should be signed by the proper authority in the child's home country. It should also be approved by the UAE Embassy in the country of the child and also by the foreign ministry.<br />
<br />
The father or the child or the guardian must state in the letter that he does not have any objection to the son or daughter shifting to the UAE and being sponsored by their stepfather.
If the father of the child is dead and the mother remarried, the grandparents or relatives of the child must give the no-objection letter in accordance with the law in their own country.
All documents must be official, legal and approved from the concerned authorities.
If the former husband of the wife or his family members are living in the UAE, the wife should obtain proof of custody from the court and a no-objection letter from the father of her children or from his family or their legal guardians.<br />
<br />
Documents needed<br />
<br />
• A woman cannot sponsor her former husband's children unless she falls in the category who can sponsor her own family, such as a working mother.<br />
<br />
• The Naturalisation and Residency Department can allow her to sponsor her stepson or stepdaughter on humanitarian grounds which is decided by the head of the department.<br />
<br />
• If the sponsored child is under 18 years, the application must include the birth certificate in addition to all needed documents.<br />
<br />
• All children must go to school if they are of school age and should be enrolled in an educational institution.<br />
<br />
• If the sponsored stepson is over 18 years, you need to submit a certificate from an authorised education institution here.<br />
<br />
• If you wish to sponsor your stepdaughter and she is over 18 years, she should be enrolled in an authorised educational institution here and that educational institution must approve that.<br />
<br />
• To sponsor stepchildren, the man's salary must be over Dh6,000 including accommodation.<br />
<br />
• Papers needed are copy of the sponsor's passport; salary certificate; labour contract.<br />
<br />
• The stepfather should also submit a document saying that he will financially support the children. It should be attested by his embassy here and the foreign ministry in his country.<br />
<br />
• Fees for Entry Permit Application Dh220 for each child (service charge extra).<br />
<br />
• Medical Test required if the son/daughter is above 18 years.<br />
<br />
• Visa stamping Fees Dh170 for one year (service charge extra).<br />
<br />
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<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com2tag:blogger.com,1999:blog-4787117222401645288.post-76375900567287935392012-10-09T07:18:00.001-07:002013-12-29T23:08:52.736-08:00Documents Attestestation in Dubai (Notarization)<div dir="ltr" style="text-align: left;" trbidi="on">
Any undertaking by a single party or agreement between two or additional parties may require an attestation. Some typical credentials that need to be attested include marriage certificates, Memorandum of Association for LLC formation, establishing commercial agent, withdrawal of partnership, clearance certificates, individual’s maid contracts with some consulates etc.<br />
<br />
The concerned party or individual must first visit Dubai Courts Notary Public, followed byMinistry of Justice (Location: Near Al Tawar Centre, Qusais) and finally The Ministry of Foreign Affairs (Location: Karama Diplomatic area, Near Indian Consulate) for certain documents.<br />
<br />
Notary in Al Towar & Al Barsha branches are open till 8:30 pm. The document, once attested by Dubai Courts, can be given to any representative to get further attestations at the other two ministries.<br />
<br />
<u>Step One: Dubai Courts Notary Public</u> (DCNP)<br />
Go to Dubai Courts Notary Public with 2 original documents and all original supporting documents including passport/valid ID. At reception, take the token and meet Notary who will verify the document. Take a new token and meet second official who will re-verify your documents and compare your signature and take payment:<br />
<br />
• Dh130 (Local Service Agent Contract)<br />
<br />
• Dh905 (LLC Memorandum of Association)<br />
<br />
• Dh110 (Individual Employment Contract- Maid)<br />
<br />
Amount varies depends on the document. Collect documents from second official and go to stamping desk to put court stamp on all pages. Again return to Notary who will sign on the document and store one original in the archives.
DCNP Branch Locations: Please note that attestations are no longer being done at Dubai Courts. Branches are open at Al Towar Centre in Al Qusais and Al Barsha from 7.30 am to 1 pm and from 4 pm to 8:30pm. There are also two branches in Economic Department & DM, but they follow regular government office timings.<br />
<br />
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<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-59161307745620589062012-10-09T07:15:00.000-07:002013-12-29T23:08:36.784-08:00Freehold Visa in UAE<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Three year Multiple-entry Visa will be issued for expatriate
property owners, who meet the eligibility criteria.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;"><span style="mso-spacerun: yes;"> </span>This Visa can be
renewed, but the investor must remain out of the UAE for at least one month.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">The maximum permitted stay at once is six months. </span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">• Visa Fee: Dh2305 including Federal Fee, Local Fee &
Insurance (service charge extra).</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;"><span style="mso-spacerun: yes;"> </span>The investors will
need to meet a set of requirements:</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">• The property should be worth at least Dh1 million.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">• It should be ready for the investor to move in.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">• It should be wholly owned by the investor and the investor
must have a monthly income no less than Dh10,000 or equivalent in foreign
currencies.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">• The apartment or villa must be comfortable to accommodate
the family of the investor.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">• The investor is required to obtain the title of the
property from the registration authority in the respective emirate, before he
could be granted the visa.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<o:p><span style="font-family: Calibri;">For more information please contact me on<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</span></o:p></div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-71299493684013100162012-10-09T07:11:00.003-07:002014-01-13T05:35:50.580-08:00Company Formation Hamriyah Free Zone (Sharjah) <div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Calibri;">Under the Decree of November 1995, investors may set up
factories and industrial manufacturing processing and assembly uni4s and
commercial enterprises carrying on trading, financial, and professional
activities an$ services. Goods within free zone are exempted from custom and
import and export duties. Products of factories in the free one (licensed by
the Ministry of Finance and Industry and in which the participation of UAE or
AGCC nationals is no less than 51 per cent) are considered to be national
products, and no business duties are <span style="mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">levied thereon (on
entering the UAE.</span></span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com1tag:blogger.com,1999:blog-4787117222401645288.post-20562153170061458732012-10-09T07:08:00.001-07:002013-12-29T23:08:02.007-08:00Company Formation in Al Saadiyat Free Zone (Abu Dhabi) <div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">A free zone area has been set up on Al Saadiyat land pursuant
to Local Law Number 6 of 1996. Trading, financial, and services companies may
be incorporated or establish branches in the free zone area. Goods in transit
through the free zone will be exempted from custom duties and . Custom duties
will only be levied on goods entering the UAE. </span><br />
<span style="font-family: Calibri;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
For more information please contact me on<br />
<br />
Mobile +971553350517<br />
<br />
Email: <a href="mailto:winstonk@live.com">winstonk</a><a href="http://www.blogger.com/null"><a href="mailto:winstonk@live.com"></a><a href="mailto:winstonk@live.com"><a href="mailto:winstonk@live.com">@live.com</a></a></a><br />
<br />
Skype Winston.wambua</div>
</div>
</div>
POWER OF ATTORNEY ATTESTATIONhttp://www.blogger.com/profile/08392555879999314186noreply@blogger.com0tag:blogger.com,1999:blog-4787117222401645288.post-55978600959743896702012-10-09T07:04:00.002-07:002014-01-13T05:35:30.615-08:00Free Trade Zones-UAE<div dir="ltr" style="text-align: left;" trbidi="on">
Free trade zones have been set up in the Emirates of Abu Dhabi, Dubai, Sharjah, Fujairah, Ajman, Umm Al Quwain and Ras Al Khaimah. Incentives for investment in free trade zones comprise:<br />
<br />
• One-hundred per cent foreign ownership;<br />
<br />
• No corporate taxes for 15 years, renewable for an additional 15-year period;<br />
<br />
• One-hundred per cent repatriation of capital and profits;<br />
<br />
• No personal income taxes; and<br />
<br />
• No currency restrictions.<br />
<br />
Jebel Ali Free Zone (Dubai)
The Free Zone Authority in Jebel Ali Port issues four types of licenses categorized by nature of the activity, explicitly:<br />
<br />
• The trading license permits its holder to import, export, sell, distribute, and store all items specified on the license. However, sales of the company’s products in the UAE may be carried on only through an mediator or distributor.<br />
<br />
• The industrial license permits its holder to import raw materials and manufacture and export the finished product to any country. The manufactured product may be sold in the UAE through a distributor or agent.<br />
<br />
• The holder of a service license must be licensed in one of the Emirates to render the same services intended for its free trade zone operations.<br />
<br />
The national industrial license is issued to companies meeting the requirements for a National Production Certificate, Ie, 40 per cent value added and 51 per cent Arabian Gulf Cooperation Council (AGCC) ownership` (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE). Companies holding this type of license qualify for customs duty exemption on their products imported into any of the above countries.<br />
<br />
The Jebel Ali Free Zone Authority offers factory and warehousing services on lease to tenants. Buildings to lessee’s specifications can be constructed under a long-term land leads. Under Act Number 9 October 1992, a free zone establishment may be incorporated in the Jebel Ali Free Zone. It is a one-person or more company with a legal identity where the owner’s liability is limited to the paid-in capital. The owner may be an individual or a company. The capital may not be less than Dhs 1 mill0on paid into a bank account in the fame of the proprietor at the time of incorporation. The capital may be divided into shares of equal value.<br />
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