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Setting up your company in DubaiROIS Business can provide you with a valid support for setting up your company in Dubai. Since many years it can be considered a good representative in the provision of commercial indications for Dubai.
ROIS’ business advice services range from development and commercial strengthening to support in company set-up; from intensive research of distributors, agents and partners, to organization of trade missions, road-shows and events. Last but not least, it can provide studies and market researches.
In company set-up and commercial consulting provision, ROIS strong points lie in a deep knowledge of Emirates and their overall opportunities, in a careful and clear planning of events, in style and creativity at the service of individual customers and their specific demands.
«ROIS offers a skilled experience and an high-level service package» explains ROIS managing partner, Corrado Chiarentin «for company set-up and business cooperation with local companies in Dubai and United Arab Emirates ».
Dubai government promotes economic development with selected big private companies, with Dubai government as main shareholder. Some of these companies are: EMAAR, one of the real estate developer in the world with stronger capitalization. It works in E.A.U. through EMAAR Properties, with a portfolio of 40 real estate projects in Dubai (the most important are Arabian Ranches, Emirates Hills, The Lakes, The Springs), and abroad, carrying out tourist and private housing estate projects through EMAAR International Development company. It often operates constituting joint ventures with local partners (for GCC area the joint venture EMAAR Middle East, with the Saudi company Al Oula Group was established in 2004). Today the company operates in Saudi Arabia (King Abdullah Economic City , with a value of 10 billions of US dollars), Egypt, Morocco, Tunisia, Syria and China. The main EMAAR shareholder is the government of Dubai.
Dubai World holding was born in July 2006 and includes 20 companies, including a few leading world operation companies:
a) DP World, with the buyout of British P&O in February 2006 became one of the main port operator in the world.
b) Jebel Ali Free Zone (one of the main free zone of E.A.U., connected with the port of the same name and, in a few years, with the Jebel Ali Aviation City airport district, with a value of 10 billions of US dollars).
c) Nakheel. The company carries out tourist and private housing estate project for a total value of 12 billions of US dollars. Some of them became – thanks to an effective marketing operation – real symbols of Dubai in the world: in detail, the so-called “Palms”, divided in three insular installations, the Palm Jebel Ali, Palm Jumeirha, Palm Deira, and The World, insular installation that reproduces the world with its geographical articulation.
Laws for setting up in DubaiIn the last thirty years, United Arab Emirates have built an image of progress and advance in the entire Middle East. The best conditions for business have therefore been established. The only restrictions still in force concern the setting up of companies with 49% of capital, restrictions not enforced in many free zones (eight in Dubai alone). Dubai Emirate is the head office of Dubai International Financial Centre, an on shore free zone for the development of international finance.
Rules for setting up a company in U.A.E. stem from Federal Law No. 8 of 1984 "Commercial Law of Societies", amended with the federal law No.13 of 1988, and related local writs. The law conditions impose local citizens to own the company or 51% of its capital share. The remaining 49% can belong to foreigners.
The law allows companies to take up one of the following legal form:
• General liability company.
• Limited partnership.
• Public company.
• Close company.
• Limited liability company.
• Joint Venture – cooperative company.
• Professional company.
• Single owner company for professional practice.
Instead of a permanent presence, foreign investors can elect a commercial agent to represent their interests in U.A.E..
After reaching a big economic prosperity in the '70s, the oil countries of the region have invested a large part of their income to set up companies with specific development projects. The economic growth of Middle East is built on oil profits, real estate investments, private housing estate projects, tourism and foreign aids.
The large influx of foreign currency, resulting from oil and foreign investors, had caused in the past a rise of local currencies. Today, with the depreciation of dollar, the central banks of the region must maintain the interest rate below the inflation rate.
With regard to the financial sector, since the end of 2004 the Dubai International Financial Center was created in Dubai, an "on shore" free zone that aims to establish Dubai as the regional focus for international finance, like London, Hong Kong and Singapore.
The institutional legal basis of DIFC is a federal law (Federal Law n. 7 of 2004) that provides the possibility to create financial "free zones" in each of the seven Emirates of the Federation, where it is possible to perform intermediation activities in banking, insurance and financial sectors.
In June 2005, the DFSA provided the operating license in the DIFC to the Dubai International Financial Exchange (DIFX), a stock market with regulatory standards similar to those of the most important markets in the world (New York, Hong Kong and London), and future reference platform in the area for exchange of financial services: equities, bonds, funds, Islamic products; with possibility of 24 hour/day operation, thanks to its special position between London and Hong Kong. The birth of DIFX started a new era for economy of the Gulf area, and attracts a rising number of companies to select this financial market. DIFX activity can make use of the most important financial brokerage actors, from CSFB (Europe) Ltd., Deutsche Bank, HSBC Bank and UBS, to regional groups: Shuaa and EFG-Hermes.
This new structure supplies investors with a larger financial market than the national ones operating in the area. For foreign investors, DIFX represents the possibility of access to present opportunities in GCC countries, as well as in Middle East, Africa, Turkey, Asia and Indian sub-continent. The ever rising stock markets capitalization of the seven GCC countries must not be overlooked.
In September 2007 Borse Dubai, the government holding created in the first six month of 2007 that includes Dubai Financial Market, Dubai Stock Exchange, and DIFC, federal financial free zone, signed an agreement with the American NASDAQ stock exchange to buy 28% of London stock exchange, and to use the Nasdaq logo for DIFC. In March 2007 the biggest bank of U.A.E. was born in Dubai from the unification of Emirates Bank and the National Bank of Dubai.
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