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elevateaccounting · 1 year

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Unlocking Business Success: Your Trusted TECOM Approved Auditor in Dubai

Dubai's thriving business landscape owes much of its success to the TECOM Group, a dynamic conglomerate encompassing prominent business communities such as Dubai Internet City, Dubai Outsource City, Dubai Media City, and more. TECOM Group collaborates closely with the Dubai Government to establish strategies and plans that bolster Dubai's position as a global trade and commerce hub. Within this vibrant ecosystem, Elevate emerges as a premier audit firm, delivering top-notch auditing solutions to support the growth and success of businesses operating in TECOM's various sectors.

Experience and Expertise:

With a wealth of experience spanning over a decade, Elevate proudly holds a distinguished position among the top audit firms in Dubai. Our team of auditors possesses the in-depth knowledge and expertise necessary to ensure accurate and comprehensive audits for businesses across diverse industries. We are committed to providing the best possible service to our clients, earning their trust through exceptional performance.

Comprehensive Audit Services:

At Elevate, we offer a range of audit services tailored to meet the unique requirements of each client. Our auditors excel in conducting the following types of audits:

i) Financial Audits: Our skilled auditors meticulously analyze financial statements, ensuring compliance with international accounting and auditing standards. By verifying the accuracy and fairness of your financial records, we provide you with reliable insights to make informed business decisions.

ii) Operational Audits: Elevate's auditors conduct thorough examinations of your company's operations, scrutinizing processes, and identifying areas for improvement. By providing a comprehensive analysis and a list of recommendations, we assist in enhancing the efficiency and productivity of your business.

iii) Compliance Audits: We assess your company's adherence to internal policies and procedures, ensuring compliance with legal requirements. Our auditors meticulously review and evaluate your organization's practices to mitigate potential risks and safeguard its reputation.

iv) Integrated Audits: In this type of audit, Elevate combines financial and operational assessments with information technology analysis. We examine the quality of your systems and ensure compliance with relevant regulations, providing you with a comprehensive overview of potential risks and improvement opportunities.

Working Together for Success:

As one of the top audit firms in Dubai, Elevate believes in fostering transparent and collaborative relationships with our clients. We understand the importance of being on the same page, and thus, we communicate the audit's requirements and preparations before commencing our work. Our objective is to assist you in achieving your business goals step-by-step, ensuring long-term growth and success.

Choose Elevate as Your TECOM Approved Auditor:

Elevate stands ready to serve as your trusted TECOM Approved Auditor, dedicated to delivering the highest quality auditing solutions for your business. With our extensive experience, attention to detail, and commitment to excellence, we are well-equipped to support businesses of all sizes, from startups to large international corporations.

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tech-blog987 · 2 years

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DUBAI MEDIA CITY APPROVED AUDITORS — HALLMARK AUDITORS

INTRODUCTION :

The Dubai Media City became hooked up withinside the yr 2000 to enhance UAE`s media foothold. Dubai Media City homes the most important international and nearby media brands. It`s a network in which freelancers, startups, SMEs and big organizations co-exist, contributing to Dubai being named “The capital of Arab Media 2020.” Dubai Media City has end up a chief hub for the media enterprise withinside the GCC and the Middle East, with extra than 1,three hundred groups being registered beneathneath the Free Zone, from in which they serve the complete region. It additionally homes the International Cricket Council, the governing frame for the sport of cricket withinside the world.

DUBAI MEDIA CITY BENEFITS :

50 Years Exemption from Personal Income and Corporate Income Taxes

100% Foreign Ownership

Full Repatriation of Profits

Exemption from customs obligation for items and offerings.

World magnificence infrastructure to assist assist the boom of the cluster.

Networking possibilities

Fast-song immigration method

TYPES OF ENTITIES IN DUBAI MEDIA CITY:

Free Zone Limited Liability Company (FZ-LLC)

Free Zone Company (FZC/FZCO)

Branch of a Foreign Company, in which the applicant is a overseas registered company individual

Branch of a UAE Company, in which the applicant is a UAE registered company individual

Freelancer

DUBAI MEDIA CITY APPROVED AUDITORS :

We at ``Hallmark International`` are Dubai Media City authorised auditors presenting the greatest auditing offerings to make certain compliance of the groups laws & guidelines withinside the U.A.E. We additionally offer Accounting & Bookkeeping, Business Incorporation and ERP & Accounting Software Services. We also are DMCC, JAFZA, RAKEZ, DWC, DAFZA and Dubai Internet City authorised auditors.

We make certain activate shipping of stories contributing to a easy and great experience. We guarantee confidentiality of files and monetary records of our customers with certified control so one can make ``Hallmark International`` your go- to auditors` time and again!

for more information visit :

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aappzme · 3 years

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#Dubai Internet City auditors #best auditors in Dubai

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atomicnerddream-blog2 · 4 years

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Audit Services in Sharjah

KGRN Audit Services in Sharjah

From the mainland to free zones—Hamriyah Free Zone, Sharjah Airport Free Zone (SAIF Zone), USA Regional Trade Center Free Zone—, our audit services in Sharjah are offered to every sort of firm that has to know the present condition of their company to profit them in having their business develop with universal gauges.

Therefore, the best audit services in Sharjah from our group will unquestionably deal with your undertakings carefully as you anticipate that we should.

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected] Services in Sharjah

Auditing Services in Sharjah a piece of a financial summary or a component of the association’s activities as per the universal guidelines is a piece of the comprehensive strategies to guarantee the arrangement of the best possible assistance to customers notwithstanding the necessary counsel and judgment to accomplish the association’s objectives. Feasibility Studies

Types of Audit Services Internal Audit Services (Operational Audit Services)

Also, Internal Audit Services requires an affirmed Internal auditor in Sharjah who audits and surveys the procedure of a business—an intensive assessment of an associations’ objectives, arranging procedures, techniques, and aftereffects of the tasks of a business.

External Audit Services (Financial Audit Services)

External Auditor in Sharjah as known as financial audit services manages the examination of a company’s financial related undertakings. Hence, this is the most widely recognized sort of audit services. External Audit Services is tied in with auditing the financial summaries of an association by an External auditor in Sharjah to set up truth and decency.

Statutory Audit Services

In summary, Statutory audit services is a legitimately required appraisal of a company’s or a services’ financial related information, building up its exactness. Also, statutory Audit Services fills a similar need as some other Audit in that it examinations financial data, for example, financial exchanges and records.

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected] KGRN Leading Auditors in Sharjah

As one of the main chartered accountant in Sharjah and being a confirmed Internal Auditor in Sharjah, we have over 20 years of involvement with different fields including Audit and assurance, trademark enlistment in Sharjah and deregistration of company, while being a guaranteed misrepresentation analyst and auditors for proprietor’s relationship in Sharjah and doing plans Audit in Sharjah also.

We have served different companies under various parts directed by the Dubai Economic Department (DED) from the mainland to the free zones, specifically JAFZA, DAFZA, Dubai Silicon Oasis (DSO), Jumeirah Lakes Towers (JLT), Dubai Multi Commodities Center (DMCC), Dubai Internet City, and so on. In any case, if it’s a JAFZA offshore company or some other offshore company set up in the Sharjah, we can help you in guaranteeing that you are guaranteed with the accuracy of your financial issues with our quality Audit and assurance services as we are one of the Top Audit services in Sharjah with some of the best auditors in Sharjah to give you direction and backing.

Audit and Assurance

Auditing services in Sharjah at KGRN Chartered Accountants are prepared to suit every customer’s plan of action. With more than two and a half years of extreme experience and information, we have built up a sharp comprehension of numerous divisions and enterprises. We influence this experience and information to create believable methodologies for every one of our customers. This, joined with the information on every plan of action we guarantee our Audit and assurance services in Sharjah are top-notch.

Our Audit and assurance services in Sharjah covers:

Firstly, Statutory Audit

Secondly, Internal Audit

Thirdly, Due Diligence

Fourthly, Revenue and Inspection Audit

Fifth, Stock Audit

Sixth, Physical Verifications

Seventh, limited Audit

Every part of the business will be mulled over in our appraisal of dangers and territories of significance. Going past the statutory audit services in Sharjah, we at KGRN Chartered Accountants give appropriate experiences towards higher performing financial related and operational plans.

Cost Audit Services

At Sharjah KGRN Chartered Accountants we see how significant overseeing costs are for you. Understanding costs assume a vital job in value fixing, basic leadership, control, etc. Before having the option to control costs, we have to initially get them. Our master cost audit services group can help deal with your expenses by investigating the accompanying:

Firstly, Product costs

Secondly, Accounting information

Furthermore, Interest costs

Next, Payroll

And lastly, different other company records

Resulting in breaking down the costs, we should reconfigure the structure so as to create a reasonable cost audit services the executive’s approach.

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected] is Our Auditing Standards?

As the greater part of the Audit services in Sharjah, we are observing the International Financial Reporting Standards (IFRS), a lot of bookkeeping guidelines that are developed by a non-benefit association named as the International Accounting Standards Board (IASB). It is a known bookkeeping or Auditing standard around the world, being utilized by companies and turning into a standard worldwide standard.

Rundown of Financial Statements utilized in auditing companies in Sharjah accounts beneath and their definitions:

1. Financial Statement Audit Services:

The survey of a company’s financial summaries for the association to have an assurance originating from an external auditor in Sharjah that the financial reports are as per bookkeeping principles

2. Balance Sheet Audit Services:

Secondly, the audit data in a company’s asset report is analyzed to ensure that it is precise, confirming everything that is recorded.

3. Annual Report Audit Services:

Thirdly, this comprises of External Auditor in Sharjah conclusions with respect to the aftereffect of the assessment of a company’s financial reports.

4. Profit and Loss Statement Audit Services:

In addition to this, an auditor surveys the incomes and costs recorded in the announcement for exactness of everything.

Income Statement Audit Services:

Lastly, an auditor explores the financial and economic counterparts in the announcement, ensuring it is exact.

5. Statement of Changes in Equity Audit Services:

Also, an auditor in Sharjah investigations each section of the development available for later that contain the investors’ value in this announcement to guarantee its accuracy.

6. Court Expert Witness:

Furthermore, an individual audit services in Sharjah who is an authority in a specific field/s, affirming dependent on his own assessments and examination

7. Dispute Accounting Support:

Also, somebody who is ready to help and a specialist in lawful issues as to differences or issues emerging about bookkeeping

8. Accounting Compliance and Reporting:

The company are dependent upon audit services in Sharjah consistency announcing necessities relying upon their circumstances (arrangement and lodgment of financial summaries, annual expense forms, business and portion action articulations, incidental advantage government forms, and so on.)

9. Financial Accounting Advisory:

This is bookkeeping guidance or bolsters originating from a group so as to help audit services with respect to bookkeeping principles and other significant information.

Firstly, the Court Experts

Secondly, Arbitrations Services

Thirdly, Business Setup Services

Fourthly, Auditing Services

Fifth, Feasibility Studies

Sixth, Tax Consulting (VAT) Services

Seventh, Payroll Accounting Services

Eighth, bookkeeping Services

Ninth, Chartered Accountants (Auditors) Services

Tenth, Liquidation of Companies and ventures

Additionally, Preparation of financial summaries for companies

Lastly, Preparation of financial and authoritative frameworks

Audit Field KGRN

KGRN is also among the best audit services in Sharjah that gives its esteemed customers the skill they have to flourish their business while improving the proficiency and versatility of the endeavor in the aggressive market.

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beautifulchopshopvoid-blog1 · 4 years

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Audit Services in Sharjah

Being one of the significant audit services in Sharjah also, we broaden our services from Dubai and Abu Dhabi to this Emirate.

KGRN Audit Services in Sharjah

Therefore, the best audit services in Sharjah from our group will unquestionably deal with your undertakings carefully as you anticipate that we should.

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected] Services in Sharjah

Types of Audit ServicesInternal Audit Services (Operational Audit Services)

External Audit Services (Financial Audit Services)

Statutory Audit Services

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected] Leading Auditors in Sharjah

Audit and Assurance

Our Audit and assurance services in Sharjah covers:

Firstly, Statutory Audit

Secondly, Internal Audit

Thirdly, Due Diligence

Fourthly, Revenue and Inspection Audit

Fifth, Stock Audit

Sixth, Physical Verifications

Seventh, limited Audit

Cost Audit Services

Firstly, Product costs

Secondly, Accounting information

Furthermore, Interest costs

Next, Payroll

And lastly, different other company records

Resulting in breaking down the costs, we should reconfigure the structure so as to create a reasonable cost audit services the executive’s approach.

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kennedyfan-blog2 · 4 years

Text

Audit Services in Sharjah

Being one of the significant audit services in Sharjah also, we broaden our services from Dubai and Abu Dhabi to this Emirate.

KGRN Audit Services in Sharjah

Therefore, the best audit services in Sharjah from our group will unquestionably deal with your undertakings carefully as you anticipate that we should.

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected] Services in Sharjah

Types of Audit Services Internal Audit Services (Operational Audit Services)

External Audit Services (Financial Audit Services)

Statutory Audit Services

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected] Leading Auditors in Sharjah

Audit and Assurance

Our Audit and assurance services in Sharjah covers:

Firstly, Statutory Audit

Secondly, Internal Audit

Thirdly, Due Diligence

Fourthly, Revenue and Inspection Audit

Fifth, Stock Audit

Sixth, Physical Verifications

Seventh, limited Audit

Cost Audit Services

Firstly, Product costs

Secondly, Accounting information

Furthermore, Interest costs

Next, Payroll

And lastly, different other company records

Resulting in breaking down the costs, we should reconfigure the structure so as to create a reasonable cost audit services the executive’s approach.

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected]

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acuvatauditing · 2 years

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#APPROVED #AUDITOR IN ALL THE MAJOR# FREEZONE OF #UAE

1. Dubai

· Dubai Internet City

· Dubai International Financial Centre (Audit of Non-regulated entities and Approved Liquidator for all entities)

· Dubai Knowledge Village

· Dubai Media City

· Dubai Airport Free Zone DAFZA

· Dubai Multi Commodities Centre (DMCC)

· Dubai Silicon Oasis

· Dubai Design District

· International Media Production Zone

· Jebel Ali Free Zone

· Dubai World Central (Dubai South)

· Dubai Studio City

· Dubai Development Authority (DDA)

· Meydan Free zone

2. Sharjah

· Sharjah Media City Free Zone

· International Free Zone Authority (IFZA)

· Sharjah Airport International Free Zone (SAIF Zone)

3. Ajman

· Ajman Free Zone

4. Fujairah

· Fujairah Free Zone

5. Umm Al Quawain

· Umm Al Quwain Free Trade Zone (UAQFTZ)

6. RAK

· Ras Al Khaimah Economic Zone (RAKEZ)

·· For further enquiry you may call us on +971 52 348 4262,+971 50 202 8198,+971 50 304 5253 or visit website https://www.acuvat.com/. You can mail us on [email protected] or Acuvat Auditing, 1607, Metropolis Tower, Business Bay, P.O BOX 385183, Dubai, U.A.E.

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elvinkane881 · 3 years

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Business Restructuring in Dubai

KGRN Business Restructuring in Dubai, UAE International is one of the main bodies for business restructuring, business recovery, and insolvency services. Dynamic in the vast majority of the nations, our worldwide system of talented experts can quickly send cross-border services to stakeholders in troubled and seriously under performing businesses. For the duration of the life of a business from a start-up to the development, the business encounters the necessities to adjust and rebuild the current procedures, frameworks and the groups. Those associations who rapidly comprehend and recognize the need to rebuild their business at the correct time will keep on developing then again the individuals who don’t, battle and regularly fall flat.

There are numerous reasons that organizations may need to rebuild their business and redesign the activities. There are a few conditions where the organizations need to rebuild, for example, change in the idea of a business, cutting back, quality administration, monetary issues or refresh in an innovation.

Our Business Restructuring Services in Dubai experts are welcomed by customers for their capacity to rapidly distinguish issues, gain co-activity, create practical arrangements and execute them with affectability and exactness. Our Corporate Restructuring accomplished groups constantly offer a full scope of warning and execution administrations, business valuation from turnaround and rebuilding, intends to streamlined leave methodologies.

Business Restructuring In Dubai

Presence one of the foremost Business Restructuring in Dubai, we offer Business Restructuring services to all types of businesses from all divisions (construction, advertising, banks, offshore companies) controlled by the Dubai Economic Department and founded anywhere in Dubai including the free zones—Jebel Ali Free Zone (JAFZA), Dubai Knowledge Village, Dubai World Central, Dubai Airport Free Zone (DAFZA), Jumeirah Lakes Towers (JLT), Dubai Silicon Oasis (DSO), Dubai Multi Commodities Center (DMCC), TECOM, Media City, Dubai Internet City, etc.

Business Restructuring In Abu Dhabi

Abu Dhabi is the capital of UAE and that is why it invites the business owners & investors. Kgrn also suggestion Business Restructuring in Abu Dhabi. Below are specific of the free zones where our auditors have knowledge of Business Restructuring accounts in Abu Dhabi, for example, Abu Dhabi airport free zone (adac), industrial city of Abu Dhabi (icad), Khalifa industrial zone Abu Dhabi (kizad), masdar city & twofour54.

Business Restructuring in Sharjah

Thousands of small & mid-size corporations are elaborate in the Business Restructuring in Sharjah, which brands this state very significant for the UAE budget. KGRN Chartered Accountants have specialized CPAs & CAs who have years of experience in providing that Business Restructuring services in Mainland & Free Zones from corner to corner Emirate of Sharjah, for example, SAIF Zone, Hamriyah Free Zone & Sharjah Media City.

Business Restructuring in Fujairah

KGRN Chartered Accountants are not only between the Business Restructuring in dubai but also rated as finest Business Restructuring services provider in Fujairah that is situated on the eastern coast of UAE. Fujairah Mainland, Fujairah Creative City & Fujairah Free Zone are the foremost business areas in Fujairah.

Business Restructuring in Ajman

KGRN Chartered services are presented to each & every business that needs to know the recent financial position of it. It helps you to survey international & local Business Restructuring standards & necessity. Like for other states, KGRN also activates in Ajman to offer you a wide range of Business Restructuring services. We deliver our services in both mainland & free zones in Ajman.

#Business Process Restructuring Services uae #Business Restructuring Services dubai #Business Restructuring Services in Dubai #Business Restructuring Services #Business Restructuring in dubai #Corporate Restructuring dubai #Corporate Restructuring uae

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esr-dubai-uae-blog · 4 years

Text

Audit Services in Sharjah

KGRN Audit Services in Sharjah

The best audit services in Sharjah from our group will unquestionably deal with your undertakings carefully as you anticipate that we should.

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected] Services in Sharjah

Types of Audit ServicesInternal Audit Services (Operational Audit Services)

There are different sorts of Audit Services acted in the associations of Sharjah. Internal Auditor in Sharjah as known as operational audit services gives the association an assurance with respect to the viability with regards to internal controls, hazard the board, and services in accomplishing the company’s goals. Internal Audit Services requires an affirmed Internal auditor in Sharjah who audits and surveys the procedure of a business—an intensive assessment of an associations’ objectives, arranging procedures, techniques, and aftereffects of the tasks of a business.

External Audit Services (Financial Audit Services)

External Auditor in Sharjah as known as financial audit services manages the examination of a company’s financial related undertakings. This is the most widely recognized sort of audit services. External Audit Services is tied in with auditing the financial summaries of an association by an External auditor in Sharjah to set up truth and decency.

Statutory Audit Services

Statutory audit services is a legitimately required appraisal of a company’s or a services’ financial related information, building up its exactness. Statutory Audit Services fills a similar need as some other Audit in that it examinations financial data, for example, financial exchanges and records.

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected] Leading Auditors in Sharjah

Audit and Assurance

Our Audit and assurance services in Sharjah covers:

• Statutory Audit

• Internal Audit

• Due Diligence

• Revenue and Inspection Audit

• Stock Audit

• Physical Verifications

• Limited Audit

Cost Audit Services

• Product costs

• Accounting information

• Interest costs

• Payroll

• And different other company records

Resulting in breaking down the costs, we should reconfigure the structure so as to create a reasonable cost audit services the executive’s approach.

Best Audit Services in Sharjah enquires call @ +971 45 570 204 / Email Us : [email protected] is Our Auditing Standards?

Rundown of Financial Statements utilized in auditing companies in Sharjah accounts beneath and their definitions:

1. Financial Statement Audit Services:

The survey of a company’s financial summaries for the association to have an assurance originating from an external auditor in Sharjah that the financial reports are as per bookkeeping principles

2. Balance Sheet Audit Services:

The audit data in a company’s asset report is analyzed to ensure that it is precise, confirming everything that is recorded.

3. Annual Report Audit Services:

This is comprised of External Auditor in Sharjah conclusions with respect to the aftereffect of the assessment of a company’s financial reports.

4. Profit and Loss Statement Audit Services:

The incomes and costs recorded in the announcement are surveyed to guarantee the exactness of everything.

Income Statement Audit Services:

The financial and economic counterparts showed in the announcement are explored by an auditor, ensuring it is exact.

5. Statement of Changes in Equity Audit Services:

An auditor in Sharjah investigations each section of the development available for later that contain the investors’ value in this announcement to guarantee its accuracy.

6. Court Expert Witness:

An individual audit services in Sharjah who is an authority in a specific field/s, affirming dependent on his own assessments and examination

7. Dispute Accounting Support:

Somebody who is ready to help and a specialist in lawful issues as to differences or issues emerging about bookkeeping

8. Accounting Compliance and Reporting:

9. Financial Accounting Advisory:

This is bookkeeping guidance or bolsters originating from a group so as to help audit services with respect to bookkeeping principles and other significant information.

• Court Experts

• Arbitrations Services

• Business Setup Services

• Auditing Services

• Feasibility Studies

• Tax Consulting (VAT) Services

• Payroll Accounting Services

• Bookkeeping Services

• Chartered Accountants (Auditors) Services

• Liquidation of Companies and ventures

• Preparation of financial summaries for companies

• Preparation of financial and authoritative frameworks

KGRN Audit Field

KGRN is among the best audit services in Sharjah that gives its esteemed customers the skill they have to flourish their business while improving the proficiency and versatility of the endeavor in the aggressive market.

https://kgrnaudit.com/audit-services-in-sharjah/

#sharjah #uae audit

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shatech · 4 years

Link

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awesomeblockchain · 6 years

Link

Have you ever heard about smart cities where traffic, public services and document circulation are fully automated? The smart city concept integrates big data and the internet of things (IoT) to optimize the efficiency of urban processes and services and connect to residents. One example of this innovation could be light sensors that save electricity and road surveillance costs.

The basis for how automated systems and infrastructure sensors will coordinate their activities and communicate with each other is currently being tested in Dubai, some cities in China and the US.

The future is now

McKinsey analysts predict that by 2020 the number of smart cities will reach 600 worldwide, and 5 years later almost 60 percent of the world's GDP will be produced in them. Digital technologies could become the engine of economic progress, and blockchain, without a doubt, could be one of them.

Let's imagine how far we can progress if the following innovative inventions are united. What aspects of a city would be run by IoT and blockchain, say, in ten years? Unmanned cars and trains can run in the cities and control over airspace no longer requires dispatchers. Products do not deteriorate, sellers do not drive up prices, and medical cards do not disappear. Does it sound like a utopia? Not exactly.

It could be surprising to know that somewhere, this 'smart future' is being built right now. And it's not just about cryptocurrencies or payment services, but about whole cities with all processes controlled by blockchain. These are the cities of the future, and they are already being created.

United Arab Emirates

Today, Dubai is considered one of the most digitally progressive cities in the world. With unmanned trains, automated sensors, flying taxis, solar panels, and Wi-Fi benches, perhaps it has everything that an avid futurist needs. The authorities of the Emirates are not stopping at what has already been reached and are actively implementing the most innovative ideas in order to turn the city into the first blockchain-based smart megapolis by 2020.

In terms of the number of projects being implemented, including those where blockchain is used by Google, Uber, Amazon, IBM and other corporate giants, Dubai ranks first in the world, thanks to the government-supported Smart City program. The Smart City program, launched in 2014, involves the phased implementation of more than 545 projects that will change the way residents and visitors of Dubai interact with the city. The local authorities plan to create a paperless digital space in the private and public sectors. All document circulation will be conducted in electronic form, and launching a business will become more simplified for citizens.

Source image: Thairath.co.th

In particular, a pilot program is being developed to track, ship and deliver imported and exported goods using blockchain technology. The main idea of its integration into the foreign trade of the city is to create a single safe and transparent platform. The implementation of a blockchain system into the urban structure is projected to save about $1.5 billion and 25.1 million man-hours due to increased efficiency in the processing of documents, which is supposed to set government institutions free from queues.

Blockchain will be also applied in logistics and storage. This will help create an entire system of smart unmanned trucks for the transport of products or materials.

Estonia

It would interesting to know that blockchain was used in Estonia before it became mainstream, and even before Satoshi Nakamoto invented Bitcoin.

They say that the reason for such progress was the cyber attack of 2007, when - at one point - the websites of state services and the government went offline because of heavy DDoS attacks. This caused Estonia to reconsider its attitude toward data security and reach out to what we are now calling blockchain.

Since 2012, distributed ledgers have been used in Estonia's national health, judicial, legislative, security and commercial systems. The technology has already gone beyond the scope of experimentation and has reached mass adoption. In particular, the Estonian government has introduced blockchain to provide its citizens access to control their personal data. Due to this, Estonians can control, view and, if necessary, challenge illegal access to their information. Moreover, from now on, citizens have the opportunity to check medical specialists or civil servants who looked through their medical card, insurance or driver's license. Any official who accesses personal data without permission can be prosecuted.

The government seems to be sensitive to its citizens data security and integrity. Perhaps it's one of the remedies the value of which is hard to underestimate, not only in terms of comfort, but also in terms of preventing irreparable consequences, such as the tragedy in Haiti in 2010, when an earthquake destroyed the archives containing land records, leaving residents having to challenge their real estate ownership.

Source image: Quedeus

China

Chinese authorities plan to create 1000 smart cities, where technologies and data collected should improve the lives of every resident, Deloitte reports. In January 2013, the Ministry of Housing and Urban-Rural Development formally announced the first list of national pilot Smart Cities, referring to this technology as a -sector that should be strengthened and encouraged."

The first city of the future is supposed to be Yinchuan, where they have already abandoned traditional payments. Now, instead of tickets, passes and documents, it is enough to simply show one's face! And no more tiresome shopping - products are ordered through a mobile application.

Despite the negative attitude of the authorities toward cryptocurrency, they still believe in the technology. The country's digitalization strategy, identified in the 13th Five-Year Plan for National Informatization in December 2016, states:

The Internet, cloud computing, large data, artificial intelligence, machine learning, blockchain... will drive the evolution of everything - digital, network and intelligent services will be everywhere.

In April 2017, the Wuzhen Think Tank released a white paper on the development of China's blockchain industry. The paper introduced global and domestic blockchain-industry trends and provided valuable knowledge for research entities and related enterprises. A few months later, the National Committee of Experts on Internet Financial Security Technology published its Compliance Blockchain Guidelines.

Image source: Gatecoin blog

Currently, Chinese authorities are actively studying blockchain in terms of more orderly data storage. On April 24, the National Audit Office of China discussed the use of the technology to solve problems inherent in centralized storage infrastructure.

Li Ming, an official working with the Ministry of Industry and Information Technology, has revealed that the Chinese national standard plan for blockchain has been completed and is to be announced publicly soon. It's already known that blockchain national standards include data security, business and application standards, and other credibility and interoperability standards.

It is planned that each separate office and accredited auditor will be assigned a separate node, which will help reduce the burden on the government, while providing a trackable ledger that will record each transaction. However, despite the green light given by the government, it is not yet known how soon the discussion of the project will go into the implementation phase.

Nevertheless, this is an official recognition of the beginning of a new digital era in China, which gave a big impetus to the development of blockchain technology. And again, as in the case of Estonia, blockchain has become a solution to the security problem. In 2014, one of Hong Kong's largest banks, Standard Chartered, lost nearly $200 mln as a result of credit fraud. Scammers used duplicate invoices for the same goods to get money from banks. To prevent more financial frauds Standard Chartered, together with a government agency in Singapore, utilized the blockchain and developed a unique cryptographic hash for each invoice. Companies managed to create an electronic ledger of invoices that uses a parallel platform to the blockchain employed in Bitcoin transactions. This ensures that no double operations are carried out and banks do not lend money for fake invoices.

The US

Blockchain technology in the US is not just a tool for operating cryptocurrencies or managing databases. Local authorities recognized the potential of blockchain in the provision of public services and launched a number of projects currently in different stages of implementation.

The state of Delaware was the first to announce the Delaware Blockchain Initiative in 2016. This comprehensive program launched by then-governor Jack Markell is designed to stimulate the use and development of blockchain technologies and smart contracts in both the private and public sectors of the state. It's worth noting that the authorities officially recognized electronic transactions recorded in blockchains as verifiable data, and the bill was signed in order to legalize blockchain transactions for accounting and other business records for local companies. The initiative was supposed to become a step in preventing future taxation-related problems and records manipulations. But recently, expectations of Delaware's blockchain supporters appeared to have been dashed, as the current administration under the governor John Carney has shown more caution than its predecessor.

The new authorities are slow in the mass adoption of blockchain, being more focused on traditional models of economics and business management. Yet Symbiont CEO Mark Smith, whose company Symbiont partnered with the ex-administration to move state archives into blockchain, is optimistic in relation to the future adoption of the technology:

The Blockchain Initiative partnership between Symbiont and the state of Delaware continues to be a positive one. We strongly believe private-public relationships bringing blockchain technology to state infrastructure will create advancements that benefit everyone involved.

Perhaps the current government of Illinois will work faster than its predecessors. In 2017, the state announced the Illinois Blockchain Initiative, which calls on the consortium of state agencies to cooperate in exploring innovations presented in distributed ledger technology. The authorities of the state also intend to promote the use of blockchain "to transform the delivery of public and private services, redefine the relationship between government and the citizen in terms of data sharing, transparency and trust, and make a leading contribution to the State's digital transformation."

Who's next in the blockchain queue? West Virginia will launch the blockchain-based pilot version to conduct mobile voting in 2018 regional elections. And let's not forget about New York, with its Microgrid project being developed specifically for households who want to buy and sell electricity produced by solar panels. Ethereum-based contracts are supposed to solve citizens' old problems - they finally use electricity exactly where it is produced, and, within a day, can exchange solar energy with neighbours, depending on which side of the street is currently better illuminated.

Image source: Kashmirnarrative

Alibaba Cloud Waltonchain signed an agreement on strategic cooperation aimed at using blockchain technology in the field of smart cities. The results of the partnership are designed to address the problem of limited resources and services caused by the rapidly-growing megapolis population.

Other countries

Other countries have also put a tag on the map of blockchain globalization. However, many projects are at the planning stage, rather than the exploitation stage. For example, the German energy company RWE is working on the creation of an Ethereum-based network of charging stations for electric vehicles. Drivers will be able to control the charging process using a special application, and blockchain registry will be responsible for calculating the energy spent, making payments and identifying users. Another outlandish idea is to create a "charging on the fly" opportunity, when the electric car is charged directly during the trip.

The Australian government announced a grant of $8 million for a blockchain project to create 'smart utilities', and the Tokyo Electric Power Company (TEPCO) plans to use the technology to prevent a recurrence of the disaster in 2011, when a leak at the Fukushima Daiichi nuclear power plant caused significant and widespread disruption.

A new life of blockchain

The life of metropolises does not stop for a minute, and the launch of new technologies takes time. It may take years before blockchain, which will interact with IoT, artificial intelligence and big data, will be integrated to manage urban services and public infrastructures.

However, many countries in the world have already embarked on the path of a digital economy and very soon we could see qualitative changes in social, economic and environmental aspects of life, without piles of papers, giant traffic jams, documentation errors and double transactions. Look around you - maybe the city you live in is one of them.

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americandistributors · 7 years

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Doing Business in Dubai and Turkey

The United State’s financial crisis continues to negatively affect the world’s economic environment, the viability of businesses may depend on entry into foreign markets. To reach successfully into an international market, the local law of the country of choice must be analyzed and understood, which is often significantly diverse from the United States legal system. This article will explore certain variations of foreign legal systems to take into consideration when conducting international business focusing on the United Arab Emirates (UAE), particularly Dubai, and Turkey.

International Market Entry

After a company seeking to do international business has completed its market analysis, then it must determine the best means to operate within such market by means of agency or franchise relationships or whether to establish its legal presence. Within both the UAE and Turkey, corporations, limited liability companies and partnerships are recognized as available legal entities, with the preferred organizational choice being limited liability companies. Each of these jurisdictions have recently revised and bolstered their legal systems to be favorable to foreign investments, though certain diverse requirements and laws remain.

In Dubai, the business environment is extremely friendly to foreign investments and it actively seeks companies to establish a business presence. Dubai does not impose corporate or personal income tax or capital gains tax, has established business “cities” (considered “free” zones), such as Dubai Media City, where companies established in such zones can be one hundred percent owned by foreign nationals, and does not impose tax upon repatriation of funds earned by the Dubai based entity. Within the Dubai free zones, which includes amongst others Dubai Internet City, Dubai Healthcare City and the Jebel Ali Free Zone (inclusive of Port Jebel Ali), foreign owned businesses have a one stop shop for all their needs including company registration, work visas, permits, and centralized systems for leasing office space on standard terms and conditions.

If a company wishing to establish a business presence does not qualify to do business within a Dubai free zone due to its business segment, then the company would need to organize under the laws of Dubai proper. In such case, to establish in Dubai proper, a foreign company will need to “partner” with a local national (person or entity) as the UAE company law dictates that Dubai based companies must be at least fifty-one percent locally owned and forty-nine percent foreign owned. Under this requirement, sponsors become the local shareholder under agreement with the foreign party. One key to successful operations in Dubai is the strength of the local sponsor. Such sponsor often creates business opportunities, beyond the administrative role. For instance, strong sponsors will be able to introduce the foreign party to certain key decision makers, such as government contacts who are procuring goods and services.

Unlike the United States, companies outside of Dubai’s free zones enter into a sponsorship agreement that normally dictates a yearly fee to be paid to the local sponsor, sets how the profits and losses will be distributed, which can vary from the shareholding ratio in favor of the foreign party. Under this arrangement, the local party signs the articles of organization, certain board and shareholder resolutions, the company’s lease and visa documents. An effective lease is a condition precedent to legal establishment and is used to determine a company’s work visa allotment (based on square footage of leased space). In general, a newly established entity must deposit approximately $ 100,000 into a local bank, along with appointment of a local auditor, before receiving a certificate to do business.

In contrast to our system of common law, the UAE, Dubai being one of its seven city-states, is governed by the UAE Civil Code, which is based on the French and Swiss civil codes. The code regulates companies and commercial transactions, though it is sparse in content. As precedence does not control judge’s decisions, the United States’ common law approach is not applicable to determine what a court may decide. Instead, UAE judges only interpret the civil code provisions under a given scenario within a context of fairness or equality, and published opinions are nearly non-existent. Local lawyers are the best guides to what will happen in a court proceeding so long as such lawyer has taken a similar matter through trial to final decision.

In order for foreign businesses to gain a degree of certainty when entering into important transactional or corporate agreements, the Rules of Arbitration promulgated by the International Chamber of Commerce (ICC) are normally applied, with the choice of law being English law and the location of arbitration to be within a neutral forum, such as London or Paris. By choosing the English laws, and by extension its system of common law, international businesses can utilize a fuller body of legal decisions and guidance to remove some uncertainties when operating in a foreign, emerging economy. As the UAE is a signatory to the New York Convention, arbitration awards can be enforced within its judicial system. Further, transactional documents between foreign parties operating in Dubai and local Dubai based companies are primarily drafted and executed in English. Through the use of English as the governing language and correct arbitration provisions, foreign entities doing business in Dubai can bridge the gap between the relatively unknown provisions in the UAE Civil Code and customary terms and conditions within Western styled agreements.

However, for companies wishing to gain market entry by means of agency or franchise relationships, peculiar requirements of the UAE Civil Code will still apply and cannot be avoided by careful drafting. For instance, unless a franchise agreement is properly entered into and recorded with the Ministry of the Economy, no UAE court will have standing to hear any disputes arising from a franchise or agency relationship. The franchise and agency requirements under the UAE Civil Code favor the local party, which includes granting mandatory exclusivity within areas of the UAE and only permitting termination of the agreement due to specific events.

The same approach regarding arbitration and choice of law provisions can be generally applied to agreements entered into within Turkey. In its efforts to gain full European Union membership, Turkey has enacted a multitude of laws as required by the EU, most of which are seen as favorable business regulations in line with Western practices. As an example, Turkey enacted a privatization law that mandated privatization of many industries including telecom, opening the door for foreign entities to purchase shares of critical Turkish companies. Further, Turkey has revised certain antiquated laws to create a business friendly legal environment that does not have restrictions on who may own a business.

In order to establish a business presence within Turkey, a business registration form must be completed at the local trade registry office of the chamber of commerce. Under the limited liability company regulations, the minimum number of shareholders is two, and the maximum number is fifty. Shareholders may be individuals or companies. The minimum capital for establishment is approximately $ 3,500 to be deposited with a Turkish bank. The newly established company will need to complete standard articles of organization. Certain rights and obligations of the shareholders that are normally contained in a shareholder’s agreement can be inserted into the articles and filed with the trade registry office in order to heighten the protection of shareholder interests.

Different than Dubai, Turkey does tax corporate and personal income. Generally, the effective tax rate on corporate income earned by the Turkish based company is twenty percent. Personal income tax for income earned in Turkey is based on a sliding scale.

Business transactions in Turkey are governed by the Turkish Commercial Code, which shares similar concepts with the UAE Civil Code provisions governing commercial transactions. By properly structuring a foreign company’s agreements, the diversity that exists between the Turkish Commercial Code and our common law jurisprudence can be practically bridged although certain mandatory regulations in the code cannot be avoided. Foreign parties are encouraged to select the English laws and utilize the ICC’s Rules of Arbitration with the choice of forum outside of Turkey. Such arbitration ruling can be judicially enforced in Turkey as it is also a signatory to the New York Convention.

Customary Expectations

As entry into a foreign market contains many risks, the role of local counsel is imperative. Strong local counsel can assist with efficient filings, advise upon proper risk protection within agreements and provide connections necessary to do business. One of the most difficult aspects of establishing a presence within a foreign market is access to resources in English, particularly guides as to a country’s laws and regulations. Ideally, local counsel should provide as much additional resources as required by the client. Experience on the ground is essential to successful entry into a foreign market particularly given distinct cultural norms that should be respected.

Companies who have entered foreign markets, particularly non-English speaking emerging economies, will likely face a different level of legal services from that experienced with American law firms. Frequently, due to the novelty of certain laws and regulations, local counsel cannot provide a strong legal opinion as to certain transactions or provisions within agreements. As a case in point, during the $ 1.85 billion syndicated loan process for Nakheel PJSC, Dubai World’s real estate arm, banks were asking local counsel to provide its opinion regarding foreclosure on the secured assets. Due to the fact that Dubai had not yet issued a mortgage decree and the foreclosure process had not been tested, particularly against assets ultimately owned by the sovereign, local counsel deferred its opinion with qualifications that basically rendered the opinion useless. Banks did not know if title to the real estate would be transferred after a favorable judicial decision or whether an auction process would ensue, without a set bottom reserve price determined by the banks. Under the recently decreed mortgage law in Dubai, banks can only seek judicial redress after a notification period in favor of the borrower expires. When a favorable judgment is finally obtained against the borrower, then the property is auctioned by the Dubai Lands Department. As the Dubai property market has crashed at the time of this article, the losses during a no reserve price auction could be enormous for secured parties pushed into an auction. As opposed to other international jurisdictions who transfer title and then the secured party can sell the foreclosed assets at a price of its choosing, the auction process in Dubai is an enormous concern to financial institutions exposed to non-performing mortgage loans in the UAE.

Also, in case of litigation, it is most difficult to fully understand court pleadings since they will be in the native language and must be translated into English for the client, which is often full of mistakes. A significant barrier exists for the foreign party to comprehend and influence the legal arguments put forth by local counsel. In addition, the style of argumentation expected when presenting a case to a United States’ court varies drastically in foreign markets. When reviewing legal arguments presented to a UAE court, foreign clients may often be surprised by references to shari’a or Islamic law principles rooted in the Qu’ran. It is the norm and expected within Arabic speaking countries to make such references.

Within Turkey and the UAE, similar to other emerging international markets, often it is the case that there exists no clear guidance as to legal resolutions, which is either seen by businesses as a hindrance or an opportunity. This is customary when doing business in an emerging economy without a robust history of the rule of law.

Conclusion

In order to understand the diversity of a foreign market, particularly its different legal approaches and nuances, access to accurate information and experience are crucial to successful entry. Depending upon the nation, the United States and British Embassies publish economic and legal resources that can be utilized as base guides. Further, the American Business Council is a strong resource for companies as it has access to country pertinent publications and can provide lists of local professional practitioners. The differences in the legal systems within foreign countries should not be deemed a complete barrier to entry. Instead, with the right resources, foreign markets are an ever-growing necessity for the viability of companies based in the United States.

The author is a member of Hayden & Craig PLLC and is the former general counsel of a Dubai based real estate conglomerate , former legal counsel for Dubai World’s real estate arm, Nakheel PJSC, and former foreign associate for the Istanbul law firm, Herguner, Bilgen and Ozeke.

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