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gtmmee · 7 days

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Streamlining Business Success: The Role of a Business Setup Consultant in Dubai

Expertise in Local Regulations

Setting up a business in Dubai requires compliance with specific legal and regulatory frameworks. A seasoned business setup consultant brings in-depth knowledge of these regulations, ensuring that entrepreneurs adhere to all requirements related to licensing, permits, and company structures. They guide clients through the process of obtaining necessary approvals from government entities like the Department of Economic Development (DED), Dubai Multi Commodities Centre (DMCC), or the Dubai International Financial Centre (DIFC), depending on the business type and industry.

Tailored Business Planning

Each business venture is unique, and a skilled consultant understands this diversity. They work closely with clients to develop customized business plans aligned with their goals and market conditions. Consultants conduct feasibility studies, market research, and financial projections to help entrepreneurs make informed decisions. This strategic approach minimizes risks and maximizes opportunities for success in Dubai's competitive marketplace.

Navigating Cultural Nuances

Dubai is a melting pot of cultures, attracting international businesses and entrepreneurs from diverse backgrounds. Business Setup Consultant in Dubai serve as cultural intermediaries, bridging gaps between clients and local customs. Their understanding of UAE's business etiquette and cultural sensitivities ensures that foreign investors approach negotiations and networking with respect and professionalism.

Facilitating Company Formation

The process of company formation in Dubai involves several steps, from choosing the right company structure (such as mainland, free zone, or offshore) to drafting shareholder agreements and opening corporate bank accounts. A business setup consultant streamlines this process by managing documentation, liaising with authorities, and coordinating all necessary procedures. This expedites the setup timeline, allowing entrepreneurs to focus on core business activities.

Access to Network and Resources

Established Business Set Up Company in Dubai have extensive networks comprising legal advisors, banking professionals, real estate agents, and government contacts. Leveraging these connections, consultants facilitate introductions and provide access to essential resources that contribute to the business's growth trajectory. This network can be instrumental in sourcing suppliers, identifying investment opportunities, or securing strategic partnerships.

Ongoing Compliance and Support

Beyond initial setup, consultants provide ongoing support to ensure compliance with evolving regulations and market trends. They assist with visa processing, renewal of licenses, and modifications to company structures as businesses expand. This proactive approach enables entrepreneurs to stay focused on innovation and expansion while staying compliant with local laws.

Driving Business Expansion

As businesses mature, consultants assist with expansion strategies, whether it's scaling operations within Dubai or exploring new markets regionally or globally. Their strategic insights and market knowledge guide decision-making, mitigating risks associated with growth and ensuring sustainable expansion.

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ananduvjayan · 5 months

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Dubai free zone business setup cost

Understanding the Costs of Setting Up a Business in a Dubai Free Zone

Dubai, a city known for its opulence, innovation, and strategic location, has become a global hub for businesses seeking growth and prosperity. One of the key factors contributing to Dubai's appeal is its Free Zone business setup, which offers a conducive environment for entrepreneurs and companies to thrive. In this blog, we will delve into the intricacies of Dubai Free Zone business setup costs, providing valuable insights for those considering this pathway to business success.

Understanding Dubai Free Zones:

Dubai's Free Zones are designated areas that offer unique business advantages, including 100% foreign ownership, tax exemptions, and streamlined administrative processes. These zones cater to various industries, from technology and finance to logistics and manufacturing. Some well-known Free Zones in Dubai include Dubai Silicon Oasis, Jebel Ali Free Zone (JAFZA), Dubai Multi Commodities Centre (DMCC), and many more.

Initial Setup Costs:

Setting up a business in a Dubai Free Zone involves several initial costs that vary based on the chosen Free Zone, business activities, and the type of license required. The primary components of the initial setup costs include:

License Fees: Trade License: This is a basic requirement for conducting business activities in Dubai. The cost varies depending on the type of business and the Free Zone selected.

Registration Fees: Each Free Zone has its own registration fees, covering the administrative costs associated with establishing a business entity.

Office Space: Renting an office space is mandatory for most businesses in Dubai Free Zones. The cost depends on factors such as location, size, and facilities.

Visa Fees: Obtaining visas for business owners, employees, and dependents is an essential part of the setup process. Visa fees are calculated per person and may vary based on the Free Zone.

Ongoing Operational Costs:

Beyond the initial setup, businesses operating in Dubai Free Zones incur ongoing operational costs. These include:

Renewal Fees: Annual renewal fees for the trade license and other permits are standard operational costs.

Office Maintenance: Businesses must budget for office maintenance costs, including utilities and other related expenses.

Employee-related Expenses: Costs associated with employee salaries, benefits, and other HR-related expenses should be considered.

Benefits Outweigh the Costs:

While there are associated costs with setting up and operating a business in a Dubai Free Zone, the benefits often outweigh the initial investment. Some of the advantages include:

Tax Exemptions: Businesses in Free Zones enjoy complete or partial tax exemptions, providing significant financial advantages.

100% Foreign Ownership: Unlike in mainland Dubai, where a local sponsor is required, Free Zones allow 100% foreign ownership, giving entrepreneurs greater control over their ventures.

Strategic Location: Dubai's strategic location as a global business hub provides access to diverse markets and opportunities.

Conclusion:

Dubai's Free Zones offer an enticing environment for businesses to thrive, with the advantages of tax exemptions, foreign ownership, and streamlined processes. While the initial setup costs may vary, the long-term benefits make Dubai Free Zone business setup a lucrative option for entrepreneurs seeking to establish a successful presence in the dynamic business landscape of the UAE. Understanding the costs involved is crucial for making informed decisions and navigating the path to business success in this vibrant city.

For more details visit our website, https://aim-bc.com/

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happensss · 5 months

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All you need to know about Dubai import tax categories and rates

Dubai, a major center for international trade, has a thriving, dynamic economy. It’s critical for enterprises wishing to import items into this busy city to comprehend the nuances of import tax rates and classifications. Dubai’s customs regulations are made to ensure that international standards are followed while also facilitating trade.

Recognizing the Different Import Tax Categories

Dubai divides imports into a number of groups according to the kind of commodities. The most popular categories are luxury products, goods with limits, and necessities. Import levies on essential goods, like food items and medical supplies, are frequently lowered or eliminated in order to guarantee the accessibility and affordability of these essentials. However, luxury goods like designer clothing or expensive electronics could have higher import taxes.

Dubai Customs uses the Harmonized System (HS), an international nomenclature for product classification, to expedite the import procedure. Because each product has a unique code, firms can find the relevant import tax category more easily.

Rates of Import Taxation:

Dubai’s import tax rates change based on the type of commodities. While luxury goods usually have higher levies, necessary commodities may have lower rates or exemptions. The UAE’s Common Customs Law, which describes the duty structure applicable to various products, has the exact rates.

Free zones and impact

The commercial ecology of Dubai is greatly influenced by its free zones, including Dubai Multi Commodities Centre (DMCC) and Jebel Ali Free Zone (JAFZA). Imported goods into these zones frequently receive preferential customs treatment, such as exemptions from or reductions in import charges. Free zones provide simplified customs processes for businesses, which makes them a desirable choice for cross-border trade.

It is imperative that companies assess the benefits and limitations of every free zone in order to choose the best site for their activities. Gaining knowledge of the customs laws that apply to these areas can help save a lot of money and improve operational effectiveness.

New Advancements in Customs Laws:

Dubai works hard to improve the economic climate and draw in outside capital. The government adjusts its customs policies on a periodic basis as part of this endeavor. Companies need to be aware of any new developments, adjustments to import tax rates, or additions of new categories. By taking a proactive stance, businesses can reduce the chance of unforeseen expenses or delays in the importation process by ensuring that they comply with the most recent rules. Benefits and Exemptions from Import Taxes:

Dubai provides a number of incentives and exemptions in addition to lower rates in free zones to support particular businesses or activities. For example, businesses that support Dubai’s objectives for economic diversification — like technology or renewable energy — may be eligible for additional incentives. Companies should investigate any exclusions or incentives that fit their operations and make them more competitive overall in the Dubai market.

For organizations looking to prosper in this international commercial hub, it is imperative that they comprehend the import tax categories and rates in Dubai. Through adept handling of customs regulations, intelligent utilization of free zones, regular updates on latest advancements, and investigation of potential incentives, enterprises may set themselves up for triumph in Dubai’s ever-changing and dynamic import terrain. if contacting with a Company formation consultant in Dubai can help you with import tax and other services.

#business setup services in dubai #business setup company in dubai #company formation in dubai #business setup consultancy #business setup in dubai #low cost business setup in dubai #business setup consultants in dubai #company formation consultant #business setup in uae #business news

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elevateaccounting · 7 months

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Ensuring Compliance and Accuracy: The Role of JAFZA Approved Auditors

Introduction

In the bustling business landscape of Jebel Ali Free Zone Authority (JAFZA) in Dubai, compliance with regulatory requirements is paramount for companies to thrive and maintain their operations. One such crucial mandate stipulates that companies registered in JAFZA must undergo annual audits by JAFZA approved auditors. This article delves into the significance of this annual audit requirement, the essential documents sought by JAFZA approved auditors, and why Elevate stands out as a trusted partner for auditing services within JAFZA.

The Importance of Annual Audits in JAFZA

JAFZA has set forth a requirement for companies in the Free Zone to submit their annual audit reports to the Authority. Compliance with this mandate is essential for the annual renewal of licenses and to avoid regulatory complications. Here's why annual audits are mandatory:

Financial Integrity: Annual audits help companies detect and prevent financial anomalies, ensuring the integrity of their financial statements.

Regulatory Compliance: Companies in JAFZA are obligated to appoint JAFZA approved auditors in the UAE to ensure adherence to local and international regulations.

Documents Required by Approved Auditors in JAFZA

JAFZA approved auditors, such as Elevate, require specific documents to conduct thorough audits. These documents include:

Bank statements

Credit/debit confirmation slips for all financial transactions

Copies of bills and invoices

Statement of deposits from the DMCC portal

Memorandum of Association (MOA)

Articles of Association (AOA)

Trade license

Registration Details for VAT and excise tax

Books of Accounts

The Mandatory Nature of Audits from Approved Auditors in JAFZA

Audits conducted by JAFZA approved auditors are more than just regulatory obligations; they serve as a critical mechanism to ensure financial transparency and compliance. Here's why these audits are mandatory:

Accounting Records: The auditor assesses whether the company maintains proper accounting records in line with accounting standards.

Accuracy and Compliance: The audit report confirms that the company's financial statements align with its accounting records and returns, ensuring VAT compliance.

Trade License Verification: Auditors ascertain that the company's activities align with the activities permitted by its trade license. Any discrepancies are highlighted in the audit report.

Why Choose Elevate as Your JAFZA Approved Auditor?

Elevate is a reputable audit firm headquartered in Dubai, UAE. We are listed among the JAFZA approved auditors, and our team comprises highly qualified professionals who assist companies in ensuring the accuracy and reliability of their financial statements. When you choose Elevate as your auditing partner, you benefit from:

Honest Opinions: Our audit reports provide an honest assessment of your company's financial health, facilitating a smooth license renewal process with JAFZA.

VAT Compliance: We ensure that your financial records are in compliance with VAT regulations, helping you avoid potential issues.

Regulatory Adherence: As one of the JAFZA approved auditors in the UAE, Elevate is committed to upholding the highest standards of regulatory compliance.

Conclusion In the dynamic business environment of JAFZA, compliance with regulatory requirements, including annual audits by JAFZA approved auditors, is essential. Elevate stands ready to assist your company in meeting these obligations, ensuring the accuracy and transparency of your financial statements. With Elevate as your auditing partner, you can navigate the intricacies of JAFZA's regulatory landscape with confidence, knowing that your financial integrity is in capable hands.

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digitizengrow · 10 months

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meconnect · 1 year

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kgrnaudit · 1 year

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DMCC Approved Auditors

DMCC

Dubai Multi Commodities Center is referred to as DMCC. One of the biggest and most well-known free zones in the UAE is this one. It is situated in Dubai's Jumeirah Lakes Towers neighbourhood. More than 14,000 enterprises call DMCC home. It does not only focus on activities involving commodities. Even if your company works in other industries, such as IT, consulting, investments, petroleum, engineering, events, and many more, you can still find a profitable business venture. This blog will teach you about DMCC-approved auditors and how they may help you audit your DMCC-based company.

To know more click: DMCC Approved Auditors

Are Audits Required for DMCC Companies?

When it comes to starting a business, DMCC offers a lot of benefits, including several licence kinds, adaptable office layouts, and straightforward business formation procedures. However, companies in the DMCC Free Zone are required to have registered and accredited auditors with the DMCC Authority audit their books of accounts.

Within 90 days of the end of the fiscal year, each DMCC Company must upload the audited financial statements and summary sheet to the DMCC portal. The authorities may occasionally extend the time limit.

In addition to the original documents, the DMCC Authority has the right to seek more paperwork at any moment during the procedure.

To know more click: DMCC Approved Auditors

What will happen if audits are not conducted on DMCC companies?

According to the DMCC Company Regulations, a company will be fined if it doesn't submit financial statements audited by DMCC approved auditors within 90 days of the fiscal year's end. Additionally, there is a chance that the trade licence for DMCC will not be renewed.

To know more click: DMCC Approved Auditors

KGRN’s DMCC approved auditors will assist you in identifying the risks associated with business operations. As a leading auditing firm, we provide the services of our experienced chartered accountants to help your company’s corporate governance practices improve and add value.

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tech-blog987 · 2 years

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JEBEL ALI FREE ZONE (JAFZA) APPROVED AUDITORS-HALLMARK AUDITORS

Jebel Ali Free Zone (Jafza) is the flagship unfastened quarter of DP World, and is an quintessential a part of the DP World UAE Region`s incorporated enterprise hub. The Free Zone has developed right into a exchange catalyst this is domestic to greater than 8,000 agencies from one hundred forty countries, inclusive of Fortune-500 companies and a clever enterprise network that gives remarkable increase possibilities and marketplace access.

JAFZA is the primary unfastened quarter withinside the international to win ISO certification in 1996. Some of the agencies located in JAFZA are Nestle, Dabur International, LG Electronics, PepsiCo, Mitsubishi Motors Middle East and Africa, Canon, Mercedes Benz Cars Middle East, Swarovski Middle East, etc.

JEBEL ALI FREE ZONE BENEFITS :

Exemption from Personal Income and Corporate Income Taxes

100% Foreign Ownership

Full Repatriation of Profits

Array of authorised enterprise sports

Employment & Visa Services

Networking Opportunities

Marketing Development Opportunities

Top-notch Communications Infrastructure

Flexi Desk Services

Onsite Residences

MANDATORY AUDIT FOR JAFZA :

Auditing is obligatory for agencies located in JAFZA. The agencies want to put up their audited economic statements inside ninety days from the give up of the corporation`s economic yr. Only JAFZA accepted auditors can audit the agencies located in JAFZA. The signed & stamped audit record along side precis sheet have to be uploaded in JAFZA portal.

Failure to put up the audited economic statements could bring about a excellent of AED 5,000 and additionally non-renewal of enterprise licenses.

AUDITOR`S REPORTING REQUIREMENTS :

The auditor will study and record at the bills organized according with nearby and global rules.

The auditor`s record have to kingdom whether or not the corporation`s bills follow the International Financial Reporting Standards (IFRS).

The auditor`s record have to offer information on whether or not the bills gift a real and honest view of the corporation`s affairs on the give up of the economic yr and bills are unfastened from cloth misstatements.

The auditor wishes to kingdom in his record whether or not the corporation is challenge best sports authorised below its license. The government depend on the auditor`s record earlier than renewing the license.

The auditor have to make certain that the bills of the corporation are in settlement with the accounting statistics and returns.

The auditor has to make certain that the agencies aren’t indulging in cash laundering and financing of terrorism.

JEBEL ALI FREE ZONE (JAFZA) APPROVED AUDITORS :

We at ``Hallmark International`` are Jebel Ali Free Zone accepted auditors offering the greatest auditing offerings to make certain compliance of the agencies laws & rules withinside the U.A.E. We additionally offer Accounting & Bookkeeping, Business Incorporation and ERP & Accounting Software Services. We also are DIC, DMCC, RAKEZ, DWC, DAFZA and Dubai Media City accepted auditors.

We make certain activate transport of stories contributing to a easy and first-class experience. We guarantee confidentiality of files and economic records of our customers with certified control so that you can make ``Hallmark International`` your go- to auditors` time and again!

for more information visit :

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businesssetupdmcc · 11 months

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Make the right move and get your business started in Dubai

Starting a business in Dubai can be a daunting task, with different rules and regulations to follow. It is important to choose the right partner to help you through every step of the way. Immersion Group DMCC is a professional business setup and consultancy company that offers a variety of services, including DMCC general trading license, company formation, office leasing, digital marketing, and company renewal DMCC. We aim to guide and assist businesses in Dubai to achieve success and growth.

Enjoy hassle-free company registration in Dubai

Immersion Group DMCC can help businesses obtain a DMCC general trading license, which provides an opportunity to import, export, and trade goods freely without any restrictions. It allows businesses to trade commodities such as gold, oil, and diamonds, among others. This license is recognized globally and provides access to Dubai's world-class infrastructure and logistics facilities. With Immersion Group DMCC, the process of obtaining this license is hassle-free, saving you time and effort. Starting a company is a complex and time-consuming process. Immersion Group DMCC can assist in the company formation DMCC process, whether it be establishing a new company or re-domiciling an existing one. With our expertise and knowledge of local laws and regulations, we can guide you through the process and ensure that you are fully compliant with all applicable laws and regulations.

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Immersion Group DMCC offers office leasing DMCC services to businesses in Dubai. We can assist in finding the right office space that caters to the needs of your business. Our services include lease negotiation, renewal, and termination, ensuring that our clients receive the best deals and hassle-free leasing experiences.In today's digital world, businesses need to have a strong online presence to compete in the market. Immersion Group DMCC is leading among digital marketing companies in Dubai that can help businesses reach a wider audience and increase their online visibility. Our services include website development, social media management, search engine optimization, and pay-per-click advertising. We use the latest tools and technologies to deliver the best results to our clients. Immersion Group DMCC can assist in the company renewal process, ensuring that businesses remain compliant and operate lawfully in Dubai. Our services include license renewal, visa renewal, and everything in between, allowing businesses to focus on their core competencies while we handle the legal requirements.

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amd-audit · 3 months

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Navigating Audit Requirements for Companies in DMCC Free Zones: A Comprehensive Guide

In the dynamic landscape of UAE’s free zones, companies operating within the Dubai Multi Commodities Centre (DMCC) must adhere to stringent regulatory requirements, including the submission of audited financial statements. This guide delves into the intricacies of audit requirements for DMCC companies, shedding light on the process, significance, and benefits.

Understanding the Importance of Audited Financial Statements Audited financial statements serve as pillars of transparency and accountability, reflecting a company’s financial health and adherence to regulatory standards like the International Financial Reporting Standards (IFRS). These statements are indispensable for stakeholders, aiding in informed decision-making and ensuring compliance with local and international reporting norms.

Mandatory Submission of Audited Financial Statements DMCC mandates the submission of audited financial statements for all member companies, including subsidiaries and branches. Compliance with this requirement is imperative for trade license renewal and tax compliance. Failure to submit audited financial statements within the stipulated timeline may lead to penalties and non-renewal of licenses. If you are looking for audit and assurance service in dubai than contact us.

Timeline and Procedure for Submission Companies within DMCC free zones must submit audited financial statements within 180 days after the end of each financial year. The submission process involves uploading the auditor’s signed reports and relevant documents through the DMCC member portal. Partnering with reputable audit firms in Dubai ensures timely submission and compliance with regulations.

Essential Documentation for Audits During audits, DMCC-approved auditors may request various documents, including trade licenses, financial transaction records, bank statements, and tax registrations. Providing these documents promptly facilitates the audit process and demonstrates robust financial record-keeping practices.

Benefits of Conducting Audits in DMCC Free Zones Conducting audits within DMCC free zones offers multifaceted benefits, including compliance assurance, enhanced stakeholder confidence, improved internal controls, and eligibility for free zone incentives. Additionally, audits enable businesses to detect and mitigate risks, bolster credibility, and optimize financial performance.

Significance of Engaging DMCC-Approved Auditors DMCC’s Approved Auditors Rules necessitate the engagement of approved auditors for audit services. Hiring DMCC-approved auditors ensures compliance with regulatory requirements and enhances the credibility of audited financial statements. Collaborating with reputable audit firms like AMD Audit facilitates seamless audit processes and compliance assurance.

Conclusion: Upholding Compliance and Financial Integrity Compliance with audit requirements is paramount for businesses in DMCC free zones to uphold financial integrity, foster transparency, and ensure regulatory adherence. By partnering with reputable audit firms and prioritizing audit obligations, companies can navigate the complexities of audit processes efficiently, bolster credibility, and facilitate informed decision-making.

Partner with AMD Audit for Expert Audit Services As a leading audit firm in Dubai, AMD Audit offers comprehensive audit services tailored to the specific needs of businesses in DMCC free zones. Our team of experienced auditors ensures compliance with regulatory requirements, fosters transparency, and enhances financial integrity. Contact us today to streamline your audit processes and elevate your business operations to new heights.

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elevateaccounting · 8 months

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Ensuring Compliance and Accuracy: The Role of JAFZA Approved Auditors

Introduction

The Importance of Annual Audits in JAFZA

Financial Integrity: Annual audits help companies detect and prevent financial anomalies, ensuring the integrity of their financial statements.

Regulatory Compliance: Companies in JAFZA are obligated to appoint JAFZA approved auditors in the UAE to ensure adherence to local and international regulations.

Documents Required by Approved Auditors in JAFZA

JAFZA approved auditors, such as Elevate, require specific documents to conduct thorough audits. These documents include:

Bank statements

Credit/debit confirmation slips for all financial transactions

Copies of bills and invoices

Statement of deposits from the DMCC portal

Memorandum of Association (MOA)

Articles of Association (AOA)

Trade license

Registration Details for VAT and excise tax

Books of Accounts

The Mandatory Nature of Audits from Approved Auditors in JAFZA

Accounting Records: The auditor assesses whether the company maintains proper accounting records in line with accounting standards.

Accuracy and Compliance: The audit report confirms that the company's financial statements align with its accounting precords and returns, ensuring VAT compliance.

Trade License Verification: Auditors ascertain that the company's activities align with the activities permitted by its trade license. Any discrepancies are highlighted in the audit report.

Why Choose Elevate as Your JAFZA Approved Auditor?

Honest Opinions: Our audit reports provide an honest assessment of your company's financial health, facilitating a smooth license renewal process with JAFZA.

VAT Compliance: We ensure that your financial records are in compliance with VAT regulations, helping you avoid potential issues.

Regulatory Adherence: As one of the JAFZA approved auditors in the UAE, Elevate is committed to upholding the highest standards of regulatory compliance.

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gbsdmcc · 3 years

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JAFZA Company Formation

Dubai is the commercial capital of the United Arab Emirates and is the business capital of the Middle East. In 2003, Jebel Ali Free Zone Authority (JAFZA) which manages one of the largest free zone in the region, promulgated JAFZA Offshore Companies Regulation which permits setting up of an offshore company.

Location:

Jebel Ali Free Zone (JAFZA), Dubai, (U.A.E.)

Proposed activity:

Trading/Service/Manufacturing/Logistics activities can be carried out in JAFZA

License available:

Commercial trading/General trading, Service, Logistics and Industrial license are available options for JAFZA Company Setup

Type of entities :

FZE (Single Shareholder), FZCO (single or multi shareholders with limited liability) and Branch

Shareholder:

Shareholder for JAFZA Company Can be Individuals or Corporate entity (maximum 50)

Director:

Individuals only (Minimum one. Shareholder can also be Director)

Share capital:

AED 100,000/- (100 share of AED 1,000/- each) for JAFZA Company Setup & AED Nil/- in case of Branch office. (Required to be deposited in bank before or after company incorporation)

Do note that shares are deemed to be issued on company incorporation irrespective of whether share capital is deposited in bank pre or post incorporation.

Audit:

Annual audit report to be filed in JAFZA (licensing authority)

Estimated time:

3 to 4 weeks to obtain license of the company and register a company in JAFZA

Another 7-10 working days for immigration card subject to security clearance & thereafter visa may take approximately 7-10 working days on normal basis.

To know more about the complete requirements for company formation in JAFZA call us now on 050-8992852 or drop an email to [email protected]

Other Notes for Jebel Ali Offshore Company Formation:

Document to be legalized with UAE Embassy in case of corporate shareholder

Shareholder or directors wishing to have UAE residency visa on said company will need to revisit after issuance of license, immigration card and entry permit for stamping of visa on the passport and may need to stay in UAE for 5 to 7 working days as that process may take time.

Company Immigration/Establishment card to be renewed every year

Investors to have family status UAE visa should have share capital of AED 75,000/- and in order to be eligible for Owner/Investor/Partner visa should have share capital of AED 60,000/-

JAFZA OFFSHORE Company Cost 1st Year Fees & Charges:Authority fees for incorporationAED 10,040/- 2nd Year Onwards:JAFZA fees for renewalAED 2,500/- *Professional Fees for Incorporation of JAFZA Offshore Company and Annual Agent Fees are to be quoted separately.Global Business Services DMCC has helped many individuals and corporate entities to set up their businesses in JAFZA Offshore. Our company acts as a one stop solution for JAFZA Offshore company incorporation services.If you are looking for JAFZA Offshore company setup, please get in touch with us for professional assistance

Global Business Services DMCC has helped many individuals and corporate entities to set up their businesses in JAFZA. Our company acts as a one stop solution for Company Formation in Jebel Ali

If you are looking for JAFZA company setup, please get in touch with us for professional assistance

Call us now on 050-8992852 or drop an email to [email protected] to know about special promotions/offers related to business setup in JAFZA.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.

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antoinefarhat555 · 4 years

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The A,B,C, of an Energy Scandal: A legal investigation marred by discrepancies and a threat of a multi-million $ lawsuit

This article was written by Leila Hatoum, A free pen since 2001

Lebanon will be charged over a million dollars in demurrage fees as new test results of the fuel oil carried by the Asopos ship proved to be compliant with the contract’s specifications. The ship, which arrived in Lebanon on April 29, has been banned from unloading the fuel destined to Lebanon’s power plants for the past 33 days.

“The ministry of Energy informed us that the fuel was on spec (specifications). The rent of such a giant ship is $30,000, so that is $990,000 to date. By tomorrow it will be $1,020,000 and the number will continue to increase until the government opens the financial credits for the fuel shipment. The government will be charged with the bill,” Youssef el Khazen, Sonatrach Petroleum Corporation SPC BVI’s legal advisor in Lebanon, told me over the phone.

Until Tuesday, financially-strained Lebanon was under the threat of losing tens of millions of dollars in litigation and penal clause fees as the country’s fuel oil scandal spiraled to a new level.

SPC BVI has recently threatened to take legal action against the Lebanese government for “breach of contract,” over seized fuel oil shipments, delayed fees and uncertainty over the standing contract between both.

The company, a private entity registered in the British Virgin Islands and wholly owned by Algeria’s energy arm Sonatrach Holding, had “sent an official letter to the Lebanese authorities late May addressing the issue. The letter is clear, if they (Lebanese government) continue to breach the terms of the contract signed with SPC BVI, then the company will resort to legal action to safeguard its rights,” el Khazen, said.

SPC BVI has been at the epicenter of a “massive smear campaign in Lebanon” an Algerian official who spoke with me on the condition of anonymity earlier this month.

The Lebanese government had hinted a week ago that it will not be extending the current contract it holds with SPC BVI, which expires by 31 December of this year.

During a media stakeout following a cabinet session around mid May, the Energy and Water Minister Raymond Ghajar had indirectly given away the government’s intent of not renewing SPC BVI’s contract when he told reporters that the government was looking at launching a new tender by year’s end.

The government has up until this October to officially express its decision whether to renew or not SPC BVI’s contract. As per the contract itself, Lebanon must inform the company three months prior to the contract’s end if it wishes to terminate or renew it.

So, based on today’s announcement, much doubt was cast when it comes to the fuel oil scandal, which exploded over the past 3 months in Lebanon. According to our sources, there was no defective fuel oil or fuel waste as it was widely traded by some politicians and several media outlets. Moreover, SPC BVI, with whom the Lebanese government has a contract with to supply fuel to Lebanon’s power plants, is not legally responsible for the fuel oil shipments but rather the Lebanese government.

Not so long ago, in March 2020, a ship named Baltic MT carrying fuel oil destined to one of Lebanon’s Power Plants faced a problem: It was not allowed to offload its cargo and was kept at sea for nearly 10 days amid widely-publicized claims that it was carrying defective fuel oil, despite the fact that no tests had been done at the time it had docked.

The ship had loaded its cargo from GalTrade tanks at one of Italy’s ports, which sold the fuel oil to a Dubai-based company, ZR DMCC, which in turn had sold the cargo to SPC BVI.

However, there is a catch.

“There is an agreement between the Lebanese government and SPC BVI that no cargo is loaded into the ships from the main ports to their final destination in Lebanon without that cargo being tested at a laboratory that is approved by both the government and SPC BVI. Once the government approves the test results, it becomes the property of the Lebanese government and is loaded into the ship and sent to Lebanon,” el Khazen explained.

After tests in government-endorsed laboratories showed that it was on-spec (up to the contract’s specifications), the cargo left to Lebanon and arrived in March but was kept at bay for 10 days amid a fiasco of traded political accusations that the fuel was defective, and without any proof at the time.

As per the standard mechanism in Lebanon, the General Directorate of Petroleum takes a sample from the ship’s load for examination, and if the fuel was confirmed that it meets the required specifications (specs), then the fuel is unloaded into the government’s storage tanks.

The power plant operators also get their own samples for testing during the discharge process, and those samples are sent to Dubai’s Bureau Veritas for inspection to see if they meet the required specification. Nothing had been raised between 2005 to date, that had caused a disruption to the process or to the unloading of fuel or even using it, even when there were doubts that it was not up to specifications.

Following much delay, the load was tested at one of the 3 Lebanese laboratories endorsed by the General Directorate of Petroleum and the results revealed that the fuel was off-spec in one criterion out of several, and that was a change related to the sediment composition. But the fuel oil was not deemed defective or fuel waste. Those are the same laboratories which some of them had their employees implicated in tampering with fuel byproducts (gasoline and diesel oil) tests over the past two months in a case involving fuel distributors known in the media as the fuel cartel in the country. The investigations had.

Sonatrach’s SPC BVI was quick to move and offer a replacement which was on-spec, at no additional cost to Lebanon, in exchange of the Baltic MT load. It also asked for the test results.

At the time, Lebanon’s Fiscal Judiciary headed by Magistrate Ali Ibrahim examined the case and decided to close the file, as there was no proof of financial misconduct or squandering of any of the country’s public money, since there was no additional fees to the original cost.

“The government had to pay for one cargo, so there was no need to open a letter of credit for the replacement,” explained el Khazen.

Less than a month later, another fuel-oil carrier named ASOPOS faced the same fate in April 2020. The cargo was loaded in Texas, U.S.A., after the Lebanese government approved the test results at the assigned laboratory abroad. The cargo was originally sold to SPC BVI by a Swissbased company called Euronova which, according to our sources, has indirect ties to the Basatni family in Lebanon.

ASOPOS, which arrived in Lebanon in April, also faced similar accusations as Baltic MT. Tests showed that it was off-specs in one criterion as well and that was the density at a negligent rate according to el Khazen who said “the density should be under 0.091 and the test showed it at 0.093.”

Again, SPC BVI asked that the government hand over the test results but nearly a month on, the government is yet to do so.

Both ships held blended fuel as any fuel oil shipped worldwide.

“The contract between the government and SPC BVI which clearly makes the Lebanese government responsible for the cargo the moment it is approved and loaded into the ships,” according to Lebanese Lawyer Saeed Alameh.

“We had sent an empty ship to load what they are calling defective fuel, to help clear storage space for the government, and another ship to unload the on-spec cargo. Both ships have been kept at bay along with the two original ships which the government refuses to release, and the judiciary is not allowing the company to either unload the new shipment or take away the rejected fuel oil,” el Khazen revealed.

This is costing the company around $25,000 to $26,000 per day in demurrage fees, SPC’s legal advisor said, adding that “There is no reason for the continued delay by the government and the bill will be handed to the government later. By that, the Lebanese government has an increasing tab of $100,000 a day over the past month, and counting.

What raises further questions is the fact that the Lebanese authorities continue to delay handing over of the test results done in Lebanon for both ASOPOS and BALTIC MT. The issue has been ongoing for over a month now, according to el Khazen.

A Judicial Investigation Marred by discrepancies

But the cherry on top in terms of mistakes committed in this case, belongs to the judiciary who disregarded a major legal rule.

When pursuing the case, the Lebanese judiciary went after two companies: ZR Energy and Basatni, despite them not being part of the contract between SPC BVI and the government.

“By law, when you have a contract with an entity and it breaches the contract, you sue that entity, and not someone else. For example, if I bought a Dior bag from you and you had bought it from a shop in France, but the bag turned out to be a knockoff, I can only sue you, and not the shop in France. At a later stage of legal investigation, the judiciary can bring the French shop owner into the case as a third party, so long that the lawsuit is raised against you first,” explained Alameh.

Oddly enough, the Lebanese judiciary did not file charges against SPC BVI, and went directly after the third party, and that technicality alone may cost Lebanon the case and subject it to an arbitration with SPC BVI worth millions of dollars, aside possible counter lawsuits by both ZR DMCC and the Basatni’s for damage done to reputation.

And that is already materializing as the Basatni issued a lengthy statement in that context, while ZR DMCC’s statement, which denied any wrongdoing, is not the same company as ZR Energy in Lebanon, whose offices were shut by the judiciary in April, much like what was done to the Basatni offices late May.

So, not only did the judiciary issue arrest warrants against ZR Energy executives, technically and legally a company that had nothing to do with the fuel oil sold to SPC BVI or with the contract held between the Lebanese government and SPC BVI, but also it did not file a case against SPC BVI as a first party in the whole issue.

According to the same judiciary sources, hundreds of dollars in gifts that were given by the aforementioned companies’ executives to public servants in the energy sector, constituting a bribe and not company gifts as claimed.

Accusation of bribery were denied by the persons interrogated with from ZR Energy as per documents we obtained, insisting they were corporate gifts.

The same judiciary sources were quick to clarify that the Lebanese government had already brought in SPC BVI’s representative in Lebanon, a Mr. Tarek Fawwal, into the case, “thus the claim that the Lebanese magistrate went after a third party directly is incorrect.”

El Khazen mocked the info, saying that Fawwal “never has been nor is a representative of SPC BVI. He is neither an employee of SPC BVI nor receives a salary from it. Furthermore, SPC BVI is not part of the ongoing legal pursuit nor was charged in it.”

Hence, SPC BVI was never dragged as a first party in the case in order for the Lebanese judiciary to pursue a third party, which it alleges was the side that sold the fuel oil to SPC BVI and which was sold to the government later.

“Fawwal works for a shipping agency in Lebanon called Victoir. In 2018, SPC BVI’s officials sent an official letter to the Lebanese authorities explaining that Fawwal was merely an employee of Victoir Shipping Agency who clears SPC BVI’s papers for most of its ships entering or leaving Lebanon, and that is merely an office boy’s work. All contractual duties and representation were retained by SPC BVI’s head and that is mentioned in the letter,” said el Khazen.

And such a grave error may collapse the whole case.

Meanwhile, according to sources from Italy, ZR DMCC is in the prospect of legally pursuing GalTrade who sold it the fuel oil that was deemed off-spec due to a change in sediments. GalTrade did not respond to our attempts to contact it, at a time when talks between both companies’ lawyers were ongoing over the matter.

Attempts to reach ZR DMCC executives also failed, but according to a source close to the company, ZR DMCC may be headed to filing a lawsuit against GalTrade over fraud and breach of contract.

So why is it important for the Lebanese government to speak of on-spec or off-spec fuel oil that is allegedly behind the breakdown of some of its power plants, when power ship Karadeniz, rented by the Lebanese government is not impacted by it.

And we arrive to the third scandal in the case, following the threat of arbitration and the judiciary’s technical errors. The story is far from being over and it certainly did not start with the arrival of the MT Baltic and Asopos ships to Lebanon.

Power Plants “Sans Separators”

Baltic MT and Asopos were not the only ships which had questions raised about their load.

Two ships which Lebanon had received back in early 2019 and in July 2019, were allegedly offspec, and one of the power plant operators, MEP refused to use their load fuel oil, which had tested with higher acidity, as the new power pants lack a proper fuel treatment system.

According to our sources in the energy sector, the oil was later used in the older power plants which have boilers to burn the fuel, and by another operator, Karadeniz power ship, because it is superior to the existing power plants due to the fact that it has superior separators, which enable it to treat the imported fuel without being impacted by its specs. The reason is because power ships have to traverse the world and work in different countries and fuel may not be up to standards everywhere.

Both new power plants operate on Fuel type B and the specifications are set in contract by the General Directorate of Petroleum, which according to sources from the energy ministry, “usually orders the cheapest type of fuel.” The older power plants, which have boilers, can bypass this problem and they operate on Fuel oil grade A, but can still burn fuel oil B.

Energy Minister at the time Nada Boustani was the first to tip off the judiciary to investigate the case of the off-spec fuel oil, especially after learning that it was a norm to burn the fuel irrespective over the past years, which constituted a hazard to the engines. The judiciary in Lebanon has recently interrogated Boustani over the case of the 2019 ships, but as the case is ongoing, Boustani told me over the phone that she cannot comment on it.

However, she commented on other technical issues as to why do the new power plants lack the required fuel treatment system and separators that safeguard them from off-spec fuel. The government a contract with a Danish company, BWSC, to build two new power plants few years back (Zouk and Jiyyeh) that should have been up to those specifications.

When the problem was raised, Boustani demanded that the separators be installed and that BWSC carry the contract up to the specified design in the contract, which resulted in litigation.

Long story short, “the separators arrived in Lebanon and have been sitting on the docks at Beirut port awaiting to be installed,” as per Boustani.

To date, the investigation is ongoing, and no one knows when will the separators be installed at the new power plants. What is for sure, Lebanon remains under the threat of being dragged into arbitration over its current contract with SPC BVI, and third party companies may also move with litigation against the government over the technicalities.

#فيول_مغشوش فساس_لبنان Oil lebanon لبنان_ينتفض

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businesssetup123 · 2 years

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Business Setup in Dubai - Getting Your Foreign Business License

For any business to set up in Dubai, an ecommerce license is necessary. This is needed from the emirates first before being able to trade or operate a business in the free zones. The cost for a ecommerce license in Dubai is not free as it needs to be paid before one gets his trade name and the certificate. The free zone is not so restrictive in terms of business set ups as they do not have any restrictions. In terms of business costs, this is one of the lowest business costs in the world. Just the registration fee and the certificate will cost you about the same amount as buying an auto or a house.

For an individual entrepreneur planning to start a business setup in Dubai trading, he may choose to apply for a business permit first. There are several companies offering trading permits in Dubai. Most of these companies offer free quotes on the basis of which the permits can be purchased. Once you have paid the required fee for the free permits, you can start trading in the free zones.

Another option to set up a business setup in Dubai is to get a visa through the Dubai authorities. The only condition for this is that you should hold a valid passport with you. The type of visa, which is available is a business visa or an ordinary visa. To apply for an ordinary visa, you need to apply directly at the immigration department of the Dubai.

A business setup in Dubai, which is complete without having obtained a residence visa does not make any sense. The reason is that most of the trades that take place internationally do not require proof of residence in the country. The documents required for this are the passport and the registration certificate of the person. You can get this information online. You can also visit the Dubai free zone office to find out the procedure for applying for this business set up.

If you want to set up your business in Dubai and you are planning to do so on your own, you will have to obtain a non-immigrant visa. This type of visa is called a residence visa. The other options of business set up in Dubai include the following: a business permit, an offshore business permit or an EEC or an employment permit. These are all different names of the same document. The important differences are the legal status and the eligibility requirements for each one.

The process of obtaining the documentation also differs from one issuing a visa to another. For the first option, you will be required to present your passport and the fee for the processing of your application. For the second option, you will need to present your business activities license and the fee for the processing of your application. The business activities license must be renewed every two years or else it will be considered invalid. For the EEC or the employment permit, you will not be required to pay the fee.

The business setup cost involved in Dubai includes the processing of the documents. The processing DMCC company formation is calculated according to the number of items that you require and the amount of materials that you require to ship or deliver. The rates may be based on the product or service that you are selling and the location of your business. If you do not want to use the services of a UAE company or individual to process your application, you may choose to hire a freelance translator to do the job for you. Hiring a freelance translator can be an affordable way to get your business running smoothly.

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vigordbs · 3 years

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Vigor Business Setup and Company Formation Services Provides Best PRO Service for Business Setup in Dubai

The Dubai business area offers great benefits for foreign investors. There are remarkable opportunities for entrepreneurs to begin a commercial enterprise in any emirate in the UAE. As an entrepreneur in Dubai, before you establish your company in Dubai you want to finish some steps to get approval from governmental authorities.

To set up a business in Dubai, one needs to fulfil some mandatory regulations and rules with the assistance of expert agencies. The PRO services are one of these duties which might be critical for first-time entrepreneurs just like finalizing their business relations.

What are PRO Services for Business Setup in Dubai?

PRO means Public Relations Officer. It encompasses all key activities which are essential to your business set up in Dubai. The PRO services are connected with office work and processing of official documents which facilitates the execution of each part of your business set up in Dubai.

The PRO services cannot be easily fixed with the aid of businessmen who do not properly understand the policies of the United Arab Emirates. However, this can be avoided by working with company setup experts in Dubai who will help bring together your company’s credentials and end the complicated process of registration as quickly as possible.

Some common PRO services are crucial for the success of your business setup in Dubai and the credibility of the company set up experts can be judged through their PRO services catalogue.

Major PRO Services in Dubai.

The PRO services provided when you work with Vigor Business Setup and Company Formation Services for your PRO services in Dubai are:

Attestation of files with the aid of the Dubai Chamber.

Visa services including processing and renewal of visas in Dubai.

Immigration card approval from Emirates Identity Authority.

Labour and immigration card.

Business license services which include professional, business and industrial

Documents testifying via the Department of Economic Development (DED)

Dubai free zones documents processing with the aid of the DMCC (Dubai Multi Commodities Centre)

Employment visa for all of the free zones and mainland zones within and outside the UAE.

Any Dubai company formation paperwork.

Collection of mail files and transferring to governmental bureaus.

Importance of PRO Services for Dubai Business Setup in Dubai

There are several advantages of PRO services. However, there are a few benefits of PRO services that play a crucial role in establishing a company in Dubai. These PRO services help to prevent your company from unexpected consequences that may create adverse effects for the company leading to company liquidation. The PRO services encompass:

The possession of legal papers that proofs your Dubai business’s legitimacy.

The acquisition of VISA for business partners, employees, relatives for officially recognised jobs in Dubai.

Helps to open gates for opening bank accounts and company expansion licenses.

It helps to reduce cost and maximise time for documenting files and license application submission.

The signatures and stamps are the main issues for foreign investors but Vigor business setup consultants in Dubai can resolve these issues by providing you PRO services.

They are required to present your certificate to run your company in any region in the UAE.

The PRO services assist in getting rid of obstacles, doing your transactions and helping you complete your Dubai company formation in no time.

What PRO Services do Vigor Business Setup and Company Formation Services provide?

At Vigor, we offer exceptional PRO services such as:

Notarization and attestation of all services

Assistance in attesting your documents via our partnership with DED, DMCC, Dubai courts, Dubai Chamber, Ministry of overseas affairs, labour, and interior.

Facilitation of the translation of your documents which are indexed inside financial institution account paperwork or license approval application

Collecting all your emails.

Cancellation of licenses or closure of your bank account.

Regulatory approvals and NOC letters.

Approving contracts from nearby sponsors and investors and their offers with marketers to establish a company within the mainland.

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