Morison menon doing business in abu dhabi part2
6
DOING BUSINESS IN ABU DHABI 8 CONTENTS Foreword Message Preface UAE - A Brief Introduction 1. Abu Dhabi - Introduction 2. Economic Policy, Strategy and Vision 3. Economic Vision 2030 Section - I : Abu Dhabi 4. Nature of Business Activities 5. Trading Regulations • Entry Strategy for Foreign Investors • General Partnership Company • Partnership in-commendam (Limited Partnership) • Public Joint Stock Company (PJSC) • Private Shareholding Company (PSC) • Limited Liability Company (LLC) • Joint Venture (Consortium Company) • Professional Companies (Professional Partnership) • Sole Proprietorship Firm to Practice a Profession • Opening Branch or Representative Office of a Foreign Company • Establishments by GCC Citizens 5 6 7 10 14 16 18 20 20 22 25 25 26 26 28 29 30 31 32 32 33
-
Upload
morison-menon -
Category
Business
-
view
152 -
download
0
description
Morison Menon is one of the leading Accounting and Auditing firm in middle east.We are providing good services for our clients. For free download Visit: http://www.morisonmenon.com/en/doing-business/doing-business-in-abudhabi/
Transcript of Morison menon doing business in abu dhabi part2
DOING BUSINESS IN ABU DHABI
8
CONTENTS
ForewordMessage Preface UAE - A Brief Introduction1. Abu Dhabi - Introduction2. Economic Policy, Strategy and Vision3. Economic Vision 2030
Section - I : Abu Dhabi
4. Nature of Business Activities5. Trading Regulations• Entry Strategy for Foreign Investors
• General Partnership Company
• Partnership in-commendam (Limited Partnership)
• Public Joint Stock Company (PJSC)
• Private Shareholding Company (PSC)
• Limited Liability Company (LLC)
• Joint Venture (Consortium Company)
• Professional Companies (Professional Partnership)
• Sole Proprietorship Firm to Practice a Profession
• Opening Branch or Representative Office of a Foreign Company
• Establishments by GCC Citizens
5
6
7
10
14
16
18
20
20
22
25
25
26
26
28
29
30
31
32
32
33
9
34
44
45
46
46
46
47
50
51
51
56
60
70
76
82
86
90
91
94
97
99
104
106
110
116
120
KIZAD: Special Feature6. EconomicDiversificationofAbuDhabi• Industrial Development
• The Higher Corporation for Specialized Economic Zones
(‘ZonesCorp’)
• ZonesCorp - a One-Stop-Shop
Benefits in ZonesCorp•
• Zones managed by ZonesCorp
7. ConstructionActivitiesandClassification of Contracting Firms• Building Codes
• Classification of Contracting Firms
8. Tourism9. Banking & Financial Institutions10. Customs Procedures11. Immigration Requirements for New Entities12. Judicial System in Abu Dhabi13. Real Estate14. Miscellaneous • Port Tariff
• Other Initiatives of Abu Dhabi Government
• Sea Ports in Abu Dhabi
• Abu Dhabi Government Entities
Section - II : Abu Dhabi Free Zones • Kizad
• Masdar
• twofour54
• Airport Free Zones in Abu Dhabi
DOING BUSINESS IN ABU DHABI
10
UNITEDARABEMIRATESA BRIEF INTRODUCTION
The United Arab Emirates (the UAE) is a Federation of States at the Southeastern end of the Arabian Gulf. It is bordered by Saudi Arabia to the west and Oman to the north and south-east.
The UAE is a Federation of seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Quwain, Ras al-Khaimah and Fujairah.
Prior to its independence on 2nd
December, 1971, the UAE was collectively known as the Trucial States, derived from a 19th century truce between local Sheikhs and the United Kingdom. Islam is the official religion. UAE is known for its religious tolerance.
11
A BRIEF INTRODUCTION
Arabic is the official language, although English is widely spoken, followed by Hindi and Urdu.
According to ‘Abu Dhabi 2011 - The Oil & Gas Year’, the UAE possesses the fifth largest oil reserves in the world. The Emirate of Abu Dhabi accounts for the majority of the UAE’s hydrocarbon reserves.
Although often ranked as an emerging
economy, the UAE is generally accepted to have one of the most developed economies in the MENA region.
According to the CIA World Factbook, in 2011 the UAE had an estimated GDP at purchasing power parity of US$ 262.1 billion, ranking 50th globally.GDP per capita was estimated to be US$ 48,500, equivalent to a ranking of 12th globally.
DOING BUSINESS IN ABU DHABI
1212
LocationMiddle East
Geographic CoordinatesBetween the latitudes of 220 and 260 30I North and longitude of 510 and 560 30I East.
Total Area83.6 thousand sq. kms (approximate)
BoundariesOman 410 Kms; Saudi Arabia 457 Kms
ClimateDesert; cooler in eastern mountains.
Population According to UAE National Bureau of Statistics, the population has recently been estimated at 8.26 million (comprises local population and expatriates from South Asia, Far East, Middle East, Europe,
Australia and USA);[local population 0.95 million whereasexpatriate population is 7.31 million].
Government TypeFederation, with specific powers delegated to the UAE Federal Government, with other powers exercised by the Rulers of the various emirates. The Federal National Council has a defined legislative role.
CapitalAbu Dhabi
Legal SystemCombination of Sharia (Islamic Law) and Civil Legislative Law.
CurrencyThe UAE Dirham (Arab Emirates Dirham - AED). One Dirham equals 100 fils.
UAE Country Facts:
13
InflationRateThe UAE National Bureau of Statistics estimated that inflation was 0.9% in 2011 for the country as a whole. It is projected at 1.5% in 2012 by the IMF.
For Abu Dhabi specifically, SCAD (Statistics Center - Abu Dhabi) recently reported that inflation was 1.3% over the first seven months of 2012, year-on-year.
Market Exchange RateFixed at US$ 1.00 = AED 3.67
Major Trading PartnersIndia, China, USA, Germany, Japan, South Korea.
Major Export ProductsCrude Oil, Natural Gas, Re-Exports, Aluminium, Dried Fish, Dates.
Major Import ProductsManufactured goods, Machinery, Foodstuffs, Transportation equipment.
TaxationNo corporate, personal, or withholding taxation. Tourism taxes apply.
Customs Duty5% Import Duty (on general products)
