BUSINESS IN UAE

GENERAL INTRODUCTION

 

Business as usual

Despite the impact of the global financial crisis resulting in an inevitable contraction in 2009, the UAE economy remains robust, shielded by significant overseas financial assets garnered during the era of high oil revenues. Substantial public expenditure, made possible by those assets, allied with strong fundamentals and sound fiscal policies, has served to minimise the impact of the crisis and receding petrodollar income on the UAE's economy, and is expected to speed up its recovery in 2010. In particular, the government has pledged to maintain its investment budgets at high levels, especially for core long-term infrastructure projects, in order to rekindle growth.

 

Reasons for Doing Business in the UAE

· Robust open economy

The UAE has a vibrant free economy, a significant proportion of its revenues arising from exports of oil and gas. Successful efforts have been made to diversify away from dependence on hydrocarbons and a solid industrial base has been created, together with a very strong services sector. The establishment of free zones has been an important feature of this diversification policy and reform of property laws gave a major boost to real estate and tourism sectors.

 

· Security and stability

Since its establishment in 1971, the UAE has enjoyed an enviable degree of political stability, unequalled in the region. This has enabled the implementation of consistent sound economic policies and the reinforcing of the country’s social structure to produce one of the most tolerant, prosperous, secure and safest societies in the world. Dubai and Abu Dubai have been ranked the top two cities in the Middle East region for quality of life, according to the latest edition of a global survey. Long-time investors include  a wide range of multinational companies headquartered across the globe. 

 

· Tax-efficient business environment

Special economic zones and free zones offer 100 per cent ownership, repatriation of profit and capital as well as exemptions from taxes. Outside of these areas, significant incentives are being offered to investors and corporate governance provisions ensuring transparency and accountability are being enforced. Corporate taxes are reserved only for branches of foreign banks and oil-producing companies. A negligible 5 per cent tariff is imposed on goods imported from non-Gulf Cooperation Council (GCC) countries, although tobacco and alcohol products are subject to 50 per cent customs duties.

 

· Proximity to growth regions

The UAE’s strategic location between Asia, Europe and Africa is a major advantage to investors, particularly the country’s proximity to some of the world’s fastest growing economies in Asia. Collectively India and China alone comprise almost 40 per cent of the world’s total population and support a combined GDP in excess of US$5 trillion, providing significant economic and trading opportunities.

Important Links

· Ministry of Economy

· Ministry of Foreign Trade

· Investor’s Guide

· International Trade

· Economic & Statistic report

· Laws & Regulations 

· Starting Business in UAE

· Industrial Property

· Consumers

· UAE Central Bank

 

Chambers of Commerce

· Federation of UAE Chambers of Commerce and Industry

· Abu Dhabi Chamber of Commerce

· Dubai Chambers of Commerce

· Sharjah Chamber of Commerce

· Ras al-Khaimah Chamber of Commerce & Industry

· Ajman Chamber of Commerce

· Fujairah Chamber of Commerce, Industry & Agriculture

 

600 North Bridge Road, #09-01, Parkview Square, Singapore 188778, Tel: +65 6238 8206  Fax: +65 6238 0081                        Email