Categories
Blogs

ADGM Transition: The Sooner, the Better – Here’s Why

ADGM Transition: The Sooner, the Better - Here's Why
ADGM Transition: The Sooner, the Better - Here's Why

For entrepreneurs eyeing promising business opportunities in the UAE, selecting the right location is crucial for success. While each emirate holds potential, Abu Dhabi stands out as the optimal choice for driving business expansion. At the heart of Abu Dhabi’s business excellence is the Abu Dhabi Global Market (ADGM), playing a pivotal role in fostering the growth of the financial services industry.
The ADGM’s influence is now expanding as part of the UAE’s ambitious economic diversification strategy. In line with a recent Cabinet resolution, Reem Island is set to join its jurisdiction as a financial-free zone, alongside Al Maryah Island. This move increases the combined geographic area of the district to approximately 1,438 hectares, marking a significant tenfold expansion. This strategic initiative reinforces Abu Dhabi’s commitment to growing its financial sector and presents a compelling opportunity for entrepreneurs seeking a thriving business landscape.

Milestone Achieved: ADGM Extends Reach to Al Reem Island

On April 24, 2023, Abu Dhabi Global Market (ADGM), the powerhouse International Financial Centre of Abu Dhabi, achieved a breakthrough by extending its reach to Al Reem Island. This groundbreaking move, as dictated by the UAE Cabinet Resolution No. 41 of 2023, perfectly dovetails with Abu Dhabi’s ambitious economic vision and diversification strategy, firmly establishing ADGM as a bona fide global financial hotspot. Now, the existing business in Al Reem must obtain an ADGM license and the businesses that are planning to establish must submit their license applications to ADGM.

Navigating the Transition: Key Dates and Considerations

For existing businesses on Al Reem Island, a transition period has been established until the 31st of December 2024. During this time, businesses can continue operations as usual, exempt from ADGM’s regulations. However, they are encouraged to obtain an ADGM license before the deadline. Existing Al Reem Island businesses can choose to renew their Abu Dhabi Department of Economic Development (ADDED) license or apply for an ADGM license or permit. Starting from the 1st of November 2023, businesses planning to establish a new presence on Al Reem Island must submit their license applications to ADGM. The online registry provides a streamlined process for submitting applications. The expansion of ADGM’s jurisdiction brings forth new opportunities for businesses, with benefits including the direct application of English common law and a business-friendly environment. Note that, there are attractive incentives for the business which complete the process sooner.

A Financial Adventure Unfolds on Al Reem Island with MS

ADGM, with its unparalleled application of English common law, a vibrant and diverse talent pool, and a flourishing community vibe, emerges as the ultimate magnet for international businesses. It’s not just a jurisdiction expansion; it’s a strategic leap toward turning ADGM into the go-to destination for businesses worldwide. The allure of a dynamic financial landscape, coupled with the unique blend of legal prowess and cultural richness, makes ADGM an irresistible hub for those looking to thrive in the global marketplace.

Disclaimer :

Registered in Abu Dhabi Global Market (Registered No. 000007218),
We are not an ADGM Registered Corporate Service Provider.

Categories
Blogs

Urgent Compliance Alert: Deadline Approaching for CRS/FATCA Self-Assessment in DIFC and ADGM

Urgent Compliance Alert: Deadline Approaching for CRS/FATCA Self-Assessment in DIFC and ADGM


You might be familiar with the current outreach efforts from the Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), urging entities to promptly address the pressing need for compliance with the CRS/FATCA self-assessment. This latest regulatory push serves as a reminder of the crucial importance of keeping pace with the continually evolving realm of financial standards.
A Roadmap for CRS/FATCA Self-Assessment Compliance in DIFC and ADGM
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has levied fines totaling AED 170,000 on six financial institutions due to violations of the Common Reporting Standard Regulations (CSR) 2017. This case is a true indication of how crucial is to stay informed about the latest requirements to ensure compliance in the financial landscape. Both the Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC) have issued urgent directives related to CRS/FATCA self-assessment.

Understanding more about CRS and FATCA can be an add-on:

Common Reporting Standard (CRS)

Common Reporting Standard (CRS), a regulatory cornerstone developed by the Organisation for Economic Co-operation and Development (OECD) and established in the UAE in 2017 is for guiding the gathering and international exchange of financial account and tax-related information. The CRS outlines the specific parameters within which financial institutions are required to operate, defining the scope of financial information to be collected and reported. Moreover, it sheds light on the due diligence procedures these financial entities must follow.

The Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) is a law intended to curb the practice of using offshore accounts and financial assets to evade U.S. taxes. Passed as part of the HIRE Act in 2010, FATCA requires U.S. persons, foreign financial institutions (FFIs), and other non-financial foreign entities (NFFEs) to provide the United States Department of the Treasury reporting on foreign assets or be subjected to serious penalties.

Let’s go through the requirements of both DIFC and ADGM:

Time is of the essence when it comes to compliance.

Entities in DIFC are required to complete and submit the self-assessment form to [email protected] by February 28, 2024, to avoid penalties.

If your entity was newly licensed in ADGM during 2023, the Entity Self-Certification Form (SCF) must reach [email protected] by April 30, 2024, to mitigate potential consequences.

For all the other ADGM entities, you may complete the updated SCF within the stipulated deadline informed to you by the authority.

How MS can help you for your seamless compliance with CRS/FATCA self-assessment:

Stay ahead of the curve! Our Regulatory and Compliance Assistance Team will guide your organization through all the compliance requirements detailed in the latest directives from DIFC and ADGM. Don’t hesitate to get in touch; together, let’s ensure that your entity not only fulfills but exceeds its obligations under these vital directives.
In conclusion, staying informed and compliant with the latest DIFC and ADGM requirements for CRS/FATCA self-assessment is vital for the financial growth of your entity. Act promptly, meet deadlines, and consider partnering with MS for a smooth and reliable compliance journey. Your entity’s financial well-being is our priority!

Contact Us

Disclaimer:  Content posted is for informational & knowledge-sharing purposes only and is not intended to be a substitute for professional advice related to tax, finance or accounting. No warranty whatsoever is made in this regard, and it is not intended to provide and should not be relied on for tax/finance/legal/complaince advice. The content posted is subject to future amendments/changes/clarifications in the regulation by the authorities. For any clarifications, you may contact our tax team.

Categories
Blogs

How does Law of Data Protection in DIFC guard the Personal Data?

How does Law of Data Protection in DIFC guard the Personal Data?
How does Law of Data Protection in DIFC guard the Personal Data?

Learn about the Law and Its Significance!

Understanding the Law of Data Protection in DIFC

As Personal Data Processing is a key factor, brushing up your knowledge about the Law of Data Protection in DIFC which gives an ample amount of protection to your personal data. Dubai International Financial Centre paved the way for data protection by adopting its most recent DIFC Data Protection Law (DP Law) No. 5 of 2020 for personal data processing. Like the Abu Dhabi Global Market (ADGM) Data Protection Regulations, the DIFC DP Law appoints a Commissioner of Data Protection as the supervisory authority. While both entities share common goals, they differ in the roles of Data Controllers and Data Processors.

The story of penalty in Law of Data Protection in DIFC

There was a non-compliance of a consulting firm to the DIFC DP law by not providing valid notice to data subjects, specifically contacts of new or existing employees, about the collection and use of their information for marketing purposes. The consulting used the personal Email addresses for direct marketing purposes without the knowledge of data subjects which is a breach of privacy and contravention to the DIFC DP law. A monetary penalty was imposed on the firm, amounting to $15,000 because of its non-compliance with the DIFC Data Protection Law.

Key Players in Law of Data Protection in DIFC: Data Subject, DPIA, and DPO:

· Data Subject: Individuals to whom personal data relates.
· DPIA (Data Protection Impact Assessments): Conducted for high-risk data processing, revealing potential risks to data subjects’ rights.
· DPO (Data Protection Officer): Oversees compliance, liaises with the Commissioner, conducts assessments, and manages DPIAs for high-risk processing activities.

Now, if a Data Breach happens, What’s Next?

In the event of a data breach, the Data Controller serves as the primary point of contact. It is the responsibility of the Data Controller to promptly notify the Commissioner of any breach involving personal data that puts the confidentiality, security, or privacy of a data subject at risk. Furthermore, the Controller must extend this notification obligation to the affected data subject if the breach is likely to pose a threat to their security or rights. This two-tiered notification process ensures transparency and timely communication in the face of potential risks to individuals’ personal information. Such measures align with the principles of the DIFC Data Protection Law, emphasizing the importance of swift action to mitigate the impact of data breaches on data subjects.

Penalties for Non-Compliance: While the DIFC DP Law specifies fines ranging from $10,000 to $100,000 for non-compliance, the Commissioner may impose fines beyond this range, deeming them reasonable and proportionate.

Tips to Comply with the Law of Data Protection in DIFC.

1. Clearly define lawful bases for processing personal and sensitive data.
2. Specify legitimate interests for transparent data processing.
3. Outline DPO duties and responsibilities.
4. Transfer data outside DIFC only to jurisdictions with adequate protection levels.
5. Inform data subjects when obtaining their personal data.
6. Clarify responsibilities among joint controllers, processors, and sub-processors.
7. Ensure data subjects’ rights are respected.
8. Promptly notify the Commissioner and data subjects of any personally identifiable information breaches.

MS’s Commitment to Data Protection in DIFC

In an era where personal data protection is paramount, understanding and complying with regulations like the DIFC DP Law is crucial. The above-mentioned case serves as a reminder that non-compliance can lead to significant penalties. As an advocate for data protection, MS emphasizes adherence to the DIFC DP Law to avoid penalties. Staying informed and implementing best practices are key to navigating the complex landscape of data protection in the DIFC.

click on the link to see a graphical presentation of the DIFC data protection carousel:
https://www.linkedin.com/feed/update/urn:li:activity:7159906525535211520

Categories
Blogs

Cracking the Code: ADGM Data Protection Regulations and Best Practices

Cracking the Code: ADGM Data Protection Regulations and Best Practices
Cracking the Code: ADGM Data Protection Regulations and Best Practices

In June 2023, A fraudulent phishing email that came from an employee of an ADGM company’s email address was reported to the Data Protection Office by ADGM Information Security. Even though the company filed a breach notice form, it lacked information in both the first notification and the follow-up assessment. Due to the company’s failure to non-cooperation with the Commissioner, insufficient organizational and technical measures, and inability to guarantee the proper security of personal data, the Commissioner of Data Protection in ADGM has issued a Direction under ADGM Data Protection Regulation 2021.

This case study is a clear indication of how stringent the Data Protection measures are in the Abu Dhabi Global Market. ADGM, the International Financial Centre (IFC) located in the capital city of the United Arab Emirates (UAE) has always kept data privacy as its top priority. ADGM Data Protection Regulation is the key factor that guards the data privacy in ADGM. By adding obligations for personal data processing, the ADGM Data Protection Regulation (DPR) was revamped in Feb 2021, replacing the 2015 Regulation.

Let’s explore a bit more about the ADGM Data Protection Regulation 2021;

As per Article 63, the ADGM DPR 2021 ensures the protection of Personal Data used by businesses and organizations in ADGM. In the cases of non-compliance, the Commissioner of Data Protection has enforcement powers to impose new regulations and obligations. To streamline the actions, the DPR has set up an Office of Data Protection and certain tools under it which makes the whole process easier.

ADGM follows the European Commission’s approach for Data Privacy and Protection for the security of data that is transferred out of ADGM by designating jurisdictions that are deemed adequate from a data protection perspective out of ADGM. Only if the recipient’s local laws guarantee a sufficient degree of protection for the Personal Data, then the data be transferred to a recipient situated in a jurisdiction outside ADGM.

Then, what is the Office of Data Protection?

The Office of Data Protection oversees data protection within ADGM, keeping track of Data Controllers, enforcing Data Controller requirements, and defending individual rights. It is necessary for all ADGM-registered entities handling personal data to register as Data Controllers. The Office of Data Protection maintains a register of Data Controllers in ADGM as a part of its regulatory functions and publishes the register publicly to promote transparency and openness. Also, there are Data Processors who must process the personal data.

The Data Controllers and Processors in ADGM Data Protection Regulation

Any individual or organization that chooses, alone or in concert with others, the goals, and methods for processing personal data in ADGM. Data Controllers decide how and why the data is processed. They should make sure that any processing of Personal Data that they handle conforms with the regulations. Data Controllers are required to promptly inform the Office of Data Protection about personal data breaches. This notification should occur without unnecessary delay and, if possible, within 72 hours of the controller becoming aware of the breach. Additionally, Data Processors are appointed on behalf of the

Data Controllers who have access to personal data. External service providers that have been designated by an ADGM Data Controller are examples of Data Processors.

You can make use of the tips given below to comply with ADGM Data Protection Regulations:

Register as Data Controller:
Register and renew annually with the ADGM Office of Data Protection.

Permits for Sensitive Data:
Apply for permits to process, transfer, and register data processors.

Compliance Principles:
Adhere to ADGM DP Law principles, including lawfulness, fairness, transparency, and accountability.

Data Protection Officer (DPO):
Appoint a DPO for systematic high-risk data processing.

Breach Reporting:
Report breaches to the Office of Data Protection within 72 hours.

Data Protection Impact Assessments (DPIAs):
Complete DPIAs for high-risk processing, reporting to the ADGM Office.

Sensitive Data Policy:
Implement policies for processing sensitive personal data.

Response Time:
Respond to individual data protection filings within 2 months.

MS’s Commitment to Data Protection Regulations in ADGM

The ADGM Data Protection Regulation 2021 is designed to offer comprehensive and robust measures to ensure the safety and security of personal data. MS, in line with its commitment to the highest standards, guarantees complete compliance with the ADGM Data Protection Regulations. This commitment not only serves as a safeguard against evolving threats but also acts as a catalyst, propelling your business to new heights in the ever-changing landscape of data protection.

Disclaimer :

Registered in Abu Dhabi Global Market (Registered No. 000007218),
We are not an ADGM Registered Corporate Service Provider.

Categories
Blogs

FTA Issues VAT Clarification on SWIFT Messages for Financial Sector Tax Recovery

FTA Issues VAT Clarification on SWIFT Messages for Financial Sector Tax Recovery
The Federal Tax Authority of the UAE has released VAT Public Clarification offering directives on using SWIFT messages for both VAT documentation and the recovery of input tax.

The Federal Tax Authority of the UAE has released VAT Public Clarification offering directives on using SWIFT messages for both VAT documentation and the recovery of input tax.

The UAE financial institutions are treated as engaging in self-supplies when availing of interbank services from foreign banks. This means they must handle VAT obligations as if they were the service providers, including fulfilling all tax-related duties and generating tax invoices for the services received. However, SWIFT (Society for Worldwide Interbank Financial Telecommunications) messages, commonly used to document international bank charges and their underlying transactions, might not satisfy the required criteria to be acknowledged as tax invoices for UAE VAT compliance. But On February 5, 2024, the United Arab Emirates Federal Tax Authority (FTA) issued VAT Public Clarification VATP036 that addresses the use of SWIFT messages for VAT documentation and input tax recovery, initially focusing on the Financial Services (FS) sector but potentially impacting companies across various industries.

The question is, what made FTA simplify the process?

The FTA emphasizes that due to the substantial volume of SWIFT messages received, mandating Financial Institutions to self-issue a tax invoice for each SWIFT transaction would be impractical. Hence, the FTA introduces a simplification measure. If a SWIFT message, termed a “Qualifying SWIFT message,” includes adequate information to ascertain the details of the supply, UAE Financial Institutions are exempted from self-issuing tax invoices for interbank services received from non-resident banks when such SWIFT communications are received. Consequently, for input tax recovery purposes, a SWIFT message is deemed acceptable documentary evidence if it provides the necessary particulars of the supply.

A SWIFT message becomes a ‘Qualified SWIFT’ message if it includes;

• Name and address of the non-resident bank (SWIFT sender/supplier).
• Name of the UAE financial institution receiving the service (SWIFT receiver/customer).
• Date of the transaction.
• SWIFT message reference number.
• Transaction reference number.
• Description of the transaction.
• Consideration charged, and currency used.

Let’s explore who stands to gain from this simplification;

Financial Services Sector: The provided clarification serves as a beneficial simplification for the UAE FS sector, reducing administrative burdens. Businesses within this sector need to assess whether their exchanged SWIFT messages meet the criteria of a “Qualifying SWIFT Message” to benefit from this simplification. Adjustments to existing documentation and governance may be necessary to take full advantage of this provision.

Potential Broader Industry: The FTA explicitly states in the Public Clarification that, for service imports, the recipient must issue a valid tax invoice to itself, as the VAT legislation places the responsibility for “all tax obligations” on the recipient. If this clarification is intended as a general statement, it implies that any UAE business importing services, regardless of industry, would be obligated to self-issue a tax invoice to comply with UAE VAT invoicing requirements. This additional requirement, along with reporting output tax and recovering input tax if applicable, could become standard practice for all industries. Whether this self-invoicing mandate extends beyond the services discussed in this clarification remains to be cleared, as the FTA’s practical enforcement in various industries is yet to be determined.

How can MS help you with VAT Clarification on SWIFT Messages for Financial Sector Tax Recovery?

If you are uncertain about the appropriate course of action in the use of SWIFT messages for VAT documentation and input tax recovery, seeking guidance from experts like us could be a prudent decision. There’s a risk that the government might reject your request to claim the Input VAT if the documents did not have ample information. MS can make sure that you completely adhere to the regulations and make best use of the recent simplification.

Categories
Blogs

“UAE is the perfect combination of ambition, resources, and motivation”.

UAE is the perfect combination of ambition, resources, and motivation
Check out this insightful conversation in the recently concluded COP28 between Satya S. Tripathy, Secretary-General of GASP, and MS CEO Mohammed Shafeek.

Check out this insightful conversation in the recently concluded COP28 between Satya S. Tripathy, Secretary-General of GASP, and MS CEO Mohammed Shafeek.

The private finance is for the public good, that is what Satya S. Tripathi, the changemaker of Global Alliance for a Sustainable Planet (GASP) has always leveraged. Adding to the vision of the country and solidifying Team MS’s commitment to sustainability, Our CEO, Mohammed Shafeek, engaged in a noteworthy conversation with Satya S. Tripathi on the momentous occasion of COP28 hosted by the UAE marking a pivotal step towards a resilient and environmentally conscious future. With the largest number of registered delegates in history, COP28 addressed the issues of rapidly changing Earth’s climate and the urgent action needed to avoid the most damaging consequences for people and nature.

UAE: The nation with visions and actions

The discussion with Satya S. Tripathi highlights the imperative for sustainability and underscores the role of platforms in addressing crises such as Global Warming. During the conversation, he emphasized that the UAE holds a pivotal role in COP28, focusing on actionable measures. The President of the UAE, HH Sheikh Mohammed bin Zayed Al Nahyan, committed to a $30 billion fund and announced the establishment of a global center for Climate Finance and Food Systems Declaration. Tripathi commended the nation for directing resources toward worthy causes, citing examples like MASDAR, Abu Dhabi Global Market (ADGM), and MUBADALA, which have substantial investments in sustainability. According to Tripathi, this combination of ambition and resources creates an ideal environment for addressing and combating climate challenges.

The challenges and solutions

In answering the questions related to the global challenges, Tripathi with no doubt pointed out that there is a heightened awareness among people regarding the escalating climate issues, and they are grappling with a sense of being overwhelmed by it. He stressed that it is crucial for actions to align with this awareness, particularly as countries in dryland regions like the Middle East are poised to be disproportionately affected. Tripathi further emphasized that technological advancements, innovation, and the active involvement of young people can play a substantial role in bringing about meaningful change in the situation. He commended the positive development of young negotiators participating in Climate Youth, expressing a warm welcome to their engagement.

Watch the full video of the talk between Satya S. Tripathy and CEO Mohammed Shafeek on COP28. Click the link below.

https://youtu.be/vMu5Bvb7oeU

Categories
Blogs

Everything you need to know about ITL Licenses in DIFC Dubai

Navigating the Financial Landscape: Unveiling the Dynamics of Wealth & Asset Management under a Category 3C DIFC License"
Navigating the Financial Landscape: Unveiling the Dynamics of Wealth & Asset Management under a Category 3C DIFC License"

In the dynamic UAE landscape, innovation stands tall as a cornerstone of economic advancement. The top ranking in Global Innovation Index in a regional level continues to solidify its position as a global leader in innovation, drawing businesses keen on placing innovation at the forefront of their endeavours to the UAE. Dubai is one of the destinations where UAE’s innovative businesses are stimulated and significantly impacted the financial services sector in the UAE. Adding more to the trend, The Dubai International Financial Centre (DIFC) is serving as the eminent international financial hub across the Middle East, Africa, and South Asia (MEASA) is issuing Innovation Testing Licence (ITL) Programme to catalyse innovation within the DIFC while mitigating associated risks. The license is designed for entities seeking to introduce novel financial products and services, such as payment solutions, wealth management tools, tokenized payment services, and biometric-enabled financial offerings, the ITL Programme functions as a regulatory sandbox. Within this controlled environment, ITL holders can methodically test and refine their innovations under the supervision of the DFSA.

Key Objectives of the ITL DIFC Programme:

– Uphold regulatory objectives.
– Provides a secure space for testing innovative financial products and services.
– Foster collaboration with innovative market participants.
– Enhance supervisory insights.
– Facilitate the transition of successful ITL holders to an unrestricted licensing status.

However, it’s crucial to understand what the ITL DIFC Programme does not entail:

– Waiving regulatory requirements.
– Granting preferential treatment over incumbent entities.
– Predicting or influencing user/market acceptance.
– Test RegTech solutions.
– Guaranteeing automatic progression to an unrestricted licensing status.

What are the criteria for qualifying for the ITL DIFC Programme?

a) Offer an innovative product or service, either by introducing a new type of offering or by applying innovative technology to an existing one.

b) Engage in a financial service activity that falls within the DFSA’s regulatory scope and can be conducted from or within the DIFC.

¢) Be prepared to initiate live testing of their business with customers.

d) Have plans to expand their business within or from the DIFC after completing successful testing.

Are you still trying to figure out the costs for the ITL Licensing?

The DFSA’s ITL fee is USD 5,000, covering the application process and the testing period. Other costs include registration, incorporation, and license fees, along with workspace provisions. For technology companies, specific expenses include:

a. DIFC Incorporation and License fee: US$ 1,500

b. Co-working space in the DIFC Innovation Hub – starting from US$ 500 per desk.

By incorporating these costs, technology companies can accurately gauge the financial implications associated with obtaining an ITL within the DIFC.

Why MS for DIFC Innovation Testing License?

ITL in DIFC can have lasting advantages to your business, MS streamlines the process of acquiring an ITL, saving you time and effort. By leveraging our local regulatory knowledge and established relationships within the DIFC, MS accelerates the licensing process. We provide a tailored approach that combines regulatory proficiency with your business’s specific innovation goals, facilitating your success within this globally recognized financial hub.

Categories
Blogs

Sow, Grow, and make your Agribusiness Dreams Thrive in the DMCC Free Zone Dubai

The world’s largest vertical farm is in Dubai which can produce 900 tons of leafy greens annually, using less water than growing in fields. In Dubai, the plan for setting up an Agri Hub that will create spaces for farmers to sell their products to consumers directly is also under process. It is in the heart of the same Dubai, where the Dubai Multi Commodity Centre (DMCC) is situated which is renowned for fostering diverse business landscapes, and welcomes your agribusiness vision.

Why DMCC Free Zone Dubai for starting a business in agriculture?

In DMCC, the growth in the value of global Agro exports from 2000 to 2020 is 270% and the export value of the agriculture market in 2023 is $490.1 billion. This itself proves that DMCC can be your best option to start a business in the agricultural field. DMCC’s Agro Ecosystems covers a wide range of agricultural products, including grains, coffee, tea, sugar, soy, and spices. They are leading the way in expanding agricultural trade in the face of growing concerns about food security by providing a one-stop shop for importers and exporters to increase their global reach.

What to bear in mind before starting an agribusiness in Dubai’s DMCC?

1. Sowing the seeds of success

To commence your journey in DMCC as an Agribusiness entrepreneur you should abide by the regulatory landscape of DMCC in every step. The regulatory framework in DMCC is flexible and in line with international practices which will aid your business to ace globally.

2. Knowing the Agricultural terrain

The dynamic Agroecosystem in DMCC is capable of advancing agribusiness, all you need to do is to understand the opportunities and challenges in the DMCC that will help you to make the business journey seamless.

3. The cultivation of Innovation

Just setting up an Agribusiness is not enough for you to harvest success; you must foster innovation to build your business beyond the boundaries. The latest updates and trends in the agribusiness in DMCC can be explored to have a lasting future in the market.

4. Seamless financial and legal journey

If you are planning to set up an Agribusiness in DMCC, you need to have a bank account. A solid financial foundation for your Agribusiness is always necessary to make your business journey smooth. You should always watch the legal aspects of your business to comply with the law.

How can MS help you build your business in DMCC?

In DMCC, you have the field to cultivate success in Agribusiness and you have MS to pave the path. MS provides the expertise to ensure your Agribusiness thrives in this dynamic and innovative DMCC environment. All you need to embrace success by setting up an agribusiness in DMCC is a trusted partner like MS.

Categories
Blogs

How DMCC Free Zone Becomes the Best Catalyst for Your Business Success in Dubai?

Unveiling Success: Dubai’s DMCC #1 Free Zone for Global Triumph
Panorama of the luxury center of Dubai,Dubai,United Arab Emirates

The 4,000-year-old Silk Route of Dubai was a key trading route of the bygone era. Now the city of dreams in the 21st century is expanding its commercial influence by having Dubai Multi Commodity Center (DMCC) Free Zone, crowned as “Global Free Zone of the Year” and as the “#1 Trade Hub” for an impressive nine years in a row.

DMCC can make your business dreams come true as it is one of the principal commercial powerhouses today, accounting for 11% of all foreign direct investment in the emirate. At the crossroads of Europe, Asia, and Africa, in terms of infrastructure, location, diversity, and so on, DMCC opens the door to access the global markets and to enjoy the advantages of setting up in a free zone.

Through visionary leadership, strategic planning, and an investor-friendly business climate, DMCC has everything to make your business rise, shine, and succeed.

What makes DMCC Freezone stand out?

1. Strategic Location

The access to international markets makes Dubai, the perfect place to trade. The global connectivity through international ports and airports brands Dubai as the strategic location to set up your business.

2. World-Class Infrastructure

The DMCC Free Zone is home to cutting-edge facilities and services that guarantee businesses have access to the best, which promotes innovation and growth. Here, you have everything to aid your business.

3. A community that nurtures a business environment

DMCC is more than a business hub; it’s a thriving community that fosters growth through collaboration and innovation. DMCC Free Zone offers entrepreneurs 100% business ownership, full repatriation of profits and capital, and zero currency restrictions, creating a supportive network for businesses of all sizes.

4. Industry Diversity

The diversity DMCC offers you is not limited to a single aspect. In terms of commodities, technology, finance, and more, this Free Zone holds all the facets to make your business succeed and there are numerous possibilities for cross-industry synergies.

5. Free Zone Benefits

DMCC as a Free Zone can be the best place to begin your business. In DMCC, you get to enjoy tax exemptions, simplified registration processes, and a range of other incentives to make your business full-fledged.

How Dubai Becomes the Ideal Destination for Your Business?

The one-word answer will be Yes! Dubai has anything and everything that can make your business excel in all aspects. In the last few years, Dubai has built its place as a major economic force in the world. The Dubai Economic Agenda D33 aims to double the size of Dubai’s economy over the next decade and to consolidate its position among the top three global cities through 100 transformational projects. The robust strategic location and world-class connections offer efficiency and brand Dubai as a pro-business hub. It is up to you to decide what specifications you need to use in Dubai to make your business thrive.

How can MS help you build your business in DMCC Freezone?

With proven experience in the dynamic business landscape of DMCC, MS can be your ally if you are looking for someone to help you set up a business or make your business surge. Guiding you to take the right decision in DMCC will help you to attain success in your business. As a team MS aids you in every step and makes sure that you get success more than what you expect in DMCC.

Categories
Blogs

UAE Federal Supreme Court established new principles for taxpayers, tax advisors, and tax litigators in respect of Federal taxes.

Are you aware of the new Tax principles established by the UAE Federal Supreme Court?
a quick guide to understand uae tax principles by MS

Are you aware of the new Tax principles established by the UAE Federal Supreme Court?

No worries, we are decoding the recent tax principles for taxpayers, tax advisors, and tax litigators through our new segment What Does That Mean? Here, things are Swift, Simple, and Sharp!

Key Tax Principles:

1. Legislative Authority Holds the Highest Power: TAXES COME FROM LAWS…

Taxes are determined by laws passed by the government. The court rules about how much tax to pay and how to settle it must come directly from these laws.

2. Following the Law with Precision: NO ROOM FOR MISINTERPRETATION…

Tax decisions by the FTA must follow the law, and due dates for tax payments are based on legal rules, not when the decisions are made. This highlights how crucial is to handle taxes in accordance with the law.

3. Different Penalties for Different Situations: MISTAKES ARE MISTAKES. BUT…

The FTA can penalize you for not paying enough taxes, even if you admit your mistake. But it will be different if you admit a mistake in your tax voluntarily from those for paying your taxes late.

4. Adding Up Penalties for Multiple Mistakes: THERE IS A DIFFERENCE…

If you make errors related to a specific tax law, you’ll face penalties for each mistake you admit, says Article 55 of the VAT Executive Regulation.  Hence, there is a distinction between primary tax laws and how taxes are processed.

5. Following the Right Steps to Get Penalties Waived: ABIDE THE LAWS…

If you want to avoid penalties, you must follow the steps outlined in the Tax Procedures Law. You can’t ask the courts directly to remove penalties which emphasizes the importance of adhering to FTA’s procedures.

In a nutshell by MS

The recent decision by the Federal Supreme Court contributes to the establishment of a fair and organized tax system through the management of taxes in the UAE, emphasizing the significance of law adherence, procedural consistency, and a clear understanding of roles within the tax system. The ruling ensures that individuals and businesses fulfill their financial obligations and maintain the integrity of the UAE’s tax structure. It brings out greater clarity in laws avoiding the complexities and confusion which can ultimately save valuable time for companies.

Disclaimer:  Content posted is for informational & knowledge sharing purposes only and is not intended to be a substitute for professional advice related to tax, finance or accounting. No warranty whatsoever is made in this regard, and it is not intended to provide and should not be relied on for tax or accounting advice. The content posted is subject to future amendments / changes / clarifications in the regulation by the authorities. For any clarifications, you may contact our tax team.

Contact US