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Elevating Emirati Executives: A spotlight on UAE’s Emiratization journey in C-Level recruitment 

Elevating Emirati Executives: A spotlight on UAE's Emiratization journey in C-Level recruitment 
Elevating Emirati Executives: A spotlight on UAE's Emiratization journey in C-Level recruitment 

In recent years, Emiratization has emerged as a cornerstone in the UAE’s strategic vision for economic diversification and sustainable growth including the recruitment of C-level talent. This ambitious initiative focuses on increasing the employment of UAE nationals in various sectors, fostering talent development, and creating a resilient, knowledge-based economy. Hiring local talent in the UAE is not only a move to align with Emiratization goals but also contributes to building a diverse and inclusive workforce. The Executive search firms in the UAE are also following the trend to hire more talents from the region itself to head the firms.  

The Vision Behind Emiratization  

The UAE’s commitment to Emiratization is driven by the desire to reduce reliance on expatriate labor and enhance career opportunities for Emiratis. By prioritizing the professional development of its citizens, the UAE aims to build a robust and sustainable economy. Emiratization stands as a testament to the UAE’s commitment to the professional growth and empowerment of its citizens. Through a focused approach on nurturing Emirati talent, the country has witnessed substantial progress in increasing Emiratization rates across sectors. Emiratization is not merely a policy; it is a catalyst for socioeconomic transformation, propelling the nation towards a prosperous and sustainable futureTop of Form 

Remarkable Progress in Emiratization  

Recent statistics showcase significant progress in Emiratization, and this momentum extends to the recruitment of C-level executives within the private sector. In 2023, there was notable growth in the hiring of UAE nationals for leadership roles across diverse industries. Companies actively engaged in Emiratization initiatives are not only meeting government regulations but are also prioritizing the inclusion of local talent at the executive level. This positive trend continues into 2024, reinforcing the commitment to empowering Emiratis at all levels, including C-suite positions. 

Government Measures and Incentives  

To support Emiratization efforts, the UAE government has implemented several measures and incentives. Initiatives such as partnerships between the public and private sectors, mandatory Emiratization quotas for specific industries, and enhanced training and development programs were introduced. Emiratization not only benefits UAE nationals individually but also strengthen the overall economy. The initiative facilitates knowledge transfer between expatriate professionals and Emirati talent, fosters a diverse and inclusive workforce, and promotes the development of homegrown industries. By aligning Emiratization goals with national economic objectives, the UAE is creating a sustainable job market that nurtures local talent and drives long-term prosperity. 

How MS caters to Emiratization in Executive Search 

In response to the Emiratization initiative, MS strategically aligns its executive search services to support the hiring of C-level talent from the local pool. Recognizing the importance of building a diverse and inclusive workforce, MS actively seeks Emirati executives for leadership positions. We understand that recruiting C-level talent locally not only contributes to Emiratization goals but also brings a unique perspective to executive teams, fostering innovation and sustainability. MS’s approach involves collaborating with clients to identify Emirati leaders who possess the skills and experience required for C-level roles. 

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Decoding corporate structures: Operational Holding Companies Vs SPVs in ADGM, Abu Dhabi

Decoding corporate structures: Operational Holding Companies Vs SPVs in ADGM, Abu Dhabi
Decoding corporate structures: Operational Holding Companies Vs SPVs in ADGM, Abu Dhabi

In the developing landscape of corporate structures, Operational Holding Companies and Special Purpose Vehicles (SPVs) distinguish themselves as distinct entities, each governed by its own set of legal parameters, requirements, and operational boundaries. It is imperative for entrepreneurs, investors, and professionals to embark on an exploration of these structures. This comprehensive analysis aims to explore the complexities in depth through quantitative dimensions, and regulatory nuances surrounding Operational Holding Companies and SPVs, providing a detailed understanding essential for informed decision-making in the corporate world.

1. Operational Holding Company

Legal Definition: An Operational Holding Company, as per the Abu Dhabi Global Market (ADGM), is defined as a unit primarily engaged in holding the assets and controlling the equity of subsidiary corporations. The holding companies in this class do not provide any other service to the businesses in which the equity is held. It does not administer or manage other units within the group.

Legal Activities: Operational Holding Companies are permitted to conduct additional operational activities, such as trading or providing services, alongside their primary role as asset holders. However subject to ADGM’s approval, they can conduct head office and proprietary investment activities.

Visa Eligibility and Office Space: A minimum of a desk space is mandate ory requirement to incorporate an operational holding company and are eligible for a visa in proportion to their office space. For one dedicated desk they can have 2 visas.

Other Legal Considerations: There is no specific nexus requirement for establishing an Operational Holding Company in ADGM.

2. Special Purpose Vehicle (SPV):

Legal Definition: An SPV, according to ADGM regulations, is a separate legal entity formed for a specific purpose, often to hold assets, issue securities, or securitize assets. Its activities are limited to the purpose for which they were established.

Legal Activities: SPVs are strictly prohibited from engaging in operational and commercial activities and are primarily used for holding ownership of assets or securities, as stated in ADGM regulations.

Visa Eligibility and Nexus Requirement: ADGM regulations stipulate a nexus requirement for establishing SPVs. The nexus can be demonstrated through various criteria, including

ownership/control by UAE or GCC entities, holding assets in the region, or facilitating transactions with real or economic benefit to the UAE.

Office Space Requirement: SPV needs to take office space but can use the registered address of a Company service provider.

Regulatory and Administrative Requirements

Appointment of Corporate Service Provider: While Operational Holding Companies do not necessitate the appointment of a corporate service provider, ADGM mandates that SPVs must appoint a registered Company Service Provider (CSP).

Fees and Incorporation Process: Incorporation fees for Operational Holding Companies in ADGM amount to 10,000 USD whereas SPVs incur a fee of 1900 USD. The timeline for incorporation for both entities is 23 weeks, inclusive of initial onboarding processes, application preparation, and ADGM review and approval.

Shareholder, Director, and Authorized Signatory: Both Operational Holding Companies and SPVs require a minimum of one shareholder and director, who can be foreign individuals or corporate entities. An authorized signatory who is a UAE resident is also mandated for both entities.

The distinction between Operational Holding Companies and Special Purpose Vehicles (SPVs) is more than just legal jargon—it’s a path for strategic decision-making as both are considered excellent tools for structuring. Whether you’re navigating asset management or pursuing targeted objectives, understanding these entities’ unique roles and regulatory landscapes is your way to success in the Abu Dhabi Global Market (ADGM) and beyond

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Time is running out: Act now for the UAE Corporate Tax Registration.

Time is running out: Act now for the UAE Corporate Tax Registration.
Time is running out: Act now for the UAE Corporate Tax Registration.

If you’re a business entity operating in the United Arab Emirates (UAE), staying updated with the latest regulatory changes is crucial to ensure compliance and avoid penalties. At the end of last month, the UAE Ministry of Finance introduced significant updates regarding tax registration, imposing administrative penalties for delays. The UAE Ministry of Finance has approved an administrative penalty of AED 10,000 for delays in UAE Corporate Tax registration. This decision, implemented under Cabinet Resolution No. (10) of 2024, aims to streamline the tax registration process and enforce compliance among businesses operating in the UAE.

UAE Corporate Tax Registration is a mandatory requirement for all businesses, irrespective of VAT registration status, turnover threshold, geographical presence, or financial performance. It’s crucial to note that the deadline for the same is approaching rapidly. To avoid penalties, businesses should register for corporate tax as soon as possible. For those who missed the deadlines or need a refresher on the requirements, here’s a quick overview.

UAE Corporate Tax Registration: Understanding the Amendments

Under the newly introduced amendments, businesses experiencing delays in their corporate tax registration process will face an administrative penalty of AED 10,000. This Corporate Tax penalty will be enforced if the registration is not completed within the specified timelines mandated by the Federal Tax Authority.

What are the deadlines for UAE corporate tax registration?

CT Registration Deadlines

For UAE Resident Juridical Persons:

The registration deadlines for Juridical Persons (such as LLC, FZCO, FZ LLC, FZE, Private Companies registered with DIFC/ADGM, etc.) residing in the UAE are determined based on the Trade license issue date of taxable persons. In cases where a juridical person holds multiple licenses, the deadline will be determined by the license with the earliest issuance date.

For Natural Persons:

A Resident Individual engaged in a business or business activity during the 2024 Gregorian calendar year or later, with a total turnover surpassing the threshold specified in the applicable tax legislation, must complete registration by the 31st of March of the subsequent Gregorian calendar year.

A person who is not a resident and engages in business or business activities in the 2024 Gregorian calendar year or later, with a total turnover surpassing the threshold outlined in the applicable tax legislation, must fulfill their tax obligations within three months from the date they meet the criteria for being subject to taxation.

For Foreign Entities:

A person incorporated or established under the laws of a foreign jurisdiction, effectively managed, and controlled by the state, must submit its tax registration application within three months following the conclusion of its Financial Year.

UAE Corporate Tax Registration: Additional Guidelines for Different Entities

A juridical, non-resident person that has a permanent establishment prior to the effective date of this decision in the state shall submit a UAE Corporate Tax Registration application within nine months from the date of existence of establishment, and the permanent person that has a nexus in the state within three months from the effective date of this decision.

A juridical, non-resident person that has a permanent establishment on or after the effective date of this decision in the state shall submit a tax registration application, six months from the date of existence of establishment, and the permanent person that has a nexus in the state within three months from the effective date of the nexus.

A juridical, non-resident person that has a permanent establishment prior to the effective date of this decision in the state shall submit a tax registration application within nine months from the date of existence of establishment, and the permanent person that has a nexus in the state within three months from the effective date of this decision.

A legal entity based in the UAE, such as an LLC, FZCO, FZ LLC, FZE, or private companies registered with DIFC/ADGM, that is established on or after March 1, 2024, is required to submit its registration application within three months from the date of incorporation, establishment, or recognition.

The Corporate Tax in the UAE and Free Zone Advantages

The UAE’s introduction of a Corporate Tax regime underscores the significant contribution of Free Zones to the country’s economic development. To support this, the government provides an appealing incentive—a 0% Corporate Tax rate for qualifying Free Zone companies and branches (QFZPs) involved in specified Qualifying Activities and transactions.

Take action now with MS for corporate tax registration.

Regardless of the license issue date, it’s crucial for all entities to initiate the registration process promptly to avoid penalties and ensure compliance with the latest regulations even with the current Transfer Pricing Regulations. Understanding these updates and adhering to the specified deadlines is essential for businesses operating in the UAE. MS can be your partner in this journey to make adherence seamless without any challenges in Corporate Tax Registration. Stay informed, stay compliant, and safeguard your business interests in the dynamic landscape of UAE taxation with MS.

Disclaimer

Please be advised that the fine amounts and dates specified in the register are subject to revisions based on any modifications made to the schedule of contraventions by the UAE authorities. These revisions may arise due to updates in regulatory requirements, policy amendments, or other factors deemed necessary by the UAE Government.

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Understanding the types of M&A transactions: The horizontal, vertical, and more

Understanding the types of M&A transactions: The horizontal, vertical, and more
Understanding the types of M&A transactions: The horizontal, vertical, and more

The realm of Mergers and Acquisitions (M&A) spans as wide as the sky, offering abundant opportunities. However, to seize these opportunities effectively, it’s imperative to grasp every facet of M&A for crafting a refined strategy. The landscape of M&A is undergoing profound transformations driven by globalization, technological advancements, and evolving client demands. As competition intensifies, organizations are increasingly turning to M&A to broaden their capabilities and expand market reach. While M&A is often used as an umbrella term encompassing all transaction types, it’s essential to recognize its nuanced distinctions.

Brush up the knowledge on the key distinctions of the various types of M&A transactions. Let’s have a look at the major M&A transactions and how they differ from each other.

Types of M&A transactions

1. Horizontal Merger

If two companies with the same output combine and gain market share through that, it is a horizontal merger. Companies should be working in the same place, and this type of merger can reduce competition. Two telecommunication companies operating in UAE merging to form a single entity can be an example.

2. Vertical Merger

To achieve better coordination across the many stages of the production process, cost savings, and increased efficiency, the companies in the different stages of production will be merged through vertical merger. The merging between an entertainment broadcaster and a distribution platform is an example of this.

3. Conglomerate Merger

If you are planning to expand your business to levels other than the core area of your business, a conglomerate merger should be your choice. A conglomerate merger can be of two types, the merged companies don’t share any business activity, or when the merged companies do share some operational overlap.

4. Friendly Merger or Acquisition

This type of merging is when both shareholders and management approve of the takeover and the assets and shares are willingly absorbed from one target company to the other.

5. Hostile Takeover

As the name suggests, in a hostile takeover a firm (the acquirer) attempts, against the wishes of the target’s board of directors and management, to seize control of another company (the target).

6. Reverse Merger

A reverse merger is when a privately held business buys out a publicly traded corporation, enabling the privately held business to go public without going through the customary Initial Public Offering (IPO) procedure.

7. Asset Purchase

Instead of acquiring the entire business, asset purchase is about buying specific assets from the target company such as technology, equipment, or intellectual property.

8. Stock Purchase

Like asset purchase, in stock purchase shares of the target company are acquired which gradually leads to getting control over the entire business. Not at all complex to handle, easy transactions are made in stock purchases.

MS as your partner in M&A success

The success of every M&A transaction hinges on a deep understanding of the process and adept management. MS provides comprehensive M&A services in the UAE, ensuring your business deals achieve resounding success. From meticulous due diligence to seamless integration, our dedicated team is committed to delivering results that exceed expectations and propel your business toward greater growth and prosperity.

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Delving Deep: Exploring the Range of Activities Enabled by DIFC’s Innovation License

Delving Deep: Exploring the Range of Activities Enabled by DIFC's Innovation License
Delving Deep: Exploring the Range of Activities Enabled by DIFC's Innovation License

In the ever-evolving landscape of 2024, the Dubai International Financial Centre (DIFC) creates a strong bond between innovation and finance. Aligned with the ambitious D33 Agenda aiming to elevate Dubai among the world’s top four financial hubs by 2033, a key strategic focus of DIFC is to shape the future of finance through innovation.

Echoing this vision, the DIFC Innovation Hub emerges as a pioneering force in cultivating technological advancement, hosting the leading financial technology accelerator in the MEASA region. Positioned as the center for tech-driven initiatives, this vibrant locale has witnessed a surge in startup ventures. Renowned for its supportive ecosystem, DIFC offers an ideal nurturing environment for emerging enterprises. This conducive atmosphere fosters innovation, enabling startups to thrive and prosper within the region.

Journey of Innovation in DIFC Dubai

DIFC has embarked on a proactive journey aimed at fostering innovation within its renowned onshore financial center. Whether in the realms of Edutech, Regtech, or any other technology-based venture, this license offers a platform for innovation to flourish. Embracing the rapidly evolving landscape of technology and entrepreneurship, DIFC has introduced initiatives such as the Innovation Testing License, designed to welcome and support tech startups in their quest for growth and exploration.

Central to this initiative is the DIFC Innovation License, which facilitates a diverse range of activities, spanning various domains of technology and innovation. From software development to cybersecurity consultancy, the license accommodates a wide array of ventures, encouraging collaboration and driving growth within the DIFC ecosystem.

Let’s have a detailed look at the scope of permitted activities in the DIFC Innovation License:

1. Software House: The development and implementation of sophisticated computer systems software is what this activity offers. Here, precision meets innovation, as specialized solutions are curated for diverse technological platforms, including smartphones and mobile devices.

2. Technology Research & Development: This domain is dedicated to fostering innovation, refining existing methodologies, and introducing products and procedures. It includes setting guidelines to enhance designing, evaluating, and implementing techniques and a series of investigative activities to develop new and improve existing products and procedures.

3. Information Technology Consultants: IT Consultants offer invaluable guidance to enterprises seeking optimization within their IT infrastructure. From strategic counsel to solutions, their contributions drive operational efficiency and alignment.

4. Internet Consultancy: The utilization of Internet technology within commercial entities is the focal point of Internet Consultancy. These professionals navigate the digital landscape, coming up with strategic frameworks to maximize online presence and operational efficacy.

5. IT Infrastructure: Essential to every technological pursuit, IT Infrastructure firms lay the groundwork for seamless network operations and database management. Additionally, they play a pivotal role in knowledge dissemination through comprehensive training programs.

6. Portal: Acting as a digital channel, Portals serve as the nexus between content providers and end-users, facilitating seamless access to numerous online services and resources. Their significance lies in simplifying complex interactions within the digital realm.

7. Computer Consultancies: The activities of Computer Consultancies are indispensable in analyzing organizational computing needs and prescribing solutions. Their expertise spans hardware and software integration, ensuring operational cohesion and efficiency.

8. Network Consultancies: Network Consultancies are entrusted with the design and implementation of robust network solutions. Their attempt to prioritize security and scalability, safeguarding organizational assets in an interconnected world.

9. Public Networking Services: Public Networking Services foster global connectivity, offering seamless access to international information networks and specialized data repositories. Their role is pivotal in facilitating efficient data exchange and communication channels.

10. Web-Design: The domain of Web Design firms offers creative ingenuity and technical advantage. They craft immersive digital experiences that resonate with audiences across diverse industries.

11. Cyber Security Consultancy: In an era, fraught with digital threats, Cyber Security Consultancies serve as the forerunner of organizational integrity. Their proactive measures mitigate cyber risks, ensuring data confidentiality and operational continuity.

12. Data Classification and Analysis Services: Utilizing the power of data, these entities specialize in structuring, analyzing, and deriving actionable insights from vast datasets. Their contributions inform strategic decision-making and resource optimization across enterprises.

13. Education and Training Computer Software: Education-centric software solutions redefine the existing system, offering innovative tools for enhanced learning and knowledge dissemination. Their impact extends across educational institutions, empowering learners and educators alike.

14. Education Technologies Research & Development: The nexus of research and education, this domain pioneers technological innovations to the evolving needs of educational stakeholders. Their endeavors shape the future of learning through the integration of cutting-edge technologies.

15. Electronic Chips Programming: At the heart of modern technology lies the complex programming of electronic chips, powering various industrial, automotive, and consumer electronics applications. These professionals drive innovation at the core of technological evolution.

MS for your Innovation Licence in DIFC Dubai

Partnering with a trusted service provider such as MS at DIFC can simplify the process of obtaining an innovation license. Our understanding of local regulations and established connections within DIFC can accelerate the licensing procedure, enabling businesses to concentrate on their innovative journey. Teaming up with MS in DIFC provides a personalized approach that combines our regulatory expertise with the unique requirements of businesses aiming to foster innovation within this renowned financial centre.

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Due Diligence: Prepare Early or Risk Your M&A Transactions in the UAE

Due Diligence: Prepare Early or Risk Your M&A Transactions in the UAE
Due Diligence: Prepare Early or Risk Your M&A Transactions in the UAE

In 2023, the Mergers and Acquisitions (M&A) market hit a roadblock globally, with transactions experiencing a standstill. This was fuelled by widespread political and economic uncertainties, driving investors to step carefully amidst escalating global inflation and turbulent geopolitical landscapes. The anticipated market recovery in 2024 is attributed to stabilized macroeconomic conditions and a boost in investor confidence. These measures are poised to play a significant role in fostering a swift and enduring economic rebound, not only within the year but also in subsequent years.

To excel in the market in the years ahead, it’s imperative to make informed choices that cater to the success of your business ventures. At this point, the role of due diligence in M&A is crucial. In M&A, due diligence plays a major part as it helps in building a trusted relationship between the involved parties and decreases the potential risks. Beyond facts and figures, due diligence maximizes opportunities by mitigating menaces.

If you are planning for an M&A transaction, here are the things you need to grasp regarding Due Diligence.

1. Risk Management

M&A is prone to risk if the due diligence is not done properly. We don’t know where we can go wrong until we do a deep study on the target company. Through due diligence, you can get an idea about the issues and liabilities of the company and that helps you to make informed decisions. Evaluating all these in the early stage itself can reduce financial loss and get rid of legal complications.

2. Be aware before the deal.

The study on the target company’s culture, growth aspects, previous deals, and market performance etc. can have an impact on the M&A. Before getting into the transaction, a thorough research on all these will be done through due diligence which helps in taking decisions and negotiations.

3. Improving Post-Merger and Post-Acquisition Integration

Effective integration is critical to the success of an M&A deal, and due diligence is a key instrument in accomplishing this goal. A comprehensive analysis of the systems, procedures, and infrastructure of the target company enables to take apt decisions.

Due diligence in the UAE also helps identify possible issues that can arise during integration as well as cultural differences. Early recognition of these elements promotes open communication, makes it easier to create change management plans, and helps staff members from both companies work together.

Given the state of the market, the importance of due diligence in M&A deals cannot be overstated. It is an essential tool for buyers to assess risks, make knowledgeable choices, and guarantee a smooth integration following a merger or acquisition. Due diligence is generally accepted as a fundamental component of an effective and profitable M&A deal. It is highly recommended and necessary for the effective completion of any planned transaction because it adds value for all parties.

MS to assist in Due Diligence

Our team of experienced professionals offers thorough due diligence services, ensuring our clients possess the critical insights required to make well-informed decisions. Committed to excellence and possessing a deep comprehension of the distinctive business landscape in the UAE, MS serves as a dependable partner, facilitating prosperous M&A transactions by minimizing risks and capitalizing on opportunities. Enrich your business through profitable M&A transactions with MS.

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, legal, compliance 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/compliance 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 finance, compliance, legal team.

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How DIFC Innovation License support emerging tech ventures in Dubai?

How DIFC Innovation License support emerging tech ventures in Dubai?
How DIFC Innovation License support emerging tech ventures in Dubai?

In recent years, the Middle East has emerged as a hub for tech-related activity, with startups proliferating at a remarkable pace. However, the journey from conception to successful implementation can be hard, particularly for fledgling tech companies navigating the complexities of managing costs while striving for growth. In this landscape, supportive ecosystems play a pivotal role, and the Dubai International Financial Centre (DIFC) has emerged as a boon for tech startups seeking to thrive in the region.

Recognizing the challenges faced by early-stage technology companies, the DIFC has taken proactive steps like welcoming tech startups to obtain the Innovation Testing License to foster innovation within its award-winning onshore financial centre. At the heart of this initiative lies the DIFC Innovation License, a gateway that provides startups with the resources and support they need to flourish.

Opening Doors to Tech Startups

One of the key features of the DIFC Innovation License is its inclusivity, catering to a diverse array of tech startups beyond just fintech. Whether it’s Edutech, Regtech, or any technology-based venture, the license offers a platform for growth and exploration. However, there are certain qualifying conditions that applicants must meet to be eligible for this license.

Qualifying Conditions for Tech Innovation Start-ups in DIFC

  • Non-Financial Services: Applicants cannot conduct any financial services under this license.
  • Technology Focus: The entity must offer a technological solution, such as software, AI, blockchain, etc.
  • Exclusion of Crypto Activities: While NFT creation is permitted, crypto-related activities, including exchanges, are prohibited.
  • Physical Presence in DIFC: A physical presence within the DIFC premises is mandatory, with options ranging from flexible desks to co-working spaces.
  • Tech or Innovation Focus: The entity’s activities must be technology or innovation-related.
  • No Trading/Selling of Products: The entity cannot engage in the trading or selling of products under this license.

Activities Covered by the DIFC Innovation License

The scope of activities permitted under the DIFC Innovation License is broad, encompassing various facets of technology and innovation. From software development to cybersecurity consultancy, the license accommodates a wide range of ventures, facilitating collaboration and growth within the DIFC ecosystem.

Here is the detailed list of permitted Tech Innovation startups in DIFC

  • Software House Network
  • Consultancies Technology
  • Research & Development
  • Public Networking Services
  • Information Technology Consultants
  • Web-Design
  • Internet Consultancy
  • Cyber Security Consultancy
  • IT Infrastructure
  • Data Classification & Analysis
  • Portal Education & Training Computer Software
  • Computer Consultancies
  • Education Technologies Research & Development
  • Internet Content Provider
  • Electronic Chips Programming

Benefits of the DIFC Innovation License

1. Subsidized Commercial Licensing: With an annual fee of USD 1,500 and a nominal one-time registration fee, the license offers an affordable pathway for startups.

2. Access to Co-Working Spaces: Startups can avail themselves of co-working spaces, starting with a flexible desk at USD 500 (+VAT) per month.

3. Visa Facilitation: The license facilitates visa processing, with provisions for up to 4 visas initially and discounted visa costs for up to 40%.

4. Integration into the Innovation Ecosystem: Quick registration grants startups access to the vibrant DIFC Innovation Ecosystem, fostering networking and collaboration opportunities.

How MS can aid you to avail a Tech Innovation Startup License in DIFC

MS provides essential assistance to tech startups aiming for the DIFC Innovation License. Utilizing our proficiency in business strategy and compliance, MS navigates startups through the licensing journey. Through personalized advisory, MS aids in crafting thorough business plans and strategies to fulfill license criteria adeptly. Additionally, MS cultivates collaboration and networking avenues within the startup community, fostering advancement and triumph for ambitious entrepreneurs in Dubai’s thriving tech industry.

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DIFC Dubai: The canvas of opportunity for Art Galleries

Advantages of setting up a new retail business or art galleries in DIFC:
Advantages of setting up a new retail business or art galleries in DIFC:

Keynotes:

DIFC ArtNights epitomizes Dubai’s fusion of finance and art, with its 17th edition showcasing a vibrant canvas of creativity. Offering seamless establishment processes and direct access to an elite clientele, DIFC stands as a prestigious art hub, drawing in enthusiasts from all corners to set up a new retail business or art galleries in DIFC.

Within the vibrant heartbeat of Dubai, the Dubai International Financial Centre (DIFC) has evolved into more than just a financial hub – it’s a thriving canvas for the arts. Art galleries, since the inception of DIFC, have played a pivotal role in shaping the district’s character, offering an enticing gateway to wealthy and high-net-worth clients. Reflecting this, the 17th edition of DIFC ArtNights is marked by a burst of creativity, featuring mesmerizing artworks in an open-air gallery, engaging panel discussions, a FLTRD Fashion Pop-Up, and enchanting musical performances. This biannual event is all about transforming the pedestrian-only Gate Village district into a vibrant kaleidoscope of music, art shows, delectable food offerings, and an array of captivating events. It’s a celebration that draws in art enthusiasts from all corners.

It is not about just art, but a magical blend of art and finance as establishing a new retail business or art gallery in the DIFC is a swift and uncomplicated process. DIFC, a vibrant community of retail and lifestyle, stands as the unparalleled financial hub in the region, providing a hassle-free commercial licensing and operational environment that is well-suited for various art gallery concepts.

Advantages of setting up a new retail business or art galleries in DIFC:

1. Seamless Establishment Process: Setting up shop in DIFC is easy as the Centre, known for its efficiency, offers a straightforward commercial licensing and operating environment – a crucial factor for art galleries looking to establish a presence quickly.

2. Direct Access to Elite Clientele: DIFC’s status as the unrivaled financial hub of the region provides art galleries with a golden opportunity – direct access to both wealthy and high-net-worth clientele. This unique advantage sets the stage for a flourishing art market within the district.

3. Recognition as an Art Hub: DIFC isn’t just a financial powerhouse; it’s also a recognized art hub in Dubai. The synergy between finance and art is evident, creating an environment that appeals to those seeking a prestigious and internationally acclaimed location for their galleries.

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Ready, Set, Innovate: A Beginner’s Guide to Innovation Testing License in DIFC, Dubai

Ready, Set, Innovate: A Beginner's Guide to Innovation Testing License in DIFC, Dubai
Ready, Set, Innovate: A Beginner's Guide to Innovation Testing License in DIFC, Dubai

The ITL Programme in DIFC caters to entities aiming to introduce cutting-edge financial products and services, such as payment solutions, wealth management tools, tokenized payment services, and biometric-enabled financial offerings. Explore the steps involved in obtaining an ITL license in Dubai to test your innovative product or service.

Innovation serves as a crucial pillar of the UAE’s economic progress, firmly establishing its global standing as a leading innovative nation. This peculiarity attracts businesses prioritizing innovation to choose the UAE as their operational hub. The Dubai International Financial Centre (DIFC) further enhances this allure by offering businesses with an Innovation License a distinctive advantage in shaping the future of finance and ensuring their success.

The support ecosystem provided by DIFC, including resources like the FinTech Hive and the Regulatory Sandbox, empowers innovative ventures to have lasting results. To simplify the process of obtaining an Innovation License, DIFC has introduced the Innovation Testing License (ITL) Programme. This Regulatory Sandbox offers a structured environment for startups to test their pioneering products and services before securing a permanent license. Unlike bypassing regulations, the ITL serves as an entry point for innovative firms, particularly startups, to validate their offerings with genuine customer feedback.

Let’s explore the sequential steps involved in obtaining the innovation license.

Application Process for ITL License in DIFC

The journey begins with a simple yet crucial step – submitting a Pre-application Form. This document serves as your introduction to the DFSA, outlining the innovative aspects of your business model. The DFSA reviews these pre-applications diligently, selecting those that meet the ITL eligibility criteria. If your pre-application is successful, you’ll receive an invitation to proceed with the ITL application. At this stage, you’ll need to complete and submit the ITL Application Form, accompanied by a comprehensive Regulatory Testing Plan. This plan serves as your roadmap, detailing the specific aspects of your business model, products, or services that will undergo technology-related testing during the ITL period.

Testing Period of ITL License in DIFC

Now, it’s time to embark on a transformative journey during the 12-month testing period. Collaborating closely with the DFSA, you’ll have the opportunity to test your business model and regulatory preparedness. This testing involves a temporary relaxation of selected regulatory requirements, allowing you to innovate with agility. Throughout this period, diligent documentation, and communication with the DFSA are paramount to ensure a smooth and productive testing experience.

Final Assessment and Exit Options from ITL

As the 12-month testing period draws to a close, the DFSA conducts a final assessment of your performance. If the testing is successful, you can apply to remove restrictions on your license and exit the ITL Program, ready to unleash your innovation upon the market. However, in cases where testing falls short of expectations, you still have options. You can apply to withdraw your license, regroup, and reassess your strategy for future endeavors.

In-Principle ITL

Upon a successful application, the DFSA grants you an In-Principle ITL, subject to the resolution of certain matters to the DFSA’s satisfaction. With this initial approval in hand, you can proceed with confidence. Obtain your DIFC business license, set up a bank account, and fulfill operational requirements to lay the foundation for your innovative venture.

MS as your partner in Innovation License Setup at DIFC

The DIFC Innovation License has played a pivotal role in nurturing the region’s largest innovation ecosystem, now encompassing more than 850 firms. This achievement stems from providing firms with a significantly discounted license and a flexible platform within the region’s top marketplace. At this point, establishing your business in DIFC and obtaining an innovation license can offer enduring benefits. MS offers comprehensive services for ITL applications in DIFC, covering initial consulting, authorization assistance, and support in preparing legal documentation for your seamless journey in DIFC.

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Thriving Through Seven: The journey of MS Beyond Seventh and further!

Thriving Through Seven: The journey of MS Beyond Seventh and further!
Thriving Through Seven: The journey of MS Beyond Seventh and further!

#MSBeyondSeventh

In the quiet corridors of a tiny one-seater office situated in Abu Dhabi Mainland, we started our journey in 2017. MS or being fondly called Team MS – A journey filled with trials, setbacks, and moments of doubt. Yet, from the very confines of that first office, we dared to dream, to strive, and to endure. With seven years under our belt, we have mastered the art of excellence. From managing compliance to crunching numbers and staying ahead in tax and tech, we’ve got it down pat. 

Our story 

Back in 2015, our Founder C A Mohammed Shafeek, took a leap of faith. He left his tax and advisory job at a UAE-based company to chase his dream: building a tax and business advisory firm focused on helping entrepreneurs and businesses thrive. Fast forward to today, and we’ve got a dedicated team ready to support our clients anywhere across the globe, every step of the way. 

Starting from our modest roots in Abu Dhabi, MS embarked on a journey of growth and expansion. With each step forward, we navigated the obstacles with determination, expanding our world to the ADGM and MASDAR in 2022 and to DMCC jurisdiction in 2023. The journey from Abu Dhabi mainland to ADGM jurisdiction was not just a progression of location, it is a story of resilience, obstacles overcome, and the relentless pursuit of excellence to meet market demands.

Not only has MS garnered numerous industry awards and expanded our client base, but we’ve also actively participated in and celebrated our clients’ achievements, fostering mutual success. By providing sound advice and timely insights, we’ve helped them make the right decisions at the right time. It’s been a joyous journey celebrating these achievements together over the past seven years.

2023: A Year of Triumphs and Transformations

“Reflecting on our journey through 2023, we’ve demonstrated resilience, turning challenges into opportunities and reaching milestones together. As we celebrate our 7th Anniversary in March 2024, we’re excited about the developments ahead, all aimed at serving our GCC market with excellence. Let’s unite and channel our energies towards nurturing growth and success together in the coming years”.

Our Founder and Group CEO C A Mohammed Shafeek

MS kicked off 2023 with a resounding triumph: our entrance into the prestigious DMCC jurisdiction in Dubai. This marked the first of many milestones as we continued our journey toward excellence. Swiftly followed by the momentous launch of our R&D Hub in India, further solidifying MS’s commitment to innovation and global reach.

Progressing further, MS made waves at the Hub71 event. Our Founder and Group CEO C A Mohammed Shafeek stood out as a true leader during the interactive session on Corporate Tax in the UAE, showcasing his impressive knowledge and expertise. 

We seized a fantastic opportunity to sponsor and launch the Midfield Community Cup 2023, here in UAE, where we proudly served as the title sponsor.

Adding to our string of successes, MS clinched the prestigious Finnext Award 2023 for Kitaab and MS, recognizing us as an innovative company in finance. This remarkable achievement marked the first accolade of the year.

To our surprise, a tribute video which was a product of our Marcom team, created for ADGM’s 8th anniversary gained notable recognition from the ADGM authorities. Witnessing the video being played in the ADGM atrium by none other than the ADGM CEO marked a groundbreaking moment for MS, showcasing our impact and significance within the industry.

Remarkable final quarter of 2023: “Hayyakum” Abu Dhabi Finance Week to Cop28

As part of our ongoing vision, MS launched its significant initiative, phase one of ‘Hayyakum: To Your Destiny’, a week-long event aimed to offer valuable insights to the Abu Dhabi business community, regarding the expansion of Al Reem Island. Furthermore, MS has solidified its media presence by successfully collaborating with Times Network to capture the essence of ADGM and AD Financial Week 2023. It has been immense for us to explore and showcase the vibrant landscape of opportunities emerging from this thriving hub, propelling us into new realms of growth and prosperity.

A significant milestone in MS’s journey unfolded in 2023 with the partnership forged alongside the Global Alliance for a Sustainable Planet (GASP), marking a monumental step towards global climate action and sustainable development. The announcement of this partnership gained widespread attention at the COP28 UAE event. It’s moments like these that underscore MS’s commitment to driving positive change and shaping a more sustainable future for all.

As we reflect upon the journey that unfolded, we find ourselves standing at the intersection of accomplishment and introspection, poised to embrace the lessons garnered from both triumphs and tribulations. 

Our visionary future

We know each business is like a unique puzzle, that needs to be crafted and tailored based on the client’s requirements. So, we MSians dive in, work together, and tailor strategies that fit just right. At MS, our clients reign supreme, serving as the cornerstone of our growth, evolution, and unparalleled success. We are making our vision clear and broad as we step into this new phase. You might wonder, what’s our focus? It’s all about accelerating our growth in where we work and what we offer. In this seventh year, we aim for progressive global growth, delivering top-notch solutions across different regions and industries. With MS’s remarkable jurisdictional expansion, burgeoning client base, and numerous successes, we stand poised and eager to extend our exceptional service to DIFC, a testament to our unparalleled growth and dedication.

As we set sail into our seventh year, ‘MSBeyondSeventh’ becomes more than just a tagline; it’s a profound tribute to our origins nestled in the heart of the seven Emirates, The UAE. It encapsulates our journey, not merely spanning seven years, but transcending boundaries, propelling us towards boundless success and unprecedented growth. It symbolizes our collective aspiration to venture beyond the familiar, forging a path toward a future rich with promise and achievement.  As we step into this thrilling new chapter, we embark on a journey pulsating with innovation, growth, and a profound reverence for our roots. Here’s to ‘MSBeyondSeventh’ and the limitless possibilities that await us on the horizon!