#representative office adgm

[samidigi12]

A Comprehensive Guide to Business Setup in Dubai and Abu Dhabi: Navigating General Trading and E-Commerce Licenses"

Business Setup in Dubai

Dubai is renowned for its strategic location, robust infrastructure, and investor-friendly policies. Business Setup in Dubai involves several key steps:

Steps to Setup a Business in Dubai

Determine Business Activity: Identify your business activity, as Dubai categorizes licenses into commercial, industrial, professional, and tourism sectors.

Choose a Business Structure: The main structures include Limited Liability Company (LLC), Free Zone Company, Branch Office, and Representative Office. Each has unique benefits and regulatory requirements.

Select a Location: Decide between a mainland or free zone setup. Mainland businesses can trade directly within the UAE market, while free zones offer 100% foreign ownership and tax benefits.

Register Business Name: Select a unique trade name and register it with the Dubai Department of Economic Development (DED).

Initial Approval: Obtain initial approval from the DED or relevant free zone authority to proceed with the business setup.

Draft a Memorandum of Association (MOA): Required for LLCs, the MOA outlines the roles and ownership percentages of the shareholders.

Lease Office Space: Secure a physical office space or a flexi-desk in a free zone.

Obtain Licensing and Approvals: Submit all required documents to obtain your business license. Additional approvals may be needed based on the business activity.

Open a Corporate Bank Account: Choose a bank and open a corporate account to facilitate business operations.

Visa Processing: Apply for residence visas for yourself and your employees.

Company Setup in Dubai

Company Setup in Dubai involves specific steps and requirements:

Choose Your Company Type: Decide on the type of company — LLC, free zone company, branch office, or representative office.

Register with Authorities: Depending on your business type, register with the DED or the relevant free zone authority.

Secure Necessary Licenses: Apply for licenses based on your business activities — commercial, industrial, or professional.

Fulfill Legal Requirements: Ensure all legal documents are in order, including the MOA, lease agreements, and shareholder agreements.

General Trading License in Dubai

A general trading license in Dubai is essential for businesses looking to trade a wide range of goods. Here’s how to obtain it:

Choose Business Structure: Typically, an LLC or a free zone company.

Register Your Business: Complete the registration process with the DED or the relevant free zone authority.

Submit Documents: Required documents include the MOA, passport copies of shareholders, and proof of business address.

Pay Fees: Pay the applicable fees for the license issuance and any other associated costs.

Receive License: Once approved, you will receive your general trading license, allowing you to start trading in Dubai.

E-Commerce License in Dubai

The e-commerce sector is booming, and Dubai offers excellent opportunities for online businesses. Here’s how to get an e-commerce license in Dubai:

Choose Mainland or Free Zone: Both setups are viable, with free zones like Dubai Internet City and Dubai Silicon Oasis being popular choices.

Register Your Business: Complete the registration process with the DED for mainland setups or the relevant free zone authority.

Apply for the License: Submit necessary documents, including business plans, passport copies, and proof of address.

Legal Compliance: Ensure your online business complies with local regulations.

Launch Your E-Commerce Platform: With the license in hand, set up your online store and start selling.

E-Commerce License in Abu Dhabi

Abu Dhabi, the capital of the UAE, also presents lucrative opportunities for e-commerce businesses. Here’s how to get an e-commerce license in Abu Dhabi:

Select the Free Zone: Popular choices include Abu Dhabi Global Market (ADGM) and Twofour54.

Register Your Business: Complete the registration with the relevant free zone authority.

Submit Required Documents: Provide documents such as passport copies, business plans, and proof of address.

Obtain the License: Pay the required fees and receive your e-commerce license.

Set Up Your Online Presence: Launch your e-commerce platform and begin operations.

Conclusion

Setting up a business in Dubai or Abu Dhabi opens doors to vast opportunities in a thriving market. Whether you’re looking at general trading or e-commerce, the UAE provides a conducive environment for business growth. By understanding the specific steps and requirements for obtaining the necessary licenses, you can establish a successful business in this dynamic region. Dubai and Abu Dhabi continue to be attractive destinations for entrepreneurs and investors worldwide, offering a robust foundation for commercial success.

[businessliveme]

ADGM’s position as leading international financial centre strengthened with changes to its founding law

(WAM) – Abu Dhabi Global Market, ADGM, the International Financial Centre in Abu Dhabi, today announced amendments to its founding law, Abu Dhabi Law No. 4 of 2013 Concerning Abu Dhabi Global Market – the Founding Law.

The amendments reflect not only the alignment of ADGM’s framework and operations with international best practice and standards, but they also demonstrate the close and collaborative partnerships that ADGM has formed in its early years with governmental partners, in particular, the Abu Dhabi Judicial Department (ADJD) and the Department of Economic Development (DED). The changes to the Founding Law highlight ADGM’s transformation into a thriving and sustainable financial ecosystem.

This development will be welcomed by the local and global business and investor communities. The importance of these amendments, from a commercial regulatory perspective, include: formalising the dual licensing regime created with the DED which enables ADGM entities to establish branches, subsidiaries or representative offices in Abu Dhabi without needing a place of residence outside ADGM; and obliging legacy entities licensed by the DED on Al Maryah Island prior to the establishment of ADGM to surrender their licences and obtain an ADGM licence.

The majority of the amendments relate to the enhancement and strengthening of ADGM’s dispute resolution framework, particularly the jurisdiction of ADGM Courts, including: allowing parties to select ADGM Courts to determine their disputes without any connection with ADGM; reinforcing the status of ADGM Courts as courts of the Abu Dhabi judicial system; providing for ADGM Courts’ judgments to be issued in the name of the Ruler of Abu Dhabi; recording the successful framework for the reciprocal enforcement of judgments between ADGM Courts and the ADJD; and clarifying that ADGM Courts’ judgments will not be used for the enforcement of non-ADGM judgments and arbitral awards in other jurisdictions.

ADGM Courts have published a Guide to the amendments and the policy behind them in order to provide a deeper understanding and appreciation of these amendments to ADGM’s dispute resolution framework.

Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, said: “I am delighted that our commitment and thorough work in building and strengthening our regulatory and dispute resolution regimes over the past 5 years, including our close collaboration with our strategic partners in Abu Dhabi, is now reflected in the amendments to ADGM’s Founding Law. These amendments reinforce ADGM’s position as a thriving international financial centre with a robust and progressive regulatory framework and a healthy track record in providing game-changing innovation. Our partners, businesses and investors can rely on us to seize every opportunity possible to foster their development and long-term growth.”

Commenting on the amendments to ADGM’s Founding Law from ADGM Courts’ perspective, Lord David Hope, Chief Justice of ADGM Courts, stated: “In a very short space of time we have earned a reputation as international common law commercial courts that have transformed the delivery of judicial services through the innovative and unique use of technology. These changes to the Founding Law record our acceptance as a judicial system that is respected, transparent, reliable and accessible. I am grateful to our partners and stakeholders who have encouraged and supported our development, and particularly Abu Dhabi Judicial Department who have collaborated with us to ensure the effective and efficient enforcement of judgments in Abu Dhabi. We will continue to work tirelessly to ensure we contribute to the excellence in judicial standards across the UAE”

The post ADGM’s position as leading international financial centre strengthened with changes to its founding law appeared first on Businessliveme.com.

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[whittlebaggett8]

Belt and Road Brings Chinese Finance to the Gulf

Throughout his assembly with the King of Bahrain, Sheikh Hamad bin Isa al-Khalifa, in 2013, Xi Jinping said that China would deepen economic cooperation with Gulf international locations. In modern many years, this intention has been understood. With the Belt and Street Initiative (BRI), China has been growing its economic foothold in the Gulf area, which is positioned as 1 of the most crucial financial hubs in the environment.

Although Chinese finance has been current in the Gulf since the early days of China-Gulf relations, Xi, with his assertive economical reforms, like greater integration in the world economical economic climate, aims to strengthen this procedure through the BRI.

Expanding Existence and Bond Markets

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Corresponding to the BRI’s formal “Vision and Action” document, which states that “financial integration is an important underpinning for utilizing the Belt and Street Initiative,” Chinese banks and economic establishments have greater their cross-border economical transactions, presences, and actions in the Gulf region.

This is specifically obvious in the UAE, the Gulf’s most important monetary center. In accordance to the Dubai Global Fiscal Center’s (DIFC’s) 2015 yearly Functioning Overview report, financial institutions from China experienced doubled their stability sheet because mid-2014. In 2018, it was additional described that Chinese economic entities make up nearly a quarter of the whole belongings in the DIFC, with overall benefit achieving $33.4 billion by September 2017, a 30.5 per cent enhance from the $25.6 billion reported at close of 2016. Additionally, Chinese financial institutions have also elevated their licenses with the DIFC to Classification 1, changing their presence from subsidiary to department standing.

What’s more, adhering to the course in the BRI “Vision and Action” system to “open and establish a bond sector,” these banks have greater their issuance of bonds in the location.

In Oct 2016, the Hong Kong department of the China Design Bank (CCB) shown a $600 million bond on Nasdaq Dubai, the Gulf’s world-wide monetary trade. In the exact same thirty day period, the Agricultural Lender of China (ABC) was authorized by Dubai Gold and Commodities Exchange (DGCX) as the initially detailed industry-maker for Shanghai Gold Futures.

The Industrial and Professional Bank of China (ICBC), soon after upgrading its branch’s products and services from strictly commercial to giving financial commitment banking and asset administration to its Gulf clientele, also detailed a $400 million bond on Nasdaq Dubai in mid-2017. That designed for a total of five ICBC bonds stated on DGCX, soon after the listing of a $500 million bond in May 2015 and a $400 million bond in June 2016.

Not long later on, the CCB shown yet another $1.2 billion bond in Dubai. The CCB’s chairman, Guo Yuo, said that the bonds are intended to aid the bank’s actions in the area below the BRI. In March 2018, the ICBC also elevated $1.4 billion by way of the issuance of two bonds on Nasdaq Dubai, which introduced the total quantity of bonds issued by Chinese banks by means of the trade to $5.4 billion.

Institutionalizing Money Relationships

China’s economic growth in the Gulf has also been institutionalized. For example, the Shanghai Stock Exchange partnered with the Abu Dhabi International Market place (ADGM) in April 2018 to create a system in the UAE regarded as the “Belt and Street Trade,” aimed to guidance Chinese investors and companies in the Gulf.

Despite the fact that to day there are no specifics with regards to the platforms via which the new trade would trade, or when it may possibly be opened, we do know that the future trade aims to assistance Chinese enterprises finance investments undertaken as aspect of the BRI. A number of months later, the ADGM released its first abroad representative office in Beijing.

In the same way, in 2017 Shanghai Gold Exchange partnered with the DGCX to establish DGCX Shanghai Gold Futures, which noticed the initial-at any time use of the Shanghai Gold Benchmark Value in world marketplaces.

In July 2018, Chinese point out-owned Everbright Team, which operates across banking, securities, asset management, insurance policies, and cash as properly as in futures and expense management, also signed an MoU with the DIFC to examine collaboration chances related to the implementation of the economical factors of the BRI.

Currency Expansions

These types of moves have also been accompanied by endeavours to develop the use of Chinese forex in the Gulf.

The BRI is meant to complement the ongoing approach to globalize the Chinese renminbi (RMB), a system that began in 2009 and nevertheless faces obstacles. The “Vision and Action” approach states that the BRI aims to set up currency swaps and settlement mechanisms, to uplift the position of the RMB as an international reserve forex, and to integrate the RMB in the IMF’s Special Drawing Legal rights (SDR) basket of currencies, a intention that was obtained in 2016.

In the Gulf, this intent was echoed by Xi in his speech at the Arab League headquarters in 2016. A variety of Chinese banking companies have responded to Xi’s contact by turning into energetic in endorsing the use of RMB in the Gulf, primarily by forex swaps and trade settlement specials.

The People’s Lender of China (PBOC), for instance, signed a 35 billion RMB ($5.6 million) currency swap deal with Qatar Central Bank (QCB). The PBOC has also renewed its $5.42 billion currency swap agreement with the UAE, after the latter was included as a RMB Experienced International Institutional Trader (RFQI) with a quota of 55 billion RMB, paving the way for the Central Financial institution of the UAE to invest in China’s funds industry.

On top of that, the ICBC has also made the decision to be part of the Dubai Commodities Clearing Corporation (DCCC), turning alone into a settlement bank for DGCX, and the Chinese lender has been reportedly pursuing negotiations with Gulf governments and entities about issuing RMB bonds in China.

Apart from forex swap agreements, RMB clearing centers have also been proven in the Gulf. In 2015, the ICBC launched a renminbi clearing heart in Doha, which turned the initial in the Gulf to let trade priced in RMB to be cleared domestically. This assists make the renminbi “trade invoicing currency” in the Gulf. Financial institutions in the Gulf are now equipped to skirt many custodial interactions with banking institutions in Hong Kong to entry currency at the Doha branch. This also proficiently permits the creation of a pool of liquidity in renminbi, thereby enabling a thrust for trade throughout the broader location.

A year later, the ABC was also appointed by the PBOC to run another renminbi clearing centre in Dubai.

However nonetheless minimal, these developments have step by step expanded the reputation and use of Chinese renminbi in the Gulf. HSBC’s RMB Internationalization

Review identified that there has been a obvious improve in the quantity of UAE enterprises using the renminbi – from 34 p.c in 2015 to 46 p.c in 2016. In January 2016, the RMB experienced also become the most active forex utilised in the UAE and Qatar for direct payments to China and Hong Kong and the rate of utilizing the renminbi in direct payments between Kuwait and China exceeded 10 percent. Currently, Saudi Arabia has also declared that the nation is at present preparing for renminbi funding.

China’s Belt and Street is generally believed of in phrases of literal streets, ports, and bridges. In the Gulf, nevertheless, it is getting a different form as China pursues greater monetary cooperation with a globally vital economic hub.

Dr. Muhammad Zulfikar Rakhmat is a lecturer at Universitas Islam Indonesia and a investigation associate at Jakarta-primarily based Institute for Progress of Economics and Finance (INDEF).

The post Belt and Road Brings Chinese Finance to the Gulf appeared first on Defence Online.

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[blockchainist-blog]

Blockchain in Singapore, Abu Dhabi Focus Of Joint Regulator Partnership

Click here to view original web page at cointelegraph.com

A new international partnership is set to foster the development of disruptive Fintech in Singapore and Abu Dhabi.

The Monetary Authority of Singapore (MAS) and the Abu Dhabi Global Market (ADGM) signed the agreement on Wednesday, which also aims to provide reciprocal insight into the legislative landscape.

“The cooperation agreement establishes a strategic framework for both regulators to assist startups and innovators to better understand the regulatory regime in each jurisdiction and provide support through the application and authorization process,” local Singaporean news outlet The Business Times reports.

According to an accompanying press release: “Both authorities will also undertake and explore joint innovation projects on the application of key technologies including digital and mobile payments, Blockchain and distributed ledgers, big data, flexible platforms (API), and other new technologies.”

Both regions are positioning themselves as Blockchain hubs in 2017. While the United Arab Emirates’ second city Dubai continues researching government Blockchain implementation, Singapore will host a June conference during which major Asian banks will outline their Blockchain roadmaps.

“Asia and the MENA regions have immense growth potential and a large underserved financial sector,” ADGM CEO Richard Teng commented.

“We hope that through closer collaboration with like-minded FinTech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the immediate needs of the industry in respective regions and anticipate the demands of the future.”

In October 2016, Smart Dubai Office, hereinafter SDO, a technology initiative developed by the UAE government and Startup Incubator and Seed Fund 1776, launched the SDO Blockchain Challenge to discover Blockchain startups that can lead Dubai’s Blockchain strategy.

Blockchain-powered region of the UAE

Prior to the launch of SDO Blockchain Challenge, SDO and government officials of Dubai partnered with 1776 with a vision of developing the city into a Blockchain-powered region.

SDO, an initiative anchored in the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, believes that the implementation of Blockchain technology within and outside the realm of finance could greatly benefit the growth of leading industries in the United Arab Emirates.

In an official statement, representatives from 1776 announced:

“Dubai launched a city-wide Blockchain Strategy in October 2016 with the aim of becoming the first Blockchain-powered city by 2020. SDO and 1776 are looking for game-changing applications of Blockchain technology in any industry. Blockchain has the potential to improve people’s lives and Dubai is posed to be a leader in moving such applications forward.”

The government pushes Blockchain ecosystem to grow faster

Since then, 1776 and SDO have collaborated in discovering Blockchain startups focusing on government efficiency, industry creation and thought leadership through the SDO Blockchain Challenge.

The government also worked to provide an ecosystem for Blockchain startups wherein entrepreneurs and developers will be able to connect with industry leaders and high profile investors to support the development of Blockchain technology and their unique technologies.

Startups are eligible to apply until April 13 and during the period of competition, Blockchain startups will benefit from pitch training by mentors and experts at 1776, who have previously helped shape successful startups and corporations in the past.

The governing entity of Dubai is particularly optimistic towards the startup competition and is offering free travel and accommodations to startups and their members throughout the duration of the competition.

Already, Blockchain startups in Dubai have begun to receive various grants and investments from government-owned entities. Hypergive for instance, a solution designed to fight hunger using Blockchain technology, won the 2017 Year of Giving Award at the World Government Summit in Dubai, which was presented by UAE Prime Minister and Rule of Dubai Al Maktoum.

The hub of Blockchain development

Jesse Rodgers, CEO of Volta Labs, startup incubator and partner company of the event, stated that the award represents a win for both Hypergive and UAE, as the country, its government and industry leaders are beginning to consider the potential of Blockchain technology within the region.

"It is our goal for the world to recognize the special community of technology creators that we have in Halifax. We're very happy for the Hypergive team for this win, as it's a big win for our whole region,” said Rodgers.

As previously reported by Cointelegraph in an article entitled “United Arab Emirates Consider to Officially Recognize Bitcoin, Work on Regulatory Framework,” the government of UAE is demonstrating a high level of interest towards Bitcoin and its underlying technology the Blockchain.

Dubai aims to be the hub of Blockchain development in the upcoming years by allowing Blockchain startups to grow within a practical ecosystem.

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