UAE, Japan crude storage deal

The UAE and Japan signed a crude storage agreement, which will further bolster partnerships between oil and gas firms. Japan’s Prime Minister Shinzo Abe visited Abu Dhabi, where he met His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the Presidential Palace.

Sheikh Mohamed and Mr Abe witnessed the signing of an energy co-operation agreement between Supreme Petroleum Council, represented by Adnoc, and Japan’s Agency for Natural Resources and Energy.

The UAE and Japan already enjoy strong and broad co-operation, developing them across all fields under the Comprehensive Strategic Partnership Initiative, but energy ties are particularly strong.

As per the agreement, Adnoc can store over 8 million barrels of crude oil at storage facilities in Japan. This development extends and expands the Joint Oil Storage Project – the previous strategic crude oil storage bilateral agreement that expired at the end of last year. The agreement will positively contribute to Japanese energy security, while also supporting Adnoc’s broader trading ambitions.

UAE Program for Artificial Intelligence

Many people still associate artificial intelligence (AI) with science fiction, but AI develops fast and becomes more commonplace in our daily and business lives. In business, artificial intelligence has a wide range of uses. In fact, most of us interact with artificial intelligence in some form or another on a daily basis. While some people are afraid that digitalization, technology will replace many professions – yet we should rather consider it as a supporting tool. Even more, a number of research surveys suggests that AI doesn’t always perform best on its own. AI technologies are great at driving or even replacing the lower-level, repetitive tasks, but businesses often achieve the greatest performance improvements when humans and machines work together. I am inclined to believe that it is nothing better than joint forces of human and technology, as one cannot exist without another.

UAE Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has launched the UAE’s first Artificial Intelligence (AI) strategy, marking a new level of innovation built on Smart Government. The strategy is the first of its kind in the region and the world and will see investment in the latest AI technologies and tools to enhance government performance and efficiency.

The AI strategy has five themes:

  • the formation of the UAE AI Council
  • workshops, programmes, initiatives and field visits to government bodies
  • develop capabilities and skills of all staff operating in the field of technology and organise training courses for government officials
  • provide all services via AI and the full integration of AI into medical and security services
  • launch leadership strategy and issue a government law on the safe use of AI.

Behind Fireworks at Burj Khalifa

Dubai’s mesmerizing Burj Khalifa, one of the tallest building of the world, astonishes billions of people daily, and for the New Year’s eve it was the peak of visitors for one of the best shows across the world.

With the breathtaking pyrotechnic show specifically designed for such occasion, the world’s tallest building marked the start of the new decade, 2020! The Burj Khalifa was transformed through animation, light, music compositions and fountain – all united in one show of a century. Unforgettable experience, and millions of people came to Dubai Downtown to watch it live every year. To mark the start of a new decade the show on Burj Khalifa was conceptualized by Emaar.

On the backstage, thousands of workers are on guard every minute to keep the show smooth, and valuable guests do not notice how much work is being performed in the background.

After the show has finished, the invisible heroes armed with nothing else but brooms took on the task of giving a clean look to Downtown Dubai by 2:30 am, just after the show. Sometimes they get abused by visitors for stopping them over violations but still they are always smile and do their duty at their best – keep the best experience for visitors of the Fireworks.

The Key Laws Introduced in The UAE to Ease Business

Previous year was one of the most fruitful in terms of many positive changes made by the UAE Government to create favorable investment climate for businesses and attract capital into the country. The new rules and regulations introduced were to increase the easiness of doing business in the UAE. The new regulations are effective and beneficial both for foreign investors and companies located in the UAE and those looking to set up in the future.

  • Foreign Direct Investment: 100% foreign ownership within certain industries
  • Introduction of long-term visas, gold visas
  • Implementation of Instant Licenses, 5 minute business set up
  • Introduction of Dual Licenses, when Free Zones can extend to Mainland
  • Reduced visa costs across multiple government departments
  • Introduction of Economic Substance Regulations
  • Labor Legislation

These changes bring in the further development of the UAE’s economy and its status as a hub for business activities across regional and international borders, supported by numerous initiatives from leading government bodies to make business in UAE as easy as possible.

Contact EBS in Dubai to see how we can introduce you to the numerous benefits of setting up a company in UAE.

16 Key Initiatives To Support SMEs. UAE National Program

According to the UAE Ministry of Economy, SME sector represents more than 98 per cent of the total number of companies operating in the UAE. In 2019, SMEs have contributed 52% of the non-oil GDP and the target of 60% was set towards contribution of SMEs by 2021 to non-oil sector of economy.

The government have been actively establishing various initiatives aimed at supporting and stimulating the country’s SME sector and promote entrepreneurship in order for it to grow further.

One of such programmes that SMEs should pay close attention to is currently unveiling under leadership of The National Program for Small and Medium Enterprises, affiliated to the Ministry of Economy. The Ministry announced the launch of 16 new initiatives to support and develop Emirati SMEs during the year 2020.

The 16 initiatives aimed to provide comprehensive support to SMEs locally and internationally, including Connection with the European Business Network; Organizing 50 specialized training courses for 3,000 entrepreneurs; establishing a platform linking companies to the SME Forum; The Arab World Prize for Small and Medium Enterprises; Delegations to a number of countries for the Development of Business relationships and trade; Participation at international Trade Shows; Fundraising and much more.

Dubai: Which Industry Sectors Will Grow?

Dubai has been touristic destination for many decades, but over a few years, it took leading positions as one of the top business destinations attracting investors from most prosperous countries of the world. It is true that the emirate’s openness and its support for innovative projects and entrepreneurship have made the city an ideal destination for business investment.

Over the past few years, more than 200 thousand companies have been registered in Dubai which leads to a strong economy and further growth.

According to the recent World Economic Outlook, published by the International Monetary Fund (IMF), Tourism growth is predicted to more than double to 6.6 per cent, up from 3.3 per cent as the Expo 2020 event gets under way, while growth in financial services is expected to pick up to 2.7 per cent, from just 1 per cent this year. A revival in the fortunes of the emirate’s real estate sector is also predicted, with growth increasing to 3.6 per cent, up from 2.2 per cent this year. Growth in the manufacturing sector is set to triple — to 3.1 per cent, up from 1 per cent this year.

From tourism to real estate, Dubai supports almost all types of business activities and 2020 is the best time to start your business in Dubai. Still thinking? Contact us today and we guide you through the process.

Dubai Trade License Renewal Fees | General Trading License Fee

Dubai Trade License Renewal Fees, General Trading License Fee

A business trade license is a mandatory requirement for every business entity to run their operation in the UAE. If you want to start your business in Dubai, then you should first consider all the licensing procedures and governmental permits. Every business license in the UAE needs to be renewed every year.

To do this, a lease agreement is required (Ejari) from your office. With the advancement of business opportunities in the region, the UAE government has allowed old companies to renew their licenses through a Co-working agreement.

Dubai trade license must be renewed after every one year to avoid any kind of conflict. A trade license in Dubai is a legal certificate that allows a businessman or investor to carry out their business activities in the region.

Any organization involved in other activities which are not mentioned in their license is illegal in the country.

Why Trade License is Required in the UAE?

  • A trade license identifies you and your business enterprise
  • With a trade license, your business can take part in other commercial activities
  • It allows you to participate in profitable governmental measures
  • It provides public health and ensures safety through a procedural measure

Types of Trade Licenses available in Dubai?

Acquiring a trade license in Dubai depends on your nature of business. There are mainly 4 types of business licenses offered by the Department of Economic Development.

  1. General Trade License
  2. Commercial Trade License
  3. Industrial Trade License
  4. Professional Trade License

Steps to Renew Trade in Dubai

  • BR/1 Form Typing
  • Renewed Tenancy Contract – Ejari
  • Apply for renewal of the license in DED
  • Final submission of renewed Dubai Trade License

The renewal process:

You can renew your company trade license by following the process provided below by choosing DED’s online and offline options.

Step 1:

First of all, make sure your tenancy contract is valid for at least one month from the date of your application.

Step 2:

Put forward your application and complete all the requirements required from the DED service center.

Step 3:

Collect your challan form from the DED and process your fee.

Once the payment is completed, the process is completed and you’re ready to collect your renewed trade license in Dubai within three to four working days.

General Trading License Renewal Fees in Dubai UAE

After making the payment as per the process provided above, DED will issue you a renewed trade license with a validity of one year. As per the renewal fees, it varies for every trade license. A business trade license in Dubai will cost you around 15,000 AED to 50,000 AED. The renewal process will cost you around 8000 AED to 15,000 AED.

To get a customized cost of trade license in Dubai, contact our business setup consultant in Dubai. Setup Dubai business can help you with the most affordable business license in Dubai. For a detailed description of the cost, call us at +971 4 310 8000 or write a quick Enquiry.

E-Commerce Business Setup | Things to know about E-Commerce Business Setup

ecommerce business setup in dubai

If you’ve not heard of online shopping, then you’re living in a cave. With global e-commerce giants like eBay, Alibaba, and Amazon online shopping has become a new way of conducting business. Many new businesses just open their stores on the internet rather than physically.

On this note, it becomes important to mention that the trend of online shopping is dramatically increasing in the United Arab Emirates (UAE). Dubai, on the other hand, hosts some of the best e-commerce stores on the internet.

This is the reason that a large number of people are moving from traditional shopping to online shopping, thereby signifying the visibility of your online store is a must in the Middle Eastern region.

In this post, we’ve shared 10 things you need to know about starting an e-commerce business setup in Dubai. This will simplify things if you’re looking forward to investing in this region.

 

10 Essential Facts To know about E-commerce Business Setup in Dubai

Online shopping trend

The mode of online shopping is rapidly increasing in the Middle East. Many people prefer online shopping modes because it provides many benefits. You don’t have to visit the store physically, there are tons of great discounts going on daily, the package will be delivered at your doorstep, product return policy, cash on delivery and much more.

Licensing procedure

To conduct business in Dubai, you have to acquire a business license. In terms of online business, the licensing procedure is swift and easy. The best place to start an online business in Dubai is in free zones. There are tons of great advantages for foreign business investors in the free zone. These include complete repatriation of business profit, 0% income tax, 0% corporate tax, and negligible custom duties. All of these benefits make e-commerce setup in Dubai a very lucrative business.

Office infrastructure

You can also lease office space in Dubai at a reasonable price. You can start your business by yourself or in certain cases, a UAE resident or Local sponsor is required to help you buy a place. Depends on your licensing procedure, there are some rules and regulations that you’ve to follow. The office space and utility services in Dubai is state of the art, everything is unmatched.

Website development and hosting domain

To start your e-commerce store, the most important thing required is a responsive website. It is important to have a user-friendly stable website that is easy to manage. There are many factors that you should consider regarding this point. Here we have mentioned the common once.

A domain name is required to carry out your business operation on the internet. It must be unique and easy to remember by most of your audience. The domain name also matches your business name, so choose an appropriate name.

The second thing you need is website hosting. Consider this as space where all your website content will be stored and from where you can change your settings.

Payment Gateway integration

An important aspect in terms of online business is a recognized payment gateway option. There are many online payment gateway vendors available on the internet. All of these have different terms and conditions for their usage. Technically, the payment gateway should handle more load of traffic and process a higher rate of overall transactions of your website.

Import and Export of the product

Depending on your business operation, import and export become a very important aspect of online business. There are many types of products that you can deal with in Dubai like consumer goods, Discounts, Deals, Branded, Unbranded, Digital, Physical, etc.

For import and export services, a valid license is required from the authorities. It is advised to speak with a business consultant regarding this matter.

Logistics, Support, and Delivery

The core of an e-commerce business is supported by the logistics and support system. Without a proper logistic system in the region, your business will not perform well in the market. In Dubai, you can build your logistic system or opt for third-party providers.

Warehousing and storage

Just like logistics, storage is also an important aspect of any e-commerce business if you’re conducting business for consumer goods. You can lease your own storage space or opt for third-party providers.

Launch and Marketing

This is one of the most important steps for any business to run successfully. Now that you’ve opened your business in Dubai, now is the time to stand out above your competitors. There are different marketing options you can try for an online business that includes Digital marketing, TV Advertisement, Brouchers, Billboard, SMS Marketing, etc.

The marketing strategy should be aligned with the interest of your audience, if you target people who not even interested in your business then you’re wasting your resources. Target people for whom the website conducts business.

Customer acquisition and retention

After setting up your successful online business in Dubai, now comes the important part of customer acquisition. Sometimes it feels like a tireless activity yet it is fruitful for a long term business environment. The future of a business largely depends on loyal customers so the acquisition is very important. Post successful customer often buys other products and refer your business to other people.

E-commerce business setup in Dubai is a trending, visible, and profitable field. If you’re an investor and want to invest your money in a profitable venture, then you should opt for an online business. Setup Dubai business helps you to set up your first E-commerce business in Dubai. We have a team of professionals that have years of experience in the E-commerce business and can provide a detailed guideline on how to start a successful business. Contact us if you’ve any type of question regarding this topic or want a free business consultancy. We’d be happy to assist.

Why You Should Try Freelancing In The UAE

Working in a rigid cooperate environment known in the UAE can be tasking for just about any employee. From the structure to company policies,  to the system of operations, and controlled working environment, there are just so many hoops for anybody working in the UAE to abide with. This means self-expression and optimal productivity are almost non-existent in the working life of any UAE Cooperate, employee. The sometimes harsh working environment, means workers find it difficult to attain self-actualization, personal growth and also personal fulfillment.

It is because of the above-stated reasons; the Freelancing is now a more viable option for persons to consider when trying to make a living for themselves. Several industries provide a suitable working environment for freelancers to hone their skills and express themselves — industries like web development, graphic design, writing and translation, IT, and so on.

The great thing about being a freelancer is that you are self-employed, and freelancing is now a formidable part of several global markets across different industries today. There is so much one can benefit from being a freelancer. Although nobody is saying it’s going to be easy, it is a viable source of reoccurring income, that provides a perfect balance to anyone’s work-life structure.

Below are Three Top Reasons why You should consider Freelancing in the UAE

You Become Your Own Boss

Becoming a freelancer means you are in charge of the affairs concerning your line of work. It allows you to be answerable and accountable to just two persons; yourself and your clients. You see, with freelancing there is no one giving you orders except yourself, and you don’t get dragged down by inferior team members when it comes to achieving a specified goal. You make all the decisions concerning your work. In order words, you determine what is best for you, and what makes you more productive. Being your boss also means your freedom, creativity, and self-expression are unscathed.

There is no Limit To Using Your Skills, Talents, And Strengths

Your skills, talents, and strengths are the essential personal skills that come into play in your freelancing endeavor. It is vital you hone these characteristics, as they play a prominent role in making a responsible choice for your clients. Being a freelancer means you can practice your skills, and put your talents and strengths to use when and where you need it.

Flexibility Of Time

This is one of the strongest merits of freelancing, the ability to be flexible with your time. What flexibility of time means is that you can choose when to work, how long you will work, and at what pace you would do the job. Unlike cooperate environment that employs the 8am-5pm rule, freelancers can fit in any time structure that suits them. With a flexible time, structure, you can work at times when you are more productive and creative. No matter how you look at it, it is a win-win for you.

As it stands, the UAE is one of the top-ranked countries in the world where freelancers flourish. There is every reason to give freelancing a try, and the time to start is now.

Need Freelancing Visa. Contact US.

Your Guide to Starting a Company in Dubai Media City

Starting a company in Dubai Media City

Dubai Media City is located and operated under the jurisdiction of Dubai Technology and Media Free Zone (DTMFZ) and is the member of TECOM Investments. It was established in the year 2001 and is now a primary base for all the global operations of the worldwide media giants like Forbes, CNN, Sony, Reuters etc. This free zone was built by the government to boost the UAE’s media foothold and now it has become a global and regional hub for all the famous media organizations.

Any investor who wants to invest in Dubai gives first preference to free zones as a company set up in Dubai free zone comes with many benefits. Dubai Media City Free Zone offers a huge advantage to the media and advertising companies in Dubai by providing them with an ecosystem where they can showcase their talent along with the product and services and interact with some of the leading marketing companies in the UAE.

Benefits of Setting Up a Company in Dubai Media City

  • 100% foreign ownership
  • 100% repatriation of profits and capital
  • An ideal business environment for all the media players
  • One-stop-shop for various government services
  • Zero personal tax and import duty
  • Zero corporate tax for the next 50 years
  • Cluster working environment enabling media to interact and cooperate

Business Activities Permissible in Dubai Media City

  • Advertising and Communication
  • Media, New Media, and Marketing Services
  • Event Management and Support Services
  • Business Information
  • Freelancing
  • Media Associations
  • Media and Marketing Consultancy

Types of Licenses Available in Dubai Media City

  • Media & Marketing Services
  • Business & Information Services
  • New Media & Media Support Service
  • Event & Leisure
  • Consultancy and Retail
  • Business Licensing Services

How to Set Up a Business in Dubai Media City?

Dubai Technology and Media Free Zone Authority approve the setup and registration of all the DMC companies. The minimum share capital required to start a business in the DMC is AED 50,000. Following steps must be followed if you want to set up a company in Dubai Media City free zone.

  1. The first step is to fill the online application form with all the necessary details and submit the same to DTMFZ. The evaluation of the application is done by the authorities and the maximum time required to revert back is 5 days.
  2. The next step is to submit all the legal documents and their copies once the approval of the application is received. The DMC Dubai will issue a customer confirmation letter once all the documents are evaluated. They require a 2-day time period to go through the documents.
  3. Later, you have to sign back and return the customer confirmation letter and payment must be made.
  4. Sign the Memorandum of Association in the presence of company shareholders.
  5. Deposit the total share capital after which your license and lease will be prepared.
  6. Sign lease and personal sponsorship agreement. You can go to TECOM Leasing Department to sign the lease and personal sponsorship agreement and collect the license.

Documents Required to Set Up a Company in Dubai Media City

  • Application form for company registration
  • License application
  • Business plan
  • Color copy of the passport of manager/director/legal representative
  • Original MOA and AOA
  • Board resolution
  • NOC from residency visa sponsor
  • Proof of share capital
  • Agreement for personnel secondment
  • Managers specimen signature
  • Registration and License fee

 

If you are sold on the idea of starting a business in Dubai, then DMC free zone is the ideal way to go forward. Dubai Media City has also set up Media Business Centers to promote talent and entrepreneurship in the region. These unique facilities are targeted at freelancers and independent media professionals. Freelancers find these centers an ideal base for gaining visibility and building relationships with the media industry.

That’s why before starting any of these steps, the first port of call should always be to a company setup advisor who will guide you through every part of the application, ultimately ensuring the entire process requires little more than a few hours of your time.

We at EBS, 04310 8000 are here at your back and call to help you set up a business in DMC free zone. Contact us today, even if it’s for a friendly advice.