DMCC Launches Employee Protection Scheme

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Dubai Multi Commodities Centre (DMCC), in collaboration with Dubai Insurance Company (DIC) have launched a new “Employee Protection Insurance (EPI) Programme” to provide more comprehensive benefits for all DMCC and member company employees. The said programme will offer increased protection for DMCC employees in the event their employers default on salaries, gratuity or repatriation cost.

Effective 19th May, 2020, Employee Insurance Scheme (EPI) programme will replace the bank guarantee requirements for every DMCC member’s employees during the submission of visa and permanent identity card related service request, with a certificate of insurance to be issued upon completion of the application.

To avail this benefit, as per DMCC notes:

  • All visa-related service requests saved as ‘Draft’ on the Member Portal will be cancelled on 19th May, 2020, therefore you will need to initiate a fresh service request
  • All visa-related service requests in progress on the Member Portal will go through the existing Bank Guarantee process
  • DMCC encourages you to renew your due employee visas to avail the benefits below:
    • The AED 3,000 bank guarantee will be refunded upon the renewal service request being approved and closed
    • The EPI for renewed employees will cover the following in case their employer defaults:
      • Unpaid salaries
      • Unpaid air ticket allowance
      • End of service payments.

Dubai South Announces Economic Stimulus Package

Dubai South Free Zone, DSFZA, Economic Stimulus Package

To lighten the effects of the current situation in the United Arab Emirates (UAE) and the world due to the coronavirus, Dubai South Free Zone announced several economic stimulus incentives. The stimulus package is a part of the UAE Leadership’s vision to stimulate the economy and support different sectors of the business society so that Dubai will remain a sought-after business destination.

Dubai South joined other free zones and government departments in coming out with measures that will help individuals and companies during this challenging time and beyond. The stimulus package includes:

  • Flexible payment plans with easy instalment schemes
  • Waivers of penalties on late renewals and cancellation of contracts and licenses
  • 20% reduction on fees for license renewals [please confirm that this is what is meant by license fees renewals] for individuals and companies operating in Dubai South Free Zone
  • First year license fees for new customers in the aviation, logistics and E-commerce sectors and the Business Parks will be waived
  • Reduction of up to 25% on the renewal fees for Dubai South Business Centre customers renewing their contracts between now and October, 2020
  • Flexibility to settle annual rental fees in up to four instalments
  • Rental fees for individuals and companies looking to establish a new business will have a reduction of up to 25%
  • Opportunity to apply for a lease deferral request of up to six months for customers who operate in the Business Park Free Zone, which will be granted on a case-by-case basis.

The said incentive package complements the measures announced by the Government of Dubai and its ongoing efforts to reduce the cost of doing business in the Emirate and help the companies to maintain their resources and employees.

To know more about the Dubai South Free Zone stimulus package, please feel free to contact us at mail@affiniax.com.

DMCC and DED announce 2 new Services

Free Zone Companies, NOC, Onshore Activities, DUbai

Introducing New Services from DMCC in Partnership with DED

Last year, Dubai Multi Commodities Centre Authority (DMCC) – the world’s flagship Free Zone and the Department of Economic Development (DED), the entity of the Government of Dubai that regulates the economic activity of all onshore companies, signed a strategic agreement to collaborate on the licensing of companies in Dubai allowing them to operate within the Free Zone and onshore mainland.

In line with the partnership, DMCC has finally introduced the two new services that will further facilitate trade and boost economic activity in the emirate.

The services are as follows:

  • DED NOC to Operate Onshore
    DMCC member companies with specific service licence activities are now permitted to offer their services outside the Free Zone without having to incorporate another Company, provided that they obtain a no-objection certificate from DMCC first. Currently, there are more than 30 eligible service activities that would be permitted to conduct business outside its zone.
    The eligible DMCC companies can apply online for a No-Objection-Certificate (NOC) from DMCC to obtain the permit from DED. This NOC will be required to obtain the Commercial Permit to operate onshore/mainland, from DED.The NOC will be valid for 90 days from the date of issuance.
  • Dual Licence Office Permit
    DMCC member companies who wish to have their DED branch/Subsidiary or a DED Company with Common shareholder operate from the same JLT office address they occupy, can now apply for Dual Licence Office Permit subject to meeting the eligibility criteria.Eligibility criteria are as follows:

    1. Branches of DMCC Companies:
      A DMCC licensed Company occupying an office in DMCC Free Zone and having a branch in DED can apply for this permit in order to share the same unit (office) address with DED Company.
    2. Subsidiaries of DMCC Companies and Companies with Common Individual Shareholders:
      The Company may share the same unit (office) address, provided 25% common ownership is continually maintained.

The validity of the permit is one year, which will help save the cost of leasing another office for the DED licence. Leased/purchased property type must be office as per the title deed of the Unit. Sharing on any other property types such as “workshop, shop/retail, land, flat etc.” is not allowed.

Also, units within Business Centres, co-working spaces and Incubation Centres are not eligible for Dual Licence Office Permit as each Company must be allocated to a dedicated area within the unit with the minimum area size for DMCC Company being 300 sq. ft.

Retail and industrial activities are also not eligible for Dual Licence Office Permit.

To know more about the partnership and services, feel free to get in touch with one of our team members at mail@affiniax.com or call us on +971 4 425 6616.

RAS AL KHAIMAH ECONOMIC ZONE (RAKEZ) BUSINESS SECURE PACKAGE

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As part of RAKEZ’s commitment to offer a cost effective and world class economic zone, RAKEZ has introduced a Business Secure package that would help support individuals in the UAE to start afresh, embark on their entrepreneurial journey and turn the current challenges into an opportunity.

The Business Secure Package Includes:

  • 1-year license and establishment card
  • 3-year UAE visa and status change
  • Medical and Emirates ID

Plus, additional Incentives such as:

  • 25% discount on full dependent visa packages
  • 50% down payment, 50% after 6 months
  • Same renewal rate guaranteed rate for life

You can now start up your own business for as little as AED 11,535/-*.

Other business / office spring packages have been rolled out by RAKEZ as well for SME’s, entrepreneurs and startups keen to explore the market. These packages provide a choice for a shared workstation, serviced office, private office or customizable office situated in RAKEZ’s premier business zone without putting a high cost.

To know more about RAKEZ offers, please feel free to contact us at mail@affiniax.com.

*Terms and Conditions Apply!

DMCC Business Support Package

Dubai Business support package

Dubai Multi Commodities Center (DMCC), the world’s flagship Free Zone and Government of Dubai on commodities trade and enterprise has recently announced the roll out of a “Business Support Package”, to support and safeguard the business interests of its members during these difficult times.

Effective from 1st April to 30th June 2020, existing DMCC members can get exclusive support as such:

  • Waiver of late license renewal penalties
  • Waiver of office sharing permit fee
  • Waiver of all Flexi Desk and DMCC Business Centre Penalties
  • Discount on license renewal
  • 3 months’ rent holiday for Flexi Desk and DMCC Business Centre tenant’s renewal (this is applicable for those who are due for renewal during the offer period).

However, all existing offers will be discontinued during this period and for all businesses with activities suspended due to official UAE Government Policy on Covid 19. This offer is extended and valid until 30 September. Terms and conditions apply.

For any further enquiries and assistance, please feel free to contact our team at mail@affiniax.com.

Why set up a business in Hamriyah Free Zone?

Cheapest Business set up cost UAE

Established on November 12. 1995, the Hamriyah Free Zone is home to more than 6,500 businesses from 163 countries. In addition to world-class facilities including offices, warehouses, factories and executive office suites, Hamriyah Free Zone also has over 15 on-site key business services, like banking and auditing firms, currency exchanges, conference rooms, staff accommodation, and more.

Sharjah is the only Emirate to have ports on the coast of both the Arabian Gulf and the Arabian Sea, providing the Free Zone with a huge strategic advantage as it has the capability of servicing three continents- and over 1.5 billion people- due to its unique positioning. Businesses located at the Hamriyah Free Zone can take advantage of the numerous shipping networks that pass through Sharjah, as well as the state-of-the-art technology and range of cargo containers at the Port and the Depot.

Due to its strategic benefits the Hamriyah Free Zone is home to the largest number of Steel fabricators in the UAE, as well as being a hub for oil and gas companies and transportation and logistics companies. There is also an 11 million square feet Food Park specifically planned and developed for the requirements of the food industry.

Its 26 million square metres of prime industrial land make it an ideal location for heavy industries, while its abundance of land and warehouse facilities have made it extremely popular amongst manufacturers of building materials.

Hamriyah Free Zone has built a world-class infrastructure in order to ensure that the businesses set up there have all the tools necessary in order to succeed.In addition to that, the Hamriyah Free Zone Authority (HFZA) has brought a special discount on E-office packages. The first-ever HFZA exclusive discount is commencing from 1st April to 30th June 2020.

PACKAGE 1
Normal Price AED 11,000 Yearly
Promotional Price AED 8,800 20% Discount
Free Zone Establishment (1 Shareholder)
Hamriyah Business Centre (Virtual)
Up to 3 activities
Provision to apply for 1 visa*
PACKAGE 2
Normal Price AED 17,000 Yearly
Promotional Price AED 13,600
20% Discount
Free Zone Establishment (1 Shareholder)
10sqm Office.
Up to 3 activities
Provision to apply for 4 visas*
PACKAGE 3
Normal Price AED 20,000 Yearly
Promotional Price AED 16,000
20% Discount
FZE/FZC (1-3 Shareholders)
10sqm Office.
Up to 3 activities
Provision to apply for 4 visas*
PACKAGE 4
Normal Price AED 25,000 Yearly
Promotional Price AED 20,000
20% Discount
FZE/FZC (1-5 Shareholders)
10sqm Office.
Up to 5 activities
Provision to apply for 6 visas*
PACKAGE 5
Normal Price AED 35,000 Yearly
Promotional Price AED 28,000
20% Discount
FZE/FZC (1-5 Shareholders)
10sqm Office
1 General Trading activity
Provision to apply for 7 visas*

All packages include:
1. Office rent for 1 year.
2. License fee for 1 year.
3. Name approval charges.
4. Service charges (office, electricity and maintenance).
*Visa related costs are excluded in package price.

To know more about this exclusive offer, get in touch with one of our team members at mail@affiniax.com or call us on +971 4 425 6616.

NEWLY INTRODUCED, RAK ICC FOUNDATIONS

With the continuous vision to achieve global brand recognition as a premium jurisdiction for the provision of Company formation services, Ras Al Khaimah International Corporate Centre has recently introduced its new product, the RAK ICC Foundation.

The RAK ICC Foundation is a corporate body created with a legal personality separate from that of its Founder(s) registered at RAK ICC. The Foundation acts through its council to administer its assets and carry out its objectives. Offshore foundations are commonly used as a vehicle for asset protection, estate planning, as well as wealth management. Such foundations have many advantages and the Foundation has been set up in a jurisdiction governed by offshore legislation.

The key benefits and advantages of the RAK ICC Foundation are:
  • Enhanced succession planning and asset protection
  • Robust governance structure
  • Guardian oversight
  • Distinct legal personality that separates liability whilst maintaining control of assets and have perpetual existence after the lifetime of the Founder
  • Governance
  • Continuity
The RAK ICC Foundation Regulations 2019 are made by the board of directors of RAK ICC pursuant to Ras Al Khaimah Decree No.4 of 2016. For further enquiries and information please feel free to contact our team at mail@affiniax.com or call us on +971 4 425 6616. Affiniax A A S Auditors a Registered Agent of Ras Al Khaimah International Corporate Centre.

DMCC – NEW RULES & REGULATIONS TO ENHANCE EASE OF DOING BUSINESS

Dubai Multi Commodities Centre (DMCC) – the region’s leading trade hub– has announced a set of new rules and regulations effective from 2nd January, 2020 which aims to further increase the ease of doing business for new and existing DMCC member companies.

The new regulations were developed following extensive data gathering and stakeholder engagement along with the consultation of three of the world’s top law firms. The new regulations will update the DMCC’s existing company law framework in line with international best practices to ensure DMCC retains its competitive edge in the region.

The new regulations will enhance ease of operations and provide greater flexibility for the businesses registered within DMCC and increasing the remit of their activities. The new regulations also make it easier to set up a company in the region’s leading trade hub. Key enhancements to the existing framework include:
  • Increased flexibility around a company’s Articles of Association;
  • Introduction of different share types
  • Allowing businesses to tailor the structure of shareholdings
  • Introduction of new dormant status
  • An increased ability to transfer company incorporation into DMCC.
“Ease of doing business is at the heart of DMCC’s offering; we enable all businesses to trade efficiently and with confidence. The new rules and regulations are indicative of our commitment to providing companies with a seamless ability to set up and grow their operations. We are confident that these enhancements will attract even more companies to do business in DMCC,” said Ahmad Hamza, Executive Director Free Zone, DMCC. “With robust infrastructure, state-of-the-art facilities and world-class services, DMCC will continue to attract, facilitate and driving trade flows through the emirate, and strengthen Dubai’s position as one of the world’s leading business capitals,” he added.

DMCC, being a leader in Free Zones around the world, since its inception in 2002, has attracted over 16,000 local and global businesses of all sizes, from start-ups and SMEs to Fortune 500 companies. On average, seven new businesses join the award-winning business district every day.

In recognition of its continuous innovation, DMCC has been awarded Global Free Zone of the Year by the Financial Times’ FDI magazine for five consecutive years.

SHARJAH MEDIA CITY FREE ZONE- AN EMERGING NAME IN THE U.A.E BUSINESS MARKET

Why Sharjah?
Sharjah, the third largest emirate in the UAE, lies partly on the Persian Gulf and partly on the eastern coast of the Gulf of Oman. It is positioned between Asia, Europe and Africa, making it a strategic location with access to markets which total more than 3 billion people. ‘Rising Sun’, as the meaning of its name suggests, is emerging from the shadow of its neighbours Dubai and Abu Dhabi, which is just a short drive away.

Due to Sharjah’s global cultural affiliations, it was awarded with the title of ‘Cultural Emirate of the UAE’ and the ‘Cultural Capital’ of the Arab World in 1998. Along with the social and cultural development, its leadership is now at the forefront of the U.A.E’s economic growth and development by providing world-class Free Zone hubs and facilities for innovation, entrepreneurial, technological and industrial growth under the continued urbanization and modernization drive in Sharjah.

Why Choose Sharjah Media City
Sharjah Media City, commonly referred to as ‘Shams’, was launched in January 2017 with an aim to provide smart and innovative facilities and services along with a vision to make creative entrepreneurship accessible to all aspiring startups and SMEs, as well as for established companies striving to grow their business both locally and globally.

The reason for Shams’ success since its launch is that despite the name, Sharjah Media City offers a diverse range of Business activities along with the Media related activities. With over 250+ business activities to choose from, entrepreneurs, SMEs, Freelance consultants and established companies are already operating in Shams with business profiles ranging from Media production, publishing, Telecommunications, IT consultants and Programmers on one end to wholesale & retail trading, legal & accounting consultancy services and management consultancies at the other.

Shams’ vision to be the first free zone to go digital in executing its processes to cope with the technological advancement in the world make it stand out amongst Free Zones.

More Reasons to Choose Shams
Since its inception, Shams has offered a diverse range of benefits to businesses and entrepreneurs alike. Some of the reasons which make Shams an emerging Free Zone include:

Quick Setup Process:
Shams aims to provide the quickest business setup timelines with License issued on the same day (or Maximum of 3 working days), providing that the documents are complete. We, at Affiniax, aim to provide seamless experience to obtain license and also post-license processes which includes Establishment card issuance, visa issuance and stamping to be completed in minimum time.

Cost Effective Investor Friendly Benefits:

At Shams, business can be setup with sums as low as AED 11,500 (3,130 USD). Additional benefits include:
  • 100% repatriation of capital and profits gain
  • 0% corporate and personal income tax
  • 100% foreign ownership
  • 0% import and export duties (Custom Duties)
  • No Deposits required by Shams
  • Allocation of up to 6 visas on a shared desk facility
  • Ease of selecting multiple activities on same license.
  • Presence of Shareholders are not required to incorporate a company
  • Easy and inexpensive recruitment of workforce
Variety of Office Space Solutions
Whether you are a like-minded freelancer looking for a shared workspace, or a business that requires a private working environment to conduct business activities, at Shams you will be able to find office space solutions to meet your needs and requirements.  It ranges from shared or dedicated desks to shared and dedicated office spaces. Shams also provide solutions for creative units and studios to cater to your business needs.

Ideal Strategic Location
Shams is strategically located and in close proximity to both Sharjah International Airport and Dubai International Airport. It is located within 15 minutes of Sharjah international Airport and within half an hour of Dubai International Airport. The city also provides high class infrastructure facilities along with well-planned urban development.

Flexible Visa Packages
In addition to many other reasons to choose Shams, another advantage of setting up a business in Sharjah Media City is Flexible Visa Options which allows businesses and entrepreneurs to apply for up to 6 visas from a shared desk facility. These visa holders are also eligible to apply for family and dependents visas.

Sharjah media City is aiming to become a leader in providing world class and innovative business opportunities for those wishing to embark on their entrepreneurial journey in the UAE and strive to grow their business both locally and globally. Our expert team at Affiniax, ensures to provide smooth and hassle-free company formation and registration experience. For further enquiries and information please feel free to contact our team of experts at mail@affiniax.com or call us on +971 4 425 6616.

NEW JAFZA OFFSHORE REGULATIONS

New JAFZA Offshore RegulationsThe Jebel Ali Free Zone Authority (JAFZA) recently published new Regulations for Jebel Ali Offshore Companies, which will replace the current regulations that were introduced in 2003. The implementation date for the new Regulations are not implemented yet but it will be announced soon.New regulations with several benefits for international businesses and investors. Some key factors with the new regulations are as below;
  • Residence Visas
Article 31.2, members of an Offshore Company (such as Directors and Shareholders) may apply for a residence visa if the company owns property in any of JAFZA’s freehold areas, and the approval of such application is subject to the Authority’s eligibility requirements.

  • Re-domiciliation of Company
Article 111, Foreign Companies can be re-domiciled as a JAFZA offshore Company, or Offshore Company be transferred to a foreign company.

  • Conversion of Company
Article 118.1, an offshore company can be converted to a Free Zone Company, to be able to conduct business and trade in the UAE.

  • Directorship
Article 33.1 An offshore Company will now only require one Director instead of two. Nominee Director is also allowed.

  • Variation in Rights of Shares
Article 19, an offshore company may subject to the consent of the Registrar, can create different classes of shares, by providing the different classes of shares in its articles of association.

  • Resolution Requirements
A minimum of 75% of shareholders are now required to pass a resolution, increased from the previous requirement of a simple majority.

  • Permitted Activities
According to the New Offshore Regulations, an Offshore Company is also permitted to hold a lease of property for use as its registered office in any of the designated freehold area in the UAE, own a stake in another operating company within the UAE and own property in one of the designated freehold areas. For more information towards offshore company and company Set up with Jebel Ali Free Zone Authority, please feel free to contact our Corporate Services team at mail@affiniax.com.