Financemalta forex cargo

O governo da Suécia pode lidar com um possível colapso bancário, ou nacionalização, provocado pelo colapso econômico nos países bálticos, disse o ministro das Finanças, Anders Borg. 8220 Para a Suécia, isso significa que há um risco significativo de perdas de crédito nos bancos, 8221 Borg disse à televisão sueca SVT em uma entrevista na noite passada, após um fracassado leilão letão leilão de 50 milhões de lati (100 milhões). Ainda assim, a Suécia pode enfrentar as conseqüências das perdas de empréstimos nos países bálticos, acrescentou. A falha do Estado Báltico em vender dívidas em condições de mercado despertou a preocupação de alguns investidores de que a Letônia esteja se encaminhando para um padrão que precipitaria uma desvalorização do lats à medida que o governo aguardasse a próxima parcela de um resgate internacional. O banco central liberou hoje uma indicação que reitera planos manter a ligação do lats até que o país adote o euro. O fracasso do leilão do Tesouro provocou uma queda de 16% nas ações da Swedbank AB, sediada em Estocolmo. O maior banco dos Estados Bálticos. SEB AB. O segundo maior credor da região, caiu 11 por cento, enquanto Nordea AB diminuiu 5,2 por cento. Esses declínios contribuíram para uma queda de 3,1% no índice de referência da Suécia8217s. O governo de coalizão está planejando cortes orçamentários para que possa receber a próxima parcela de seu empréstimo de um grupo liderado pela Comissão Européia e pelo Fundo Monetário Internacional. O primeiro-ministro Valdis Dombrovskis disse ontem que o país, que é membro do mecanismo de taxas de câmbio pré-euro, adotará a moeda única em 2013 o mais cedo possível, em comparação com um objetivo anterior de 2012. 8220Nossa principal preocupação é chegar a um acordo com Emprestadores internacionais para obter este programa de empréstimo na pista, 8221 disse Dombrovskis. Em uma entrevista na CNBC ontem à noite. 8220A probabilidade de que a Letónia obtenha a próxima transferência de empréstimo é razoavelmente alta e deve aliviar alguma preocupação, 8221 disse Kenneth Orchard. Vice-presidente e analista sênior do Moody8217s Investors Service em Londres. 8220 O racional para a desvalorização tem diminuído, 8221 de acordo com Pomar. Embora as expectativas de uma desvalorização possam às vezes ser auto-cumpridor.8221 O déficit em conta corrente do país8217s reduziu-se para 348 milhões de lati no quarto trimestre, após atingir um pico de 960 milhões de lati em meados de 2007. Isso reduz a pressão sobre a moeda, segundo Orchard . O Tesouro dos países bálticos está planejando outro leilão hoje. A moeda da Letônia 8217, o lats, reforçou 0,3 por cento hoje às 12:34 p. m. hora local depois que o Tesouro e outros participantes do mercado compraram a moeda, disse Kristaps Strazds, chefe de negociação na SEB AB8217s unidade letã. O país dirige um quadro de quase-moeda que permite que o lats mova 1 por cento em torno de um ponto médio contra o euro. O banco central letão disse hoje que é uma instituição independente responsável pela taxa de câmbio do lats, adicionando que a taxa permanecerá estável até que o lats seja substituído pelo euro. A Letônia voltou-se para um grupo liderado pelo FMI e pela UE para um resgate de 7,5 bilhões de euros depois que sua economia contraiu 10,3% no quarto trimestre eo Estado assumiu o segundo maior banco. O acordo prevê que a Letónia mantenha a sua moeda ligada ao euro e restabeleça a competitividade através de cortes nos salários e nas despesas. Um acordo é necessário em 8220 dias próximos ou na primeira metade da próxima semana, 8221 Dombrovskis disse, e 8220 vai acalmar essa situação. Este não é o primeiro pânico que tivemos com a desvalorização do lats.8221 A ausência de propostas no leilão vem depois de uma escassez de liquidez para lati ajudou a impulsionar a taxa de empréstimo overnight para um recorde de 16,4 por cento, pedindo preços mostram. O banco central comprou cerca de 1,3 bilhão de lati desde o início de 2008, removendo-os da circulação e criando uma escassez de mercado da moeda. Os bancos da Suécia podem lidar com um aumento das perdas de crédito em excesso em relação aos assumidos em um cenário principal para este ano e em seguida, segundo o banco central do país. As perdas de empréstimos totalizarão 170 bilhões de coroas (22,8 bilhões) este ano e em 2010, estima Riksbank, baseada em Estocolmo, em seu cenário principal. Os credores são bem-capitalizados em uma comparação internacional, 8221 o banco acrescentou. Quase 40% da população da Letônia é de 2,3 milhões de pessoas, sendo Swedbank, que controla cerca de um quarto do mercado de empréstimos na Letônia. O banco sueco, que tem 900.000 clientes privados e 59.000 clientes corporativos no país do Báltico, emprestou 65 bilhões de coroas na Letônia. No quarto trimestre, a Swedbank apresentou perdas com créditos e provisionou provisões para perdas futuras em 3,7% de sua carteira de empréstimos na Letônia. A SEB tem um empréstimo total de 39 bilhões de coroas na Letônia, onde o banco sueco fez uma perda operacional de 559 milhões de coroas no primeiro trimestre depois de reservar 684 milhões de coroas para perdas de crédito e provisões para perdas futuras em crédito ruim. A ajuda massiva aos palestinos pode retardar o declínio econômico, mas não vai reavivar seu setor privado o suficiente para gradualmente aliviar sua necessidade de apoio externo, disse o Banco Mundial nesta quinta-feira, desafiando suposições que guiaram há muito tempo os países doadores. A economia palestina tem um potencial considerável de crescimento, disse o banco em um relatório. No entanto, o desenvolvimento continua a ser bloqueado pelas restrições israelenses sobre o comércio e o movimento palestinos na Cisjordânia e pelo crescente isolamento da Faixa de Gaza operada pelo Hamas, disse o banco. Como resultado, os palestinos estão se tornando cada vez mais dependentes da ajuda externa, segundo o relatório. Neste contexto político e na pendência de uma resolução política do conflito, a ajuda deve ser reconhecida como uma medida mais estabilizadora, retardando o declínio socioeconômico, do que um catalisador para o desenvolvimento econômico sustentável, disse o relatório. Numa conferência de promessas, em Dezembro de 2007, a comunidade internacional estabeleceu uma agenda 8212 muito mais ambiciosa que bombardeia enormes somas para os territórios palestinianos na esperança de estimular o sector privado na Cisjordânia e reduzir gradualmente a dependência palestina da ajuda. Na época, os países doadores prometeram 7,7 bilhões ao longo de três anos, um grande pedaço dele como apoio direto ao governo do presidente palestino apoiado pelo Ocidente, Mahmoud Abbas. As grandes promessas coincidiram com a retomada das negociações de paz entre israelenses e palestinos. No entanto, as negociações terminaram inconclusivamente um ano depois, e o novo primeiro-ministro de Israel, Benjamin Netanyahu, não endossou o princípio do estado palestino. Ele propôs a paz econômica, uma idéia que os palestinos rejeitam porque não tem independência. Netanyahu criou um comitê ministerial que olha maneiras de estimular o crescimento palestino, inclusive removendo os obstáculos burocráticos por Israel, disse o porta-voz do governo Mark Regev. Queremos trabalhar com os palestinos e com a comunidade internacional, disse ele. Qualquer boa ideia que possa fazer avançar a economia palestiniana, queremos ouvi-la. No entanto, o Banco Mundial observou que Israel tem sido lento em relaxar as amplas restrições ao comércio e à circulação de mercadorias, uma rede de postos de controle, pesados ​​controles de carga 8212, criada depois do surto da segunda revolta palestina em 2000. Poucos obstáculos físicos nos últimos meses, mas não em uma escala que impulsionar a economia ou a confiança dos investidores, escreveu o banco. Israel tomou um posto de controle principal perto da cidade de Nablus na quarta-feira, mas insiste que precisa de barreiras para impedir ataques de militantes palestinos. O produto interno bruto real cresceu cerca de 2 por cento em 2008, o que, segundo o banco, traduz um declínio de quase 1 por cento em termos reais per capita. O pequeno crescimento ocorreu na Cisjordânia, segundo o relatório. Gaza, que já está se encolhendo sob dois anos de fechamento de fronteiras desde que o Hamas invadiu o território, sofreu outro revés com a guerra de Israel contra os militantes islâmicos no início deste ano. Israel lançou a ofensiva de três semanas para deter foguete de Gaza em cidades fronteiriças. Em uma conferência de promessas de março, os países doadores prometeram 5,2 bilhões aos palestinos, alguns dos quais reciclaram promessas e alguns fundos novos para reconstruir o que a guerra destruiu. No entanto, com as fronteiras de Gazas ainda fechadas, a reconstrução ainda não começou. Enquanto isso, Abbas também está lutando para manter sua Autoridade Palestina à tona, apesar da ajuda. Desde novembro, seu governo teve de tomar emprestado 530 milhões de bancos para ajudar a pagar os salários de cerca de 150 mil funcionários públicos, incluindo dezenas de milhares de ex-funcionários do governo em Gaza, que ainda são leais a Abbas. Analistas disseram que a crise deve-se principalmente a doadores árabes que têm retido fundos para pressionar Abbas e seus rivais do Hamas a chegarem a um acordo de compartilhamento de poder. Apesar das expectativas reduzidas do que a ajuda pode conseguir, o Banco Mundial instou os doadores a continuarem a cumprir as suas promessas. A Autoridade Palestina precisa fornecer serviços básicos e será a chave para desbloquear o potencial da economia palestina, uma vez que as condições estejam corretas, disse o banco. Um levantamento dos 500 principais negócios da Australias por volume de negócios descobriu que 40 por cento queriam que seus banqueiros relaxassem os requisitos de segurança dos empréstimos e os convênios de dívidas. As conclusões, em um relatório semestral da East amp Partners, foram semelhantes a um levantamento duplo de Asias top 1000 empresas por receitas em 10 países. Essa pesquisa mostrou 43,8 por cento das maiores instituições Asias querem seus banqueiros para relaxar critérios de empréstimo que foi reforçada significativamente em 2008, quando a liquidez quase todos secou. Apenas um ano atrás, nenhuma instituição tinha essa questão em mente, disse Peter Drennan, analista da East amp Partners. A gestão de liquidez ea dívida de curto prazo são agora classificadas como os principais produtos da banca de transacções, indicando que as instituições (asiáticas) estão mais preocupadas em poder financiar as suas operações em curso. Os banqueiros corporativos que se encontraram recentemente em uma conferência de empréstimos corporativos da Finsia em Melbourne concordam que as empresas australianas enfrentam critérios de empréstimo mais apertados e dependem do financiamento bancário, já que permanecem fechados de descongelar lentamente os mercados de dívida por atacado. Os bancos são mais seletivos em quem eles emprestam, e as empresas agora enfrentam pacotes de aliança mais apertados, um número crescente de instalações garantidas e cláusulas de perturbação do mercado, disse Westpac chefe de sindicatos e financiamento de infra-estrutura para Victoria, Brad Upton. Há uma exigência para reduzir parte da alavancagem e re-olhar para os riscos para os balanços dos povos, disse ele. Clayton Utz parceiro Dan Fitts disse que os mutuários estão enfrentando uma maior incerteza com o fim de uma era de dinheiro fácil. Os bancos estão aproveitando todas as oportunidades para apertar os critérios e os termos após os acordos serem acordados, de modo que os mutuários não podem bloquear os prazos por mais cinco anos, disse ele na conferência de Melbourne. Preferindo apoiar os clientes existentes para novos, os bancos locais estão forçando as empresas de volta à mesa mais regularmente, com termos além de três anos tornando-se difícil de obter em volume significativo, Westpacs Upton disse. Apenas quatro por cento dos contratos de empréstimo em 2008 foram entre cinco e nove anos, em comparação com 10 por cento em 2007 e 15 por cento em 2006, disse ele. E houve um colapso no número de empréstimos de curto prazo de menos de um ano em 2008, para menos de um por cento de 14 por cento em 2007. Upton disse que os volumes de empréstimos corporativos australianos no trimestre de março de 2009 despencaram 74 por Trimestre de 2008, uma vez que a saída dos bancos estrangeiros reduziu a concorrência no setor. Alguns bancos internacionais ainda estão participando se o negócio estiver certo, disse ele. Mas a menor concorrência, e um custo mais alto de financiamento de atacado enfrentado pelos bancos, significa que eles repassaram esse custo e aumentaram suas margens. Nos números do Westpac, a média da margem de preço de empréstimo paga por uma empresa de grau de investimento garantido por um empréstimo de três anos subiu 110 pontos base para 290 pontos base entre novembro de 2008 e março de 2009. Isso se compara a uma margem de 46 pontos base em 2007 antes A crise de crédito começou. Para um empréstimo de cinco anos, a margem de preço saltou em 100 pontos base para 330 pontos base de novembro de 2008 a março de 2009, em comparação com 75 pontos base em 2007. Mas quedas na taxa de swap de conta bancária significa que o custo global para as empresas tem Declinou de máximos históricos em 2008, Upton disse. 4 de junho (Bloomberg) - Iceland8217s banco central rebaixou a taxa de juros de referência em um ponto percentual, desafiando o Fundo Monetário Internacional. Como a economia cai em sua pior recessão em 60 anos. Os decisores políticos reduziram a taxa repo a 12 por cento de 13 por cento, sediado Reykjavik sedlabanki disse em seu site hoje. O corte da taxa é o quarto desde que a ilha recebeu um salvamento financeiro de 5.1 bilhões IMF em novembro. 8220 A preocupação do FMI é que a redução das taxas de juros terá um impacto sobre a inflação, que irá manter uma coroa fraca, 8221 disse Ingolfur Bender, chefe de pesquisa econômica em Islandsbanki hf, a unidade controlada pelo Estado de falha Glitnir Bank hf . 8220 No entanto, dificilmente haverá fatores domésticos que possam alimentar a inflação, já que a demanda em todas as partes da economia está diminuindo.8221 Os políticos se curvaram às pressões dos sindicatos e das empresas por taxas menores para suavizar uma recessão que as estimativas do banco central culminarão em uma economia Contração de 11% este ano. FMI cabeça da Missão para a Islândia, Mark Flanagan, na semana passada aconselhou contra um corte de taxa, argumentando uma flexibilização gradual planejada de controles de capital requer maior retornos coroa. O banco foi deixado entre o diabo e o mar azul profundo, e levanta a questão de como independente suas decisões de taxa pode ser, 8221 Bender disse em uma nota antes da decisão. A ilha impôs restrições de capital no final do ano passado, após o fracasso de seus maiores bancos levou ao colapso da moeda. O banco disse ontem que as decisões de taxa de juros devem permitir que os proprietários de títulos e depósitos denominados em krona com incentivo suficiente para continuar a possuí-los quando as restrições de capital são removidas. A ilha planeja elevar os controles em etapas nos próximos dois anos, reiterou o banco ontem. Os investidores não residentes detêm cerca de 630 mil milhões de coroas (5,12 mil milhões de euros) em activos de coroa que as restrições de capital os impedem de trocarem em outras moedas. Mesmo com controles em vigor, a taxa onshore do krona8217s contra o euro caiu 14% desde meados de março, representando o pior desempenho de todas as moedas das economias emergentes monitoradas pela Bloomberg nesse período. Dado que há algumas margens para evitar 8221 de controles de capital que são difíceis de eliminar, preservar a estabilidade cambial continuará a exigir uma postura de política monetária firme, 8221 Flanagan disse em 29 de maio. O banco central publicou um memorando em 28 de maio, dizendo que os detentores de - as obrigações de glaciar denominadas, as obrigações de coroa emitidas fora da Islândia, podem trocar o rendimento dos seus investimentos e que os outros detentores de obrigações só podem trocar rendimentos acumulados desde que adquiriram o título, o que representa um aperto das regras de câmbio. Ao mesmo tempo, o banco está tentando aliviar as restrições através de canais controlados. O banco central, em 6 de maio, abriu uma brecha para os investidores estrangeiros bloqueados em suas holdings denominadas em krona através dos controles de capital. Os investidores poderão trocar as suas participações em kronur financiando empresas islandesas, que irão reembolsar os empréstimos em moeda estrangeira. 8201 Flanagan disse em 29 de maio. 8220 O processo pode começar provavelmente mais tarde em 2009, mas será gradual.8221 O banco central disse No mês passado ele vê escopo para cortes mais taxa de juros como retarda. A taxa de inflação caiu para um mínimo de 12 meses no mês passado de 11,6 por cento. Sedlabanki sinalizou que continuará cortando taxas em etapas menores, mais freqüentes, já que vê a inflação atingir a meta de 2,5% no começo do próximo ano. 8220 Ainda acreditamos que a meta de inflação de Sedlabanki de 2,5% será atingida no início do próximo ano, já que a inflação continuará a diminuir nos próximos meses, embora esteja caindo em um ritmo mais lento do que o previsto, 8221 disse Bender. Por Victoria Klesty e Omar Valdimarsson REYKJAVIK, 4 de junho (Reuters) - O banco central islandês reduziu sua taxa de juros máxima de 1 ponto percentual para 12 por cento na quinta-feira , Desafiando as advertências do Fundo Monetário Internacional para focalizar em vez de reforçar sua economia crise-batida. Foi o quarto assentamento de Sedlabankis em menos de três meses depois que as taxas foram impulsionadas para um recorde de 18 por cento em outubro passado. Taxas mais altas foram uma condição estabelecida pelo FMI, que levou um pacote de resgate de vários bilhões de dólares para o país. Na semana passada, o FMI reiterou um alerta contra novas reduções de tarifas, dizendo que as condições não justificam a flexibilização da política. A economia mergulhou em uma recessão profunda desde que as ilhas principais bancos comerciais entraram em colapso em outubro do ano passado, forçando o país a buscar bilhões de dólares de ajuda do FMI e dos vizinhos europeus. O banco central também disse que estava abaixando sua taxa de noite em 100 pontos de base a 16 por cento mas outras taxas de interesse permaneceriam inalteradas. É bastante óbvio que eles começaram o processo de corte de taxas e acho que há muito espaço para reduzir as taxas, disse Lars Christensen, analista do Danske Bank. Eu acho que eles continuarão a cortar taxas na próxima reunião, provavelmente por mais 100 pontos base. A próxima reunião de política da Sedlabankis está agendada para o dia 2 de julho. A analista do Jyske Bank, Linda Vestergaard, disse que esperava um corte ligeiramente menor do que em maio, devido às críticas do FMI de que o banco central havia sido agressivo demais com seus cortes de tarifas. Em sua última reunião em maio, o banco central reduziu sua taxa básica em 2,5 pontos percentuais para 13 por cento e havia dito que faria um corte significativo neste mês, à medida que a economia se estabilizasse. O foco agora é no levantamento de restrições de capital para que eles tenham que assistir a moeda muito de perto e é por isso que eles não podem diminuir a taxa-chave mais do que eles fazem agora, disse Vestergaard, acrescentando que ela não esperava aliviar de controles de capital até final deste ano ou Mesmo no próximo ano. O FMI tem sido preocupado, no entanto, que as taxas de juros mais baixas poderiam prejudicar a coroa islandesa e tornar mais difícil para a Islândia para estabilizar a sua economia. O comércio da moeda islandesa virtualmente desmoronou durante a crise financeira do ano passado, e o banco central impôs controles rígidos de capital restringindo as compras de divisas. Disse em maio que as circunstâncias não permitiram ainda o desmantelamento dos controles de capital. O banco central realizará uma coletiva de imprensa para explicar sua decisão às 11:00 GMT. Os serviços financeiros tornaram-se um importante pilar da economia de Malta, com um crescimento anual de 30% nos últimos três anos e empregando mais de 7.000 pessoas, disse o primeiro-ministro, Lawrence Gonzi, em seu discurso marcando a abertura da Segunda Conferência Anual da FinanceMalta semana passada. A conferência, com o tema Serviços Financeiros em Malta, com base no nosso sucesso, sublinhou a importância do sector dos serviços financeiros para a economia local e destacou as oportunidades de Malta para manter o crescimento dinâmico ea expansão do sector, bem como os desafios a enfrentar . A visão do governo é ver a contribuição da indústria para o PIB crescer de 12 para 25 por cento nos próximos seis ou sete anos, disse o primeiro-ministro. 8220O meu governo já declarou publicamente seu compromisso de sustentar o desenvolvimento contínuo desta indústria. Esta é a nossa visão e acreditamos firmemente que, trabalhando em conjunto, podemos conseguir isso. Ao dar as boas-vindas aos delegados e participantes à conferência, o presidente da FinanceMalta, Kenneth Farrugia, disse: A economia de mercado aberto não está imune à recessão global, Embora a fragilidade da economia internacional possa fazer com que a própria economia de Malta se deteriore um pouco a curto ou médio prazo.8221 Apesar da situação internacional, disse o Sr. Farrugia, Malta tem um sector bancário resiliente que está em boa forma e o crédito ainda é Eo sector de serviços financeiros de Malta8217 continuou a registar um crescimento significativo ao longo de 2008. 8220No ano de 2008, registou-se um crescimento de 33% no número de fundos registados em Malta, elevando o total para 398, um crescimento de 10,5% Malta8217s instituições financeiras e de crédito, que atingiu EUR41.9bn, e 335 por cento de crescimento no prémio de seguro geral, 8221, disse ele. A conferência reuniu uma lista abrangente de palestrantes, composta por especialistas da indústria e outros profissionais de Malta e Europa. Entre eles, Catherine Ashton, o Comissário Europeu para o Comércio, Michael Bonello, o Governador do Banco Central de Malta, Richard Ogden, o parceiro Ernst amp Young no Reino Unido, Richard Cottell do HSBC Malta, Heikki Niemela, o presidente do Nemea Bank e Joseph Sammut, presidente do Banif Bank Malta. Os outros oradores principais incluíram Marianne Wolfbrandt, DG Mercado Interno e Serviços, Comissão Europeia, Gordon Cordina, economista da Universidade de Malta, Kevin Valenzia, sócio da PWC, Hamish McRae, autor e editor associado da UK8217s Independent e Helga Ellul, presidente Da Câmara de Comércio, Empresários e Oradores de Malta abordaram questões como os desafios enfrentados pelo sistema bancário de Malta como a política fiscal poderia proporcionar estímulo econômico e atrair o investimento o efeito da situação econômica global sobre o setor financeiro a promoção da competitividade do setor financeiro ea negociação de nossa Caminho para sair da crise econômica. O ministro das Finanças, Tonio Fenech, disse que as ilhas devem continuar a diferenciar-nos com base na qualidade em tudo o que fazemos, tudo o que agrega valor à nossa base de clientes e às nossas organizações. Nós nunca fomos egoístas, mas nem deveríamos nos permitir tornar-nos desta forma através do protecionismo ou do oportunismo como as regras do jogo mudam8221.Establishing Managing Business Em Emirados Árabes Unidos 1 Estabelecendo amp Gerenciar negócios em Emirados Árabes Unidos 2 CONTATOS Dubai Headquarters Horwath Mak Nível 21 , O Prism Business Bay, Sheikh Zayed Road Endereço para correspondência PO Box: 6747, Dubai, Emirados Árabes Unidos T: F: Pessoa de Contato Zayd Maniar E: 3 Estabelecimento amp Gerência de Negócios nos Emirados Árabes Unidos 4 AVISO LEGAL Todas as informações apresentadas nesta publicação são de governo e outras fontes públicas disponíveis até outubro. Erros ou omissões nesta publicação, qualquer erro, erro ou discrepância anotado poderá ser levado ao conhecimento do nosso escritório. A Crowe Horwath International, o seu Escritório dos Emirados Árabes Unidos, Escritórios no Exterior ou Escritórios Auxiliares não serão responsáveis ​​por qualquer dano ou perda de ação para Qualquer pessoa, de qualquer espécie, de qualquer maneira. Por isso, é altamente recomendável que o potencial investidor contato Crowe Horwath ou qualquer um de seus escritórios para obter as informações mais recentes e aconselhamento profissional relacionados com o estabelecimento de entidades na jurisdição desejada. Os Emirados Árabes Unidos (EAU) estarão comemorando seus 41 anos de independência desde a sua criação nos Emirados Árabes Unidos desde então se transformaram em uma estátua de classe mundial que deixou outros para emular, com sua renomada Infraestruturas, forte patrimônio comercial, portos bem estabelecidos, infraestrutura aérea e logística e perfeita localização geográfica como uma porta de entrada para muitas das regiões vizinhas, eo robusto cluster econômico UAE se posicionou como um centro de negócios de classe mundial. Na linha de ser um cubo do negócio da classe do mundo, UAE melhorou sua classificação no relatório Doing Business 2013 do Banco Mundial a 26 entre 183 países, de 33 em 2012, e estêve segunda atrás de Arábia Saudita na região. Os Emirados Árabes Unidos também foi classificado 22 globalmente, em comparação com 46 em 2012 e primeiro no mundo árabe em facilidade de iniciar um negócio em Mover-se mais alto no ranking marcar o resultado bem sucedido dos procedimentos exemplares que estão sendo postas em prática pelos Emirados Árabes Unidos para facilitar fazendo Negócios e aumentar a competitividade em comparação com o resto do mundo. Considerando as conquistas em curso e marco alcançado, acreditamos que o mercado dos Emirados Árabes Unidos continuará a florescer devido ao aumento contínuo das expansões de negócios locais, investidores estrangeiros e empresas multinacionais em expansão é operações nas regiões. Isso, entre outros fornece uma declaração excepcional mostrando sua confiança máxima e confiança no mercado dos Emirados Árabes Unidos. A experiência tem ensinado que você pode saia a lei da terra ou você pode fazê-lo funcionar para você e ganhar. É por isso que recomendamos sinceramente que você procure o conselho do profissional apropriado para ter certeza absoluta de que você está no caminho certo. Use os sistemas disponíveis para o melhor de sua vantagem e você tem certeza de ser um vencedor. CA. Nimish Makvana Sócio Gerente - DMCC Office - v - 7 ÍNDICE Horwath Mak: Introdução. 2 Afiliação Internacional. 2 Horwath Mak: Credenciais. 2 Horwath Mak: gama completa de serviços profissionais. 3 Negócios em Mainland UAE. 4 Zona Franca. 7 Zona Franca de Ajman. 8 Zona Franca do Aeroporto de Dubai Dubai Autozone Dubai Centro Florestal Dubai Cidade da Saúde Dubai Centro Financeiro Internacional (DIFC) Dubai Maritime City Dubai Multi Commodities Center (DMCC) / Jumeirah Lakes Towers (JLT) Zona Livre Dubai Silicon Oasis Dubai Tecnologia e Mídia Liberdade Zona Autoridade ydubai Internet Centro de Produção de Mídia de ydubai da Cidade ydubai Centro de Produção de Mídia de ydubai Cidade de Conhecimento de ydubai ydubai Cidade de Acadêmica de ydubai ydubiotech ythe Parque de Energia e Meio Ambiente (Enpark) Dubai World Central Fujairah Free Zone Zona Franca de Hamriyah, Sharjah Jebel Ali Free Zone Kizad, Abu Dhabi Aeroporto Internacional de Sharjah Autoridade de Zona Livre de Ras Al Khaimah (RAKFTZ) Autoridade de Investimento de Ras Al Khaimah (RAKIA) Sumário de Custo Básico Diretório de Filial 8 PERFIL DE HORWATH MAK I. Horwath Mak: Introdução A empresa foi incorporada e desenvolvida nos Emirados Árabes Unidos (EAU) em 1981, pelo Dr. Khalid Maniar como praticante individual. Hoje, Horwath Mak emergiu como uma das principais práticas multidisciplinares nos Emirados Árabes Unidos imediatamente após os Quatro Grandes em termos de número de funcionários, filiais, número de parceiros e clientes. Horwath MAK é uma rede abrangente de consultoria corporativa contada entre as dez principais práticas multidisciplinares na região. Nós fornecemos bespoke, custo-benefício, serviços profissionais eficientes leveraged por nossa experiência extensiva do negócio local e um alto nível do envolvimento pessoal. Esta atitude centrada no cliente tem colhido nos grandes benefícios e hoje podemos orgulhar-se de uma extensa lista de clientes que vão desde pequenas empresas a grandes organizações multinacionais. Horwath MAK é verdadeiramente global, um membro de Crowe Horwath International. Classificado entre as 10 principais redes de contabilidade global, com mais de 140 empresas independentes de contabilidade e consultoria, 650 escritórios espalhados por 109 países. Exaltado como um consultor global com o toque local, oferecemos acesso desigual à experiência internacional e pool de talentos, compromisso total e mais alto padrão técnico em tudo o que fazemos. Entender as necessidades específicas de cada cliente é nossa prioridade e somos proativos em oferecer satisfação incomparável ao cliente. II. Afiliação Internacional ypcaob (Empresa Pública de Contabilidade Supervisão Board) Auditores Registados yfull empresa membro de Crowe Horwath International ymember do Fórum de Firmas III. Horwath Mak: Credentials ypublic Comitê de Controle de Contabilidade Board, EUA ydubai SME One Hundred Awarded yaccredited Empregador e reconhecido para fornecer treinamento (articleship) para o Instituto de Contadores Públicos em Inglaterra amp Gales yfull Empresa membro da Crowe Horwath International, uma verdadeira rede por IFAC definição ycrowe Horwath International é Membro Titular do Prestigioso Fórum de Empresas yplatinum Status Empregador pela ACCA (Associação de Contadores Certificados), Reino Unido auditores aprovados pelo Banco Central dos Emirados Árabes Unidos 9 yesca UAE Aprovado Auditores yregistered e Auditores Aprovados com Banco Mundial yregistered e Auditores Aprovados com Desenvolvimento Asiático Auditoria aprovada pelo auditor independente pela Real Estate Regulatory Agency (Departamento de Terras de Dubai) aprovada pelo ICAI (Instituto de Contadores Públicos da Índia) para treinar o funcionário articulado yiso 9001: 2008 renovado até 7 de fevereiro de 2014 yicaew Aprovado Empregador Platinum Status IV. Horwath Mak: Gama Completa de Serviços Profissionais ystatutory Auditoria yrisk Gestão ycompany Formação ycorporate Reestruturação ycorporate Finanças yintellectual Propriedade yfeasibility Estudo yrecruitment yinternal Auditoria ybusiness Advisory ymergers amp Aquisições yprocess Re-Engineering yinternational Taxa yit Soluções yiso Sistema de Gestão da Qualidade Consultoria ytraining 10 NEGÓCIOS EM UAE Estabelecimento de negócios Nos Emirados Árabes Unidos tem múltiplos benefícios. Além de outros benefícios, é uma excelente maneira de planejamento tributário, uma vez que não há ganhos de capital ou impostos de renda pessoal nos Emirados Árabes Unidos. A formação de empresas nos Emirados Árabes Unidos é uma solução comercial respeitável, regulamentada e internacional. Podem ser utilizadas outras estruturas, tais como empresas holding ou de investimento. Assim UAE apresenta uma excelente opção de longo prazo e com uma base jurídica livre de impostos, Emirados Árabes Unidos é um refúgio seguro para offshore e empresas onshore. A economia dos Emirados Árabes Unidos está dividida entre o setor onshore, dominado por interesses empresariais locais, com restrições à propriedade estrangeira e o setor offshore, que consiste em várias zonas francas. A atividade econômica é regulamentada separadamente em cada um dos sete emirados, bem como pelo Governo Federal. As autoridades de Dubai criaram um ambiente que é bem ordenado sem ser indevidamente restritivo e oferece condições operacionais que estão entre as mais liberais e atraentes na região. Há muitas opções disponíveis para as empresas internacionais e as vantagens de ter uma presença no Oriente Médio são consideráveis. É bem conhecido agora que empresários e mulheres da região preferem lidar com pessoas que conhecem e confiam. Os relacionamentos são muito mais importantes no mundo árabe do que em outras regiões. Os Emirados Árabes Unidos são um mercado crescente e próspero, uma localização estratégica no coração de uma das regiões mais ricas do mundo, um mercado diversificado com amplas oportunidades de importação para os fornecedores da maioria dos produtos e um mercado acessível que atendeu mais de 170 linhas marítimas e 86 airlines An open market - no exchange controls, quotas or trade barriers, those were only some of the advantages of forming a company in the UAE. U. A.E. offers incoming businesses all the advantages of a highly developed economy. The infrastructure and services match the highest international standards, facilitating efficiency, quality and service. Among the benefits are free enterprise system, highly developed transport infrastructure, state-of-the-art telecommunications, sophisticated financial and services sector, top international exhibition and conference venue, high quality office and residential accommodation, reliable power, utilities and first class hotels, hospitals, schools, shops. In UAE there are no personal income tax (guaranteed for 50 years), except corporate tax is only imposed on banks and oil companies, no capital taxes, no currency restrictions, 100 repatriation of capital and profits, competitive import duties (5 with many exemptions). UAE have a modern efficient communication facilities, abundant and inexpensive energy supply, simple staff recruitment procedures, competitive freight charges, competitive real estate costs, easy access to both sea and airports. Types of entities possible in UAE are Free zone company, Offshore company, Limited Liability Company, Branch and representative offices, Joint venture, Professional firms, Shareholding companies, Mainland business (trade) 11 Mainland ysole Proprietorship: Such an entity registered can be 100 in the name of an individual (also called Establishment). This is generally restricted to UAE Nationals and other GCC National (i. e. nationals of Saudi Arabia, Sultanate of Oman, Bahrain, Kuwait and Qatar). The sole proprietor has unlimited liability for business. ycommercial agencies: Foreign company not wishing to have physical presence can appoint an agent or distributor registered with Ministry of Economy under Commercial Agency Law No 18 of Agent must be a UAE National or a company owned 100 by UAE Nationals and subject to UAE laws. Such agreement gives protection to Agent against improper termination, and the principal against illegal import. ygeneral Partnership: This consists of two or more partners who are jointly and severally liable with respect to all their assets for the obligations of the company. This type of entity is restricted to UAE Nationals. Hence, this entity is not relevant to foreigners. yjoint Participation Company: This is a company between two or more partners to divide the profit and losses of one or more commercial enterprises undertaken by one of the partners in his own name. The contract is not expected to be disclosed to third parties dealing with the venture. Third parties only have recourse against the partner with whom they have dealt with but if the existence of the joint venture is disclosed to third parties by act of the partners, the partners jointly become liable to third parties. Decisions of the joint venture have to be made by consent of the all the partners unless otherwise provided in the agreement. Joint venture agreement regulates the obligations between the parties and the method of profit distribution and this contract is not subject to registration. This type of entity is used for specific contracts and projects where the foreigner expects to do business for defined or short period of time within existing licensed entity, and no separate registration required. ypartnership limited with shares: This is similar to limited partnership but with negotiable shares. This consists of one or more general partners who are jointly and severally liable with respect to all their assets for the obligations of the company, and one or more shareholding partners who are liable for the obligations of the company to the extent of their shares in the capital of the company is divided into negotiable shares. However, all general partners must be UAE National. Hence, this type of entity is not relevant to foreigners. ypublic Joint Stock Company (PJSC): This is an entity with capital divided into equal negotiable shares, and the shareholder is liable only to the extent of his share in the capital. This is similar to a public listed company as known in common law countries. Minimum capital required to form a PJSC is AED 10 million (AED 40 million for banking company and AED 25 million for investment companies, and AED 50 million for insurance companies). A PJSC must have 10 founder members (this may be relaxed by the government in case of government in case of government owned companies or other cases), management vested in a Board of Directors with Chairman and majority directors being UAE Nationals and 51 shares must be held by UAE Nationals. Founder members must hold at least 20 of the capital but not more than 45 of the capital. At least 55 is required to be offered to the public. Considering the various restrictive rules, a PJSC is inappropriate for foreigners 12 yprivate joint Stock Company: This is similar to public stock company except that there is no invitation to public for share subscription. Minimum capital required is AED 2 million and minimum number of shareholders is 3. Chairman and majority of directors have to be UAE Nationals. All provisions applicable to public joint stock company are applicable to this entity, except the provisions pertaining to public subscription. ylimited liability Company (LLC): LLC is closed to the concept to private limited company as understood in common law and is widely used by foreigners to conduct business in UAE. Hence we will examine this in detail. A Limited Liability Company (L. L.C) can be formed with 49 shareholding of expatriates/foreign company whereas 51 shareholding shall be in favor of local UAE national. Nominee arrangement is normally made with U. A.E. national to hold this mandatory share in his name in favor of expatriate partner. This would provide effective total control to manage the company and enjoy all profit. Although DED is the competent authority for issue of license, for certain activities special or initial approvals are required from other authorities such as AUTHORITY Ministry of Health Department of Health Ministry of Communication Department of civil Aviation Central Bank Ministry of Industry Ministry of Education Customs authority Ruler s office Dubai Municipality Ministry of Defence Ministry of Economy Ministry of information ACTIVITY - Pharmacy - Medical clinics - Telecommunication and wireless - Air transport and air cargo - Financial institutions, banks and money exchange and brokerages - New industrial projects/expansion - Nurseries, private schools amp institutes - Sea cargo, clearing amp freight forwarding - Lawyers and legal consultancy - Engineering amp contracting - Explosives and arms - Chartered accountants and auditors - Publishers and printers, bookshops, newspapers, magazines, advertising, news agencies, translation offices, cassettes and video film shops y Branch of foreign company: A branch of foreign company can be established for carrying the activities of the parent company. Branch does not have a separate legal entity of its own but is considered a part of the parent company. Generally, this will be in the form of promotional activities of the parent company or carrying out non-trading service activities of the parent company. In general, trading activities (import/export of goods) are not permitted to be carried by the branch. It is mandatory for this type of entity to appoint a local service agent (sponsor) who is not financially liable or responsible for the business or activities of the business or activities of the branch. However, he is responsible for rendering sponsorship services against an agreed amount of fees for services such as visas, labour permits, registration of branch, renewal of license and other agreed services. Ownership and financial liability is with the parent company 13 FREE ZONES Free Zones were set up to encourage foreign trade and investment. In 1985 the inauguration of Jebel Ali Free Zone (JAFZ) created the benchmark for regulations and incentives, proving so successful that the model has been copied multiple times in Dubai and also in the other Emirates. Free Zones offer business districts well equipped with all the amenities, facilities and communication infrastructure necessary to set up a business and service that investors need. Traditionally all companies had to be owned at least 51 percent by a UAE National, but any businesses registered in a Free Zone is allowed 100 per cent foreign ownership. It s even offered exemption from taxes and customs duties, plus no levy on exports/imports. Other trading benefits include no restrictions on recruitment or sponsorship. To many companies, opening an office in one of the many Free Zones is an attractive prospect, especially in Dubai with such a key location, and offers a free market environment, cutting-edge infrastructure, political stability, a booming economy and tax free policies. Advantages of Free Zones With the intensified global trend toward trade liberalisation, Abu Dhabi Government, which is keen to take the full advantage of various opportunities and challenges created by the integration into the global economy, provides tremendous support for businesses established within the free zones. It provides a multitude of incentives, such as 100 per cent foreign ownership of companies eliminating the need for a local partner, low-cost operational environment, full repatriation of capital and profits and exemption from import, export, corporate and personal taxes. Additional support is provided through the One Stop Shop service to help companies expedite the process of obtaining necessary permits, licenses, approvals and clearances from the relevant authorities and find skilled manpower and suitable accommodation. Preliminary Required Documents: ypassport Copy for all Shareholders/Directors/Manager yuae Resident Visa Page (if applicable) yapplication Form (KYC for all Shareholders/Directors/Managers ybusiness Summary yspecimen Signature for each Shareholder/Director/Manager yproof of physical address for each Shareholder/Director/Manager yexisting Sponsor NOC letter for the Shareholder/Director/Manager of the Company if existing valid Visa in passport The above list is only part of the basic requirements and subject to change depending on the free zone, full list will be given upon request. Some documents required attestation by the UAE Embassy in the country of company s origin 14 Ajman Free Zone Ajman Free Zone, established in 1988, was granted autonomous status under the Amiri decree no.3 of 1996 issued by H. H. Sheikh Humaid Bin Rashid Al Nuaimi, Ruler of Ajman. Ajman Free Zone Authority has been named as the sole regulatory agency for Free Zone in the Emirate. The formation of the Free Zone Authority in 1996 has given great impetus to industrial activity in the Free Zone which has resulted in quadruple growth in the number of companies during the last few years. Ajman Free Zone with its package of unbeatable advantages is widely recognized as entrepreneurs haven today. A massive multi-million Dirhams development plan on over a mission square metre area is under progress at the Free Zone, which on completion will be able to accommodate 4000 companies. Strategically situated at the entrance of the Arabian Gulf, Ajman Free Zone is well placed to serve the eastern and western markets. Ajman s proximity to Sharjah and Dubai provides easy accessibility to the two international airports and four ports. Ajman Port, serving over 1000 vessels in a year, has emerged as an important maritime focal point today. It has twelve berths. A massive development plan for Ajman Ports, under progress, seeks to enhance its facilities to world level in the near future. Advantages: ycompetitive pricing on premises. yno hidden fees. yno hidden charges. ycheap energy. ythe most economical wage structure and easy access to vast work force. ytotal exemption from all import and export duties. ytotal elimination of all service charges and hidden fees. yexceptionally low handling charges. y20 years land contract is renewable for another 20 years guaranteeing 40 years tax free operations. ylowest lease prices. yworld class infrastructure. ylowest tariffs in the region. ysingle Window Clearances (Licensing, Immigration, etc) 15 License ytrading License: This license is issued to foreign/uae companies/free Zone Entities who wish to carry out trading activities in the Free Zone. yprofessional Services License: This license issued to foreign/uae companies/free Zone Entities who wish to carry out the business of providing professional/services in the Free Zone. yindustrial License: This license is issued to foreign/uae companies/free Zone Entities who wish to carry out manufacturing activities in the Free Zone. ynational Industrial License: This license is issued to a registered company operating in the Free Zone who meets the following eligibility criteria: ythe company should be registered with GCC with a GCC national/s owing majority share holding of 51 or above. yat least 40 of the manufacturing process should be accomplished in the Free Zone. ycompanies holding a National Industrial License are eligible for duty free exports to the member states of the Arab Gulf Cooperation Council. Type of Free Zone Entity yfree Zone Entity: FZE is an entity formed and registered in Ajman Free Zone and regulated by the Free Zone Authority, in accordance to the Amiri Decree No. 3 of 1988 as amended by the Amiri Decree No. 3 of FZE enjoys a separate legal entity and is owned (100) by either a person or a corporate body. Such an entity must have a capital equivalent to US 50,000. The liability of the owner is limited to the amount of the share capital. yfree Zone Company (FZC): Licenses under this category are issued to Free Zone Companies incorporates within the Free Zone in accordance with the Amiri Decree. Such company enjoys a separate legal identity and the liability of its owner is limited to the value of the paid up shared capital. ybranch of a Local Company (BLC): Licenses under this category are issued to companies holding a valid license from any UAE licensing authority except from other Free Zones 16 Dubai Airport Free Zone Established in 1996 as part of Dubai Government s strategic plan to move the emirate towards an investment driven economy, Dubai Airport Freezone has grown to become the region s fastest growing free zone. The inner-city Dubai Airport Freezone is currently home to 1,600 companies, from across the globe and covering a vast number of key industry sectors, including aviation, freight amp logistics, IT amp telecommunications, pharmaceuticals, engineering, food amp beverage, jewelry and cosmetics. Some of the world s most recognized brands have situated their Middle Eastern hubs in Dubai Airport Freezone. Located next to Dubai International Airport, Dubai Airport Freezone provides unrivalled access to 24-hour logistics services, world-class facilities and infrastructure. The free zone also provides direct access to a number of government services, including Immigration, Customs and the Chamber of Commerce helping to streamline red-tape procedures and provide clear processes and guidelines. International investors will reap the benefits of dynamic growth for their companies, through the free trade zone s excellent tax and investment incentives, such as 100 tax exemption, 100 foreign ownership. Dubai Airport Freezone has become the premium free zones due to its unique advantages: ystrategic location in the heart of Dubai and neighbouring Dubai International Airport ystate of the art infrastructure and facilities ydedicated Logistics Centre and extensive cargo handling facilities ydirect access to government services: Immigration, Customs, Chamber of Commerce yone stop shop for all administrative services yeasy access to the facilities at Dubai International Airport with its connectivity to 220 destinations through 130 airlines Dubai free zone Benefits Incentives: y100 import amp export tax exemption yno customs duty yno currency restrictions Type of Companies Dubai Airport Freezone offers you three different types of companies that can be set up at 17 our premises. Each offers you different options and benefits matching your specific business requirements. You can choose either 1. Free Zone Establishment (FZE): Formed with one shareholder, either individual (a person) or non-individual (a company). A minimum share capital of AED 1 million (USD 272,500) is required. 2. Free Zone Company (FZCO): Formed by a minimum of two and maximum of five shareholders. The shareholders can be individuals (persons) of non-individual (companies) or a combination of both. A minimum share capital of AED 500,000 (USD 136,000) is required. 3. Branch Office of an existing company: A foreign company can set up a branch of its existing company in Dubai Airport Freezone. No share capital is required. Licensing Investors planning to conduct their business activities within any Dubai free zone are required to establish their legal presence and obtain Dubai Business License for the activities they propose to undertake. Companies looking to incorporate their services in Dubai Airport Freezone can choose from three types of licenses, which can be selected according to your own requirements: ytrade License: import, export, distribution, storage of specific products. yservice License: requires consultation with a sales executive. yindustrial License: light manufacturing, processing, assembling and packaging. Notes: ydocuments requiring attestation have to be attested by the UAE Embassy in the country of origin. yall documents should have a valid signature amp stamp of the body concerned. As for the notarization, a public notary or equivalent authority must notarize all documents, which must be submitted either in Arabic or English only. Each legal document has to be sealed, if more than one page. ydocuments must be submitted with the original notarization and attestation. yshare Certificate Letter must be issued from a local bank and cover an amount of not less than AED 1,000,000 for FZE registration or AED 500,000 for FZCO registration 18 Dubai Auto Zone Dubai Auto Zone (DAZ) is Economic Zones World s comprehensive market place for the Auto Industry catering to buyers, sellers, service providers, principals and traders alike. daz, a mixed use facility, will consist of a free zone to attract Foreign Direct Investment (FDI) in the auto sector, a specialised economic zone to cater to the GCC markets and a retail zone to serve the local markets. These components at the proposed DAZ facility will enjoy one stop services and the benefits of a dynamic market place. The cluster strategy of the Zone will facilitate and support the growth of all segments of the auto industry with focused investment in the required infrastructure particular to the respective segments. Dubai Cars amp Automotive Zone (DUCAMZ) Dubai Auto Zone (DAZ) is Economic Zones World s comprehensive market place for the Auto Industry catering to buyers, sellers, service providers, principals and traders alike. daz, a mixed use facility, will consist of a free zone to attract Foreign Direct Investment (FDI) in the auto sector, a specialised economic zone to cater to the GCC markets and a retail zone to serve the local markets. These components at the proposed DAZ facility will enjoy one stop services and the benefits of a dynamic market place. The cluster strategy of the Zone will facilitate and support the growth of all segments of the auto industry with focused investment in the required infrastructure particular to the respective segments. Dubai Cars and Automotive Zone is located in Ras Al Khor, Dubai. The total size of the zone is 8 million. Sq. Ft. It was established with the objective of re-exporting used cars to Sian amp African markets. DUCAMZ offers unique benefits for businessmen in the used cars industry who set up an establishment and this is applicable to individuals or non-individuals (Joint ventures, Partnerships, etc.) from any country. The Free Zone Company (FZCO) can be formed with Multi Shareholding partners and there is no obligation to take on local partners. Its affairs are completely separate from those its partners with a paid minimum 100,000 (US 27,000) as share capital. Minimum shareholders is two and with a maximum of five. The Zone Advantage DUCAMZ offers automotive traders the following: ystrategic location yunique Concept yproviding all services in the space of one building yproviding the Space for all the Facilities needed by the Auto trade, Export amp Import Client yno restrictions on maximum import of automobiles yattractive working environment 19 yaccess to a market of over 2 billion people ymodern efficient communications ycompetitive freight charges yhassle free clearance from: Police (traffic department), Customs, Port and Bank ytransfer of ownership within the zone. Services All services related to the Government entities associated with the Auto Trade, Import and Export Client are located within the same area. ydubai Customs Inspection ydubai Customs Operations ydubai Ports Documentation yrta Department yshipping Agencies ybank ymoney Exchange yworkshops yinsurance yrestaurants ysupermarket Activities Allowed by the Free Zone The only activities permitted in DUCAMZ are those involving automotive trading, sales and some services - such as insurance, banking, repair and maintenance of automobiles. Most of the DUCAMZ-based companies fall under the activity headings of Trading and involve the import and export of automobiles to and from the UAE. DUCAMZ is solely for the purpose of re-exporting cars to target markets. The vehicles are categorized into the following groups: a. Right-hand Drive Vehicles, mainly exported to India, Afghanistan, Pakistan, Yemen and other African countries. B. Trading in used car, heavy vehicles, agricultural machinery, bikes jet skies and recreational vehicles. C. Left-hand Drive Used Vehicles, exported into the local markets and are subject to the local regulations prevalent in the UAE 20 Dubai Flower Centre Dubai Flower Centre (DFC) is a transshipment centre for cool chain processes that effectively safeguard product quality, maximise shelf life, thereby enhancing profitability. Dubai Flower Centre s tightly controlled environment from plane to consignee prevents a break in the supply chain. The Dubai Flower Centre is committed to delivering on this opportunity by providing: yincreased capacity and connections to and from major global trading points yrapid consolidation and trans-shipment ythe world s best cool chain management yresources and facilities to enable cost effective value-addition yfacilities and support to enable efficient commercial transactions Over 130 airlines already connect through Dubai International to more than 220 destinations and further expansion is creating even more opportunities to unite global markets. The in-house operations team is complemented by: yconsolidation/repackaging for transshipment to worldwide destinations ypre-assembly of product lines sourced from around the world and tailored to end markets yfruit and vegetable pack house professional packaging for direct sale yvalue added services e. g. bouquet making Dubai Flower Centre is also the one-stop shop for local and international buyers, traders, producers and exporters. Acquiring a Trade License (FZ LLC) A company wishing to set up at Dubai Flower Centre can operate with any of these licenses. Trade licenses will be issued under the authority of the Dubai Airport Free Zone or Economic Department. ylimited Liability Company (LLC) License: Activities allowed: any activity related to perishable items like floriculture, horticulture, fruits amp vegetables etc. The license will be issued only by the Economic Department. ytrading License: Activities allowed: import, export, distribution, storage of all items specified in the license. yservice License: Activities allowed: All services 21 Company Registration A company incorporated in the Dubai Flower Centre shall be registered as one of the following: Branch of a Company ybranch of company incorporated outside the UAE ybranch of company registered in the UAE FZE (Free Zone Establishment) ya limited liability establishment incorporated in the Dubai Flower Centre, owned by one natural or juridical person with a distinct legal entity and an independent financial liability yminimum capital of AED 1,000,000 yapplicant can be an individual or non-individual (partnership association) FZCO (Free Zone Company) ya limited liability company incorporated in the Dubai Flower Centre, by more than one shareholder with a distinct legal entity and independent financial liability yminimum of two and maximum of five shareholders required for FZCO ya minimum amount paid up share capital must be AED 500,000. Management should be assigned to not less than three persons, of which one Director and one Secretary must reside in the UAE 22 Dubai Healthcare City Dubai Healthcare City (DHCC) was launched in 2002 by the UAE Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, to meet the demand for high-quality, patient-centred healthcare. Today, DHCC is home to two hospitals, over 100 outpatient medical centres and diagnostic laboratories with over 3000 licensed professionals occupying 4.1 million square feet in the heart of Dubai. DHCC combines the leading expertise of medical institutions and pre-eminent healthcare providers to deliver the A-Z of medical services. Invest in the future of healthcare Founded on the principles of excellence and innovation, Dubai Healthcare City welcomes healthcare investors who share our vision of providing world-class healthcare and putting patients first. We are the world s largest, integrated healthcare free-zone made up of two communities: the Medical Community, which occupies 4.1 million square feet and is operational with over 90 outpatient clinics and 2 hospitals and the Wellness Community, which covers 19 million square feet and is under development. Both communities offer unique opportunities for a wide range of healthcare and healthcarerelated investors including: yconventional Medical Services ycomplementary and Alternative Medicine ymedical Education and Research yhealthcare Commercial Services yhospitals ydiagnostic Laboratories ysupport Services Strategic Location Dubai is the commercial hub of the MENA region and provides a unique offering to healthcare investors looking to establish themselves in the Middle East. Situated at the meeting point of three continents, Dubai Healthcare City-based investors have strategic access to a population of over 1.8 billion, covering the Middle East, Africa, Asia and Europe. Dubai Healthcare City s location provides easy access to Dubai International Airport, the Dubai Metro and all major roads including Sheikh Zayed Road and Emirates Road. Leading international hotels, shopping and dining facilities and the largest park in Dubai are within walking distance 23 The Benefits of being part of Dubai Healthcare City Dubai Healthcare City s free zone status brings unique benefits to investors wishing to capture the regional market: yflexible real estate to suit different business needs yassistance with clinical services planning and design ymaintenance services such as cleaning, landscaping and security yintegrated community with on-site facilities such as restaurants, banking and mini-market yparking facilities As a professional community, Dubai Healthcare City also offers many value-added services for including: yaccess to a wide network of healthcare professionals ynetworking and knowledge sharing events to encourage patient referrals yspecial interest seminars to promote professional standards and business growth ystrong regulatory framework to maintain Dubai Healthcare City s reputation for quality and safety yregular publications about Dubai Healthcare City ymeeting and conference room booking service ycorporate discounts Registration and Licensing The Registration and Licensing Department consists of: ycompany Registry ybusiness Licensing The Company Registry is a regulatory body which: yregisters companies in Dubai Healthcare City ymaintains and updates the Company Registry and register of Shareholders and Directors and yensures that companies registered in Dubai Healthcare City comply with the Free Zone rules and regulations and applicable State and Federal legislation in relation to company establishment and liquidation. In accordance with the Dubai Healthcare City Free Zone Authority (DHCCA) Licensing Regulations, Business Partners are required to have a valid commercial license at all times during their operation in the Zone and must be registered and incorporated by the Companies Registry before they can operate in the Business Zone. The Companies Registry provides fast and simple incorporation services to provide prospective businesses partners with the legal structure required to set up their business, obtain credit and 24 raise capital. Once the company is registered, the Companies Registry will update and amend the registration status, as required. Establishment of Legal Structure DHCCA allows the establishment of the following legal structures: ybranch of a Foreign Company ybranch of a UAE Company / Establishment yfree Zone Limited Liability Company (FZ-LLC) Business Licensing issues licenses for all companies registered by the Company Registry, to carry out specific activities for a specific duration, in compliance with the Dubai Healthcare City Free Zone Authority Licensing Regulations and other related laws and regulations. Business Licensing issues different types of licenses depending on the legal status of the Business Partner, such as: yfree Zone Limited Liability Company (FZ-LLC) ybranch of Foreign Company ybranch of UAE Company / Establishment with a license to operate in the Free Zone. Issuance of New Commercial Licenses New Commercial Licenses for a period of one (1) year and are renewable on an annual basis. The Commercial License allows companies to carry out desired activities in Dubai Healthcare City, based on an extensive list of approved activities 25 Dubai International Financial Centre (DIFC) The Dubai International Financial Centre (DIFC) is an on-shore financial hub strategically located between the east and west, which provides a secure and efficient platform for business and financial institutions to reach into and out of the emerging markets of the region. It was established to create an environment for growth, progress and economic development in the United Arab Emirates and the wider region by providing the needed legal and business as well as physical infrastructure benchmarked against international standards. The DIFC is an independent jurisdiction under the UAE Constitution, and has its own independent civil and commercial laws, which are written in English and which default to English law. It also has its own courts, with judges taken from the common law world including England, Singapore and Hong Kong. The DIFC-LCIA Arbitration Centre is an independent centre of international arbitration that uses rules modeled on the London Centre of International Arbitration. Areas of Services Financial Services Institution ybanks The legislative and regulatory regime has created a highly conducive and secure environment for the growth of banks offering a wealth of services, including: ycommercial banking yinvestment banking ytrade and export finance yproject and infrastructure funding ytreasury services ycorrespondent banking yinsurance DIFC endeavors to promote the development of a thriving regional insurance market. Global and regional insurers, reinsurers and brokers are attracted to set up in the centre due to its world-class infrastructure, legislation and regulation. In many cases, international players tie up with regional firms to establish a new entity to cater to the region s demand for insurance and reinsurance services. With the growing presence of regional and international players, the insurance penetration in the market has grown, outpacing that of industrialised countries. In view of the notable rapid development of Takaful, Islamic insurance and reinsurance, over the recent years, firms are eager to establish in the centre to meet the needs of the Islamic market 26 An important facet of the Insurance sector is Captives, which is rapidly gaining appeal in the region. With the economic development, growing industrialisation, rapid growth of international trade, international mergers and acquisitions, improved regulation and increased focus on corporate governance, the region is witnessing a change of attitude towards corporate risk management, and a growing awareness of the need for innovative ways to finance the future cost of corporate risk. For firms looking to finance and manage corporate risk, DIFC s regulatory framework, coupled with its favourable tax environment, offers a convenient platform for the establishment of captive insurance companies. Furthermore, the flexibility of the DFSA in providing the regulation of Protected Cell Companies positions the DIFC among the most forward-looking financial centres. ywealth Management The region benefits from a vast pool of wealth and a growing appetite for specialist investment products. There is also an increasing demand from high net worth individuals for tailor made solutions which meet their specific and individual wealth management requirements. Our legislative and regulatory regime has created a highly supportive and secure environment for the growth of the funds industry. In compliance with IOSCO Principles, the Funds Regime allows for the domiciliation, management and distribution of funds from DIFC. The vast scope for investing, managing and administering this enormous wealth has encouraged many of the world s biggest asset managers, hedge funds and private equity firms to set up within DIFC and take advantage of the ability to: ymanufacture and distribute tailor-made mandates and specialist investment products ymanage the world s largest concentration of Islamic wealth yoffer advanced asset management products for institutional investors including the region s large sovereign wealth funds yaccess investment opportunities across the region and gaining exposure to rapidly growing emerging markets ytap into the regions vast pool of wealth for fund raising and seed capital ycapital Markets Traditionally, companies, governments and financial institutions have looked to the international capital markets to meet their financing needs. However, with the advent of the regional stock markets, there has been an increasing flow of IPOs and listings on the regional exchanges. At the same time, regional investors have required liquid and efficient markets to absorb the rapidly growing stock of financial assets accumulating in pensions, life funds, collective investment schemes and other savings vehicles. DIFC is a platform for investment banks amp financial intermediaries to service the capital markets of the region with: 27 yunderwriting ymampa advisory yventure capital yprivate equity yprivate banking ytrade finance ybrokerage service DIFC is home to NASDAQ Dubai (formerly the Dubai International Financial Exchange) which lists equities, equity derivatives, structured products, sukuk (Islamic bonds) and conventional bonds. Through the exchange, regional and international issuers can access regional and international liquidity. International issuers can access capital from the region, through a primary or dual listing. yprofessional Services The region has witnessed a growing demand for professional service firms driven by greater sophistication in financial services requiring specialist advisory work, increased cross-jurisdictional trade and transactions, and the ongoing restructuring by state owned enterprises, corporations and private entities. Through its offering of world-class technology and associated infrastructure, a pool of multilingual highly skilled professionals, DIFC has attracted a wide range of professional service providers including: ylegal yaccounting and audit yconsulting ycompliance yrecruitment yrisk management ydata and research providers By locating in DIFC, firms are able to centralise and consolidate their resources used to service the region, thereby gaining a competitive cost of operation. In addition to the growing regional opportunity, professional service firms may benefit from the large business and financial captive clientele already located within the centre making DIFC your logical home. The expertise of the world s major international professional service firms is an important pillar establishing DIFC as a world-class international financial centre. y Global Corporates DIFC has a sizeable number of multinational corporations and regional conglomerates which are utilizing the DIFC to base a head or regional office where centralized strategic leadership and global management of their business activities take place 28 DIFC s attractive legal framework and tax offering, in combination with UAE s wide network of DTAs, has enabled many of these players to optimize the tax impact on their global business and benefit from booking revenues in the centre. Companies are also using DIFC to run treasury operations including forex hedging and liquidity management, as well as a platform for shared services centres for group companies and business units. Companies based at DIFC are served by a range of international banking facilities and world-class professional services providers, including top global legal firms, accounting firms, consultants, recruitment firms and tax advisers. Companies include Fortune 500 and leading players in the financial services, oil amp gas, telecommunication, consumer goods, business services, capital goods and materials sector. ymanagement Offices DIFC s attractive legal framework and tax offering has attracted a range of management offices, including: yholding Companies yproprietary Investments Offices ysingle Family Offices ymarketing Operations Operating a management office in DIFC provides access to a variety of professional services from one location, such as: wealth and asset managers, private bankers, legal firms, accounting firms, recruitment firms, consultants, corporate governance experts, international tax advisers, captive insurers and experts on Islamic finance, as well as access to capital markets and corporate financiers. Single Family Offices (SFOs) have additional benefit from a confidential yet transparent regulatory framework that excludes them from many of the regulatory constraints placed on conventional organisations in the centre, and is the first in the world to define a family office in legal terms. These regulations, combined with estate and succession planning advisers, corporate governance experts and other available professional services, make DIFC an ideal jurisdiction for family offices. yretailers The centre has experienced a healthy demand for business and lifestyle facilities from the professionals working in the district. With several high calibre hotels and residences nearby, there is a growing footfall to be complemented by further openings throughout the year. Visitors can choose from three distinct retail zones within the district, including: ygate Village - located adjacent to The Gate, focuses on art galleries and fine dining outlets ymarble Walk - located beneath The Gate, focuses on takeaway meals, retail convenience and essential services ythe Balcony - the terrace surrounding The Gate, focuses on casual dining options 29 Dubai Maritime City Built on 2.27 million square meters of reclaimed land, Dubai Maritime City (DMC) is the world s first purpose-built maritime center. This is a mammoth project in the Arabian Gulf that propounds to offer marine-centric services at one convenient location. Expected to be complete in mid 2008, Dubai Maritime City is located near Port Rashid on mainland Dubai. The sprawling man-made peninsula boasts a new 2,100 m long breakwater and a quay wall that measures 2,980 m. Comprising residential, commercial properties and warehouses, it provides investors free zone amenities, as it is a member of Dubai World Holding that is the holding company for Dubai Drydocks. The city, unlike other seaports and establishments in the region, enjoys considerable advantages including a pro-business environment. It is one-ofits-kind development, placing warehouses next to academies, condominiums alongside offices for domestic and international maritime firms. Indeed, Dubai Maritime City aims to become a maritime hub, integrating diverse sectors of the maritime industry. In keeping with Dubai s commitment to eco-friendly building practices, the mega project abides by green construction concepts. These encompass construction of buildings that consume less energy and consequently generate less waste. Dubai Maritime City is carved into 6 prime zones: 1. The industrial precinct This sector is a hub for ship repair facilities, yacht repair and manufacturing, as well as workshop units. The precinct will be overseen by the management of Jadaf Dubai. A 1,270-meter stretch of wet berthing has been made available in this precinct, alongside 42 dry berths of various sizes. The inclusion of yacht building and repair facilities taps on a growing leisure boating industry. The large number of berthing spaces available here alleviates a space crunch for boats in Dubai. More than 100 workshops and warehouses complete the industrial precinct, offering a comprehensive range of facilities to businesses. 2. Academic Quarter The Academic Quarter is located in the middle of Dubai Maritime City. The institution here, offers a syllabus encompassing marine engineering, marine transportation and naval science, among others. The academy will provide the opportunity for companies to constantly renew the knowledge of their staff without the need to leave the city. In addition, this area will also see the construction of a mosque, a world-class business hotel and a seafarers club. 3. The Maritime Center This is the core of Dubai Maritime City. It is made up of eight waterfront and three interior parcels, Welcome to Expat Briefing Password Recovery Join our expat community Jurisdiction Special Focus: Malta by the Investors Offshore editorial team, December, 2011 16 December, 2011 Malta is an independent nation . having split from the UK in 1964. The Maltese Islands are 100 km south of Sicily, with a population of 408,000 the climate is warm. Malta has a Westminster-style democracy, but has been politically fractious since independence. 15 years of post-colonial adolescent flirtation with Communism and the third world has however been succeeded by a more mature attitude. Malta joined the EU in 2004, although as late as the spring of 2002, with EU accession negotiations almost completed, the opposition labour party was still hankering after a life as the Switzerland of the Mediterranean. Eventually, Malta was invited to join the EU in December, 2002, along with Cyprus and 8 Eastern European ex-Soviet states. A referendum in March, 2003, approved EU entry, and after the government was returned to power in April, it signed the EU accession treaty in Athens. Finally, the Maltese Parliament ratified the accession treaty in July, 2003. The official languages are English and Maltese. The British military and naval base once dominated Malta but since 1979, when the British left, the excellent port facilities have not yet been fully re-utilised. Tourism has become a major contributor to the economy, particularly visits by cruise ships. The airport has good connections with a wide range of European countries. Figures for 2010 show GDP per head of 25,600 which is low on the European scale and increases only slowly for the same year inflation was at 1.5 and unemployment at 7. As a politically-stable, English-speaking retirement destination, Malta has experienced a real estate boom, especially since joining the EU, followed by the adoption of the euro as from 1st January 2008. Almost entirely lacking energy or other natural resources, and with a severe shortage of arable land, Malta is inevitably an import-hungry country. In the last 15 years, the Government has tried hard, and with some success, to create a high-technology manufacturing sector and to establish processing and distribution facilities around its rapidly growing Freeport. There are extensive investment incentives. Manufacturing, tourism and shipping go some way towards paying for imports, but the gap cannot be closed without the development of a financial services sector. Maltese legislation for banking, mutual funds, insurance and trust services was relatively late in arriving, and while these sectors are growing, they are not on the scale of some other OIFCs. Malta has moderately high internal taxes, but offers low-tax regimes to companies and individuals. Malta phased out its designer tax Offshore Companies, which the EU would never have accepted, and in 2006 had to give in to the EU by legislating away their replacements, the International Trading Companies. There is a reasonably sophisticated business and professional infrastructure. Business sectors with offshore activity include banking, investment fund management (there is a stock exchange with a growing array of mutual fund listings), trust management, shipping (a particularly strong sector) and investment holding. Valletta, the administrative capital, is also the chief business centre. In the late 1980s, and spurred on by the high unemployment and other financial woes that followed the departure of the British, the Maltese Government set about creating an offshore sector and becoming more welcoming to external investment by passing the International Business Activities Act 1988 under which the Malta International Business Authority was set up to develop offshore business sectors. Alongside this initiative, the Malta Development Corporation began to offer a range of very attractive investment incentives. Initially the accent was mostly on employment creation in manufacturing and shipping rather than the development of a financial services centre but this has gradually changed, and there is now a modern legislative structure for most of the main financial sector activities and foreigners are permitted 100 ownership of enterprises in almost all sectors. Maltas financial services sector has continued to expand, attracting considerable interest from international sources. The globally difficult economic situation during 2008 did not affect the sector as much as in most other countries. Malta was ranked 10th for the soundness of its banks and 11th for financial market development by the World Economic Forums Competitiveness Index 2010. In April 2001, the government amended the Industrial Development Act to incorporate new incentive packages to boost existing and new investment, primarily in the manufacturing sector which employs over 30,000 people and which, together with tourism and the services sector, is a key element of Maltas economy. The incentives on offer no longer depend on whether a company exports or not. They are meant to promote productivity growth regardless of where the product is sold. The new package contains not only new tax incentives, with reduced rates of corporate tax which start from 5 per cent and move up to 15 per cent over a 15-year period, but also investment tax credits, a value added incentive scheme, special provisions for small businesses, and other incentives related to training and job creation. These incentives are not only available to prospective investors, but also to existing ones ensuring that all companies can retain and increase their investment in Malta. In March, 2006, the European Commission formally requested Malta under EC Treaty state aid rules to abolish the tax regime for Maltese Companies with Foreign Income (CFI) and the International Trading Companies (ITC) regime by the end of 2010 at the latest. Competition Commissioner Neelie Kroes observed that: The schemes provide sizable aid to companies that are owned by non-Maltese and produce revenues outside of Malta, and are therefore highly distortive without promoting growth of the Maltese economy. In May, the Maltese government formally decided to gradually abolish the existing aid schemes. However, due to its extensive network of double tax treaties with almost all the important OECD countries, Malta is often chosen as a base by firms needing to set up an offshore holding or investment company, or trading subsidiary. Malta has entered into 57 double-tax treaties (unusually for a low-tax jurisdiction), with another one pending. Generally speaking, the treaty benefits are available to all Maltese companies other than Offshore Companies (now phased out, in any case). All the treaties other than the Swiss and USA treaties, which, until recently, were limited to air transport and shipping, follow the OECD Model Convention. Maltese holding companies can be used for a variety of purposes, including holding real assets like property, shares and securities and intellectual property, and intangible assets such as copyrights and patents, and shareholders benefit from a full imputation system under which tax can be reduced to zero percent in certain circumstances. A Malta holding company is a company resident in Malta and pays 35 tax on its net income. However, shareholders of Malta holding companies qualify for a full refund of the Maltese tax paid by the company on profits and gains arising from participating holdings when such profits are distributed. From January 1, 2008, Malta holding companies also qualify for a participation exemption subject to anti-abuse provisions introduced from the same date. For a Maltese resident company to hold a participating holding in a company incorporated abroad, it must hold at least 10 of the equity shares in the non-resident company. To qualify for the participation exemption, the foreign subsidiary must satisfy one of three criteria: be resident in the EU be subject to foreign tax of at least 15 and not derive more than 50 of its income from passive income. When dividends are paid by trading companies to the shareholders, these shareholders are entitled to claim refunds of 6/7ths of the Malta tax paid by the company, resulting in an effective Maltese tax rate of 5. Distributions made from profits derived from passive income such as interest and royalties, entitle the shareholder to reclaim 5/7ths of the tax paid by the company. In the autumn of 2000 the Maltese government passed legislation enabling online betting centres to be set up in the country, and this legislation, coupled with provisions from the Income Tax Act written specifically for international companies, made Malta an attractive location for casino and sportsbook operations. A large number of companies from around the world expressed interest in Malta, including Stanley Leisure, William Hill, Ladbrokes, Paddy Power, Unibet, GC Sports, International Allsports, and Eurofootball. Malta became the first EU member state to regulate internet gaming in May 2004 with its Remote Gaming Regulations under the Lotteries and Other Games Act 2001. By the end of 2009 Malta had attracted 330 remote gaming companies and processed over 500 licences. These businesses employ about 5,200 people in Malta, and service around 10 of the worlds internet gaming market. They generated tax revenues for the government of EUR52.5m in 2009. The e-gaming industry in Malta is regulated by the Lotteries and Gaming Authority, which was established in 2002 and is responsible for the governance of all gaming activities in Malta including casino gaming, commercial bingo games, commercial communication games, remote gaming, sports betting, the National Lottery and non-profit games. According to its mission statement, the Authoritys role is to ensure that gaming is fair and transparent to the players, preventing crime, corruption and money laundering and by protecting minor and vulnerable players. In 2002 the Malta Lotteries and Gaming Authority put together the legislative framework for a new licensing regime encompassing online casinos, sports betting, betting exchanges and lotteries, which came into effect in early 2003. Said the Authority: This framework has the objective of providing regulation which is strong and serious but not unnecessarily bureaucratic, ensuring vigorous protection for users of online gaming, and dovetailing with Maltas long-established and reputable financial services sector. There are four classes of licence available to operators in Malta, as follows: Class1 - For operators managing their own risk on repetitive games. This class covers casino-type games. Class 2 - For operators managing their own risk on events based on a matchbook. Under this class operators can offer fixed odds betting. Class 3 - For operators taking a commission from promoting and/or betting games. This class includes peer-to-peer games, poker networks, betting exchanges and online lotteries. Class 4 - To host and manage remote gaming operators, excluding the licensee themselves. This is intended for software vendors who want to provide management and hosting facilities on their gaming platform. Licenses are granted for a period of five years and licensees must have the core part of their online operation physically located in Malta. The amount of tax paid by online gaming companies located in Malta depends on the type of licence they hold: Class 1 licence holders pay EUR4,660 for the first six months, then EUR7,000 per month thereafter Class 2 firms involved in fixed odds betting pay a 0.5 tax on the gross amount of bets accepted Class 3 licence holders pay a 5 tax on real income and Class 4 licence holder pay no tax in the first six months of operations, then EUR2,330 per month for the following six months, and EUR4,460 per month thereafter. The maximum amount of tax payable annually in respect of any one licence is EUR466,000. In 2011, application and annual licence fees are EUR2,330 and EUR8,500 respectively for all classes of licence. With its location in the heart of the Mediterranean Sea, a centuries old maritime tradition and a respected and favourable regulatory and tax regime for shipping, it is no surprise that Malta has developed one of the worlds largest ship registers in modern times, and in the face of stiff competition from other prominent maritime nations. Vessel registration under the Malta flag and the operation of the Maltese ships is regulated by the Merchant Shipping Act, a law based in the main on United Kingdom legislation, subsequently revised and amended in 1986, 1988, 1990 and 2000. The main legislation is also supplemented by a comprehensive set of rules and regulations. Malta is additionally a party to most of the major International Maritime Conventions and Malta-flagged ships are obliged to strictly adhere to the provisions of these international conventions. By the end of 2010, a total of 5,249 ships, 2440 of which were pleasure yachts were registered under the Maltese Merchant Shipping Act. All types of vessels from pleasure craft to oil rigs may be registered provided that they are wholly-owned by legally constituted corporate bodies, or by European Union citizens. There are no nationality requirements for shareholders or directors of Maltese companies, and neither are there any nationality restrictions on officers and crew employed on Maltese-flagged ships. Maltese law provides for both bareboat charter registration of foreign ships under the Malta flag and also for the bareboat charter registration of Maltese ships under a foreign flag. Ships that are bareboat charter-registered in Malta enjoy the same legal privileges, and have the same legal obligations, as any other ship registered in Malta. Maltese law also allows for the registration of ships that are under construction. Yachts which do not carry cargo or more than 12 passengers may be registered as commercial yachts under Maltas Commercial Yacht Code 2006, which sets out standards on safety and pollution. The Commercial Yacht Code was developed in line with international regulations and other industry standards and caters for both small yachts and superyachts above 24 metres and up to 3,000 gross tons. The Code has been proving successful with major yacht and superyacht builders alike, with the number of commercial yachts certified in compliance with the Malta Code increasing considerably during the past years. The registration procedure for yachts is similar to that of other vessels, and a six month provisional registration is usually granted allowing time for the appropriate documents to be submitted and the registration finalized. Wealth Management In Malta Maltese banking is now conducted according to the Banking Act 1994 (for credit institutions aka commercial banks) and the Financial Institutions Act 1994 (for non-lending institutions, mostly meaning foreign exchange bureaux). This legislation conforms to current EU banking directives. International Banking Institutions, seven of which were licensed as offshore companies under the Malta International Business Activities Act 1988 had to convert to credit institution status under the Banking Act. Incoming banks are now licensed only under the Banking Act. With the gradual abolition of exchange controls, there now remains little distinction between international and local banks, or between offshore or onshore banks. Maltese and foreign banks are supervised by the Malta Financial Services Centre minimum capital for a new bank is EUR5 million. Foreign banks may operate through branches, but are still subject to supervision by the MFSC. A new organisation to promote Maltas financial services sector to international investors was officially launched by the government in May 2007. The new non-profit body, branded Finance Malta, centralises promotional activities previously carried out by the Malta Financial Services Authority and private sector organisations. Parliamentary Secretary Tonio Fenech noted that financial services were playing an increasingly important role in the Maltese economy, accounting for about 12 of the countrys gross domestic product. The financial sectors gross added value component reached EUR208 million by the end of 2006, representing added value to the tune of EUR40,000 per employee, Fenech added. Meanwhile, the industrys productivity grew by 37 in 2006, he revealed. In January 2011, the IMF highlighted that Maltas banking system has weathered the global financial crisis relatively well, but it noted that vulnerabilities are rising. The IMF found that telatively conservative funding models and little exposure to US toxic assets have kept spillovers from the global financial crisis to banks in Malta at bay. However, a long real estate boom contributed to a significant increase in private sector debt and as a result domestic credit risk. In spite of the international situation, conditions in the banking sector had registered a marked improvement by the end of 2010, according to the Maltese Financial Services Authority. With less exposure to the international crisis than other banking jurisdictions, the sector continued to perform strongly in 2010, registering an overall 21 growth in assets. Profits also increased though not at the same rate recorded in 2009. By the end of 2010, the total number of registered credit institutions was 25, two more than in the previous year. During 2010, two companies were licensed to carry out banking activities as credit institutions, namely FCM Bank Limited and IIG Bank (Malta) Limited. Another company, Deutsche Bank (Malta) Limited, had its license upgraded from a financial institution licence to a credit institution licence. The Maltese government has set a target of 2015 for the jurisdiction to become one of the most important financial centres in the region. The Commonwealth Bank of Australia was one of the first Australian banks to take advantage of the opportunities presented by Malta, with its CommBank Europe Ltd unit, holder of a Maltese banking licence since August 2005, becoming one of the islands largest financial institutions. CommBank Europe had 1.3 billion in capital and had 4.7 billion in assets in 2006. For the Australian banks, it is the existence of the favourable double tax treaty between Malta and Australia that is a major cause of their interest in the jurisdiction. The Australian reported that CommBank Europes Maltese operation, in combination with lower tax rates in New Zealand, Singapore and Britain, contributed to a 150 basis-point reduction in the effective tax rate for CBAs banking operations to 26.7. Tax paid in Malta was 2.3 million - equivalent to a rate of 7.3, although top-up tax was paid in Australia under that countrys controlled foreign company rules, the report stated. The criticism levied at the bank for its Malta operation appeared to be taking its toll and by May 2010, there was widespread speculation that the banks Maltese activities would be wound down. As of 2011 however, the bank still has a presence in Malta, from where it provides infrastructure and utilities solutions, corporate lending and asset finance solutions to clients throughout Europe. At the start of 2010, the MFSA adopted a new structure for the Supervisory Council in order to strengthen the regulatory and supervisory process. During the year, the Authority also conducted thirty-nine consultations on a variety of legislative initiatives particularly the transposition of EU Directives. Legislation implemented or under development in 2010 was related to, among others, the Capital Adequacy Directive, Payment Services, Electronic Money, UCITS IV, Contractual Funds, Limited Partnerships, Solvency II, Incorporated Cell Companies (see below) and the Trusts and Trustees Act. Investment Funds in Malta are licensed by the Malta Financial Services Centre under the Investment Services Act 1994. Licensed funds are exempt from taxation, although they can choose to pay tax at 25, in which case generous deductions can be claimed against income and the fund has access to Maltas network of double taxation treaties. The investment fund sector in Malta is quite small. However, the growing success of the stock exchange in attracting mutual fund listings may well lead to an increase in the number of funds actually based in Malta. In December 2008, the Maltese Financial Services Authority revealed that newly licensed hedge funds were increasing two-fold on the island, thanks to the jurisdictions competitive set up costs and recently implemented regulatory measures. MFSA Chairman Joe Bannister spoke about the increase in funds at a roundtable debate on the subject, where he noted that the Undertakings for Collective Investment in Transferable Securities (UCITS) sector in Malta is also showing signs of further expansion, alongside the fund-servicing and fund administration sectors. The MFSA Chairman also emphasized that Maltas first priority when it comes to licensing new funds remained quality rather than the quantity. Among the reasons given for this growth in the investment funds sector was that being part of the European Union has allowed Malta to develop into a fully fledged funds domicile that provides competitive access to the European and international markets. Bannister stated that the recent updates in legislation had been mainly inspired by developments at EU level and included the implementation of the EU Markets in Financial Instruments Directive (MiFID), the Capital Requirements Directive (CRD), UCITS III, and the new eligible assets regime. This legislation is directed at providing for a more integrated European financial market by allowing EU-based funds and their providers the freedom to compete on a level playing field. Kenneth Farrugia, Vice-Chairman of FinanceMalta, who also spoke at the meeting, attributed Maltas success in attracting funds to its high level of cost competitiveness. Citing recent research on the subject, he said: on a comparative basis Malta is very cost competitive both at the set up stage in terms of setting up costs of a Scheme, as well as regards ongoing servicing costs such as custody and fund administration costs. The net asset value of locally based Collective Investment Schemes stood at almost EUR8 billion at the end of 2010, an increase of 13.5 over the previous year end. In 2010, the MFSA published a Guidance Note for Shariah Compliant Funds. The document explains how the legal and regulatory framework established under the Investment Services Act would apply to Shariah-compliant funds established under Maltese law. The Guidance Note establishes that, whether set up as Professional Investor Funds, UCITS or non-UCITS Retail Funds, Shariah Funds may be regulated in the same manner as non-Shariah Funds. The level of disclosure and the applicable conditions would be the same as those that are applicable to the respective category of retail or professional funds. The Guidance Note therefore requires that funds presenting themselves as Shariah compliant are required to disclose all the relevant details in this respect in the fund prospectus or offering document as well as in their financial statements as part of their ongoing obligations. The Guidance Note also explains the role of the Shariah Advisory Board in relation to that of the fund manager to ensure that the financial soundness of the managers decisions is not conditioned by non-financial considerations. It is however also the managers responsibility to ensure that the fund actually does satisfy the relevant Shariah principles and requirements as disclosed in the offering document. In November 2011, a consultation document was published on draft Regulations that would govern the proposed introduction of Recognised Incorporated Cell Companies (RICCS) as an alternative to the Socit dInvestissement Capital Variable (SICAV) incorporated cell company form. In an ICC structure, an entity is structured with incorporated cells, which are considered separate entities from one another for legal purposes. These cells may hold assets, sue and be sued in their own name. As a result, there is legal ring-fencing within an ICC structure which provides a stronger degree of certainty and protection of the assets of other cells. According to the MFSA, the launch of the Incorporated Cell Company form of the SICAV in February 2011 generated a lot of interest across the fund sector generally with the consequence that the MFSA received many enquiries from companies with business models that due to their particular nature were not able to form structures under the ICC SICAV regime. Most of the demand revolved around a platform model that would involve an ICC providing administrative services to any number of Incorporated Cells licensed as collective investment schemes, the MFSA said. As a result the MFSA is considering introducing a new Recognised ICC framework with a specific set of conditions that will cater for the above mentioned business models. The new framework is being proposed in the form of a legal notice and will be regulated by a separate set of Rules so that it will not be confused with the ICC SICAV regime. Conditions that will apply to the operation of a Recognised Incorporated Cell Company will include that a provider under the regime may only provide services of an administrative nature for which it is issued with a Recognition Certificate in terms of article 9A of the Investment Service Act. The services that may be permitted are those listed in the Schedule to the proposed regulations. The new RICC structure proposed in the draft Regulations provides promoters with a structure that may be used as a vehicle to achieve various objectives including the setting up of a fund platform. Unlike the SICAV ICC, the Recognised Incorporated Cell Company must be established as a limited liability company and may not carry out any licensable activity. An RICC may establish an incorporated cell by virtue of a resolution of its board of directors. The RICC framework is structured to allow incorporated cells to migrate in and out of the ICC they share with other incorporated cells and either relocate to another ICC or establish themselves as a separate independent schemes. The RICC itself may also undergo transformations excluding a transformation into a SICAV. Obtaining Permission To Live And Work In Malta As a member state of the European Union from May, 2004, Malta no longer applies restrictions to the movements of nationals of other EU member states. As of December 21, 2007, Malta became part of the Schengen area. European Commission President Jos Manuel Barroso announced ahead of the enlargement of the area that: As from this week, people can travel hassle-free between 24 countries of the Schengen area without internal land and sea border controls - from Portugal to Poland and from Greece to Finland. I wish to congratulate the nine new Schengen members, the Portuguese presidency and all EU Member States for their efforts. Together we have overcome border controls as man-made obstacles to peace, freedom and unity in Europe, while creating the conditions for increased security. Following enlargement, all citizens of the enlarged Schengen space benefit from quicker and easier travelling. From December 21, 2007 onwards, a citizen can travel from the Iberian Peninsula to the Baltic States and from Greece to Finland without border checks Eight Visa Facilitation Agreements (VFAs) are in force between the European Union and certain third countries on the facilitation of the issuance of visas. The VFA sets the cost of a visa at EUR35 and shortens the processing period. The current VFAs cover Albania, Bosnia and Herzegovina, Moldova, Montenegro, Macedonia/FYROM, Russian Federation, Serbia and Ukraine. For other countries, a single-entry and transit visa charge of EUR60 applies. Visas are valid for 90 days. Anyone who wishes to reside permanently in Malta must apply for a residency permit under the 1988 Residence Scheme. An applicant must provide evidence of a minimum annual income of EUR14,000 rising to EUR23,300 for married persons. These amounts do not include the cost of accommodation and a permit holder must buy or rent property on the island, but benefits from tax and import duty incentives. Under a new law providing for dual citizenship, enacted in February 2000, 1,064 individuals who were Maltese citizens by birth but then lost their citizenship by emigrating were re-awarded their Maltese status in May 2001 after satisfying certain conditions. It is necessary to consider both domicile and residence to establish the exact tax situation of individuals in Malta. Maltese domicile is established on the basis of UK case law principles. Broadly speaking, an individuals domicile of origin (where he was born) can be changed if he establishes a permanent home elsewhere. He can only have one domicile. Residence is defined as habitual presence in the country ordinary residence means that an individual is present in Malta in the ordinary or regular course of his life. Individuals who are domiciled and ordinarily resident in Malta pay income tax on their world-wide income. Individuals who are domiciled elsewhere, and who are resident but not ordinarily resident in Malta pay tax on their income arising in Malta, or remitted there (but not capital gains, whether remitted or not). The six-month test is likely to be definitive in establishing residence. Non-resident individuals pay tax on their Malta-source income only but local interest and royalty income are exempt from tax, as are capital gains on holdings in collective investment schemes or on securities as long as the underlying asset is not Maltese immovable property. Returned migrants are offered a special tax regime: a person born in Malta who returns can elect to pay 15 income tax on local income only there are various conditions. Holders of Permanent Residence Permits issued under the Immigration Act 1970 can pay tax at a reduced rate on income arising in Malta plus remittances of foreign income. Such individuals are considered to be non-resident as regards investments in offshore and non-resident companies. In April 2011, the Maltese government published the Highly Qualified Persons Rules, 2011, bringing into force tax incentives that were introduced to encourage non-resident highly-skilled workers to the island, and clarifying the parameters of the scheme. Announced on April 19, 2011, the government said Legal Notice 106 - Highly Qualified Persons Rules, 2011, would serve to create a scheme to attract highly qualified persons to occupy eligible office with companies licensed and/or recognized by the Malta Financial Services Authority. Eligible office comprises employment in one of the following positions: Chief Executive Officer Chief Financial Officer The rules for the scheme came into force with effect from January 1, 2010, and apply to income which is brought to charge in year of assessment 2011 (basis year 2010) and apply to individuals not domiciled in Malta. The rules of the scheme are as follows: Employment Income: Individual income from a qualifying contract of employment in an eligible office with a company licensed and/or recognised by the Malta Financial Services Authority is subject to tax at a flat rate of 15 provided that the income amounts to at least EUR75,000 (seventy five thousand euros) adjusted annually in line with the Retail Price Index. The 15 flat rate is imposed up to a maximum income of EUR5,000,000 (five million euros) the excess is exempt from tax. The 15 tax rate applies for a consecutive period of five years for the European Economic Area (ie EU countries plus Norway, Iceland and Liechtenstein) and Swiss nationals and for a consecutive period of four years for third country nationals. Individuals who already have a qualifying contract of employment in an eligible office two years before the entry into force of the scheme may benefit from the 15 tax rate for the remaining years of the scheme. This means that a national of the EEA and Switzerland who has a qualifying contract of employment in an eligible office starting in 2008 (basis year) will benefit for three years from the scheme, ie basis years 2010, 2011 and 2012, while a third country national will benefit from one less. Qualifying Contract of Employment: An individual may benefit from the 15 tax rate if the person satisfies all of the following employment conditions: derives employment income subject to income tax in Malta employment contract is subject to the laws of Malta and it is proved to the satisfaction of the Malta Financial Services Authority that the contract is drawn up for exercising genuine and effective work in Malta proves to the satisfaction of the Malta Financial Services Authority that he or she is in possession of professional qualifications and has at least five years professional experience has not benefitted from deductions available to investment services expatriates with respect to relocation costs and other deductions (under article 6 of the Income Tax Act) fully discloses for tax purposes and declares emoluments received in respect of income from a qualifying contract of employment and all income received from a person related to his employer paying out income from a qualifying contract as chargeable to tax in Malta proves to the satisfaction of the Malta Financial Services Authority that the activities performed are those of an eligible office and proves that they are in receipt of stable and regular resources which are sufficient to maintain themselves and the members of their family without recourse to the social assistance system in Malta the applicant resides in accommodation regarded as normal for a comparable family in Malta and which meets the general health and safety standards in force in Malta they are in possession of a valid travel document and, they are in possession of sickness insurance in respect of all risks normally covered for Maltese nationals for themselves and the members of their family. Exclusions from the Scheme: The individual income derived from employment in an eligible office will not qualify for the 15 reduced rate if it is paid by an employer who receives any benefits under business incentive laws or is paid by a person who is related to the employer who received any benefits under any business incentive laws or if the individual holds more than 25 (directly or indirectly) of the company licensed and/or recognised by the Malta Financial Services Authority or if the individual is already in employment in Malta before the coming into force of the scheme either with a company not licensed and/or recognised by the Malta Financial Services Authority or not holding eligible office with a company licensed and/or recognised by the Malta Financial Services Authority. The individual income derived from employment in an eligible office will not qualify for the scheme if a claim is made for any relief, deduction, reduction, credit or set-off of any kind except for any income tax deducted at source. Provisions in respect of split contracts have been introduced. An arrangement in terms of which a beneficiary receives a payment from a person related to his employer and such payment is not declared for tax purposes in Malta is considered to be an artificial arrangement. Any rights are withdrawn with retrospective effect if a beneficiary is a third country national and either: physically stays in Malta, in the aggregate, for more than four years or directly or indirectly acquires real rights over immovable property situated in Malta or holds a beneficial interest directly or indirectly consisting in, inter alia, of real rights over immovable property situated in Malta. Application to Benefit from the Scheme: An application for a formal determination relating to eligibility under the Highly Qualified Persons Rules must be made to the Chairman, Malta Financial Services Authority on the appropriate form, found on the tax authority website. The benefit is exercised for each year of assessment by means of a declaration made on the RA17 form signed by the beneficiary and endorsed by the Malta Financial Services Authority. This form is to be attached to the income tax return and filed with the Inland Revenue Department by the tax return date. Income is comprehensively defined, under the same headings as for business income, and permitted deductions also follow the corporate model. Capital gains are also treated in the same way, and included in taxable income. Apart from the special situations described above, the rates of income tax as of 2011 are as follows for residents: An exemption from tax on capital gains realised from the sale of inherited property was removed in 2004. Malta Social Security Taxes Employers and employees make social security contributions in Malta on a graduated scale: at the maximum weekly pay the employee and employer each pay 10. The employer deducts the social security contribution along with income tax. The self-employed also make contributions. Stamp Duty is levied on various transactions in Malta the most important are: share transfers at 2 of the consideration share issues at 0.4 of the nominal value transfers of immovable property: 5. Companies licensed under the Investment Services Act 1994 (ie investment funds) are exempt from stamp duty on share transfers and issues. Maltese companies with predominantly foreign income can also obtain exemption. A Final Withholding Tax of 12 of the sale value of property was introduced on November 1, 2005. The governments rationale for switching to a withholding tax was to cut down on under-declarations of selling price and to boost the housing supply by encouraging those who have held on to property for long periods to sell. We expect more honest declarations: Under capital gains you paid 35 per cent on each lira declared, now you would only pay 12 per cent, so there is less incentive to cheat, Parliamentary Secretary Tonio Fenech said. We also believe that there are a number of people who were hoarding property because the value would have gone up considerably over the years. They would have been reluctant to sell because they would have had to pay so much under the capital gains regime, he added. In February, 2006, Maltas Parliamentary Secretary, Tonio Fenech, unveiled a number of amendments to the property tax in an attempt to head off criticism. The measures included provisions for taxpayers being allowed to elect to have the sale taxed at the applicable marginal rates on the gain or at the rate of 12. No tax is payable if the property was owned and occupied for at least three years immediately following the purchase and if it is sold within one year of vacating the premises. So, is Malta a good final destination for you, your assets or your business Unfortunately, on the first question, no definitive answer can be given, as the answer will depend very much on your personal circumstances, wealth, qualifications, and family situation. On the issue of whether Malta is a good location in which to locate your assets and/or personal service company, however, there really isnt much dispute. Although obviously there are no guarantees in the offshore world, especially with the OECD vacillating on various issues, Malta, in common with the other EU low-tax jurisdictions, has a reasonably calm relationship with the major multilaterals, is politically stable, experienced in the areas of trust management, company formation and administration, and banking, and should present no problems in the areas of telecommunications or support services. It isnt the cheapest jurisdiction in which to locate an offshore vehicle, but neither is it one of the most expensive all in all, Malta strikes a good balance. And its a lot warmer than many other possible destinations