urs stirnimann managing partner ilc international legal consultants
DESCRIPTION
Urs Stirnimann Managing Partner ILC International Legal Consultants. United Arab Emirates A Global Business Hub. Urs Stirnimann Swiss Management Services JLT, Dubai 10 April 2013. Overview. General Info about the UAE Major Free Zones of the UAE UAE Offshore Companies Double Tax Treaties. - PowerPoint PPT PresentationTRANSCRIPT
Urs StirnimannManaging Partner
ILC International Legal Consultants
United Arab Emirates
A Global Business Hub
Urs StirnimannSwiss Management Services JLT, Dubai
10 April 2013
Overview
• General Info about the UAE• Major Free Zones of the UAE• UAE Offshore Companies• Double Tax Treaties
3 Forms of Companies
• Companies with local Partner or Service Agent• Free Zone Companies• UAE Offshore Companies
Free Zones• Since 1985 Free Zones.• 100% foreign ownership allowed.• Freedom to repatriate capital and profits without
restrictions. • No taxes.• More than 30 Free Zones in UAE.• Most of the service Free Zones like Internet City,
Media City, Healthcare City, Knowledge Village are in Dubai.
• Masdar Free Zone in Abu Dhabi.• Excellent conditions for specific businesses.
Offshore Company
• Since 2003, Offshore Companieseither from
• Jebel Ali Free Zoneor
• Ras Al Khaimah Investment Authority• No physical presence is necessary nor allowed. • Regulations similar to BVI and Jersey. • ILC International Legal Consultants Registered
Agent for such Offshore Companies.
List of Free Zones in Dubai
• Jebel Ali Free Zone• Dubai Airport Free Zone• Dubai Internet City• Dubai Media City• Dubai Studio City• Dubai International Media Production Zone• Dubai Knowledge Village• Dubai Outsource Zone• Dubai Logistics City• Dubai Gold and Diamond Park• Dubai Multi Commodities Centre / Jumeirah Lakes Towers• Dubai Cars and Automotive Zone
List of Free Zones in Dubai
• Dubai International Financial Centre• Dubai Industrial City• Dubai Maritime City• Dubai Carpet Free Zone• Dubai Technology Free Zone• Dubai Silicon Oasis• Dubai Flower Centre• Dubai Health Care City• Dubai Biotechnology & Research City• Dubai Textile Village• International Humanitarian City
Free Zones in other Emirates
• Sharjah Airport International Free Zone• Hamriyah Free Zone• Ajman Free Zone• Ahmed Bin Rashid FZ (UAQ)• Fujairah Free Zone• Ras Al Khaimah Free Trade Zone• Ras Al Khaimah Investment Authority• Masdar, Abu Dhabi• Abu Dhabi two four 54
Jumeirah Lakes Towers (JLT)Dubai Multi Commodites Centre (DMCC)
• Swiss Tower• Accepts nearly all activities• 40 minutes by car from
Dubai airport• 60 minutes bay car from
Abu Dhabi airport• Next to expensive villas as
well as reasonable apartments
• 2 metro stations• near to Dubai Marina,
beach
Licenses
• Individual Shareholders• Subsidiary• Branch
Double Tax Treaties• Algeria• Armenia• Austria• Belarus• Belgium• Bulgaria• Bosnia• Canada• China• Czech Republic• Egypt• Finland• France• Germany• India
• Indonesia• Italy• Korea• Lebanon• Luxembourg• Malaysa• Malta• Morocco• Mozambique• New Zealand • Morocco• Mozambique• New Zealand• Pakistan• Philippines• Poland• Romania
• Seychelles
• Singapore
• Spain
• Sri Lanka
• Sudan
• Syria
• Switzerland
• Tajikistan
• Thailand
• Tunisia
• Turkey• Turkmenistan• Ukraine• Usbekistan• Yemen
•Signed: 6 October 2011
•Ratified: in 2012
•In Force: 1 January 2013
Double Tax Treaty Switzerland - UAE
Art. 10: Dividends– Swiss withholding tax of 35%.– Dividends of Swiss companies to UAE Sovereign Funds
exempted from Swiss withholding tax.– Swiss Dividends to UAE shareholders:
Witholding tax reduced to • 5% (if owning at least 10% of Swiss company)• 15% (if less than 10%)
Double Tax Treaty Switzerland - UAE
Art. 25: Information Exchange– In accordance with OECD model art. 26– Fishing Expeditions excluded.
Double Tax Treaty Switzerland - UAE
Normal Swiss Withholding Tax on Dividends: 35%
Double Tax Treaty Switzerland - UAE
Swiss CompanyA
UAE Company
Swiss CompanyB
>10% OwnershipWithholding Tax 5%
<10% ownershipWithholding Tax 15%
Shareholder
Through Employment or Shareholder of a UAE CompanyWork and Residence Permit
Renewable after 3 Years (in some locations 2 years)
Only Condition:Not to be outside the UAE for more than 6 months
Residency in the UAE
ILC OfficesDubai
Swiss ILC Management Services JLTUrs StirnimannManaging PartnerSwiss Tower, Office 3601P.O. Box 309057Dubai, UAETel: +971 4 374 0700Fax: +971 4 374 0701Email: [email protected]
DohaILC International Legal Consultants Michel DailletManaging PartnerQatar Financial CenterP.O. Box 23245Doha, QATARTel: +974 655 0987Fax: +974 438 3838Email: [email protected]
SingaporeILC International Legal Consultants Bernhard WeberManaging Partner70 A Club Street069443 SingaporeSINGAPORETel: +65 6223 6096Fax: +65 6223 9071Email: [email protected]
ZurichRitter Attorneys-at-LawRichard RitterFounding PartnerBahnhofstrasse 268022 ZurichSWITZERLANDTel: +41 44 222 1515Fax: +41 44 222 1500Email: [email protected]