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1、FOLLOW US ON TWITTER(S)DezanShiraMdEastBriefingQVISITUSONFACEBOOK一VISITOURWEBSITETHEDOINGBUSINESSINASIAGUIDESSERIESAM HROOVCTKMTODoing BusinessIndonesiaVietnamASEANSingaporeRussiaHong KongBelt & RoadThiseditionofDoingBusinessinDubaiwasproducedbyateamofprofessionalsatDezanShira&Associates,withChrisDe
2、vonshire-EllisasEditor.CreativedesignoftheguidewasprovidedbyAparajitaZadoo.2023DezanShira&AssociatesDisclaimerThecontentsofthisguideareforgeneralinformationonly.Foradviceonyorspecificbusiness,pleasecontactaqualifiedprofessionaladvisor.Copyright2023,AsiaBriefingLtd.Noreproduction,copying,ortranslatio
3、nofmaterialswithoutpriorpermissionofthepublisherispermitted.MONGOLIASOUTH KOREAJAPANNEPALCHINABANGLADESHUnitedarab EMIRATESINDIAHONG KONG SARTHAILANDTHE PHILIPPINES VIETNAMDEZANSHIRAlSS()CATSSRILANKAMALAYSIASINGAPOREINDONESIAAboutDezanShira&AssociatesDezanShira&Associatesisapan-Asia,multi-disciplina
4、ryprofessionalservicesfirm,providinglegal,taxandoperationaladvisorytointernationalcorporateinvestors.OperationalthroughoutChina,India,ASEANandtheMiddleEast,ourmissionistoguideforeigncompaniesthroughAsia,scomplexregulatoryenvironmentandassistthemwithallaspectsofestablishing,maintainingandgrowingtheir
5、businessoperationsintheregion.Withmorethantwodecadesofon-the-groundexperienceandalargeteamoflawyers,taxexpertsandauditors,inadditiontoresearchersandbusinessanalysts,weareyourpartnerforgrowthinAsia.%DEZANSHIRA&ASSOCIATESYourPannerforGrowthinAsiaWWWMroroLiEEactRussia BriefingUAE&DubaiDailyBusinessUpda
6、tesDailybusinessandregulatoryupdatesconcerningtheentireMiddleEastregion,plusourcomplimentaryweeklye-newsupdate,delivereddirectlytoyourinbox.ComplimentarysubscriptionavailablehereAASIABRIEFINGQASEANBRIEFI、GCNBRIEFlNGA11NODUCTIONTODOINGBUSINESSINDUBAI20234,SilkKoadBkiehngPrefaceMARIA KOTOVARegional Di
7、rectorDezan Shira & AssociatesCONTACTDezan Shira & AssociatesdubaiDezanShira&AssociateshasmaintainedaninterestinDubaiformanyyears,howeverrecentgeopoliticalchangeshavemeantthatweestablishedourfirstwhollyownedandlicencedpresenceintheEmiratelastyear.Today,theMiddleEast,andDubaiarefastgrowinghubsthatare
8、increasinglyactingasabridgebetweenEastandWest.Withabout50%ofourpracticeclientscomingfromtheWest,yetourcorporatepresenceencompassingAsia,wehavefoundDubaialogicalstepincreatingthatlinkbetweenthetwo.TheUAE,ofwhichDubaiisjustoneofthesevenEmirates,experienceditshighestgrowthinoveradecadeduring2022andwaso
9、neofthefastestgrowingeconomiesintheworldlastyear.NeighbouringSaudiArabiaisexpectedtobetheworldsfastestgrowingmajoreconomyin2023.Weseeourroleasfacilitatingtradeandinvestmentinbothdirections-fromEuropeandtheUnitedStatesintoDubaiandtheMiddleEast,andthenontoAsia.WealsoseetradeandinvestmentfromAsia-China
10、,ASEANandIndiagoingintheoppositedirection,intotheMiddleEastandbeyond.OurpracticeisactivelyinvolvednotjustinDubai,butelsewherethroughourprofessionalrelationswithfirmsacrosstheMENAregion,includingTurkiye,Jordan,Oman,Qatar,andIran,andEgyptandEastAfrica.Itisasignificantfootprint.Providingmarketandbusine
11、ssintelligence,corporateestablishment,taxadvisoryandtradecompliance,pleasecontactusasyoureyesandearsforwhatishappeninginthisdynamic,emergingregion.AboutThisGuideWeunderstandthatDubaiisanewmarketformanyforeigninvestors.Yetunlikemanylocalfirms,wehaveextensiveexperiencethroughouttherestofAsiaaswell.For
12、thatreason,inthisbrandnewDezanShira&Associatesoperationalhandbook,for2023wehaveconcentratedonsettingthescene,withexamplesofhowDubaiandtheimmediateregionsarebecomingincreasinglyinterconnectedandhaveincludedalotofintelligencenotjustconcerningtheUAEbutexamplesandsomecasestudiesofhowitisincreasinglyinte
13、rconnectedbothregionallyandwithAsia.Todothis,wehavekickedoffPart1withageneralEconomicOverviewanddiscusstheUAE,soverallbusinessdevelopmentstrategy-importantIorforeigninvestorstobeawareof.InPart2,wediscussinstancesofRegionalTradeandInvestmentdevelopmentstoguidereadersthroughthewideamountofinternationa
14、leconomic,tradeandinvestmentdiversitythatisthenewnormalisthisrapidlydevelopingregion,withexamplesfromAzerbaijantoChinatoASEAN,IndiaandtheUnitedKingdom.InPart3,welkatsomeofthedevelopingtrendsintermsofforeigninvestment-withtheUAEverymuchattheforefrontofnewtechsuchasdigitalfinance,electricvehicles,andg
15、reeneconomies.InPart4wegetintosomedetailconcerningthevariousUAEandRegionalFreeTradeAgreementsandTradePartnerships-whensettingupacompanyhereinDubai,yourbusinesscanalsotakeadvantageofthese,meaningitisgoodtoknowwhatadditionaltradeoptionsareavailable.InPart5weconcentratespecificallyontheMiddleEaststrade
16、andinvestmentrelationswithChina,theregionslargesttradepartner.Part6coverstheissuanceofUAEvisas,andPart7IntellectualProperty.InPart8,wediscussCorporateEstablishmentoptions,andPart9wecoverthechangingTaxRegime-thecorporatetaxstructureisbeingamendedinmid2023andaffectsallforeigninvestors.Unlikeotherregio
17、nalbusinessguidesthisyearwehaveoptedforafarmoreinclusiveapproach-asdoingbusinessinDubaiisntjustabouttheregionalregulations-itsalsoverymuchabouttheopportunitiesthatDubaipresentsasaGatewaytotheMiddleEast,andAsia.Ourfirm,with30yearsexperiencethroughouttheAsianregion,isoneoftheveryfewtohavethiskindofexp
18、ertise.ForassistancewithoperationsortodiscussyouroverallAsiastrategy,pleasecontactusatdubai.TableofContentsPreface05AboutThisGuide06Part1SettingTheScene10UAE,sStrong2022EconomicGrowthHighestFor1111YearsAnIntroductionToDubai,sIndustrialDevelopment14StrategyDubaiIntroducesAMetaverseDisputeArbitration1
19、8PlatformPart2RegionalTrade19Azerbaijan-UAE2023TradeandInvestment20DevelopmentProspectsUAE-RussiaBilateralTradeUp68%In202223UAEBeginsFastTrackTalksOverEurasian24EconomicUnionFreeTradeAgreementAbrahamAccordsLeadingToUAE-IsraeIi26InvestmentsUAE-IndiaBilateralTradeUp10%SinceCEPATrade27AgreementSignedSi
20、ngaporeAsAGatewayToAsiaForUAEBased28BusinessesChinasEngagementWithTheGulfCooperation31Council:LatestUpdatesUAE-ChinaNon-OilTradeUp78.5%35UAE,SouthKoreaSign23BilateralTrade36AgreementsUKProgressesWithTradeWinsAsGCCTrade38DealLooksPromisingTax,Investment,andTradeAgreementsBetween83CountriesintheMiddle
21、EastandChinaTheMiddleEastsTax,Investment,andTrade89AgreementswithHongKongPart 6 IObtainingVisas95ApplyingForA2022/2023VirtualWorkVisa96InTheUAEObtainingWork&ResidenceVisasInTheUAE98Part 7 IIntellectualProperty101UAEIntellectualPropertyLawUpdates102Part 8 CorporateEstablishment105EstablishingACompany
22、InDubai106EstablishingARepresentativeOfficeInTheUAE108Part 9 Tax111DubaiAndUAEForeignInvestorsMustPrepareFor112NewTaxRulesEffectiveJune1stUAESetsZeroCorporateTaxThresholdAt114US$100,000UAENewTaxRegimeAllowsCorporateLossesTo115BeCarriedForwardAgainstFutureProfitsNon-ResidentsInUAENeedNotRegisterFor11
23、6CorporateIncomeTaxApplyingForTaxReliefUndertheUAESMETax117ReliefProgrammeSettingTheSceneDubai,sNationalDevelopmentPlans UAE,sStrong2022EconomicGrowthHighestFor11Years AnIntroductionToDubai,sIndustrialDevelopmentStrategy DubaiIntroducesAMetaverseDisputeArbitrationPlatformUAE,sStrong2022EconomicGrowt
24、hHighestFor11YearsOpportunitiesforforeigninvestorstoaccessnewmarketsinaregionpromisinghigherthanglobalaveragegrowthprojectionsandmarketstabilityTheUAEeconomygrewby7.6%for2022,thehighestin11years,drivenbybothoilandnon-oilsectors,accordingtothelatestestimatesbytheUAECentralBank.Therobustgrowthisdriven
25、byasharpincreaseinoilrevenue,aswellasanoticeableimprovementintherealnon-oilGDP,theregulatorsaidinitslatestQuarterlyEconomicReview2022.uOveraIIrealGDPcontinuedtogrowatastrongpaceinthethirdquarterof2022,afterarobustincreaseinthefirsthalfoftheyear,theCentralBanksaidinthereport.Itwasdrivenbyafurtherrise
26、inoilproduction,aswellassignificantimprovementintherealnon-oilGDP.However,theUAECentralBankhasreviseditsoutputgrowthfor2023asOpecanditsalliesdecidedtocutoilproductionstartinginNovemberamidenomicheadwinds.Thecountryseconomyisprojectedtogrow3.9%nextyear,downfromthe4.2%forecastinthepreviousreport.Sligh
27、tlyDifferingForecastsAccordingtotheInternationalMonetaryFund,theUAEissettogrowmorethan6%,accordingtotheEmiratesNBDforecasts.TheFirstAbuDhabiBankprojectsa6.7%expansionandAbuDhabiCommercialBankestimatesgrowthof6.5%tlThereareincreasedchancesforgrowthbeingstrongerin2022duetomainlybetter-than-expectedper
28、formanceinsomeofthenon-oilsectorssuchastourismandhospitality,realestate,transportationandmanufacturing,theCentralBanksaid.Dubaihosted11.4millionovernightinternationalvisitorsinthefirst10monthsoftheyear,up134%fromthesameperiodin2021,andisclosetoreturningtopre-pandemiclevels,accordingtothelatestdatafr
29、omtheDepartmentofEconomyandTourism.ForeignTradeTheUAEsforeigntradeisexpectedtoreachDh2.2trillion(US$599.4billion)bytheendof2022asthecountryseconomyprovestobeanexception.TheEmirates,whichrecordedaforeigntradevolumeofDh1.9trillionattheendof2021,expects15%growththisyear,asignificantincreasecomparedwith
30、theWorldTradeOrganisations3.5%growthexpectationforglobaltrade,anattractivedriverforinvestorsintotheregion.RealEstatePropertytransactionsalsocontinuedtoriseinthecountryamidarecoveryinthepropertysector.Off-planandsecondarypropertysalesinDubaireacheda12-yearhighinthethirdquarter,bothintermsofvolumeandv
31、alue,areportbyPropertyFindersaid.Atotalof25,456salestransactionsworthDh69.72billionwererecordedinthequarter,markinganincreaseofabout62%intermsofvolumeandmorethan65%invalue,comparedwiththethirdquarterof2021.AbuDhabi,spropertymarketrecorded4,441transactionsamountingtoUS$5.7billioninthethirdquarter,acc
32、ordingtotheDepartmentofMunicipalitiesandTransport.ManufacturingBoomTheUAEisalsoboostingitsmanufacturingsector.Itplanstomorethandoublethentributionoftheindustrialsectortothecountry,seconomytoDh300billionby2031.EnergyTheUAE,soilproductioninthethirdquarteraveraged3.17millionbarrelsperdaywhiletheuntry,s
33、hydrocarbonGDPisestimatedtohavegrown13%annuallyduringtheperiod,datafromtheCentralBankshowed.OilGDPisprojectedtogrowby11%and3%in2022and2023,respectively,withperformanceinbothyearsdependingontheevolutionoftheRussia-Ukraineconflict,potentialglobaleconomicslowdown,furtherOpec+decisionstochangeproduction
34、levels,potentialreductioninoutputbysomeoftheotherOpecmembers,andfurtherpostCovidrecovery,theCentralBanksaid.Startinglastmonth,Opecanditsallies,includingRussia,agreedtocutproductionby2millionbpdamiddemandconcernsasglobaleconomiesslowdownonaccountofrisinginterestratesandtheUkrainecrisis.Non-EnergySect
35、oralGrowthFor2022and2023,theCentralBankprojectsthatthecountrysnon-oilsectorwillexpand6.1%and4.2%respectively,onthebackoftheeasingofpandemic-relatedrestrictions,recoveryinglobaltravelandtourismandboomingrealestateandconstructionsectors,itsaid.Alongwiththeoilpriceboost,increasedgovernmentandprivatesec
36、torspendingisdrivingGDPgrowth,theCentralBanksaid.Giventherallyinoilandgaspricesandtheexpectedincreaseinproduction,2022haswitnessedhighergovernmentrevenue,boostingpublicspendingfurther.Revenue&ExpenditureGovernmentrevenueincreasedinthefirsthalfof2022by46.7percentonayearlybasistoDh305.6billionduetoani
37、ncreaseintaxesandsocialcontributions.Ontheexpenditureside,currentspendingroseby6.1percentyearlyinthefirsthalfof2022toDh180.1billioncomparedto5percentduringthesameperiodofthepreviousyear.TheCentralbankalsoreviseditsprojectionfortheUAEheadlineinflationdownwardsto4.9percentfactoringthelatestdevelopment
38、sinoilprices,withtheregulatorforecastingaverageBrentpricestobearound$102abarrelin2022,lessthanpreviouslyexpected,inadditiontoamoderationinfoodprices,comparedtoaquarterago.CONTACTDezan Shira & Associatesmaintain an office inDubai and advise foreigninvestors into the region.For assistance pleasecontac
39、t Maria Kotova atdubaiOveralltheconditionsbodewellforforeigninvestorsintotheUAEasregionalgrowthelsewherecoupledwithmarketstabilitymaketheUAEanattractivepropositionforglobalinvestorsseekinghigherthanglobalaveragereturnsandaccesstonewgrowthconsumermarkets.AnIntroductionToDubai,sIndustrialDevelopmentSt
40、rategyDubaiisscalingupeffortstotransformitselfintoaglobalindustrialandmanufacturinghubandattractmajorinvestmentsacrosskeysectorssuchasaerospace,pharmaandmedicalequipment,andmore.ThisisconsistentwiththeDubaiIndustrialStrategywhichprojectsanadditionalUS$5billioninitsindustrialsectorgrowthby2030.Inthep
41、ast10years,thentributionofDubaisindustrialsectortoitsGDPhasbeenaround11-14%,makingitthethirdlargestsector,aftertradeandlogistics.Ithascontinuedtodemonstratesolidgrowthevenduringtimesofglobalcrisis,buoyedbyarangeofstrategicgovernmentinitiativesandprograms,suchastheDubaiIndustrialStrategy,tobsttheglob
42、alcompetitivenessofthesectorandattractforeigninvestments.HisHighnessSheikhMohammedBinRashidAlMaktoum1theDubaiPrimeMinister,hassaidTheDubaiIndustrialStrategyaimstoleverageouradvancedinfrastructure,enablinganenvironmenttotransformtheUAEintoaglobalplatformforinnovativeindustriesandadestinationofchoicef
43、orinternationalcompaniesseekinganintegratedandfavorableenvironmentforgrowthandsustainability.GlobalcompanieshavebuiltmanufacturingfacilitiesandresearchanddevelopmentcentersinDubai-amovethatisinlinewiththeEmirate,sindustrialstrategytoboostMakeinUAE,productioninkeysectors,includingpharmaceuticalsandme
44、dicalproducts.ManyoftheseareattractedtoDubaiIndustrialCity,aFreeTradeZoneintheEmirate.SaudAbuAlshawareb,ExecutiveVicePresident,ManagingDirectorofDubaiIndustrialCity,explainsthatAsoneoftheregionslargestindustrialhubs,DubaiIndustrialCitytakesprideinprovidingaplatformwherebusinessesfromaroundtheworldca
45、nexpandandbenefitfromafavorablebusinessclimate,world-classinfrastructure,andunrivalledconnectivity.OurcommunityishometogiantslikeAlBarakahDates,StandardCarpets,andAnorkaFoodIndustriesandOSEIndustries,allofwhichareexportingacrosstheregionandtotheUS,Europe,Africa,andAustralia?Establishedin2004,DubaiIn
46、dustrialCityishometomorethan750businessesandhundredsofadvancedfactoriesusingfourthindustrialrevolutiontechnologiestomakeeverythingfromcarpartstocoffee.Itseaseofdoingbusiness,advancedinfrastructure,logisticsnetwork,availabilityofrawandpackagingmaterials,andaccesstospecializedtalenthavecementedDubaisp
47、ositionasapreferredmanufacturing,industrial,andR&Dhub.Asaresult,someoftheworldslargestcompanieshavenowchosenDubaitoexpandtheirreachandimpact,reflectingthevastopportunitiesintheregionthattheemirateoffersaccessto.TheDubaiIndustrialStrategy2030,whichwaslaunchedinJune2016withthegoalofelevatingtheEmiratesintoaglobalplatformforknowledge-based,sustaina
