end-users LAVECO LTD. UMM AL-QUWAIN FZC United Arab Emirates Information for Legal Solutions since /2018

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1 Member of International Tax Planning Association UMM AL-QUWAIN FZC United Arab Emirates Information for end-users 02/2018

2 CONTENTS GENERAL INFORMATION 3 INCORPORATION DATASHEET 5 FEES 7 First year fees 7 Annual fees 7 Opening of a bank account in a local bank: 9 Additional services 9 Arrangement of residence visa/residence permit 11 OUR OFFICES AND REPRESENTATIVES 13 Attention! This material is protected under copyright. The written consent and permission of the authors is required for the copying or reproduction of the whole or any part of this material by any means, as well as for the utilisation of the contents of this in other publications. The authors assume no responsibility for any typing, setting or printing errors that may occur in the material. LAVECO Marketing Ltd., Belize Photocredits to: shutterstock.com, freepik.com, maphill.com 2

3 Form of State GENERAL INFORMATION Absolute monarchy Area 755 km 2 Population: 72,000 (2007) Capital: Business language: Currency: Location: Time zone: UTC +4 Umm Al-Quwain Arabic (English is widely spoken) UAE Dirham (AED, 1 USD=3.6 AED) Umm Al-Quwain is situated between Sharjah to the southwest and Ras Al Khaimah to the northeast. source: ww.maphill.com 3

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5 Advantages Disadvantages Method of incorporation / registration Company legal form Company status Source of corporate legislation Possible suffixes to company name INCORPORATION DATASHEET The United Arab Emirates is an extremely attractive jurisdiction, with a very good name. The advantages of the UAE include: 0% corporate taxes 0% personal income tax 0% VAT not a typical offshore jurisdiction; the tax free status of Free Zones is based on cultural traditions the company can open a bank account in the same jurisdiction the company can have local office and employees Free Zone Companies can obtain working visas for investors and employees easy to obtain a residency permit for investors the full profit of the company can be repatriated high prestige jurisdiction, accepted worldwide in the business community The United Arab Emirates is not a member of the Hague Convention on international authentication, and, as such, the corporate documents can not be certified with Apostille. Having said that, it is possible to have corporate documents certified by foreign consulates or by Apostille in other countries. The Memorandum and Articles of Association must be signed by the shareholder. Private Limited Company by Shares Free Zone Company (FZC) Government of Umm al-quwain governed by Emiri Decree No. (2) / 2005 Free Zone Company, FZC 5

6 Time required for incorporation Number of directors Number of shareholders Capitalisation Accounting / reporting requirements Type of shares Annual tax and duties Information publicly available Disclosure of beneficiaries Registered office Registered secretary / agent Double tax treaty 2-3 days. Minimum 1 of any nationality. Minimum one of any nationality; can be individuals or companies or a combination of both. AED 300,000 (1 USD=3.6 AED), paid up is not required. Required but not Public. Registered. Dependent upon the type of company. Registered Office and Registered Agent, Directors. Not required for the Public Records. Local Registered Office required by law within the Free Zone. Local Registered Agent is not required by law. United Arab Emirates has double tax treaties with the following countries: Algeria, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, China, Czech Republic, Egypt, Finland, France, Germany, Hungary, India, Italy, Korea, Lebanon, Luxemburg, Malta, Malaysia, Mauritius, Mongolia, Morocco, Mozambique, Netherlands, New Zealand, Pakistan, Philippines, Poland, Romania, Seychelles, Singapore, Spain, Sri Lanka, Sudan, Syria, Tajikistan, Thailand, Turkey, Tunisia, Turkmenistan, Ukraine, Uzbekistan, Yemen. 6

7 INCORPORATION COST AND FEES OF AN UMM AL-QUWAIN FREE ZONE ENTITY (AED) Item Commercial Licence Consultancy Licence General Trading Licence Premium Consultancy Licence Micro Business Licence Freelancer Licence Registration Licence Premium Office Address Services Benefactor fees Visa Eligibility FEES n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a visas 2 visas 3 visas 3 visas no visas 1 visa Total First year fees: Licence fees (total) EUR The fees for the first year are payable prior to incorporation and include the following items annual licence fee local government fees and duties incorporation duty company name registration all administration and consultation fees provision of a registered office for one year from the date of incorporation preparation of the Deed of Foundation preparation of the Memorandum and Articles of Association original Certificate of Incorporation Share book minutes of meetings of directors forms to be filed with the court of registration Arabic/English bilingual stamp expenses of personal appearance required for registration 1 VIP transfer from Dubai airport fees for forwarding documents by express courier 7

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9 Annual fees: Licence fees (total) EUR The annual fees (from the second year) are payable before the anniversary of the formation of the company and include the following items: provision of a registered office for one year from the anniversary of the date of incorporation annual licence fee local government fees and duties company renewal duties personal collection of the renewed company documents from the Free Zone presentation of the renewed company documents to the local bank (presentation of the renewed company documents to the bank in which the company holds an account is obligatory each year) provision of a stamped certificate from the bank confirming receipt of the company documents forwarding the original (renewed) company documents to the client by express courier Opening of a bank account in a local bank: 1250 EUR The bank account opening fee includes the following items Emirates Islamic Bank Mashreq Bank ADIB Bank Emirates NBD Bank personal meeting with the client in the client s hotel preparing the client for the bank interview collection of the client identification documents from the client filling out the banks forms and documentation continuous assistance during the bank account opening process returning client to their hotel tracking the bank account opening procedure assistance in supplying any missing information/documentation, and in replying to any possible additional questions assistance in collecting the token and bank card and forwarding them to the client continuous consultation for the resolution of any situations which may arise. 9

10 Additional services: Director services: Nominee shareholder: Power of attorney: Consular authentication: Certificate of Good Standing: Courier fees: 990 EUR 490 EUR 290 EUR from 1500 EUR from 790 EUR 75 EUR Nominee services Advantages complete anonymity regarding external partners possibility to have contracts signed Disadvantages The use of nominees is not accepted in the United Arab Emirates, so it can be very difficult to open local bank accounts for companies with nominee structures. 10

11 Arrangement of residence visa/ residence permit: 3900 EUR per person Arrangement of residence visa/ residence permit covers the following The administrative process Notes VIP transfer between official locations and the client s hotel Expedited medical examination Urgent hospital administration fee (results within 3 hours) Issuing of health certificate and registration with the Free Zone Compulsory immigration screening and registration Opening of immigration file and submission to the authorities Issuing of entry permit authorising investment visa + express service fee Submission of entry permit to the airport immigration authority Expedited fingerprint registration Application for residence visa + express service fee Collection of (plastic) UAE ID card The whole administrative process takes approximately 3-5 days. The client needs to spend approximately 2-3 hours in the company of our colleagues, and can spend the rest of the time relaxing. To assist with the relaxation, we provide a 5-day discount card which authorises unlimited access to the swimming pools, beaches and spas of 18 5-star hotels in Dubai (Fairmont the Palm, Waldorf Astoria, The Palm, Sofitel The Palm, Address Marina, Palace Hotel Downtown, Grand Habtoor, Westin Marina, etc.). The residence visa and residence permit are valid for 1 years, and can be extended (naturally, in this case it is necessary to maintain and renew the company each year). For obtaining visas, you have to register to the E-channel. In case of new registration, there is a one-time registration fee of 2100 AED and a refundable deposit of 5000 AED. The renewal fee is 1100 AED annually. Additional option: 1-year apartment rental agreement certified by the local government + proof of address certified by the Dubai Court. Employees/investors must produce a Good Conduct Letter if they have not been in the UAE more than 5 years and in the case of employees changing jobs also required. 11

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13 OUR OFFICES AND REPRESENTATIVES HUNGARY LAVECO Kft. LÁSZLÓ VÁRADI 33/a Raday Street 1092 Budapest, Hungary Tel.: Fax: HONG KONG LAVECO LIMITED JAMES WONG Office Unit No. 6, 26th F., Kin Sang Commercial Centre No. 49 King Yip Street Kwun Tong, Hong Kong Tel.: Fax: hongkong@laveco.com UNITED KINGDOM LAVECO LTD. GIZELLA KOZMA 3rd Floor, Blackwell House Guildhall Yard, London EC2V 5AE United Kingdom Tel.: Fax: london@laveco.com BULGARIA LAVECO EOOD ANDREY GRAMENOV 104 Akad. Ivan Geshov Blvd. Entrance A, 5th Floor, Office 8, 1612 Sofia, Bulgaria Tel.: Mob: Fax: bulgaria@laveco.com CYPRUS LAVECO LIMITED GIZELLA KOZMA Despina Sofia Complex Ap. 201, 8 Inomenon Ethnon Drosia 6042, Larnaca, Cyprus Tel.: Fax: cyprus@laveco.com SEYCHELLES LAVECO LTD. SHEIRLEY JEAN-CHARLES Suite 2, Oliver Maradan Bld. Olivier Maradan Street,Victoria Mahé, Seychelles Tel.: Fax: seychelles@laveco.com UAE LAVECO MIDDLE EAST FZC MICHAEL DWEN Conrad Dubai, 19 th Floor, Sheikh Zayed Road Dubai S610 UAE Tel.: Mob.: Fax: middleeast@laveco.com 13

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