The UAE as a Structuring Hub
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1 The UAE as a Structuring Hub MATTHIEU DAGUERRE TTN NICE 25 SEPTEMBER
2 PART I PART II PART III HIGH LEVEL OVERVIEW WHICH VEHICLE FOR WHICH PURPOSE A COUPLE OF BESTSELLERS UNDER THE SPOTLIGHT
3 High Level Overview A. Accessibility B. Ease of starting and doing business C. Low or no tax D. Network of double tax treaties E. Economical & political weight F. Recognized financial centre
4 A. Accessibility
5 Accessibility (cont d) City/Airport Weekly Paris 168 London 210 Moscow 266 Singapore 308 Abuja (Nigeria) 126
6 B. Ease of Starting a Business Source: The World Bank Doing Business 2015 Ranking
7 C. Ease of Doing Business
8 Ease of Doing Business (cont d) Source: The World Bank Doing Business Database 2015
9 C. Low or no tax Source: The World Bank Doing Business Database and the rest of the world
10 Low or no tax (cont d) The following taxes either do not exist or are not enforced: Corporate tax Personal income tax Withholding tax Value-added tax Capital gain tax Inheritance tax
11 Low or no tax (cont d) No tax jurisdictions (BVI) Simply no domestic tax No tax treaties High tax jurisdictions (France) Domestic tax Tax treaty benefits UAE In practice, no domestic tax, but nonetheless..: Tax treaty benefits
12 D. Network of double tax treaties List as of 16 August 2015 Treaties in force: Albania Algeria Armenia Austria Azerbaijan Bangladesh Belarus Belgium Bosnia and Herzegovina Brunei Darussalam Bulgaria Canada China Cyprus Czech Republic Egypt Estonia Fiji Finland France Georgia Germany Guinea Hungary India Indonesia Ireland Italy Japan Kazakhstan Korea Latvia Lebanon Lithuania Luxembourg Malaysia Malta Mauritius Mexico Montenegro Morocco Mozambique Netherlands New Zealand Pakistan Panama Philippines Poland Portugal Romania Russia Serbia Seychelles Singapore Slovenia Spain Sri Lanka Sudan Switzerland Syria Tajikistan Thailand Tunisia Turkey Turkmenistan Ukraine Uzbekistan Venezuela Vietnam Yemen Treaties in the pipeline: Andorra (not in force) Argentina (negotiations) Australia (negotiations) Barbados (not in force) Benin (ratified) Bermuda (not in force) Comoro Islands (not in force) Ecuador (negotiations) Ethiopia (not in force) Gambia (not in force) Greece (ratified) Guernsey (negotiations) Hong Kong (not in force) Jersey (negotiations) Jordan (not in force) Kenya (ratified) Kyrgyzstan (not in force) Libya (ratified) Liechtenstein (initialed) Malawi (negotiations) Mongolia (negotiations) Nigeria (negotiations) Palestine (ratified) United Kingdom (negotiations) Uganda (not in force) Uruguay (ratified)
13 Network of double tax treaties (cont d) Residence clause for entities in UAE tax treaties EM = effective management; INC = incorporated under the laws of; L to T = liable to tax in
14 E. Economic and political weight Well regulated jurisdiction Substantiated structures Significant economic hub Acceptable place of residence Easy to relocate to
15 F. Recognized Financial Centre Source: The Global Financial Centres Index 17
16 PART II WHICH VEHICLE FOR WHICH PURPOSE
17 Business Structures in the UAE A.Mainland Limited Liability Company Branch of a foreign company Others B.Free Zone Entities C.International Business Companies
18 A. Mainland Commercial/Industrial: LLC Corporate shareholding permitted 51/49 principal, but with exceptions Professional: Civil partnership; unlimited responsibility of the partners Only natural persons; limited exceptions May be 100% foreign owned; local agent Branch of a foreign company Local agent
19 Mainland (cont d) 100% Hold Co. Mudharaba agreement Local Partner IP Sub- Licensing Ownership IP licensing (leasing) Mudharaba (loan) agreement 49% Op Co. UAE Mainland 51% Mudharaba agreement
20 B. Free Zone Entities Themed vs. Multipurpose UAE counts more than 30 Free Zones Dubai in excess of 25 Free Zones Abu Dhabi 5 Free Zones Northern Emirates Sharjah (2 Free Zones), Fujairah (2 Free Zones); Ras Al Khaimah (3 Free Zones). Limited Liability (FZE, FZLLC) irrespective of the activity Restricted geographical scope
21 C. International Business Companies (IBCs) Ability to : But: conduct any authorized commercial activity abroad hold assets (including real state) abroad and in the UAE* operate a bank account abroad and in the UAE May be 100% foreign owned Relatively lower credibility in high profile trading operations Inability to avail themselves of treaties benefits
22 PART III A COUPLE OF BESTSELLERS UNDER THE SPOTLIGHT
23 Business Structures in the UAE A.Casus 1: UAE Trade Service Co B.Casus 2: UAE Hold Co C.Casus 3: Transfer of Headquarters
24 Casus 1 100% Company B Shareholder outside the UAE Company A 100% UAE Trade Co.* Substance required in the UAE Physical premises Resident directors Use of local providers UAE as effective place of management
25 Casus 2 UAE Hold Co Trade license Lease contract Resident director Bank Statement for the last 6 months Audited Financial Statements
26 Casus 2 (cont d) Shareholder outside the UAE No WHT on distribution of dividends by UAE Hold Co. to the shareholders in or outside the UAE. 100% UAE Hold Co s dividends, interests, royalties from foreign co. are tax exempt. UAE Hold Co Capital gains on share transfer = tax exempt When UAE Hold Co. transfers shares of Foreign Co, capital gains are not taxed in the UAE 100% Dividend = tax exempt Foreign Co
27 Casus 3 Transfer of Headquarters Relocation No Substance (Offshore jurisdiction) BVI Co UAE Co Substance (Onshore jurisdiction) No physical premises Physical premises No DTT benefits 100% 100% DTT Benefits Operating Co Operating Co
28 See you in Dubai!
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