Doing Technology andInnovative Business in the UAE
SORP Group will provide all the help and support you need to set up your successfulhigh-tech business in the UAE. Quite a small investment gets you operational, and pay-back is fast.
The UAE is a major world economic and business center and a driver for development in the Middle East region. Active state support for innovative promising ideas and startups is part of a successful diversification policy. Now it boasts a high-tech infrastructure and world-class corporate environment, which along with a 0% corporate tax policy have generated huge growth in the technology sector. SORP Group’s team will show you how to open your IT business, get you the licenses, and deliver the support and local know-how you need to build high levels of financial reward.
Incorporating an innovative high-tech business here opens up these benefits and opportunities:
Participation in oneof the world’s fastest growing markets
The UAE has grown rapidly over the past 20 years, integrated into the global economy and now delivers many business opportunities
State protectionfor business investors
The rights of investors and business people are protected both under mutual international agreements and through UAE legislation
Settlements inany currency without conversion
Multi-currency bank accounts cater for all major world currencies including the Dollar, Euro, Yuan, Pound Sterling and many more
Bid oninternational tenders
The country provides a credible base from which to launch bids for international tenders as well as opportunities in the Gulf region
Operate froma low-tax jurisdiction
The benefits of paying zero corporate tax add a big competitive edge, keep costs down and enable retention of greater levels of profit
Set up holdings and similar structures to make international settlements within a group with no taxation consequences
The UAE’s advantages for running high-techand innovative businesses
Zero inflation, an exchange rate pegged to the Dollar, and absolute reliability of the country’s banking system are perfect for doing business
Freedom for cash flow
UAE law provides for easy payments and money transfers with total absence of any currency controls
High purchasing power
According to IMF data, the UAE populace is very affluent and the country is ranked in the Top 10 for average household income
Preferential tax treatment
The state applies 0% corporate and income tax, which enables maximum profit retention and attracts highly skilled foreign workers
Equal rights for business beneficiaries
Foreign business owners operating from the UAE enjoy similar legal rights and conditions for doing business as UAE nationals do
The law provides robust confidentiality about company owners, directors and shareholders for companies incorporated in the UAE
Types of high-tech actvities welcomedfor licensing in the UAE
IT product sales
IT maintenance and support
Hosting and data storage
Should you want to import your innovative products or devices for marketing in the UAE or in the Persian Gulf states, you will need to register them with the Emirates Authority for Standardization and Metrology (ESMA) and get an import permit. SORP Group’s experts will help you pass all the required registration and certification procedures in accordance with local law.
Certificates needed to market your products and technologies in the UAE:
Certain types of products in the UAE require mandatory certification and testing to prove their compliance with the international standards and obtain a Certificate of Conformity - import and sales of these products in the Emirates will not be possible without it.
This certification applies to electrical and electronic equipment related to electromagnetic fields and current, as well as any computer or telecommunications equipment.
This document is the regulation for any electrical and electro-technical equipment, including chargers and cables, and is also mandatory for obtaining ROHs and G-Mark certificates.
Any telecommunications and transmission equipment must be registered with the Telecommunications Regulatory Authority, which tests it for compliance with standards and issues an import permit.
Electrical equipment imported into the UAE must meet GSO BD1420004-01 requirements for low voltage equipment, electrical and electronic goods, and be tested for compliance with G-Mark standards.
ISO / IEC 2007
International standard that lays down the requirements for a company's Information Security Management System to ensure the organization's capability to protect its own and third-party data resources.
SORP Group’s solutions for successful high-tech and innovative businesses
Assessing your business idea, choosing a best fit license, the place for incorporation and type of company to achieve objectives
Fast incorporation of your business thanks to SORP’s close cooperation with the registering authorities and SORP’s own expert resources
Professional support for opening bank accounts and for undergoing procedures for compliance and KYC required by UAE banks nowadays
PRO supportfor business
All manner of task such as help with obtaining visas for investors, for employees and family members, renewing licenses and permits
Providing highly professional outsourced services including book-keeping, tax consulting, administrative and legal support
Dubai office andregistered address
Space for rent in SORP Business Center to pass licensing procedure: offices with Ejari/Estidama, also flexi–desks and virtual addresses
Setting up a company to develop and promote your innovative and/or high-tech concepts and products is not only an entryway into the local Gulf markets but also a step along the path to build and optimize your international business structure. Even though it operates a 0% tax business environment, the UAE adheres to similar financial and legal rules as western economies do as regards anti-money laundering legislation. That requires companies to comply with KYC procedures of UAE banks, prove economic substance in the UAE and be part of tax data exchange under CRS.
SORP’s bundled solutions for doing international business from the UAE
Providing consultancy and advice about legal issues in foreign countries and how UAE legal tools and solutions might be applied to resolve them legitimately
Support foroperating bank accounts
Assistance in fulfilling mandatory bank compliance requirements, confirming business transactions on your corporate account and communicating with the bank
Using nominees in the UAE in order to conceal beneficiaries and for applying transfer pricing strategies between affiliated entities in a corporate structure
Individual solutions to improve tax optimization schemes based on the UAE law make international business function more efficiently and enhance your returns
Gettingtax resident status
Getting a tax domicile certificate protects from exchange of tax data under CRS, using double taxation treaties concluded with a number of countries
Proof of doing business activities at the place where your company is registered, evidence of a control and management center, and UAE tax residency of your operations
The UAE is the best base for setting up and running your high-tech business
Offline Gitex Exhibition
Gulf Information Technology Exhibition (Gitex) in Dubai - the only global technology show held in the world offline in 2020 - proves the country’s priority and high commitment to the technology sector.
Prospects for business inside IT clusters
The IT and innovations space covers a whole array of licenses, not only in the case of mainland (local) companies, but also in FTZs of the UAE. Only Dubai alone has four narrowly-specialized FTZs: Dubai Internet City, Dubai Media City, Dubai Silicon Oasis and D3.
Support for IT business at a legislation level
According to UAE corporate law, companies engaged in the high-tech and innovations space can be 100% owned by a foreign beneficiary, whereas mainland companies are required by law to have a local sponsor (partner) who owns 51% of the shares.
Low rate of business failure
Business in the UAE is characterized by high commercial and financial solvency. The worldwide failure rate for startups runs at about 92%. By contrast, not more than 30% of IT companies fail to renew their licenses according to data from the UAE Economy Department.
Prestigious neighborhood with IT giants next door
The UAE is a magnet for super modern startups and the location for major international corporations, which is evidence of the benefits of doing business here and their presence attracts more investors. Global names such as Google, Microsoft, Oracle, SAP and others have opened offices in the Emirates.
All key development strategies of the country are aimed at improving information technologies, process automation, and implementing innovations. The UAE has adopted five initiatives to support the field of high-tech: Smart Dubai, Vision 2021, Blockchain, Dubai 10x, Digital Protection.
The UAE is a country that is opening lots of opportunities and creating nurturing and attractive conditions for setting up and developing businesses in the areas of high-tech and innovation. SORP Group’s experts will help you start your business in this field, providing a whole bundle of professional services for registration, licensing, certification and administration of your activities.
Use SORP’s long-term experience to achieveyour business goals in the UAE
SORP offers comprehensive support for acquired companies and their shareholders: from licensing, maintaining Bank accounts to obtaining the status of a tax resident of the country
Your requirements are unique. That is why we treat every business individually to tailor the right services to achieve your priorities.
15 years of successful work
We have helped thousands of clients acquire, build and develop businesses in the UAE
Assistance in choosing a bank that is suitable for your purposes, support with bank accounts opening and passing KYC procedures (know your customer).
Get a free consultationwith a SORP expert
SORP Group’s specialists will help you set up a business structure to meet all requirements of your business both inside and outside the Emirates.
Contact SORP Group right now and ensure that your IT business grows rapidly and profitably!