< Previous10 Grow from Dubai Supplement – August 2023 MEYD AN FZ Anisha Sagar, Head of Marketing & Communications at Meydan Free Zone, sheds light on what makes the United Arab Emirates one of the most attractive locations for investment globally Beyond the Dunes: Anisha Sagar reveals the UAE’s entrepreneurial gem for smart investors Invest in Dubaiarabianbusiness.com 11 MEYD AN FZ The UAE has an advanced nancial, legal, regulatory, and logistics infrastructure, creating an environment for startups and entrepreneurs What makes the United Arab Emirates stand out as one of the most attractive locations for investment globally? The UAE is an attractive invest- ment destination with inves- tor-friendly laws and commercial principles that promote entrepre- neurship and attract investors. Its robust economic framework aligns with international standards, foster- ing collaboration between the public and private sectors and facilitating customer access and information sharing for entrepreneurs. The UAE has led the way in commercial law development, with effective measures against fraud, money laundering, and terrorism nancing. It e ectively regulates intel- lectual property, trademarks, foreign investment, and bankruptcy. These transparent laws provide a secure regulatory system that encourages investment and protects investors. How would you sum up the essential steps entrepreneurs need to undertake before launching a project or initiative in Dubai? Before launching a project, entrepre- neurs must conduct thorough, complete due diligence on their market or service, secure nancial support from a bank, convince banks of their project's feasibility, and employ a legal specialist to ensure that they use well-drafted contracts that comply with UAE commercial law to protect themselves and their stakeholders. Dubai is a city that incubates a culture of entrepreneurship. What factors contribute to its success in this regard? A test hub for startups, startup ideas, and innovations, Dubai attracts the best and brightest minds in the world. For testing an idea, you can readily perform a POC (proof of concept) here. The city has a perfect environment to cultivate, nurture, and boost entrepreneurship and startups. Besides no corporate tax on qualifying free zone activities and no import or export duties, UAE has 100% repatriation of revenues. A startup-friendly city with over 10,000 small and medium-sized businesses, the city has many advan- tages, including extended visas for entrepreneurs and free zones with impressive startup bene ts, various incubators, government-sponsored projects, public-private partner- ships, accelerators, and seed funding. How would you de ne the infrastructure of Dubai and its impact on business development? The UAE has an advanced nancial, legal, regulatory, and logistics infra- structure, creating an environment for startups and entrepreneurs. Home to some of the world's largest banks and high net-worth individu- als, Dubai is a leading nancial hub in the Middle East, Africa, and South Asia (MEASA) region, with accelera- tors connecting startups with inves- tors and public-private partnerships providing infrastructure. In 2020, over $1 billion was invested in Middle Eastern startups, with 35% of them based in the UAE. Dubai and Abu Dhabi attract entre- preneurs with their infrastructure, talent pool, and scalability support. The country aims to nurture 20 unicorns by 2031. The UAE recently ranked rst in the world as the best place to start a business in the Global Entrepreneurship Index. What key factors do you believe have contributed to this achievement? The UAE ranked rst in this year's GEM report, excelling in business opportunities, skills, knowledge, experience, and resilience during the COVID-19 pandemic. The report assessed factors including access to nance, entre- preneurial education, government policies, ease of entry, research and development, and cultural norms. It achieved the highest overall score, improving 11 out of 13 framework conditions since the previous report. The UAE is an attractive investment destination with investor-friendly laws and commercial principles that promote entrepreneurship and attract investors12 Grow from Dubai Supplement – August 2023 MEYD AN FZ The country outperformed all 47 economies in four framework condi- tions and surpassed expectations. The UAE's governance conditions were remarkable, particularly in government policy support, taxes, and bureaucracy. It also showed progress in the "Government Entre- preneurial Programs", highlighting increased support for impactful entrepreneurship and SMEs. These advancements re ect visionary and proactive leadership. The UAE boasts the world's most supportive entrepreneurial ecosystem. Can you elaborate on why it was designated the best place to launch a business? Businesses can nd opportunities in the UAE in various elds, including technology, tourism, health, and hospitality. In addition to allowing foreign-owned companies to operate in the UAE, the government provides In what ways is the Meydan Free Zone actively supporting the ourishing entrepreneurial ecosystem in the UAE? Awarded as the only Best Digital Free Zone in the UAE, the award-winning Free Zone o ers its own accelerator program, 100% digital possibilities designed to assist startups seeking to launch, grow, or expand into the Middle East. It helps startups grow faster and eventually become self-sufficient by providing early- stage assistance. Aligned with the UAE govern- ment's digital strategies, Meydan Free Zone supports initiatives like the UAE Strategy for Artificial Intel- ligence 2017-2031, UAE Digital Government Strategy 2025, Dubai Startup Support Strategy, Dubai Smart City Accelerator, and The Projects of 50, which include a vari- ety of digital and entrepreneurial initiatives. Operation 300bn aims to develop the UAE’s industrial sector and enhance its role in stimulating the national economy funding for smaller businesses and attracts technology companies. Additionally, the UAE has launched the “Operation 300 Billion” industrial strategy, designed to boost the country's industrial sector, particularly SMEs. The strategy's objective is to increase the sector's contribution to the GDP from AED 133 billion to AED 300 billion by 2031. Businesses can nd opportunities in the UAE in various elds Invest in Dubai800 FZ1 Built for Business, Designed for Life. The Future Of Global Business Is Here Meydan Free Zone, an award-winning business innovation hub and a hotbed of digital innovation, offers a diverse palette of avenues to launch your business in Dubai. 100% Foreign Ownership No Paid Up Share Capital 3,500 + Business Activities Guaranteed Bank Account Opening14 Grow from Dubai Supplement – August 2023 BANKING FOR STAR TUPS Banking for Start-ups cashback rewards. Furthermore, our banking services from our partners are unparalleled, providing you with the tools and support necessary to manage your nances whenever and wherever you require it, e ortlessly. Through our partnerships with local and international banks, exchange houses, and ntech service providers, entrepreneurs have the freedom to choose the nancial services that best suit their requirements. Additionally, our a liated experts are available to assist with documentation, ensuring a seamless and hassle-free process. Drawing upon our extensive regional experience, we have the expertise to match you with a suitable provider for your speci c needs. Furthermore, our award-winning platform eliminates all the paperwork, saving you time and e ort. With our instalment plan, you can also convert large purchases into a ordable payment plans. Flexible nancing solutions: Meydan Tamweel With a solid commitment to meeting every start-up’s financial needs, Meydan Tamweel, in Partnership with Emirates Development Bank, o ers a The UAE is renowned for its thriving start-up ecosystem, attracting entrepreneurs and innovators worldwide. However, opening a business bank account in Dubai can be complex and challeng- ing, especially for expats. Strict documentation requirements, nationality restrictions, risk percep- tions, and the nature of business activities contribute to the chal- lenges. To overcome these hurdles, Meydan Free Zone o ers entrepre- neurs the process to open a business bank account with over 26 local and international banks, providing a guaranteed International Bank Account Number (IBAN). Through its Financial Support Services, Meydan Free Zone supports start-ups’ nancial needs and growth aspirations. It offers specialised start-up programmes, streamlined account opening processes, fintech collaboration, access to funding, and business advisory services. By leverag- ing these banking resources, start-ups can position themselves for success and contribute to Dubai's vibrant entrepreneurial landscape. A viable solution: Meydan Pay Meydan Pay is the rst and only solu- tion in the region that provides new businesses established within Meydan Free Zone with a guaranteed bank account. Members of Meydan Free Zone can bene t from a fully digital bank account that requires no mini- mum balance. By opening an account, you can access the best credit card options, featuring the lowest interest rates on purchases, zero annual fees, loyalty points, Skywards Miles, and Banking for start-ups Prateek Vahie (left), Chief Commercial O cer of WIO Bank with Hamed Ahli, Head of Meydan Free Zonearabianbusiness.com 15 BANKING FOR STAR TUPS Meydan Free Zone has partnered with ntech companies to o er innovative solutions such as digital wallets, payment gateways, and streamlined payment processing systems Meydan Pay is the rst and only solution in the region that provides new businesses established within Meydan Free Zone with a guaranteed bank account Access to funding is another crucial consideration for start-ups, and Meydan Free Zone o ers various funding programs and initiatives in partnership with their banking part- ners. Start-ups can access dedicated loan schemes, starter packages, and SME support programs to secure the necessary funding for their expan- sion plans. In addition to banking services, Meydan Free Zone provides business advisory services to start- ups. These services range from industry-speci c insights, tax, anti- money laundering (AML), and other compliance to legal and regulatory guidance. Start-ups can bene t from this expertise to make informed decisions and ensure compliance with local regulations. Overall, Meydan Free Zone boasts a strategic position in one of the world's most dynamic business hubs and provides an ideal environment for entrepreneurial success. And by o er- ing a wide range of services and resources tailored to the unique needs of start-ups, Meydan Free Zone enables these businesses to thrive and contribute to the ourishing business scene in Dubai and the wider UAE. online assistance. This simpli es the traditionally complex and time-con- suming procedure, allowing expat entrepreneurs to establish banking relationships swiftly and conveniently. Offering innovative solutions Recognising the potential of ntech collaboration, Meydan Free Zone has partnered with ntech companies to o er innovative solutions such as digi- tal wallets, payment gateways, and streamlined payment processing systems. These collaborations provide start-ups with e cient and cost-e ec- tive nancial tools. diverse range of exible solutions for short to medium-term nancing. As part of the service, we assist investors in expanding their business opera- tions in Dubai while supporting them with tailored financing options. In addition, it provides comprehensive training and support to start-up companies to ensure their success in the competitive market. Through Meydan Tamweel, start- ups can access various nancing solu- tions such as asset-backed nancing, purchase nancing (pre-sales nanc- ing), receivable nancing (post-sales nancing), business expansion nanc- ing, and project nancing. To cater to the diverse needs, Meydan Tamweel provides nancing of up to AED 2 million, empowering businesses to achieve their goals. Our streamlined process ensures that business loans are approved within 5 business days, allowing you to seize opportunities and drive your busi- ness forward swiftly. Moreover, we offer flexible tenors of up to 72 months, providing start-ups ample time to repay their loans without compromising their cash flow. Meydan Free Zone specialises in providing customised nancial solu- tions that cater to businesses' speci c needs, values, preferences, and goals. Specialised start-up programmes One of the key features is the special- ised start-up programmes that provide emerging businesses with dedicated relationship managers, exible account structures, preferential interest rates, and access to a wide range of banking solutions. Start-ups can also bene t from zero-balance accounts, eliminat- ing the need to maintain a minimum balance. This is especially helpful for start-ups with limited funds, as it allows them to freely utilise their funds without incurring fees. These programs are designed to meet the unique requirements of start-ups and support their growth. Meydan Free Zone has also stream- lined the account opening process for aspiring entrepreneurs, leveraging digital technologies, and offering 16Grow from Dubai Supplement – August 2023 ABA C US TA X & A CCOUN TING Kriti Kaushik, Senior Corporate Tax Advisor at Abacus Tax & Accounting In the dynamic landscape of the UAE's tax regulations, businesses need expert advice and accurate financial insight to make informed decisions. As tax experts in the UAE, Abacus Tax & Accounting offers comprehensive services that empower businesses to navigate the new federal corporate income tax laws and take advantage of tax relief opportunities. Why is it important for businesses to stay abreast of UAE tax laws? From compliance to cost optimization and nancial planning, being knowl- edgeable about tax matters is crucial for achieving long-term success in today's competitive business setting. Ensuring smooth business operations and compliance with tax laws plays a pivotal role. By identifying deductions, credits, and incentives, businesses can maximize cost savings and e ec- tively reduce their tax burden. More- over, by considering the impact of tax laws on budgeting and forecasting, organizations can strategically allo- cate resources, ensuring they are well-positioned for expansion while enhancing nancial stability. ness sector. VAT was pivotal in foster- ing economic diversification by reducing reliance on traditional oil-related income and creating a more sustainable and resilient econ- omy. Moreover, it encouraged busi- nesses in Dubai to adopt better nan- cial management practices, resulting in improved transparency and accountability in nancial operations. This shift toward fiscal discipline within the business community has further promoted the sector's growth and development. How are Abacus Tax & Accounting's VAT experts striving to keep businesses compliant all the time? At Abacus Tax & Accounting, our team of skilled and knowledgeable profes- sionals, including certified public accountants (FCCA, CMA, UAECA, ACCA, AFPA), tax advisors, and other finance experts, are committed to ensuring that businesses remain compliant with VAT regulations. We provide a range of VAT services, including VAT Return, VAT Consul- tancy, VAT Reconsideration, VAT Registration, VAT De-Registration, VAT Amendment, and more. As expe- rienced tax specialists, we deliver clear and accurate advice and assist clients in lling out VAT-related appli- cations accurately and promptly. How will the new taxation laws boost transparency in the Dubai ecosystem? The introduction of Corporate Tax by the UAE Ministry of Finance on 9 December 2022 is a signi cant step toward enhancing transparency in the Dubai ecosystem. This new tax regu- lation imposes a direct tax on the net income of corporations and busi- nesses, e ective for nancial years commencing on or after 1 June 2023. It ensures nancial discipline within corporate entities and promotes robust record-keeping practices. By upholding international tax transpar- ency standards, the UAE showcases its commitment to maintaining a secure and attractive investment and busi- ness environment. How will this foster a more robust business sector in Dubai in the long and short term? The government often introduces tax incentives to promote speci c indus- tries, encourage investment, and foster economic growth. Businesses with a comprehensive understanding of tax regulations and laws can proac- tively align their operations, invest- ments, and financial strategies to optimize their competitive position- ing. By maintaining this in-depth adequacy of tax laws, businesses can ensure they operate within legal boundaries and minimize non-com- pliance risks, enabling them to focus on their core operations. Moreover, staying compliant with tax laws miti- gates the risks associated with non-compliance, including nancial losses, reputational damage, and even legal rami cations. How has the Dubai business sector strengthened since the VAT introduction in 2018? The introduction of VAT in the UAE in 2018 has had several positive outcomes, reinforcing the Dubai busi- Abacus Tax & Accounting: expert guidance for navigating UAE tax laws Invest in DubaiYOUR PARTNER FOR SUCCESS We prioritize client satisfaction & go the extra mile to ensure your financial affairs are in order. As a trusted partner, we work closely with our clients to provide strategic guidance and support throughout the year. Whether you are an individual looking for tax advice or a business seeking comprehensive financial management, we are here to help. We understand that every client is different, and tailor our services accordingly. OUR SERVICES We offer the following services to help our clients excel while ensuring business compliance: Bookkeeping Regular Accounting Virtual Finance VAT Return VAT Consultancy VAT Reconsideration VAT Registration VAT De-Registration VAT Amendment ESR AML/CFT Corporate Secretarial Services CT Consultancy CT Registration CT Filing ACCOUNTINGVAT COMPLIANCE CORPORATE TAX18 Grow from Dubai Supplement – August 2023 WIO BANK Wio Bank is rebooting banking as we know it to deliver a super-savvy platform focused on you. What are the key points supporting this? We’re regulated by the Central Bank of the UAE and our shareholders are Abu Dhabi Development Company ADQ, Alpha Dhabi Holding, e& and First Abu Dhabi Bank (FAB). We o er easy, safe and fast payments; customers can pay easily and securely with your Wio Busi- ness cards using Apple Pay. Also, we can help customers stay on target with our saving spaces and can set up saving spaces to make sure your VAT, rent, and other bills are always covered. Our plat- form is here to reboot personal and business banking in the digital age and includes personalised features and seamlessly integrated services that are built around your needs, helping you spend, save, and plan for your future. How will digitisation in banking help with the banking sector in short- term, mid-term, and long term? by providing banking services to under- served populations. Banks can leverage this data to make informed decisions, personalise services, and develop targeted strategies to meet evolving customer needs. How has Wio contributed to the growth of Dubai from the onset? Wio Business, the rst banking appli- cation from Wio Bank, provides start- ups, freelancers, and SMEs access to banking services seamlessly while giving them the opportunity to move f orw ar d with inno v ativ e beyond-banking services by providing simpli ed and fully digital business account opening, personalized options for banking services, and supplementary services and easy-to- use banking tools to support SMEs with better business management. Wio Bank PJSC was created to reboot banking and catalyse growth of the UAE’s digital economy. It is built around three main capabilities, digital banking apps, embedded nance, and banking-as-a-service solutions. How will this transition further steer Dubai’s growth and expansion? Some of the ways that digitisation can contribute to the overall growth and development of Dubai's economy includes increased efficiency and productivity, business and entrepre- neurial opportunities, nancial inclusion and access to capital, innovation and ntech ecosystem, job creation and skills development, economic diversi cation, as well as global competitiveness. How has Dubai’s agile rules and futuristic leadership helping lead Wio in its expansion? The growth of digital banks has been steered by Dubai's progressive regula- tory framework and visionary leader- ship. The emirate’s approach includes sandboxes for testing, a supportive regulatory framework, a vision for a cashless society, partnerships between traditional banks and ntech compa- nies, government initiatives, and the adoption of emerging technologies. In the short-term, digitisation allows for convenient and seamless banking services, such as online account open- ing, mobile banking apps, and quick access to nancial information. This improves customer satisfaction and loyalty, attracting more customers to Dubai's banking sector. There is also increased operational e ciency as with the automation of routine processes and digitisation of paperwork reduces manual errors and saves time. In the mid-term, digitisation enables banks to o er a wider range of innovative nan- cial products and services, including online payment solutions, mobile wallets, robo-advisory, and peer-to- peer lending. It also fosters collabora- tion between banks and ntech start- ups, fostering a vibrant fintech ecosystem. Dubai's government has been proactive in supporting ntech initiatives, which can lead to the devel- opment of innovative solutions and the growth of a thriving ntech community. And in the long-term, digitisation can help bridge the nancial inclusion gap Wio Bank: Transforming the future of banking Wio Bank is revolutionising the banking sector as it forges ahead of the competition with its no fuss banking via a 100 percent digital bank account. Wio Bank COO Parteek Vahie reveals how digitisation in banking aligns with Dubai’s future expansion plans to establish itself as a global digital hub Wio Bank was created to reboot banking and catalyse growth of the UAE’s digital economy, says Vahie Banking for start-upsNext >