Following the recent approval of the Federal decree approving financial free zone in the Emirates, His Highness, General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Price of Dubai, UAE Defence Minister and President of the Dubai International Financial Centre (DIFC) has issued laws formally establishing and governing the DIFC and its independent regulatory authority, the DFSA.
This is indeed a great step forward for Dubai, the UAE and the region as a whole and already a number of licenses have been issued to applicants.
Incidentally, I have been invited to make a presentation at the November meeting in Singapore of the International Tax Planning Association and I will be speaking to international tax practitioners on the role of the DIFC in cross-border investment and trade.
Another important recent event is the reported up-coming amendment to the UAE Commercial Companies Law allowing expatriates to own 70% (instead of the present 49%) of limited liability companies. This will no doubt increase the already strong foreign direct investment into the UAE and provide many more opportunities to foreign investors and entrepreneurs.
This issue's Guest Column by Mr.Essa Baluch, CEO, Swift Freight elaborates on the logistics industry in the UAE. Also featured is an interview with Mr. Harshad Mehta, CEO of Rosyblue one of the giants in the global diamond trade.
We continue to profile the partners of our Indian associate, RSM & Co. This time we feature senior partner, Mr.Gautam Doshi, a well- known figure in Indian professional circles.
How healthy is your organisation? Does it display any of the symptoms which herald terminal sickness? The article on Organisational Health Check-ups looks at this issue in some detail.
Our Free Zone update features the Dubai Outsource Zone announced in June 2004 to provide infrastructure and environment for outsourcing companies. We also have an article which clarifies various matters one needs to consider before selecting an offshore location.
Please feel free to write (update@pkfuae.com) if you would like to express an opinion on any matter inside.
