News&Views 2010: Winter Edition
Vol.1 - No.2
Auditors | Accountants | Business Advisors | Trademark Agents | Property Consultants
News&Views Contents: 03 Chairman’s Message 04 04
Expert View Know More About Hamriyah Free Zone The increasing risk of financial frauds in the time of recession and uplanned lay offs
05 XBRL – Revolutionizing financial information exchange procedures
06 The Scion Takes Over: Ms. Usha Bahirwani, Director HR & Marketing, Al Maya Group, Dubai
Founder Member of :
TM
07 Ensuring a secure future by planning succession through a will
I N T E R N A T I O N A L
08 Trademark Registration Under Aripo
Our main Areas of Services Are: • External Audit, Assurance and Due Diligence • Internal and Management Audit • Compliance Audit • Accounts Outsourcing • Company Formations (L.L.C, Offshore and Free Zones) • Arranging Credit and Loan Facilities From the Banks • Liquidation of Companies • H.R. Consultancy • Management Consultancy • Trademark and Patent Registrations Worldwide • Business Advisory
08 Trademark Registration Fee Payment Period Cut By Half 09 Inside Jitendra Group Jitendra Group’s Founder Partner Meets Fujairah’s Crown Prince 10 Doing Business Update Media Zone – twofour54 10 Doing Business in Fujairah Airport Freezone 11 Directory
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www.jcainternational.ae
For comments, suggestions and advertisements, please contact: Mr. Noel C. Aponte Jr. Marketing Assistant Email: media@jitendragroup.ae Tel: +971 4 3438022
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News&Views Chairman’s Message First and foremost I would like to begin by wishing all our readers a very Happy New Year. The year 2009, has been one of turmoil for economies the world over. Despite the global economic conditions, UAE has not only survived, but also been successful in building a stronger economy due to its tax free advantages, stable government, excellent infrastructure, simple labour laws and transparent policies. With the dawn of the year 2010, economies are expected to stabilize further and also a host of businesses are expected to scale up. 2010 can be looked forward to as a year of financial recovery, stability and progress. New and current developments The success of the Dubai Metro has been witnessed by us all, which started operations in September, 2009. The successful culmination of the Dubai Metro Project has had a positive impact on the daily life of people in Dubai. With the opening of Burj Khalifa, the tallest man made structure in the world, the entire business community and the Government of Dubai has reason to rejoice as it shall not only dominate Dubai’s skyline but also boost economy. At the recently concluded GCC Summit, one of the most significant announcements was that of the launch of the pan-GCC railway project and the establishment of the Railway Authority. This project can be viewed as a key factor for the unification of the bloc of six member states. UAE’s efforts to seek efficient means of securing future energy too were substantiated with the culmination of the US-UAE 123 Agreement for Peaceful Civilian Nuclear Energy Cooperation. The railway project, GCC’s focus on building a stronger security network in the Gulf, the US-UAE agreement and the single currency initiative, all point towards an even more secure and healthy economy in the Gulf. Inside stories The winter edition of the newsletter features the interview of the young entrepreneur,who has not only inherited her family business but has already made quintessential contributions towards its growth. And also includes articles on XBRL – the latest revolution in the way financial information is stored and exchanged the world over and registering trademarks in African countries with a focus on ARIPO. Further, our views on how to avoid risk of financial frauds due to unplanned lay offs as well as how succession planning through a will may help preserve continuity of your business. Lastly, we are very pleased to announce that we will be celebrating the 9th anniversary of JCA by moving to a new premises in the financial hub of Dubai: Sheikh Zayed Road,Al Attar Tower, near DIFC. We would like to take this opportunity to thank all our clients and associates for their constant and invaluable support over the years. We look forward to your valuable feedback, suggestions and comments about our quarterly newsletter. Jitendra Gianchandani, FCA Chairman and Managing Partner Jitendra Consulting Group www.cajitendra.com http://blog.cajitendra.com Email: chairman@jitendragroup.ae 03
News&Views Expert View Know More About Hamriyah Free Zone In an exclusive interview to News & Views, Dr. Rashid Al Leem, Director General, Hamriyah Free Zone Authority, speaks about new facilities in doing business in Hamriyah Free Zone. 1. What are the latest facilities introduced by HFZA to investors? In current challenging times we felt emerging need for a new kind of business environment that is adaptive and cost effective. A recent addition our SME oriented strategy is Hamriyah E-office: Executive, Economical, Efficient, Electronic. This unique, specially designed initiative is aimed on helping SMEs weather economic turmoil. Simple legal framework and documentation allow investor to set up the office in only 24 hours following four easy steps and for as low as $6,850. 2. What are your current plans for expansion? We already reached around 80% occupancy rate with a forecast of 95% by the end of 2013. Here at HFZA, we are keen to continue working towards business excellence and better communication. Our focus lies on enhancement of existing and creation of additional free zone services for Hamriyah investors. Our main target remains as 100% customer satisfaction. 3. Do you think the recession is over and world economy already fully recovered or industries will continue facing challenges in 2010?
The world economy still hasn’t recovered from the recent turmoil. We are already on the road to recovery but, unfortunately the road is too long and full of obstacles. That’s why industries are going to face even tougher challenges for survival.
5. What are the plans to fulfill the power shortage faced by the industries in HFZA? In general, utilities have been already provided by SEWA and, according to their recent announcement, additional power plants and desalinated units are being constructed in order to meet increasing demand. Existing network to UAE Federal Grid is also undergoing improvement. Dr. Rashid Al Leem Director General Hamriyah Free Zone Authority
4. What are HFZA target markets for the coming year? Our current investors represent over 125 countries. Majority are from India and Pakistan, followed by Middle Eastern and European companies. India has always been one of the prime markets for us. The strong connection between India and UAE has a very long history exceeding more than 700 years. Our trade relations have been only growing during the past years which made India the
The increasing risk of financial frauds in the time of recession and uplanned lay offs: Mr. Muzaffar Javaid, Auditor at Jitendra Chartered Accountants says that by terminating staff randomly organizations have unknowingly removed important internal checks and employees who were quintessential towards maintaining these internal controls. In a time when the economies of the world are resurfacing after battling the wrath of recession, there lies a hidden risk that corporations the world over are yet to wake up to. In the wake of these uncertain economic times, organizations have made unplanned layoffs a trend, which in turn has increased their susceptibility to frauds and embezzlement. The unplanned termination of staff, especially employees involved with or supervising the financial and cash transactions of an organization, not only weakens the internal control system of the organization, but also makes it more vulnerable to the possibility of frauds. A lack of staff means lower possibilities of rotating the present employees responsible for handling financial transactions or cash. This trend of unplanned layoffs began in 2008, as many companies terminated their staff in order to cut costs and survive the 04
largest foreigner trade partner of the UAE. Around 40% of companies in HFZA are from India. Many of large Indian companies such as Essar, Larsen, Toubro and etc. and hundred smaller firms have discovered HFZA as a right platform to expand their business operations.
greatest global economic crisis of our era. By terminating staff randomly organizations have unknowingly removed important internal checks and employees who were quintessential towards maintaining these internal controls. This removal of important checks has left many organizations vulnerable to the possibility of fraudulent activities being perpetrated by their staff. With absolute power, lack of internal controls and absolute understanding of the internal systems of an organization, an employee can easily perpetrate fraud or theft as he or she would have expert knowledge of the same. By doing the same job over and over again, an employee can gain expert knowledge of the financial processes of the organization and thereby easily locate loopholes. Using these loopholes to his or her advantage further becomes an easy task as the organization lacks staff for rotation as well as supervisory controls. Under such circumstances the most appropriate remedy would be to plan and implement regular internal audits. By placing regular checks with internal audits the possibility of fraud can be reduced by a great extent.
6. Recently Qatar has introduced the tax on the corporate profit, is there any plan? No details on the taxation plans in the UAE have been revealed yet by the government. Talks are in the air but, it is difficult to speak about taxation plans before they come into practice. 7. Any message for the readers and the potential investors in HFZ? Keep challenging! Keep moving! Learn from the history and read about the Great Depression the world faced in 1929. You’ll be amazed to know that most of the existing brand names you are loyal to have been created during that crisis time. Recession creates opportunities.
Regular internal audits that are conducted by an independent body of auditors not only help in identifying the areas that are most vulnerable to fraud, but also help in the assessment of the existing internal control systems. It has been found that most of the cases of perpetrated fraud are discovered when routine activities of the staff are disrupted during internal audit checks. Accounting firms not only study and evaluate an organization’s current system of internal controls, but also help avoid theft and fraud by suggesting the appropriate strategies for their improvement. In the absence of appropriate internal controls, a business is at a risk of losing much more than just its tangible assets. When frauds and thefts are discovered, the first thing to be affected is a company’s reputation. The damage to an organization’s reputation has adverse effects in the longterm, which even surpass the initial loss of property or money. Thus, internal controls and checks should be strictly adhered to and monitored on a regular basis through internal audits. Hiring an independent professional body not only ensures transparency of reporting, but also ensures an unbiased evaluation of the existing policies and controls. We invite reader’s queries and comments on email: m.javaid@jitendragroup.ae
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News&Views XBRL – Revolutionizing financial information exchange procedures: Mr. Atul Shukla, a fellow Chartered Accountant and Audit Partner at Jitendra Chartered Accountants says that the use of XBRL can help organizations to save costs and time and also streamline the processes for collection and reporting of financial information. eXtensible Business Reporting Language (known as XBRL) is fast becoming the new and revolutionary means of communicating business & financial information over the internet. XBRL is based on the extensible machine language rules of encoding documents electronically. It has been developed for the electronic communication of business & financial data. Simply said; XBRL provides an identifying tag for each individual item of data rather than treating the financial information as a block of text. By using tags to identify computer readable information, the use of XBRL does away with the need of laborious manual reentry and comparison. The use of XBRL can help organizations to save costs and time and also streamline the processes for collection and reporting of financial information. Since XBRL makes the data available in a computer readable format, it can then be treated in an intelligent manner and easily analyzed, stored or exchanged with other computer network and presented in a variety of ways for users. XBRL facilitates automatic checking of information and rapid handling of financial data along with reducing the chances of errors. Investors, analysts, banks, financial institutions and regulators can compare and analyze data more efficiently in the XBRL format. It can also handle data in different languages and accounting standards. XBRL is an open technology standard
which can be used for reporting as well ^ Easy transfer of audit schedules as analyzing business and financial to auditors in industry standard information. Data can be transformed formats which shall facilitate the into XBRL by using suitable mapping concept of “continuous audits”. tools or it can be generated in XBRL by ^ Enhanced distribution and usability using the appropriate software. of existing financial data along with the facility of automated analysis. The potential uses of XBRL are: However, there are a few challenges Exchange of internal and external that may be faced in the implementation financial reports. of XBRL: Filing of applications & reports for loans, taxes etc. and to regulatory • Assessing XBRL reporting bodies. requirements that would be applicable Business reporting to regulators to a company. including tax authorities, financial • Examining the options available for authorities, central banks and the implementation of XBRL. governments. • Considering the impact of XBRL Storage, exchange and analysis of on internal controls and reporting financial and statistical data. systems. A standard way of describing • Identifying most appropriate tools for accounting documents from processes and the environment of authoritative bodies. XBRL. • Identifying XBRL taxonomies and All important players in business, like exploring any need for extensions. regulators, government departments, economic agencies, stock exchanges, These challenges have the potential to rating agencies, financial information turn into opportunities as the need for companies, data collectors, the following grows: accountants, auditors, financial analysts, investors and creditors can ›› The development, maintenance and benefit from XBRL’s features like: updating of taxonomies. ›› Determining the roles and ^ Efficient preparation of financial responsibilities of auditors in statements which are created regulatory matters. once to be used multiple times as ›› Defining the responsibilities of the printed reports, on websites and as preparers of financial statements. regulatory filings. ›› Evaluation and development of ^ Reduction of the cost of publishing software tools. content on the web by 30 to 50 ›› Preparation of guidance documents percent. and manuals for company specific ^ A platform that facilitates enhanced extensions. assessment, extraction and query tools for shareholders as well as Last but not the least, IFRS is also other users. converting to XBRL format as its ^ Easy analysis and comparison of the main language and it is developing full financial performance of companies taxonomy for making all IFRS including belonging to a range of revenue IFRS for SME compatible with XBRL. levels, using different currencies We invite reader’s queries and comments on and languages. email: atul@jitendragroup.ae 05
News&Views The Scion Takes Over: Ms. Usha Bahirwani, Director HR & Marketing, Al Maya Group, Dubai JCA is in conversation with revolutionary young entrepreneur, taking forth enterprises established by their fathers in Dubai. JCA: Were your choices in life guided by the fact that you would be the next in line for your family business? Ms. Usha: No, I studied marketing & HR with the objective of working outside of Al Maya. However, since I eventually came into the throes of Al Maya I have had a unique opportunity to leverage my choices and skills to both my personal benefit as well the organization’s needs.
“Joining the family business might sound like it’s an easy ticket to success but I can assure you that its actually the opposite” JCA: What has been the biggest motivating factor for you to join your family business? Ms. Usha: Joining the family business might sound like it’s an easy ticket to success but I can assure you that it’s actually the opposite. The reason I took on the task of heading HR & Marketing within the Group was actually the challenge of managing over 4000 staff compounded by the fact that I had to earn the respect of my colleagues as well as my family members. JCA: If not your family business, which profession or business would you see yourself in? Ms. Usha: I actually love what I do for a living and cannot think of being somewhere else. However, if I had to pursue something completely different then I might consider launching my own restaurant concept. JCA: How were you trained on the nuances of your business? Please give us some insight of your initial years in the business and the work schedule that you followed? Ms. Usha: I joined Al Maya with a background in HR and in the initial years we had a lot of catching up to do. From balance scorecards to establishing common priorities for divisional personnel, aligning them to the corporate philosophy and vision, to all the way down to the staff at the trading 06
floor, whether it’s a driver, cleaner or a sales person in a supermarket or one of our other retail brands, we had to create a structure which established clear horizons for people to grow towards. This also meant establishing best practices for performance reviews and fast tracking our star performers. My day starts at 8am and usually ends at 8pm. This doesn’t mean I am a workaholic as occasionally I would be working from home and taking care of my little girl. JCA: Do you have any work experience outside your family business? Ms. Usha: No. All my business ethics and experience are thanks to my DAD. With his experience in business being over 60 years, he has been able to train me and guide me correctly over the years. He is my Mentor. JCA: How similar or different is your approach towards handling the business as compared to your predecessors? Ms. Usha: Previous HR Heads had different priorities and were not family members, they achieved what they had been asked for and I think it would be unfair to compare previous roles with the current job on hand. We have grown tremendously in the past few years and this has changed the overall culture of the company.
developments currently underway in the GCC and India. We are active in Eastern Europe, UK and are looking at both consolidation and growth in the new decade. JCA: With people restricting their spending, how would you say the current market crisis has affected your business and what measures did you take in order to cope with the same? Ms. Usha: We are in the ‘essentials’ business – food. At the end of the day our business in underpinned by delivering consistent value to our customers. Since the economic downturn a lot of new customers have actually started walking into our supermarkets because we provide the same products as others, but at better prices. This value quotient is complimented by friendly service, which I believe is the secret of success. We will continue to support our customers by giving them the best product at the best price and we have even increased our marketing efforts to ensure we remain as one of the top tier brands in the market.
“I think 2010 will be a year of preserving what’s been built and building with the aim to preserve”
JCA: How do you manage the wide variety of businesses under your group?
JCA: Do you see the current market situation getting better or do you see worse times ahead?
Ms. Usha: At the end of the day our true assets are our people and that’s what I strongly believe in. Whatever the brand, business or division with our Group, I believe we need to maintain a common philosophy which is service oriented – the rest comes naturally. In some instances we give more emphasis in training, especially when principal brands are involved and that indoctrination and product or brand knowledge is critical to enfranchising staff.
Ms. Usha: To be honest, I don’t know. Common sense dictates that there’s no magic button to press and bring everything back to normal. This economic downturn is unlike any other, at least in my lifetime and I personally think consumers have changed forever. Spending patterns have changed and we need to change with these times. I think 2010 will be a year of preserving what’s been built and building with the aim to preserve.
JCA: Do you intend to explore international markets or stay with the Middle East in current market situation? As you have business in international market, which region would you wish to explore and have potential for further investments?
JCA: What is your vision for the business? Would you wish to diversify further or take forth your current line of business?
Ms. Usha: We have a growth strategy in place for the coming years. Obviously our main focus is Dubai, we have new stores opening literally every month till the end of the year and we have exciting
Ms. Usha: We will continue to grow the depth of business by organic growth in key markets and we will continue to forge new initiatives in multiple retail segments. Our wholesale and distribution business has seen tremendous growth and I believe that will be increased in the coming years.
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News&Views Ensuring a secure future by planning succession through a will: Ms. Divya Gianchandani, a • The rightful and timely fellow Chartered Accountant passing on of the business and Partner at Jitendra that gives ownership in Chartered Accountants says the right hands and limits that a majority of family potential claims against the businesses do not survive estate of the deceased. beyond the first generation due to inappropriate provisions • The chances of a family and inadequate succession falling out of a partnership planning. or co-owned business are reduced in cases where Business owners, inter alia the articles of association other complications, are allow other shareholders often plagued by the question to buy out the deceased’s “whether their business shares. would survive their demise”. This question becomes even Partners, co-owners and more significant in case of directors should have wills a partnership business. A that are made in compliance majority of family businesses with the terms and conditions do not survive beyond the mentioned in any articles or first generation due to shareholder agreements inappropriate provisions to secure the fate of the and inadequate succession business. Since Sharia Law planning. Therefore, the most (inter alia, the Islamic law basic requirement to ensure governing inheritance) is the longevity of a business applicable in the Middle East consists of making a will. as well as on Muslims the world over, a will must be A will governs a host of factors drafted in compliance with for the successors and also the law of the land and must helps retain the trust of its not contain anything contrary investors and employees as to the Sharia Law. Other it gives a definite direction specifications to be settled to the inheritors. In case a by partners and co-owners person dies intestate, i.e., of private companies while without making or registering drafting a mutual agreement a will, the law of the land are: takes over to specify how their assets are to be dealt • Whether shares would with and how the liabilities first be offered to existing are to be settled. A well shareholders before they drafted will can help settle are sold to a third party, the following complications also known as pre-emptive for any business: rights. This shall present an opportunity to the • Simplify inheritance of the remaining shareholders to business by children or retain control. family members nominated.
• Specifications can be added to the shareholders agreement regarding who is eligible to purchase the shares that become available, the formula to be used to ascertain their purchase price and how the purchase would be funded. • In cases where the purchase of shares is to be funded by a life assurance policy taken on all the lives of the partners or shareholders, the advice of a specialist is a must as there could be hidden implications of inheritance tax or income tax on preowned assets that would need to be settled. • In the event an inheritance is to go to a spouse or children of the deceased partner, matters like their subsequent share in salary and profits should be settled upon before hand. In the absence of a legal will, a business is not only threatened with a financial crisis but also the very continuity and clientele of the business is jeopardized. Therefore, professional guidance should be sought by partners, shareholders, directors of a company as well as co-owners to make preparations for the impact of their demise on personal as well as business affairs. We invite reader’s queries and comments on email: divya@jitendragroup.ae
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News&Views Trademark Registration Under Aripo African Regional Industrial Property Organization is a creation of the joint efforts of the United Nations Economic Commission for Africa and the world Intellectual Property. The said efforts were incarnated in the Lusaka Agreement which was adopted by a diplomatic conference held at Lusaka, Zambia on December, 1976. ARIPO only covers fifteen countries of English –speaking Africa (Anglophone Africa) or strictly speaking former British colonies.
namely, the member state route and the ARIPO office route. An applicant may file a single application either at one of the contracting state office or directly to ARIPO office. An applicant whichever route he chooses has the right to designate in his application any or all members of ARIPO where he wishes his intellectual property right to be protected. Language used is English. Classification
Duration A trademark registration shall be valid for 10 years as of the date of registration and may be renewed for similar consecutive period. Renewal of Application (a) Simply Signed Power of Attorney (b) Prints of the trademark as originally registered.
Assignments and Licensing The 42 classes of the International (a) A power of attorney simply signed classification of goods and services (b) A duly authenticated assignment are followed for Botswana, Lesotho, and licensing document Namibia, Tanzania and Zimbabwe. The 34 classes of the International Banjul Protocol deals with trademarks. classification of goods are followed for States currently party to the Banjul Malawi and Uganda. Charges for filing one trademark in one class Protocol are Botswana, Lesotho, One application can cover more than Malawi, Namibia, Swaziland, Tanzania, one class. ITEM CHARGES US$ Uganda and Zimbabwe. Total eight Filing Trademark application in one class 2500.00 Filing an application for the first class per designated state 400.00 states are the members. ARIPO office administers Intellectual Property matters as provided for in the Harare Protocol and the Banjul Protocol.
The ARIPO regional system provides choice as to the route of filing applications
Filing a mark application for each extra class per designated state Obtaining and forwarding registration certificate Claiming convention priority Late filing of documents Registration fees of a mark for first class per designated State
220.00 250.00 250.00 130.00 500.00
Trademark Registration Fee Payment Period Cut By Half News Updates on Trademark Registration in UAE
TIME PERIOD FOR TRADEMARK REGISTRATION TO BE REDUCED
Companies wishing to register their trademark in the UAE would have to pay Dh6, 200 within 30 days after their application is accepted by the UAE Trade Marks Office, or half the time frame companies were required to pay to in the past.
Ministry of Economy is currently aiming to minimize trademark registration procedures to two to three months. At present the procedure sometimes take more than one year to finish.
business but some may still be able to register the name by seeking a special approval.
Trademark is different from trade license, which is up to the economic department to decide. Trademark has special conditions –when it comes to using Dubai or Abu Dhabi – it has to be approved by the local But it should be noted that as a government and he has to sign an member of the Paris Convention, undertaking that he did not own that This new procedure introduced registration procedures cannot be name. under Ministerial Resolution any shorter than six months to allow No541 was issued by the UAE for priority applications based on “A city name or country name or Ministry of Economy on November overseas trademarks. religion cannot be owned by anybody. 17. They can put it on their trademark APPROVAL REQUIRED TO USE but not own it. They have to sign an If an application is opposed, or the ‘DUBAI’ OR ‘ABU DHABI’ AS undertaking that they cannot stop applicant decided to withdraw the TRADEMARK anybody from using it” said Al Merhi. application prior to the conclusion Akhila Sreekumaran, Leagal Consultant at of the opposition period, then the Using Dubai or Abu Dhabi as part Ms. Jitendra Intellectual Property is inviting reader’s queries and comments on email: legalip@ registration fee will be refunded. of a trademark or trade license jitendragroup.ae is no longer allowed for private 08
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News&Views Inside Jitendra Group CA Jitendra Gianchandani met HH Sheikh Mohammed Bin Hamad Al Sharqi, the Crown Prince of Fujairah on November 2, 2009. The event was organized by the Canadian Business Council.
CA Jitendra Gianchandani and CA Atul Shukla attends on Dubai Business Gala at Madinat Arena, Madinat Jumeirah November 2, 2009 organized by Dubai Chamber of Commerce & Industry.
Meeting and Greeting
CA Jitendra Gianchandani met Mr. Hamad Bu Amim, Director General of the Dubai Chamber of Commerce and Industry on November 2, 2009 organized by Dubai Chamber of Commerce & Industry. Staff enjoying New Year’s eve party on December 31, 2009.
APPOINTMENT
Ms. Shefali Kandari, a qualified company secretary has joined Jitendra Consulting Group as a Legal Consultant. She is a commerce graduate from the University of Mumbai and an Associate member of the Institute of Company Secretaries of India (ICSI). Ms. Kandari will provide Business Consultancy Services under Jitendra Business Consultants Division. She has a wide experience in drafting legal documents for Company Incorporation and other corporate issues such as Liquidation, Mergers, Amendments in Memorandum and Articles of Association and other Compliances with the Judicial and Quasi Judicial bodies.
And the Winner is… Mr. Noel C. Aponte Jr. was declared the “Employee of the Month” for October 2009 for having efficiency in work, improved performance and doing a multi tasking job.
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News&Views Doing Business Update Media Zone – twofour54 Twofour54 Abu Dhabi is the brand name of the Media Zone – Abu Dhabi. To position Abu Dhabi as a regional centre of excellence in content creation across all media platforms including film, broadcast, music, digital media, events, gaming and publishing, twofour54 free zone established. There are three key business pillars to create a collaborative and supportive campus community; stimulating creative and professional partnerships. These are supported by a business enabler tawasol, which provides support to organizations and individuals looking to join the twofour54 community. • tadreeb -the training academy; twofour54 tadreeb is developing and enhancing the skills of media professionals enabling them to deliver immediate success to their business. • ibtikar - innovation & support; twofour54 ibtikar provides media and entertainment industry funding and support for start-up and early stage businesses and individuals with creative ideas and a passion for success. • intaj - state of the art production facilities. twofour54 intaj leads the Arab world with fully equipped HD studios, the latest production and post-production technologies, media management, digital archiving, playout and uplink services.
LICENSING & REGULATORY AFFAIRS Proceeding from Abu Dhabi government’s vision to strengthen the emirate as a content creation community, The Media Zone Authority was established by Abu Dhabi Decree Law No.12 of 2007. This establishes the Media Zone – Abu Dhabi as a free zone and empowers the Media Zone Authority. The Authority has full independent and administrative capacity and is responsible for setting and implementing the regulations, policies and strategies for the operation of the free zone. The Regulatory Affairs Department of the Media Zone AuthorityAbu Dhabi oversees the incorporation and registration of companies within twofour54, as well as the licensing of their business and dissemination activities and carries out the following functions on behalf of the Authority: 1. Issuing of Regulations governing the establishment and licensing of businesses within twofour54 2. Implementation and monitoring of Codes of Practice governing business standards within twofour54 and specific standards in relation to the dissemination of content 3. Incorporation and registration of companies and branch offices 4. Licensing of businesses 5. Licensing Dissemination Activities 6. Maintenance of Companies Register
7. License renewals and amendments 8. Ensuring consistent regulatory best practice across the zone The current regulations governing business within the Zone are listed below: • Companies Registration Regulations 2008 • Business Licensing Regulations October 2009 • Dissemination Licensing Regulations October 2008
Business Categories to licensing as a freelancer at twofour54 Broadcast Graphics Designer, Post Production Sound Editor, Video Editor, Set Designer, Set Rigger, Camera Operator, Camera Assistant, Floor Manager, Gaffer, Lighting Operator, Lighting Assistant, Production Engineer, Production Sound Engineer, Production Sound Assistant, Special Effects Technician, Vision Mixer, Gallery Operator, Grip, Hairdresser, Make-Up Artist, TV Production Stylist Particulars Amount (AED) 1st year Annual Fees 5,000/Visa Fees (per Visa) Approx 1,900/Refundable Security Deposit 15,000/Total 21,900/Mr. Manish Gupta, Manager – Business Advisory Services is inviting reader’s queries and comments on email: legal@jitendragroup.ae
Doing Business in Fujairah Airport Freezone Fujairah International Airport is well known for elaborate and meticulous care in all its air cargo-related dealings. In this undertaking, the Airport follows strict procedures of import and export to maximize speed and efficiency and minimize risks and inconvenience. Fujairah International Airport is well known for its cargo handling capabilities and the state of the art facilities, which maximize efficiency and eliminate the margin of error in all delicate dealings involved in airport cargo operations. • Office Size (16 sq. mt.) AED 25,000/• License fees: From AED 10,000/- to AED 16,000/• Activity Aviation, Commercial, Service • No. of visas 5 - 10 • Formation Time 1 Week 10
The Fujairah International Airport offers the following Cargo Facilities • Direct Loading (only known shippers, regular agents). • Computerized export and import documentation. • Weighing scale capacity is 1000,000 kgs; trailers and trucks up to 100 tons can be weighed. • Freight forwarders and Charter agents operating from Fujairah International Airport can access their flight records through the Internet. • Automated cargo arrival intimation to consignees. • Efficient load build up for any type of Aircraft with experienced staff. • 24 hours acceptance, delivery and custom clearance available. • Cold storage for small shipments can be arranged on prior intimation. • Inter Airport transfers performed using roller bedded trailers. • Proximity with the Seaport enables us to handle SEA-AIR cargo more efficiently.
Twin-port advantage positions The full-fledged cargo complex at Fujairah International Airport, with its fully automated cargo handling system serves as a break bulk center and take in the input from the seaport and see it on board cargo flights. Under the aegis of a single custom authority, clearance and forwarding operations are expected to be smooth, attracting greater volumes and making Fujairah a hub in global movement. Another principal area of promise is the Emirate’s Free Trade Zone, which has been established in the port vicinity and offers some of the most attractive schemes and concessionary terms. The FTZ is even generating a broader base of export cargo. This twin-port advantage positions Fujairah as one of the leading gateways of the Gulf. Mr. Rajvinder Singh, Manager – Business Development Services is inviting reader’s queries and comments on email: legal@jitendragroup.ae
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News&Views DIRECTORY JITENDRA CONSULTING GROUP’S OFFICES NEW« Head Office Dubai:
«
Suite 3006, 30th Floor Al Attar Tower (Near DIFC) P.O. Box: 43630 Sheikh Zayed Road, Dubai, UAE Phone: +971 4 343 8022 Fax: +971 4 343 8033 Mobile: +971 50 378 7241 Email: info@jitendragroup.ae
Jebel Ali Free Zone Office: Office no LOB 2, Office no 27, P.O. Box: 262053, Jebel Ali Free Zone, UAE. Tel: +971 4 881 0790 Fax: +971 4 881 0791 Mobile: +971 50 4515493 E-mail: jcajfz@emirates.net.ae
Sharjah Office: 1005, Omran Tower, Above Mashreq Bank, Immigration Road, P.O. Box: 61317, Sharjah, UAE. Tel: +971 6 5746324 Fax: +971 6 5746325 Mobile: +971 50 3489010 E-mail: legal@jitendragroup.ae
India Office: To Sheikh Zayed Road
JCA Consulting Pvt Ltd. Deval Chambers,3rd Floor, Fountain,Fort. Mumbai-400001. India. Tel: +91 22 40029795 Fax: +91 22 66154226 Mobile: +91 9224748096 E-mail: jcainfo@airtelmail.in
GROUP ENTITIES • Jitendra Chartered Accountants • Jitendra Business Consultants
From Bur Dubai
• Jitendra Intellectual Property • Jitendra Corporate Finance Services • JCA Property Consultants
Our growth curve has gone up. To server you better, we’ve moved to the heart of Dubai’s Central Business District: Al Attar Tower, 30th Floor, Office No. 3006, Near DIFC, Sheikh Zayed Road, Dubai, UAE. P. +971 4 343 8022 F. +971 4 343 8033 M. +971 50 378 7241
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• JCA Human Resources Consultants • JCA Consulting Pvt. Ltd, India • JCA Consulting (U.K.) LLP, U.K. • Jitendra Int’l Law Firm Limited • K & K CSR Foundaiton • Stride Consultancy Limited DISCLAIMER The information conveyed in this newsletter are the individual opinions of the respective authors and is not the combined opinion of Jitendra Group.
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NEW DUBAI HEAD OFFICE Suite 3006, 30th Floor, Al Attar Tower (Near DIFC) Sheikh Zayed Road, Dubai, UAE DUBAI HEAD OFFICE tel: +971 4 3438022 fax: +971 4 3438033 mobile: +971503787241 JEBEL ALI FREE ZONE tel: +971 4 8810790 fax: +971 4 8810791 • SHARJAH tel: +971 4 5746324 fax: +971 4 5746325 Founder Member of Email: info@jitendragroup.ae ™ Regsitered as approved Auditors with DIFC I N T E R N A T I O N A L
www.jitendragroup.ae
www.jcainternational.ae
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