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THE PROPERTY EXPERTS
Finding your dream home
LAW FOR EXPATS
Advice to ease your concerns
EDUCATION IN DUBAI
Choosing a school to suit your child
SETTING UP YOUR BUSINESS
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Congratulations James The prize draw featured in our January - March e-magazine was a roaring success so we’d like to send a big thank you to everyone who participated. Our latest prize draw, to win 2 free cinema tickets, is a click away. ENTER NOW so you don’t miss out on the possibility to win this fabulous prize. Please also visit the latest Expat Life issue 8 magazine for the latest advice, ideas and events plus the opportunity to enter the Cinema ticket prize draw.
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CONTENTS BACK TO COVER
ENTERTAINMENT 08 Ladies Night Dubai LadiesNightDubai.com is the first website dedicated to listing ladies Events in and around Dubai.
PLANES, BOATS & AUTOMOBILES 10 Bush & Noble The 2nd Taiwan International Boat Show 12
Private Jet
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Flying High
EDUCATION
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14 Taaleem How to prepare for school assessments
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SPORT 16
Elite Sports Academy At Elite we pride ourselves in offering the ‘best’ possible coaching
FIND YOUR DREAM JOB 18
Sapphire Recruitment Consultants Companies seeking a footprint in the Middle East come to Dubai
THE PROPERTY EXPERTS
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20 Thomas Homes Thomas Homes Group is a unique consultancy company
LAW FOR EXPATS 22 James Berry & Associates The New Commercial Companies Law and how it affects your business 26 Arkhurst & Abdellah Arkhurst & Abdellah family firm providing tailor made solutions 28 Mackrell Turner Garrett Mackrell Turner Garrett is an award-winning, full service law firm, with offices in central London.
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CONTENTS
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HELP IN SETTING UP YOUR BUSINESS 32 Creative Zone Setting up your Business in Dubai 34 Sovereign Group Navigating the maze of the UAE and establishing a legal commercial presence. 36 LiveAdmins LiveAdmins: Enhance Customer Experience and Conversion Rates with Live Chat 37 Customer Service CustomerService.ae – An Online Customer Service Portal by LiveAdmins® 38 myOffice myOffice’s DED licensing services
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40 Outsourced Payroll Solutions (OPS) Business Start Ups in the Middle East
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ACCOUNTANCY 42 Kingston Smith Kingston Smith is a top 20 firm of chartered accountants
EXPATMONEY OFFERS 46 Client Offer Explore Expatmoney offer’s for 2016. Take advantage of these great deals.
DISCOUNTS ON YOUR INSURANCE 48 RSA HOME INSURANCE RSA explains why expats should have their home and contents insured during their stay in the UAE
FIND A MORTGAGES THAT SUITS YOU 52 AFB Global Mortgage Consultants Astute UAE expats opting to buy
49 RSA CAR INSURANCE Being part of a traffic accident can be a daunting and complicated experience 50 RSA TRAVEL INSURANCE The UAE is a great gateway for international travel with many globe-trotting packages on offer. 4
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PLAN FOR YOUR FAMILIES 54
UK PENSION SCHEME That has been transferred to a qrops, qnups or sipp since 2006 even if it has been completed in this current year
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56 60 RELOCATING MADE SIMPLE 56 ExpatMoves The bonus is that we will save you time and money
EXCHANGE 58 FC ExChange Exchange rates move fast, but does your bank?
ORGANISATIONS 60 Dubai Business Women Council (DBWC) The Dubai Business Women Council (DBWC) hosted its annual gala dinner on Wednesday evening at the Zabeel Ladies Club.
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EXPAT TEAM LIFE 62 Expat Team Life “Talent wins games, but teamwork and intelligence win championships.” Michael Jordan
EXPAT APRIL - AUGUST 2016
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64 Events Global Village, Dubai Shopping Festival, The Ripe Food & Craft Fair, Dubai International Boat Show, Meydan Race Nights, Dubai Duty Free Tennis Championships, Dubai Food Festival, Dubai World Cup Dubai - United Arab Emirates - Issue 8
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EDITOR’S COMMENT BACK TO CONTENT PAGE
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ummer is on the way and one of the first things to think about when venturing out in Dubai’s hot summer sun is a high factor sunscreen. Living outside becomes unbearable in the searing heat so Expat Life has a host of indoor events for you to visit until the weather becomes cooler. Many expat families choose to leave Dubai in the heat of the summer so the roads become much quieter until September when the schools reopen again. Our sector experts in Expat Life Magazine are always here to guide you. Helping expats and anyone else who is living in Dubai to find reputable companies that can provide you with valuable information throughout the year. Whether you are trying to find a school for your children, a new home, a lawyer specifically trained to help Expats, information on setting up your own business, money transfers and several other important topics then Expat Life is your perfect reference manual plus an all round enjoyable read and social calendar. The exciting, priceless and easy accessible content in Expat Life Magazine covers exclusive offers from our customers, events information, direct contact email for the services you are looking for and a great opportunity to win a prize each month. We would like to thank you for reading Expat Life and appreciate your suggestions. Please email us on office@expatmoney.com with your comments on our layout, the topics we cover and anything else you can think of. We are open to suggestions and would be delighted to receive emails with ideas for any new important areas that we might have missed. Our efforts to create a smooth transition for you when becoming an expat in Dubai is important to us. As a thank you for your feedback we will enter you into our lucky draw to win a High Street voucher!
We look forward to hearing from you....
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JOIN THE REVOLUTION Join our Social Community and get updated all the time. expatmoney company/expatmoney-fz-llc expatmoneymag
INTRODUCTION BACK TO CONTENT PAGE
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XPATMONEY magazine has been re-launched as “EXPAT Life” and redesigned to provide expats with first-hand information about life in Dubai.
Living in Dubai is not easy, you only find this out when you have actually moved here. EXPATMONEY was launched two years ago for the sole purpose of helping expats who are living here in Dubai. It enables you to find reputable companies that can guide you in finding a school for your children, a home to live in, a lawyer who is specifically versed in helping Expats, information on setting up your own business, help when transferring money home and several other important topics of interest.
We would like to thank you for reading Expat Life and appreciate your feedback. Please email us on office@expatmoney.com with your comments on our layout, content, the topics we cover and anything else you can think of. We are open to suggestions and would be delighted to receive emails recommending any new important areas that we might have missed for creating a smooth transition for expats moving to Dubai. Suggestions and Feedbacks will give you a chance to be entered into our lucky draw to win a High Street voucher!
Exciting NEW content in Expat Life Magazine. • Exclusive, must have offers. • Great opportunity to win cinema tickets • Events page for the next three months. • Direct contact and information for the service you are looking for.
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ENTERTAINMENT
LADIESNIGHTDUBAI.COM IS THE FIRST WEBSITE DEDICATED TO LISTING LADIES EVENTS IN AND AROUND DUBAI.
Classy and stylish venues are starting to offer quality drinks and generous discounts on food. Quote Expatmoney Victoria
Email victoria@ladiesnightdubai.com
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LadiesNightDubai.com is the first website dedicated solely to listing the many fabulous ladies nights in and around Dubai. This one stop e-shop of great places to go has been available for over 3 years. Owner Victoria has loved seeing the whole Ladies Nights’ scene evolving. Classy and stylish venues are starting to offer quality drinks and generous discounts on food. Victoria has always encourage venues to introduce meal deals at less busy times and now Ladies Night Dubai have the “Dining Offers” section dedicated to this. Victoria says that having lived in Dubai for many years she was aware of the importance of spending your hard earned cash wisely. “I always kept track of meal deals and ladies’ nights, this info was diligently stored in my phone notes and before long all my friends used me as their reference for a fun, superbly priced night out.” It was a natural progression that the idea to launch a website would unfold. A website was needed for ladies to have the ability to search for the best places to have dinner and drinks with detailed information on offers available. Initially it was a hobby, then within a year Ladies Night Dubai had become number one on Google. “I had to leave my job, of nine years, to be able to take care of my newborn venture. This has now developed into the successful niche business it is today.” Victoria has great plans for the future and is looking to launch a new website which will be more glamorous and expand to include topics such as brunches. The new website, www.brunchcrunch.ae will be launched soon in partnership with Ladies Night Dubai. Victoria says “We are still discussing the exact concept as we would like it to be unique and differ slightly from existing websites.”
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PLANES, BOATS & AUTOMOBILES
THE 2ND TAIWAN INTERNATIONAL BOAT SHOW
Quote Expatmoney Brett Noble
Email info@bushandnoble.com
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Quote Expatmoney John Bush
Email info@bushandnoble.com
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ast week Bush & Noble jetted off to Taiwan for the 2nd Taiwan International Boat Show that also shared its spotlight with the Horizon Yachts Open House. The show took place from 10th-13th March in Kaohsiung, a special municipality in Taiwan. Kaohsiung is home to the largest Harbor in Taiwan and exhibited more than twenty million US dollars’ worth of new Horizon luxury yachts such as the RP120, FD85 and E56. John Bush, Co-Owner said, “The whole event was a success and Horizon ensured that their attention was given to every aspect of the exhibition. The fleet of executive Horizon Yacht Limo-buses effortlessly moved guests to and from this year’s Taiwan International Boat Show. The show reflected Horizon’s luxury brand and the passion that they have in building exquisite, bespoke yachts… that is why they are the leading custom yacht builders in Asia!” The show hosted the world debut of Horizon’s new FD85, a fast displacement motor yacht boasting; modern styling,
Your Yacht. Our Passion.
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As the official dealers of Horizon Yachts in the GCC, Bush & Noble International Yacht Brokerage attended the show flexible performance, and complete functionality. The FD85 didn’t fail to impress and stood proudly in the open house in all its grandeur. As the official dealers of Horizon Yachts in the GCC, Bush & Noble International Yacht Brokerage attended the show and were proud to see how much the company have achieved and grown since last year’s event. This year two of the Horizon boat models have been honoured with Taiwan’s Excellence Awards: the V80 motor yacht and the new open bridge E88 motor yacht. Horizon Yachts are Asia’s largest custom yacht builders and the fifth largest yacht builders in the world! Bush & Noble Yacht Brokerage are honoured to deal with such a prestigious brand in
the GCC and are looking to make 2016 the year that the Horizon brand takes the top of the Middle East’s boat buyers list. Whether you’re looking to purchase, sell or simply enquire about anything yacht related, Bush & Noble are here to guide you every step of the way with professional advice and unrivaled service! Give Horizon’s official dealers a call today at +971 4 451 8750 or email info@bushandnoble.com Dubai - United Arab Emirates - Issue 8
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PLANES, BOATS & AUTOMOBILES
FLYING HIGH
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f you’re fed up dealing with the stress of fitting your boss’s schedule around commercial airlines and major airports, chartering a private jet could be the solution. No longer the preserve of the rich, and famous private jets are giving business people valuable assets which can only impact positively on business: time, convenience and cost effectiveness.
Private Jet Charter consultants will advise you on the best choice for the trip 12
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And with a private jet charter you’re in control of the details – when to fly, where to fly to and from, and the passengers. And as Hugh Courtenay, Mangaging director of the luxury firm Private Jet Charter since 1991, explains, the only thing limiting you is your imagination: “I’m often asked if we fly anyone famous? The answer is yes, of course we do, but I could never give that away, it’s top secret. But I can share with you a couple of more unusual requests that have made me smile; we filled a jet with red roses for a wedding anniversary once (very romantic) and we once flew a puppy on Christmas Eve, in time to make a little boy’s Christmas.” Drawing on years of experience in the industry Hugh has some useful insight into organising your booking effectively.
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Quote Expatmoney Hugh Courtenay
PLANE SPEAKING Why charter a private jet Busy itineraries don’t always fit in with commercial airline timings. Flying private is so convenient. The timetable fits around yours.
Email sales@privatejetcharter.ae
Choose an experienced company It’s really important to build a rapport with the company you’re working with. Chartering an aircraft is not as simple as booking a taxi, there are lots of variables. That’s why the first and most important tip is to choose a reputable and experienced company to work with. Speak to real people with real aviation expertise. Don’t chance using one of these faceless online booking systems that just spit an emailed price out at you. If there are changes to itinerary, you need to be able to speak to someone.
Select the right jet for the trip The aircraft you book should be right for the itinerary; for example why take an eight-seater jet if there are only four people travelling? Aircraft costs really do vary, so it is imperative that you select a jet that suits the trip. Private Jet Charter consultants will advise you on the best choice for the trip.
Where do you fly to? We offer a 24hr worldwide service, so any airport to any airport of your choice, whatever far-flung corner of the world Which airports can I fly from? More than 3,000 airports in Europe alone. Choose to fly from quieter regional airports and avoid the overcrowded ones. What is the check-in time? Just 15 minutes prior to your flight. Plentiful parking, swift security procedures and step on board. Can I choose who I fly with? The jet or helicopter is just for you. Whether for business or leisure, you choose who flies with you. On a private jet it’s even possible to take the family pet along.
Make sure the price is fully inclusive Some companies will give you a price for a trip and then when you go to book, you find there are extras for catering, passenger taxes, crew and so on. Always make sure the price you have includes everything. No hidden extras. Our price is always fully inclusive of crew, first class catering, complimentary bar and all taxes. The price we quote you is the price you pay.
Get the aircraft to stay with you Short trips where the aircraft stays with you are always much more cost effective.
For a short two or three night stop, it is possible to get the aircraft to stay on the ground and wait to take you back. Longer trips mean that you will have to pay for the empty sectors. So for cost effectiveness, short trips are best.
04 299 7878 Dubai - United Arab Emirates - Issue 8
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EDUCATION
HOW TO PREPARE FOR SCHOOL ASSESSMENTS
Quote Expatmoney Clive Pierrepont
Email cpierrepont@taaleem.ae
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inding a place in a new school for your child can be a stressful process, particularly when it comes to the assessment stage. It’s natural to worry about how your child will cope, or to be concerned that you’ve done enough to secure a place, especially in schools where competition for the number of available spaces is high. While most private schools in the UAE use assessments as part of the admissions process, each will have its own procedures in place. “While they may differ from school to school, they are designed to offer as much support as possible to every child the school admits,” says Dawn Rennie, Director of Development and Admissions, Dubai British School Jumeirah Park.
to catch your child out, rather they want to see whether your son or daughter will be a good fit into that par-ticular school’s community.
The assessment itself will vary depending on the year group your child is applying for. Generally, assessments for the youngest foundation students applying for a first-time school place are play-based, and are often conducted one-to-one. For this age group, the assessment helps the teacher understand your child’s social skills and interaction with others. Parents are usually invited along, whether to accompany your child, or to be nearby while the assessment takes place, which in turn should help them feel more at ease. For older children, assessments are tailored to the specific year group, and will usually include literacy, mathematics and elements from the curriculum, as well as your child’s social skills.
Doing your research and understanding the application process goes a long way towards alleviating your worries. “If you have any questions regarding any part of the application process, do not hesitate to approach the admissions manager of the school.” says Rennie. “Their job is to guide you through the process and they should be happy to assist you with any of your concerns.”
“The best advice that I can give to parents is to try to relax (I know that this is easier said than done!),” says Rennie. “I too have been through the process of placing my children at schools in Dubai and know the stress and dilemmas that every parent faces at this time. It’s important to re-member that your child will pick up on your worries and this in turn may make them nervous them-selves. This should be avoided if at all possible.” The assessment process isn’t designed
“Today’s schools are much more aware of the ‘parent journey’ and strive to make the assessment experience a positive one for both students and their families,’ says Clive Pierrepont, Director of Communications at Taaleem. Schools do understand that nerves are involved when attending an assessment, but remember that assessments are just one part of the process - schools will also take into account any previous reports, if applicable, to get a more rounded idea of your child’s potential and attitude to learning.
While in the past competition for places in the UAE’s best schools has been high, in recent years the educational landscape has evolved. According to the KHDA, 16-20 new private schools will have opened by the start of the 2016 academic year, offering up to 63,000 places in Dubai alone for prospective students. ‘While some of the UAE’s older and more established schools are still very over-subscribed, today’s parents have a great deal more choice when it comes to finding the perfect school to suit their child,’ says Pierrepont. ‘Many new schools will still have seats available - parents no longer have to feel like they’re settling for ‘second best’ when there are spaces at newer institutions which offer a top quality education and truly international outlook to their students.’
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SPORT
AT ELITE WE PRIDE OURSELVES ON OFFERING THE ‘BEST’ POSSIBLE COACHING
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lite we pride ourselves on offering the ‘best’ possible coaching environment for your child to play, learn and develop their technical, physiological and psychological skills in sport. Our philosophy is simple, to share our passion, knowledge and expertise with ‘all’ Elite participants to enable every child to reach their full potential through a programme designed and implemented by the most highly respected coaches in the UAE. The ultimate goal for Elite is to produce athletes equipped with the skills to continue their development within any form or level of sport, throughout their career, including within professional sport.
that have vast experience as coaches and players. At present we successfully run football programmes in numerous schools throughout Dubai & Abu Dhabi The programme enhances the
Football Elite have a fully qualified team of UEFA accredited coaches
Development within any form or level of sport 16
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opportunities of children who would like to improve their skill levels through an educational programme formulated by experienced coaches who have gained valuable experience working within professional football clubs in the UK and U.S.
Swimming Swimming with ELITE is great fun and has many health benefits as well as educating swimmers in water safety and working towards becoming successful athletes. With this in mind ELITE have developed a fun filled program that follows the British ASA (Amateur Swimming Association) framework. Used in more than 1,000 swimming programs nationwide, as well as overseas, it is already the most successful sports program of its kind and has taught millions of children to swim. We also draw on our highly qualified coaches with innovative ideas to help your child become the best swimmer they can possibly be.
School facilities management • Evening and weekend management of School sports facilities. Lease of Football pitches, Swimming Pools, Tennis courts, Indoor areas to the local community to increase sporting participation. • Control of facility bookings, advertisement, client contracts
School Holiday Camps Elite Sports holiday camps are beneficial to:
• Parents - Fantastic place to leave your children in a structured, safe, active environment while they work. • Children - Fun and active for children during the school holidays.
Multi-Sport Camps Elite’s School holiday camps offer your child the opportunity to participate in and learn the key skills in sports such as football, basketball, cricket, dodge ball, hockey and many more! The purpose of the camps is to expose your child to as many different
sports as possible, in order for them to develop their technical ability whilst also improving their team play, attitude and even socializing skills. The camps focus on FUN through learning, and promote the need for the children to remain fit and healthy, whilst stimulating their minds, in a controlled, enthusiastic, positive environment, under the tutelage of experienced, qualified coaches. Multi-sport camp for children from 4 – 14 years of age to have fun, stay healthy , learn and take part in many fun sports during the school holidays.
info@elite-fc.ae address, 04 554 5916 office number and website – www.elite-fc.ae for contact. Dubai - United Arab Emirates - Issue 8
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FIND YOUR DREAM JOB
COMPANIES SEEKING A FOOTPRINT IN THE MIDDLE EAST COME TO DUBAI.
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outique consultancy, Sapphire Recruitment Consultants, specialize in placing the best candidate for their client’s available job specification. Sapphire Recruitment focus on the importance of building a long-term relationship with the client.
Quote Expatmoney Sheila
Email sheila@sapphirerecruitment.ae
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We aim to become an integral part of each of our client’s recruitment department. Obtaining an innate understanding of their needs and allowing them to take full advantage of Sapphire’s range of talent acquisition services. This external integration is unique to Sapphire Recruitment and will ensure our clients will always receive a winning recruitment strategy. Managing Director of the Dubai office, Sheila Trout, personally gets to know each of her clients to ensure every person on her team is continually looking for the right candidate. Sheila has 28 years regional and international expertise – she quickly understands her clients’ brief, taking into account culture, experience and personality required for the available positon. This allows a streamlined process ultimately saving the client valuable time.
We aim to become an integral part of each of our client’s recruitment departments.
Dubai has seen huge growth over the past 10 years, it is fast paced and continues to grow rapidly. It is becoming the most competitive market place in the Middle East. Companies seeking a footprint in the Middle East come to Dubai. “We focus on developing true partnerships and sourcing the best talent available in the market”. Sheila Trout Managing Director
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THE PROPERTY EXPERTS
THOMAS HOMES GROUP IS A UNIQUE CONSULTANCY COMPANY
finding a family their perfect home
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Quote Expatmoney Daniel
Email daniel.t@thomashomesuae.com
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ffering tailored turnkey solutions to both individuals and companies. Originating in the UK, we have over 30 years’ experience in the real estate industry and have brought an unrivalled service and duty of care to the UAE. We are led by some of the most experienced and respected industry professionals both in the GCC and internationally. Our mission is to bring an unparalleled realty service to the region and to our clients. We provide a comprehensive service to form a stand-alone realty company that meets all our clients’ needs, including property management, relocation, corporate housing and real estate consultancy. From finding a family their perfect home to facilitating housing for multinational companies, we cover every aspect. We endeavor to bring all our clients an up-to-date service to match the constant shift in trends in the local, regional and global markets. Not only do we provide an exceptional service, but we can also introduce you to unique opportunities that are exclusive to Thomas Homes Group. We will tailor your requests to create a bespoke and refined solution to the highest levels of standards; our experienced consultants take pride in delivering services that are individual to you. Working with us, you can be completely confident that your interests are our utmost priority. Your satisfaction is our guarantee. Dubai - United Arab Emirates - Issue 8
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LAW FOR EXPATS
IS YOUR COMPANY’S CONSTITUTION UP TO DATE?
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he introduction of the new commercial companies law in July of this year (the “New CCL”) has made it mandatory for companies in the UAE to implement changes to their constitution, before the deadline on 30 June 2016. Failure to make these changes will cause companies (and their owners and management) serious – and entirely avoidable – problems. At present, it is perfectly possible to get the changes done, and thereby remain compliant with the law. We are focusing our efforts on getting our own clients through this process as painlessly as possible.
kind of dissolution would be seriously detrimental to any company so affected – and all persons having dealings with it. Moreover, the regulators are empowered to impose hefty fines on directors, CEOs, general managers and employees found in breach of their obligations and duties under the New CCL.
The New CCL imposes stricter penalties than its predecessor law, the most stringent of which is the requirement that all companies must amend their memorandum of association to comply with its provisions by the above date. Should any company fail to comply with this provision, it will be deemed to be dissolved. This
If you think an initial free consultation would be helpful, so that you can have a better understanding of your obligations under the new law and the ways we may be able to help you, please feel free to contact us at compliance@jamesberrylaw.ae
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Our Corporate Governance and Compliance Department would be happy to discuss, at no charge, how we can assist your company, to ensure that it complies with the New CCL, both now and in the future.
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rokers need to be vigilant when dealing with off-plan properties in Dubai as there are no clear guidelines on what protection they have if a developer pulls out, the CEO of a real estate firm has said. Tim Boswell made the comments a few weeks after his company, Ocean View Real Estate, had its business licence revoked by Dubai Courts because of a payment dispute with a German investor. The investment, by German firm Ventafonds Capital, under the trading name Dubai Opportunity 1 GmbH & Co. KG, was made on a floor in the Legacy Tower, Dubai Waterfront, in late 2007. The project never took off. Boswell’s firm, which has traded for 14 years in Dubai, had brokered the deal. The court ordered Boswell to pay the German firm Dhs2.4 million, of which Dhs1.4 million was taken out of his bank account. Speaking to 7DAYS, Boswell said: “We sold one floor in the Legacy Tower and the development never happened. I also lost an investment of Dhs1.4 million that I had made on a property in the Dubai Waterfront. We’re only the broker and we had nothing to do with the development of the project. For instance, if we sell a property for a developer and they don’t develop it – are we responsible? The law isn’t clear. HOW ‘OFF-PLAN’ WORKS Claire McCarthy, a senior solicitor in real estate at James Berry & Associates said : “When investors purchase ‘off plan’, they sign a sale and purchase agreement directly with their developer. That sale and purchase agreement will not include any obligations on the part of the broker, in terms of the date for delivery of the completed project. “If a broker signed a sale and purchase agreement on behalf of a developer, he would need to be able to prove that he had authority to do so, should a claim be made against him. There should be an agreement between the developer and the broker, which contains a comprehensive set of indemnities to protect the broker. The broker should also have adequate professional indemnity insurance in place to protect his position.”
“The market needs to know if we are allowed to sell off-plan properties. If everyone who bought off-plan properties went after the brokers, there wouldn’t be any brokers left in Dubai. My advice to brokers would be to do as much due diligence as possible on whatever they are selling off-plan and don’t assume that the master developer has done their due diligence.” Boswell said his licence will be unblocked by authorities once the remaining amount has been paid to the German investor. One of the CEOs of Ventafonds, Oskar Edler von Schickh, told 7DAYS they are expecting one full payment by Boswell and will not accept instalments, which Boswell has offered. Schick said: “We had a contract that was meant to protect us. As the project was not executed we had no other chance than to require our money back. If Ocean View had acted in a commercially correct way, they today still might have been able to work. We are sure we would have found a solution if they had been interested at that time.” Boswell, however, is determined to keep his firm running and said he hopes to reopen next year. He said he has already let go of 24 of his employees while 40 remain. www.7days.ae/uae-real-estate-boss-calls-clarity-offplan-properties/78113 Dubai - United Arab Emirates - Issue 8
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LAW FOR EXPATS
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e live in this ideal world where everything is perfect !!! or is this a misconception ? When there is a breakdown of a relationship, this can be one of the most traumatic periods of anyone’s life. You will be naturally concerned about how a breakdown in a relation will impact on you and any children you have. There will be many questions that will go through your head including, children, finances, and property. At James Berry & Associates, our team of highly qualified Legal Consultants / Solicitors can advise you in this difficult emotional situation. We provide sympathetic personal advice tailored to your individual circumstances and requirements. You may have preconceived ideas as to what your rights are and you may be misled by the people who you look to for support. We offer specialist advice and support in ensuring you make informed decision which will impact your future. We will also consider the most appropriate Court for you to make any marital claims and will go through the advantages and disadvantages of the Court processes for cases in UAE and also other jurisdictions. Although we are UK qualified Solicitors, we have a clear understanding of the processes in UAE and various other Countries. Our Legal Consultants / Solicitors will be able to provide clear and concise advise in many areas of the breakdown of your relationship including : • Separation – Divorce is a big step to take and unless you are certain that this is how you want to proceed, you may want to consider separation and reflect on arrangements including the children, finances and property. We can advise you on your options and refer you and your spouse to mediation where you will be able to discuss and try to find solutions for your issues. • Divorce – we can provide specialist advice on the appropriate jurisdiction for your divorce including your rights and entitlement on dissolution of the marriage. We will explain the divorce process and will help you throughout the proceedings. • Maintenance - As finances can often be a struggle, we can advise you with regards to your entitlement. Maintenance can be for yourself / your children. If your spouse is not
willing to provide financial support whilst the proceedings take place, Interim Orders can be sought from the Court. • Property and Financial disputes - You will need to think about financial matters and also consider any property that you / your spouse may have. We can advise you on potential settlements when going through a divorce and if appropriate refer you to mediation so that you and your spouse can discuss and try and resolve the issues. Negotiations can also take place through Solicitors or at Court. • Children issues - Children are often the most affected following a breakdown in the family unit. We can advise you on all Children Law aspects including contact, custody, and maintenance to mention a few. • Pre- nuptial and post nuptials agreements - Prenuptial agreements are made before the marriage and should include fair terms for parties and any dependent children. We can help you draft an agreement to provide for the management of your finances during the marriage. Postnuptial agreements deal with the difficult issues such as the division of wealth and assets in the event of the marriage breaking down and can be made during the marriage. Following your specific instructions, we can advise and carefully draft prenuptial / post nuptial agreements to fit your individual circumstances and needs. As Court proceedings can be lengthy and costly, we will consider whether your matter can try to be settled through avenues such as mediation, which can be quicker, cheaper and less acrimonious than going through the Courts. Mediation may not always eliminate the problems however, through specialist counselling can suggest solutions or discuss compromises. If you are experiencing any family issues, please do contact us. You can make an appointment to come and speak to us at our fortnightly family clinic where we can offer you up to a 30 minutes free consultation. You are not alone. We are here to guide and assist you through any of your matrimonial issues.
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Quote Expatmoney Dee Popat Head of Family Law Department
Email dee@jamesberrylaw.ae
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REST IN PEACE NON-MUSLIM EXPATS CAN FINALLY LAY TO REST THEIR DOUBTS SURROUNDING INHERITANCE LAWS IN DUBAI
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he position of Wills and Inheritance laws applicable to non-Muslims owning assets in the region was uncertain – that is until 3rd May 2015, when the DIFC opened its doors to the newly created Wills and probate Registry (WPR). For the first time in the MENA region, the DIFC has successfully provided a mechanism which allows non-Muslims to register a Will under internationally-recognised common law principles. Whereas the historical position created uncertainty and misconceptions amongst the non-Muslim population as to the succession of their local assets after their demise, the DIFC WPR gives legal certainty for inheritance matters to those who opt-in to the DIFC WPR solution. As a result of working closely with the DIFC Courts and by complementing existing UAE laws in this area, the DIFC WPR has provided an innovative solution to non-Muslim expats and investors alike who were perhaps previously reluctant to
expand their investment portfolios to local assets as a result of the ambiguous existing local inheritance laws. James Berry & Associates are proud to have played a leading part in creating this exciting and groundbreaking new Registry. We can assist with preparing Wills that can be registered with the DIFC WPR to provide you and your family with legal certainty and a cost-effective solution to owning assets in Dubai to ensure that they pass in accordance with your wishes. For further information, please contact wills@jamesberrylaw.ae Tasleem Sayani Senior Legal Consultant James Berry & Associates Legal Consultants Suite 304 API World Tower Sheikh Zayed Road PO Box 52294 Dubai - UAE Dubai - United Arab Emirates - Issue 8
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LAW FOR EXPATS BACK TO CONTENT PAGE
ARKHURST & ABDELLAH FAMILY FIRM PROVIDING TAILOR MADE SOLUTIONS
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hairperson and Solicitor Jennifer Arkhurst of Arkhurst & Abdellah family companies Arkhurst & Abdellah Consultancy DMCC & Arkhurst & Abdellah Solicitors FZ LLE, talks to us about the firm’s achievements and role in assisting SMEs in the UAE.
Arkhurst & Abdellah family firms provide tailor made solutions to the UAE business community including overseas clients. Regulated by the Law Society of England & Wales and the Solicitors Regulation Authority, the firms came into the market four years ago to bridge the gap in the legal sector as far as SMEs and startups are concerned, the business goal being to make a difference. With strict adherence to ethical codes, fee transparency and their ability to offer commercially viable advice to businesses, Arkhurst & Abdellah has become the consultancy of choice for several SME’s in the UAE. The firm has brought about innovative changes to legal services in the local legal landscape, encouraged entrepreneurs and companies to adopt best business practices resulting in the firm’s rapid rise. Arkhurst & Abdellah participates in coaching aspiring entrepreneurs at an early stage through the Khalifa Fund and the Young Arab Leaders (YAL) and were shortlisted as one of the top performing 200 SMEs among more than 4500 SME applicants in 3rd Cycle of the Dubai SME 100 ranking.
Ability to offer commercially viable advice to businesses
Dubai - United Arab Emirates - Issue 8
Jennifer Arkhurst
Email info@aasolicitors-ae.com
Press interviews and articles include Gulf News, October 2014 and Khaleej Times, March 2015. Arkhurst & Abdellah has been recognized internationally for corporate law, best game changers in corporate law and for best client care. Website: www.aasolicitors-ae.com
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Quote Expatmoney
LAW FOR EXPATS
EXPERT KNOWLEDGE CAN MAKE THE COMPLICATIONS OF DIVORCE MORE TRANSPARENT Do you find yourself in this position? London solicitors Mackrell Turner Garrett acted for a lady based in Dubai who is in her mid 40’s, Australian by birth but holding a UK passport. She moved to Dubai ten years ago when her husband, who is English by birth and also holds a UK passport, got a job in the Emirate. When they first moved to Dubai, their lifestyle was amazing – the husband had an accommodation package which meant they had a five bedroom villa with a live-in maid, swimming pool, two cars and the children attended private school. They wanted for
nothing and during their free time travelled extensively around the world as well as experiencing everything that Dubai and the other Emirates have to offer. Three years ago, the wife discovered that her husband was having a relationship with a girl that he worked with. When she confronted her husband about this, he admitted to the relationship and although he said that it was not serious, he moved out of the family home and rented an apartment for himself. Since that time, the relationship with the girl has continued. Whilst the wife is only too well aware that such a relationship is illegal in Dubai, she is also aware that if she takes steps to have her husband punished for his illegality, the lifestyle that her and the children have had for the last few years, a lifestyle which is the only one her children can recall, would abruptly come to an end as undoubtedly her husband would lose his job and she would therefore not be able to continue to live in Dubai. Whilst they have been in Dubai, as a result of the husband’s significant tax free income, they have accumulated assets both in Dubai and in the UK. The matrimonial home remains in the UK and this is rented out; they have two investment houses in the Counties and two investment apartments in Central London. In Dubai, they have two investment apartments which are currently rented out. The husband has a pension from his previous employment in the UK and they have significant monies both in the UK, in Dubai and offshore.
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Dubai - United Arab Emirates - Issue 8
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Dubai - United Arab Emirates - Issue 8
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LAW FOR EXPATS What is the wife to do? The husband has made it clear that the marriage is over although he has also said to the wife that he will make sure that she and the children are financially comfortable moving forward, and he has been honest enough to admit that he is concerned about the divorce process and the impact that that will have on what he considers to be his assets. The wife does not want to stay connected financially to the husband for any longer than she has to. Whilst she appreciates that he is offering what appears to be financial security, he could change his position overnight and she and the children would be left with nothing. Whilst the matrimonial home in the UK is in joint names and one of the investment houses and one of the investment apartments in the UK is in her name, if the husband did change his position then undoubtedly she would have to return to the UK because the property in Dubai is in the husband’s name. She is solely dependent on him maintaining her; providing accommodation for her and funding both her and the children on a day to day basis together with the children’s school fees. She is unable to work in Dubai. She has taken the step, on advice, to commence divorce proceedings under English law. She is able to do so because she and her husband are both domiciled in England. What this means is that they have maintained their connections to the UK and they see that as being their homeland country. Domicile can be a technical issue; take advice if you are thinking about commencing divorce proceedings in England. The reason the wife has commenced 30
Dubai - United Arab Emirates - Issue 8
Quote Expatmoney Alison Green
Email Alison.Green@mackrell.com
Quote Expatmoney Adam Paterson
Email Adam.Paterson@mackrell.com
divorce proceedings in England and not in Dubai is because under English law a full range of financial remedies are available to her. These financial remedies include maintenance payments for both her and the children; transfers of assets normally property; payments of lump sums of money; and pension sharing. This is the case whether or not the assets are held in joint names or in her sole name. Therefore anything which is owned by her and her husband falls into what is known as the “matrimonial pot” for division between them upon divorce.
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Could she have commenced divorce proceedings in Dubai? Yes she could because she resides there. However, whilst the actual dissolution of the marriage procedure is no more complex in Dubai than it is in England, the ability to secure financial remedies following a divorce in Dubai is more tricky. The local Dubai law does not provide for wives in such a situation to make claims against assets of their husbands whether they are within Dubai or indeed outside of the country. What this means is that a wife in this type of situation would not be able to make any claim in relation to assets which are owned in joint names or by him in his sole name, or on his pension. She would also not be able to make a claim against any assets held overseas, in this case England. As can be seen therefore, if there is jurisdiction in England and Wales it can be beneficial to a wife where there are assets to use the English law, and thus divorce in England, in order to secure a settlement on divorce. Of course, every case is different and the circumstances that parties find themselves in are never the same. However, the general principles outlined above give an indication as to the benefits of using other jurisdictions in order to deal with such matters. If you find yourself in such a situation and you think you may have jurisdiction in England and Wales, then please do not hesitate to contact us.
Contact details For more information and an appointment to meet a representative in Dubai, please contact Alison Green at Mackrell Turner Garrett, Solicitors of Savoy Hill House, Savoy Hill, London, WC2R 0BU Telephone number: 020 7240 0521 Email: alison.green@mackrell.com Website: www.mackrell.com
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HELP IN SETTING UP YOUR BUSINESS
SETTING UP YOUR BUSINESS IN DUBAI Do you want to escape the traditional workplace grind and become a Freelancer or Consultant in Dubai? For those imbued with an entrepreneurial spirit, it is difficult to imagine yourself on a somewhat rigid career path of paid employment, remaining in the one industry type or even the same country for your entire working life. Simply climbing the corporate ladder to senior management is not completely fulfilling, if you don’t have autonomy over your future. Freelancing and Consulting both offer a tantalizing balance between freedom and flexibility, responsibility and discipline. While both freelance and independent consultants work for businesses on a project-by-project basis and generally hold no allegiance to any one company, there are significant differences between the two structures.
Quote Expatmoney Raquel Luy Decena
Email info@creativezone.ae
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Dubai - United Arab Emirates - Issue 8
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Consultant: An independent consultant is generally classed as an individual who either works for themselves with multiple clients or directly services a company that contracts out to multiple clients
Freelancer: A freelancer is also a consultant but works independently by selling their services by the hour, day, or job to multiple clients. Generally, a freelancer does not fulfill permanent or long-term contracts with one employer.
Setting up your Business in Dubai To conduct any form of business ‘legally’ in Dubai requires a UAE Trade License. Your Trade License clearly states the activities you are able to perform and where you may conduct your business (if within a Free Zone or Dubai LLC DED). The process of company setup can be complicated and time-consuming, especially if you are still in full time employment or new to the region. These two business structures are treated very differently and require professional guidance to determine which will be most appropriate for you.
Best Company Setup Advisors in Dubai CREATIVE ZONE includes a team of company registration professionals who are passionate about bringing the dreams of aspiring entrepreneurs and SME’s to life. Established in 2010, CREATIVE ZONE is now the largest business set up advisory firm in Dubai, having successfully assisted with the launch of more than 3500 companies, a large portion comprising SME’s such as Consultants. Clients of CREATIVE ZONE enjoy dedicated account management and customer service well after receiving their company documentation. Cornerstone to the success of CREATIVE ZONE is a commitment to helping clients develop and grow their business.
If you are eager to start your entrepreneurial journey, refer to CREATIVE ZONE’S 5 steps to establishing yourself as a Consultant or Freelancer.
Step 1. Do some research and choose your industry carefully. If all goes well this could be a highly profitable ‘forever job’! It is important to choose an activity that you will both enjoy and embrace with passion and pride. Remember, most people set up a business because they want to be their own boss, with financial freedom and flexibility. If you don’t enjoy what you do, then you may find it hard to motivate yourself later.
Step 2. Create a business plan. While it is a requirement to provide a business plan as part of your trade license application process, it is also one of the most key planning tools for new company formation. A business plan is more than just a forecast on where you’ll be in a year, 3 years or 5 years. It also allows you to see things in black and white, and be able to compare your performance later against your predictions. Step 3. Choose your company name. So you know your market and you know how you’re going to do business. Now you need to be creative and think about your branding. Your company name speaks volumes about who you are and what you do. A company name should be catchy but not trivial, memorable and relatively short. Some experts recommend not having more than 10 letters to the name. Don’t be tempted to use words like ‘Elite’ as it gives the impression that your services will be expensive, likewise words like ‘budget’ or ‘discount’ should be avoided for the opposite reasons. Step 4. Get a license. This is often the most daunting aspect of setting up your own business. It is not uncommon for people to delay setting up their company because they don’t want to tackle this problem. Thankfully help is at hand. CREATIVE ZONE is able to offer many different business set up solutions based entirely on your circumstances, requirements and budget.
Step 5. Surround yourself with experts. No matter how much you know you can always learn more. It is always useful to be able to ask an expert when you come up against a tough question or decision. One of the biggest advantages of setting up a business in Dubai with CREATIVE ZONE is that we have a panel of experts in place who would be more than happy to help. Establishing yourself as a consultant or freelancer has never been so easy. All you need is desire, determination and the 5 steps above.
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HELP IN SETTING UP YOUR BUSINESS
NAVIGATING THROUGH THE MAZE OF UAE BUSINESS SET-UP
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here are many misconceptions about the difficulties of establishing a business in the United Arab Emirates (UAE), but the most frequent that we encounter from prospective clients is that they will be required to hand 51% ownership of their business to a UAE citizen and that this local partner will effectively have control over their company and corporate bank account.
Sovereign will immediately correct this misunderstanding. Although all companies established in the UAE under the Commercial Companies Law (CCL) must have 51% ownership by UAE nationals, 100% foreign ownership is permitted in the UAE’s many Free Zones. In addition to acquiring nationality in the UAE, companies based in a Free Zone can enjoy 100% import and export tax exemptions, 100% repatriation of capital and profits, corporate tax exemptions for up to 50 years, no personal income taxes and assistance with labour recruitment, as well as additional support services, such as sponsorship and housing. The next step for Sovereign is to ascertain where the client needs to set up their business. The first question to ask is “where is the market for your product or service?” If you are not looking to trade onshore in the UAE, then a Free Zone Establishment (FZE) will almost certainly be the answer. The UAE has almost 40 Free Zones across Dubai, Abu Dhabi, Sharjah, Fujairah, Ajman, Ras al Khaimah and Um Al Qwain, with several more currently under construction. Each Free Zone is designed around one or more business industry categories and only offers licences to companies within those categories. An FZE is a limited liability company (LLC) governed by the rules and regulations of the Free Zone in which it is established. Sovereign is engaged with senior staff at most UAE Free Zones and is therefore able to advise on licence type, cost, office space, visas and the time scale. Often clients will have a preconceived notion that they wish to establish in a particular Free Zone, but after consulting with Sovereign they discover there is a more cost effective solution. 34
Dubai - United Arab Emirates - Issue 8
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Quote Expatmoney Paul Bryson
Email pbryson@sovereigngroup.com Mobile +971 56 466 3497
If however your business requires you to trade onshore in the UAE mainland with local companies then you will need a Department of Economic Development (DED)licensed company and this will require a local partner. This is something that Sovereign can also assist with using a corporate shareholder model, which allows clients to effectively maintain 100% ownership control of their business. The main benefit of using Sovereign’s corporate shareholder is that you won’t be dealing with an individual person as a shareholder but rather an international, fully licensed and regulated company without any emotional ties to your business or vested interests. Sovereign works closely with the DED through an official strategic partnership with Dubai Foreign Direct Investment, whereby they endorse Sovereign as an ideal local partner and provide excellent ancillary services and advice for international clients of Sovereign entering the UAE market. One final piece of advice – don’t make hasty decisions when setting up your business. A poor choice could severely hold back your business and lead to time-consuming and costly restructuring. Sovereign has been assisting companies with foreign market entry on a global basis for the last 29 years and in the UAE itself for the last 18 years. We offer unrivalled options and will recommend the most suitable structure, location and licence type, so feel free to contact us for a free consultation. Let us cut through the red tape and allow you to focus on your business. Dubai - United Arab Emirates - Issue 8
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HELP IN SETTING UP YOUR BUSINESS BACK TO CONTENT PAGE
LIVEADMINS: ENHANCE CUSTOMER EXPERIENCE AND CONVERSION RATES WITH LIVE CHAT
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henever a customer lands on a website, he/ she needs and expects assistance while searching for products and information. Online customers expect businesses to respond to their concerns and questions in real time without having to wait. Today, businesses need to provide website visitors with proactive, around the clock
Quote Expatmoney Hamza Nasir
Email hamza@liveadmins.ae
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Dubai - United Arab Emirates - Issue 8
customer support for addressing all their questions and offering them suggestions. LiveAdmins® has been assisting businesses to improve online customer experience for years now. LiveAdmins® has set a benchmark for bespoke live chat service solutions and strives to constantly enhance customer support for online businesses. LiveAdmins® started off in Chicago in 2002 with the aim to offer 24/7 live chat service to businesses across the globe. The live chat service offered by the company is proactive and ensures that all customers are greeted and assisted around the clock. The multilingual chat operators at LiveAdmins® are trained to handle difficult customer situations and offer a personalized customer service experience from the moment a visitor lands on the website. Apart from customer support, the flagship WebGreeter Live Chat Software (WGLCS) offered by LiveAdmins® helps in tracking
visitor behavior, thus helping businesses enhance and personalize the service. LiveAdmins® is offering its live chat service in the following languages; Arabic, English, French, German and Spanish. The services offered are helping businesses across several different industries like automobile, real estate, law firms, educational institutions, insurance and hospitality by increasing sales and enhancing customer satisfaction levels. Key Features of the Live Chat Service • Around the Clock Customer Support • Zero Hold Time • Customizable Software based on Business Needs • Insightful Reporting and Analytics • Track Visitor Journey • Multilingual Chat Service • Software Support available across Windows, MAC, Android and IOS These features and services offered by LiveAdmins help businesses increase their marketing ROI and deliver a better service experience to customers. Know more about our service by visiting www.liveadmins.com
HELP IN SETTING UP YOUR BUSINESS BACK TO CONTENT PAGE
CustomerService.ae – AN ONLINE CUSTOMER SERVICE PORTAL BY LIVEADMINSŽ
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ustomerService.ae was launched with the vision to offer a comprehensive guide about customer service to businesses in the GCC region. The online portal gives businesses insightful information about changing customer service trends and tips on improving service standards. The content on CustomerService.ae offers valuable guidelines to businesses in order to create a culture of customer-centricity. Readers on CustomerService.ae can find interesting interviews from leading industry experts, DIY Customer Service training games and workshops, discussion community, events, best practices and latest customer service news from the GCC region. For further information check out www.customerservice.ae
Quote Expatmoney Hamza Nasir
Email hamza@liveadmins.ae
Dubai - United Arab Emirates - Issue 8
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HELP IN SETTING UP YOUR BUSINESS
myOffice’s DED LICENSING SERVICES
Starting a Business in the UAE has become easier with myOffice Corporate Services.
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Dubai - United Arab Emirates - Issue 8
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myOffice working closely with SME and Corporate Businesses to provide quick and efficient DED Licensing DUBAI, United Arab Emirates: - Starting a Business in the UAE has become easier with myOffices Corporate Services. In line with the vision of the Department of Economic Development (DED), myOffice are pleased to announce in-house services incorporation to help businesses setup quickly and effectively from our centrally located offices throughout Dubai. Our team of in-house professionals with over 6 years of set-up experience are trained to manage the DED setup process from the initial name approval, to issuance of your trade license. We advise on what structure, what activity to operate legally under and keep to the dedicated timelines quoted in the incorporation process. This coupled with ready made high-end fully furnished and Serviced Offices is a solution that is quick and efficient and most importantly in line with the DED licensing requirements. myOffice are currently managing 97 in-house DED licenses and encourage clients to opt for a DED license in comparison to a Free Zone entity, for more freedom in conducting business in the UAE.
myOffice Center Manager Alissa Robinson: “We receive a number of inquiries from SME startups about their concerns with setting up with a DED license and not having control of their business. This is a misconception many people have about DED licensing, positioning a Free Zone setup as a more desirable option. However this is not the case as there are stricter business limitations with Free Zones companies to freely trade in the mainland. We assure clients that through myOffice all legal and correct documentations are in place to protect their business, including an MOU between the client and the myOffice Local Corporate Sponsor and other nominee agreements. myOffice rather an individual use a corporate company as a sponsor. Therefore in the case of succession planning or in the event of a dispute, myOffice has full Power of Attorney of this company and therefore expatriate is protected. We have noticed in the last 5 years of operation that the companies who have taken DED licensing services with us have grown rapidly and upgraded and renewed their business facilities with us. We have seen a number of entities start with 1-2 employees and rapidly grow to 50 within 2 years.
Shareholder Steve Mayne: Starting a Business in the UAE has become easier with myOffice Corporate Services. The way business is conducted in the Middle East is very different from the West. The majority of our licensing activities are through referrals and recommendations of our existing business network, positioning us as a trustworthy source. myOffice’s DED licensing services are available with our Serviced Office Facilities in the most prestigious locations in Dubai - Downtown, Business Bay and Dubai Marina.
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HELP IN SETTING UP YOUR BUSINESS
Do you have your ‘ducks in a row’ when an employee resigns? Starter checklist for Human Resources and payroll compliance A while back I was asked to assist a company in navigating through a rather difficult separation process with an employee. The employee argued for an increase in his final settlement payment. He questioned the prorated work days calculation, the way the final settlement was determined, and also requested to see evidence of leave days taken. The company was in a predicament. They had no set calculation methodology, and were unable to produce records of leave taken, other than a few emails where leave was requested. This is typical of what so often happens with small businesses. They are so focused on startup activities such as getting the business registered, getting the right people onboard, the laborious process of obtaining employment visas, and getting the business known in the market, that compliance on Human Resources and payroll is put on a backburner. Mostly ignored until a crisis develops. This prompted me to suggest a starter checklist for small businesses to consider as part of their setup process. If this is done in the early stages, it can potentially save a lot of distress and expense later on.
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BUSINESS START UPS IN THE MIDDLE EAST
1. Keep a master file of your employee data A web-based HR and payroll system is recommended to manage your employee data. However, an Excel sheet with basic information should suffice in getting you started on your employee master file. Employee details such as full name, job title, contact information, nationality, passport details, compensation and benefits, starting date, and bank details. Keep in mind for this to have value it needs to be updated regularly. 2. Determine your cost to company for each employee The compensation and benefits package alone is only a part of what the employee is costing you. Elements such as the annual leave entitlement, loss of productivity when on sick leave, a leave flight ticket back to their home country, the gratuity provision you have to make, and medical insurance costs are but a few items that need to be quantified. Calculating these expenses will give you a more accurate figure of the real costs per employee. 3. Asset Control It is indispensable to document company assets that you allocate to employees eg laptops, mobile phones and other equipment. By linking it to depreciation on your accounting records, you can calculate the value for these assets on a Year to Date principle. It will enable you to determine what needs to be replaced or returned when an employee leaves the company. It is also provides a guideline and/or prompt for servicing, upgrades etc throughout their employment with you.
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OPS: Outsourced Payroll Solutions (OPS) is preferred by leading companies as their regional payroll solution in the Middle East. OPS utilises an established web based HRIS system, secure hosting and in-country expertise 4. Cost of Employee Benefits Unless an employee is aware of what the monetary value of the non-cash part of their compensation and benefits package is, they will not be able to compare the full value a company provides. Elements such
to provide our Clients with bespoke payroll services. We adhere to international payroll standards while complying with country specific labour law.
Diana: Diana Geldenhuys is the Founder/Managing Director of Outsourced Payroll Solutions based in Dubai, United Arab Emirates. When she graduated from The University of Pretoria, South Africa with a
We adhere to international payroll standards
Masters degree in Human Resource Management, Diana held positions in HR Departments in several corporate organisations. She also lectured at Middlesex University in Dubai. In 2008, after many
as medical insurance, Salik, metro cards, lunches, parking permits etc are not added to the cash component of their salary package. However it contributes to providing competitive market related pay. If employees are faced with an alternative job offer, by understanding the value of these noncash benefits, they can often elect to stay with your company.
requests from several companies for her to do their payrolls on their behalf, Diana founded Outsourced Payroll Solutions.
Quote Expatmoney Diana Geldenhuys
Managing Director/ Founder
5. Accrue your end of service benefit Although not a legislative requirement in the UAE as yet, making provision for end of service benefits is useful to companies. Despite this advantage, it is generally not done by the majority of small and startup companies. Small companies could minimise their cash flow risk when employees leave the company, by consistent and regular accruing for gratuity payments. If you want to know more about HR compliance and Payroll governance in the UAE, pleasecontact Outsourced Payroll Solutions: sales@ops.ae www.ops.ae +971 (0)44466309
Email sales@ops.ae
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ACCOUNTANCY
KINGSTON SMITH IS A TOP 20 FIRM OF CHARTERED ACCOUNTANTS The Trouble with Tax…… ………..is that you cannot ignore it, even when you live and work overseas in a tax favoured jurisdiction. The UK tax regime is evolving, with disclosure requirements and acceleration of tax payment dates for transactions carried out by non-UK residents with UK assets and those who have UK origins or who spend long periods of time in the UK Are you aware of the dramatic changes affecting UK property, inheritance tax and domicile? This article focuses on the changes in tax law relating to UK property and domicile as these are the most dramatic changes introduced in 2015 and 2016.
Property related changes: Capital Gains Tax on UK property Many ex-pats retain UK property and there are a growing number of non-UK residents investing in UK property. Previously non-UK residents have benefitted from
being outside the UK capital gains tax (CGT) rules in relation to sale of their assets. This all changed as of 6 April 2015 when sales of UK residential property by non-UK residents came within the charge to CGT. CGT will be charged on the proportion of the gain which relates to the period from 6 April 2015 to the date of disposal.
Private Residence Relief If you own more than one property, you may elect for your UK property to be treated as your main residence. This will entitle you to ‘Principal Private Residence relief’ for any period you occupied the property as well as the last 18 months of ownership, even if you did not actually live in the property during that period. This has been substantially reduced from the 36 month period of deemed occupation previously allowed. However, as a non-UK resident, you will only be entitled to claim this relief if you were resident in the UK and spent at least 90 midnights in the property in the tax year in question. It will be possible for one spouse to spend 90 midnights in the property and the other to spend less time and still qualify for the relief, but any claim must be consistent with any declarations made for self assessment purposes, where relevant.
Declaring the Disposal You must declare a disposal of UK property to HM Revenue and Customs (HMRC) on a NRCGT (Non Resident Capital Gains Tax) return within 30 days of conveyance of the property. The penalty for late filing is £100. If you are already in Self Assessment, you must also report the disposal in your tax return for the relevant year. Unfortunately the return must be filed regardless of whether a liability for CGT actually arises. If CGT is due, this is also payable within 30 days of conveyance of the property. Alternatively, you can elect to settle your liability as part of your self assessment at the end of the tax year if you fall within this regime.
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Stamp Duty on UK property The UK Government announced in November that it intended to charge higher rates of Stamp Duty Land Tax (SDLT) on the purchase of “additional” residential properties. The new rates, as currently anticipated, are as follows: Band
Existing Residential SDLT Rates
New Additional Property SDLT Rates
£0* - £125K
0%
3%
£125 - £250K
2%
5%
£250K - £925K
5%
8%
£925K - £1.5m
10%
13%
£1.5m+
12%
15%
The main proposal is that SDLT rates of 3% above the current SDLT rates will apply to an individual purchaser where, that individual owns two or more residential properties, even if the properties are intended to be for others to occupy.
Annual Tax on Enveloped Dwellings (ATED) If you own UK residential property through a non-natural person (a company, a partnership where one of the partners is a company, or a collective investment vehicle) you may fall within the ATED regime even if you are non UK resident. As the name would suggest, this is an annual charge payable each year in respect of chargeable periods running from 1 April to 31 March. From 1 April 2016, an ATED return is due to be submitted by companies and other entities caught by this regime where the property held had a value of more than £500,000 in April 2012 (or later if acquired after this date). The threshold is being reduced from £1 million to £500 000 which will bring more properties within this regime. The return must be submitted and the tax paid by 30 April of each chargeable period. Late filing will incur an initial £100 penalty with further penalties after 3 and 6 months of up to 5% of the tax due. Reliefs and exemptions are available, but it is still necessary to file a return by the due date. Dubai - United Arab Emirates - Issue 8
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ACCOUNTANCY BACK TO CONTENT PAGE
Calculating the ATED charge The amount of tax due is: Chargeable Period Residential Property
2016/17
2015/16
2014/15
£500 000 - £1 million
£3 500
£Nil
£Nil
£1million - £2million
£7,000
£7,000
£Nil
> £2million - £5million
£23,350
£23,350
£15,400
> £5million -
£54,450
£54,450
£35,900
> £10million -
£109,050
£109,050
£71,850
Over £20million
£218,200
£218,200
£143,750
Restrictions on UK tax relief for landlords From 6 April 2016 two ‘advantages’ enjoyed by landlords will disappear, resulting in an increased UK tax liability in certain circumstances.
Wear & Tear Allowance Currently, where a residential property is let fully furnished, a tax deduction of 10% of the gross rents (less any expenses that would normally be incurred by the tenant) is available. This covers the wear and tear of furniture and fittings provided. Instead of claiming the “wear and tear allowance”, a deduction can only be claimed for expenditure actually incurred.
Mortgage Interest Relief Mortgage interest paid in relation to a mortgage or loan on a property has traditionally been an expense claimed against rental income at the taxpayer’s marginal rate. The rate at which relief is available will be reduced to basic rate (ie tax relief given at the 20% rate even if the landlord is a 40% or 45% taxpayer) only as follows:
2017/18
2018/19
2019/20
% of interest relievable at marginal rate
75%
50%
25%
% of interest relievable at basic rate
25%
50%
75%
From 2020/21, relief will only be available at basic rate. For higher and additional rate taxpayers this will effectively mean a further 20% or 25% charge on mortgage interest paid. 44
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Domicile There is much confusion between domicile, citizenship and residence status. They are very different concepts, with varied tax consequences. You can only have one domicile at a point in time, but could be resident in more than one country, and have citizenship in more than one jurisdiction. Many ex-pats claim to have made a domicile of choice outside of the UK where they have lived overseas for many years. This is not necessarily the correct tax position and can lead to problems for their families when they pass away as they incorrectly believe that their executors have no obligation to disclose their estate to the UK tax authorities. We are experiencing a lot of confusion where individuals change their intentions and return to the UK later in life due to health issues, and even if they have successfully demonstrated a change of domicile, it is likely that the original UK domicile would revive in this situation. This would mean that an individual’s worldwide assets would be subject to UK IHT on death, and their worldwide income and gains would be subject to UK disclosure and taxation during their lifetime, although there would usually be credit given for any non-UK taxes paid.
UK Tax Reforms for non-UK domiciled individuals From 6 April 2017, for the first time there will be a distinction between those who claim non-dom status, but were born in the UK, and those born overseas. It will not be possible to inherit a non-UK domicile if an individual is born in the UK and is resident in the UK. The existing rules that deem an individual to be UK domiciled for IHT purposes will be extended to income tax and capital gains tax, and the length of UK residence for this deeming is reduced from 17 out of 20 years of residence to 15 out of 20 years. Whilst the changes will chiefly affect individuals who have been resident in the UK for a number of years, and those who were born here, consequential alterations to the taxation of offshore structures may have a wider impact.
an option to choose not to be taxed in the UK on any income and gains that remain overseas (the remittance basis of taxation). A tax charge will only arise on nonUK income and gains when they are brought into the UK. Long-term non-doms who are resident in the UK, with significant levels of offshore income and gains can therefore decide on an annual basis whether to be taxed on the remittance or arising basis, but once they have been resident here for seven years or more, there is a charge levied by HMRC at a rate of £30,000, £60,000 or £90,000 for the privilege of using the remittance basis, the charge increases with the length of time the individual is resident in the UK.
What is changing? The proposals which are to take effect from 6 April 2017 will ‘deem’ certain individuals as being UK domiciled. There are two main conditions: Condition A applies to anyone born in the UK with a UK domicile of origin. They will be ‘deemed’ UK - domiciled whilst they are UK resident. Condition B will apply to anyone who has been resident in the UK for at least 15 out of the previous 20 tax years. The above proposals will restrict the access to the remittance basis for long term UK residents, bringing them in line with others who are UK resident and domiciled, meaning that the remittance basis for deemed domiciled individuals will be abolished from 2017/18.
Property and IHT The government has also announced that it will legislate so that IHT is charged on all UK residential property, including property held indirectly by non-doms through a structure such as an offshore company or a trust. This change is intended for the 2017 Finance Bill and a separate consultation will be published to seek views on the detail of this proposal.
What are the current rules?
The trouble with tax is that it is complicated and most individuals have a tendency to hope it will go away. Get ahead of the game and take advice about how these changes will affect you and your family.
Individuals who are both UK resident and domiciled are taxed on their worldwide income and gains (the arising basis), whilst currently, UK resident non-doms have
Lynne Rowland is a Private Client Tax Partner at Kingston Smith.
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Dubai - United Arab Emirates - Issue 8
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RSA EXPLAINS WHY EXPATS SHOULD HAVE THEIR HOME AND CONTENTS INSURED DURING THEIR STAY IN THE UAE DON’T LET A TEMPORARY STAY HOLD YOU BACK Chances are that when you have spoken about home or content insurance with your acquaintances, it’s been dismissed because they don’t have long-term plans for their stay in the UAE. The fact that the majority of the UAE population are expatriates, appears to be a big reason inhibiting the wider acceptance of the concept of home and contents insurance here. While expats realise the importance of getting the right coverage back home, they seem to postpone getting the necessary covers given their transient stay here. It is important, however, that as an expat, you invest in a home insurance policy specifically designed to cover you during your stay in the UAE. At the same time, it is crucial to include insurance-related considerations when house hunting. More importantly, for expats interested in
investing in a home in Dubai, there are basic questions you have to ask before committing to a purchase. This includes an overview of the developer and the property history as well as a thorough check on the plumbing and electrical systems in place. By following this approach, you can have clear expectations of what you require from a building insurance policy and start having these discussions with your insurer at the earliest. A typical building insurance policy covers the structure of the house from basic repairs, to a complete rebuild if your home burns down, and covers the homeowner against damage caused by fires, storms and floods.
DEMYSTIFYING HOME AND CONTENTS INSURANCE While tenants are not directly responsible for getting building insurance, they have an interest in checking that their building is adequately covered and making
sure they have home and contents insurance. While many view insurance-related documentation complex, there are few basic things to keep in mind. It’s critical to know that the landlord’s insurance only covers the building’s fabric, but not your personal belongings and liability against landlords or third parties. Therefore, renters are encouraged to purchase home and contents insurance, in addition to liability cover. RSA offers ample cover for contents and personal possessions within the house for both tenants and homeowners. This includes objects such as furniture, as well as other personal possessions including watches, jewellery, art and portable electronic devices such as Mobiles, Laptops, ipads, hearing aids, pacemakers etc Despite the numerous benefits of having these covers in place, many still regard home and contents insurance as an unnecessary cost, but this view is not exactly well-founded. In fact, you can still get adequate coverage under the cheapest package of AED 21 per month - less than AED 1 per day, with higher value items being treated separately.
WHAT TO KEEP IN MIND
IF YOU HAVE NO INSURANCE COVER EXPATMONEY Giving you exclusive
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Dubai - United Arab Emirates - Issue 8
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WHILST BEING PART OF A TRAFFIC ACCIDENT CAN BE A DAUNTING AND COMPLICATED EXPERIENCE
T
here are vital steps every driver should take in order to ensure the safety of all parties involved and resolve the situation efficiently. • Assess your situation: It is of utmost importance to switch on your hazard lights immediately to alert road users and prevent further collisions. Then, make sure to check on other passengers and do not move them if you suspect spinal injuries. Remember to only provide first aid medical care if you are trained to do so after contacting the local emergency medical care. • Stop, think and act: Be cautious of passing traffic and stand away from the roadside. Drivers involved in minor accidents with no serious injuries should move
their cars to the side of the road and out of the way of oncoming traffic. Leaving cars parked in the middle of the road or at a busy intersection can result in additional accidents and injuries and could even result in fines. • Contact the traffic police: Do not voluntarily assume liability or take responsibility or sign statements regarding fault or promise to pay for damage at the scene of the accident. Instead, prepare your UAE driver’s license and registration card for the police to check once they reach the accident scene. Police will document all details and give each party a copy of the accident report. If the accident is not severe or your car was damaged while parked, visit the nearest police station to get a report as a best practice. Hold on tightly to the police report as it would capture specifics about the damages incurred to vehicles which would ultimately support your claims. • Contact your insurance provider: It is easier to deal with the
insurance process following a car accident if you are aware of your coverage and the settlements your policy provides. After attending to urgent matters, you should immediately contact your insurer to report the accident and inquire on next steps. Remember that the sooner your insurance company knows about the accident, the faster they can resolve your claim. • Contact your breakdown service provider: Once the police has left the scene and you have received their report, contact your breakdown service provider in order to tow the vehicle and start the repairing process. Needless to say, by activating this service at the earliest, you can prevent further accidents as a result of car crash rubbernecking. Also, you are encouraged to contact the road assistance service in case your car suddenly suffers a mechanical failure to ensure road safety for other motorists. It is inevitable that you will encounter a car accident in your lifetime, whether you are a passerby, passenger or the driver involved, we hope that you are able to use these guidelines to minimise disruption and impact on your life. However, do remember that this recipe is no substitute for safe driving behavior.
IF YOU HAVE NO INSURANCE COVER EXPATMONEY Giving you exclusive
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THE UAE IS A GREAT GATEWAY FOR INTERNATIONAL TRAVEL AND WITH SO MANY GLOBE-TROTTING PACKAGES ON OFFER.
E
very resident looks forward to at least one trip overseas be it Europe, Asia or the Americas. No one really wants to deal with unpleasant travel surprises, and there can be many! RSA Insurance shares its insights on how to make sure your trip goes as planned and what to take into consideration when choosing your travel insurance policy. • Dismiss nothing: As much as you are diligent with regard to researching the country you are visiting, there are some incidents you just cannot factor in. Therefore, do not dismiss how convenient travel insurance is, especially that it comes at a very competitive cost, which is as little as AED 50 for a 5 day Schengen travel policy. • Tailor your insurance policy to your destination: You should never assume that the activity you wish to undertake is covered under the standard policy. Instead, always check the terms and conditions and inquire about additional cover if you need to. Insurance companies
usual-ly provide extra options that can be added on top of the standard policy depending on whether you are skiing down the slopes of Switzerland or diving in Arabian Sea. • Make sure you have access to 24-hour emergency medical assistance: When traveling abroad, it is critical to know that you and/or your family have access to a roundthe-clock med-ical helpline and expert advice wherever you are in the world. Additionally, getting cover for medical evacuation and repatriation, in case you cannot fly home on a commercial flight or without a medical professional, is wise. This is especially the case if you are involved in winter sports or other activities like trekking which could lead to serious injury. • Consider the option of getting annual cover: Being in the UAE, it is likely that you would make more than one trip per year. Although the annual and single-trips policies are identical, you can still enjoy the
IF YOU HAVE NO INSURANCE COVER EXPATMONEY Giving you exclusive
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benefits without having to notify your insurance provider. Therefore, it is definitely the most cost-efficient package for frequent travelers. At RSA, our customers in-surance are covered for a maximum of 62 days under single-trip and annual policies. • Look after your passport: In fact, your passport may be the single most valuable item travel-ling with you. For those who find themselves in rather unfortunate events, the passport ser-vice assistance is invaluable. In such situations, you may want to have an external party tak-ing care of your extra travel and accommodation costs until you arrange a new passport and head back home. • It is all about the reputation: We cannot stress enough how valuable the insurance provid-er’s reputation is with regard to their claim services. When you find yourself in a difficult and challenging situation, you want to be assured that your insurance company is not only cus-tomer service-orientated but is keen on going the extra mile as to ensure you and your family are safe and secure. Also, you want to be sure that you will receive support to replace some of the essentials as quickly as possible in the event of lost luggage.
Local and International Storage & Vehicle Transport Household Services
4 Easy Steps 1. Go to our website www.expatmoves.com 2. Complete our online form & choose your perferred companies 3 We call & provide you quotes from your chosen companies 4. You contact your preferred company to accept & the deal is done!
(971) 04 338 9525 www.facebook.com/expatmoves www.expatmoves.com
FIND A MORTGAGES THAT SUITS YOU
ASTUTE UAE EXPATS OPTING TO BUY
Quote Expatmoney Tanya Rabah
Astute UAE expats opting to buy instead of paying “dead money” in rent as a way of forced saving. This is a strategy more expats are using to create equity to reach specific financial saving goals. With current UAE property prices lower, some expats consider this a good buying time with increased supply.
So how does this Strategy work? Email enquiries@afbglobal.ae
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Let’s assume a couple currently renting an apartment for 85,000 AED annually (7,083 AED monthly) buying a property for 2 million AED.
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is expected to increase over time resulting in rental income eventually covering the mortgage repayments.
They will need a 25% deposit of 500,000 AED Additional upfront costs are approximately 80,000 AED (registration & title fees) and 40,000 AED (real estate fees) Depending on the lender there may be some ancillary charges. The loan amount is therefore 1,500,000 AED
A major additional benefit is that there is no capital gains tax on property in the UAE unlike most other countries. - Property values decrease The UAE property market is a far more stable and mature market in 2016 since the UAE Central Bank introduced regulation changes in deposits and “off plan” purchases. As a result property experts believe there will be less volatility in the property market.
Assuming an interest annual rate of 3.99% over 25 years, monthly repayments would be approximately 8,500 AED or 102,000 AED annually.
Do you think the UAE property market will increase in the next 5 or 10 years?
As a result the monthly cost change from renting to buying is an additional 1,417 AED
Some expats choose then to sit and wait till the property market rises
If the property value remains 2,000,000 AED, the initial 500,000 AED equity increases to; 5 years – 688,933 AED 10 years – 923,578 AED 15 years – 1,210,747 AED 20 years – 1,562,151 AED 25 years - 2,000,000 AED
- Currency Risk This is actually considered a positive by most expats given the Dirham is pegged to the US Dollar. Expats look at gaining equity in UAE property as effectively saving in US Dollars.
If the property value increases, the equity will obviously increase. The largest hurdle to purchasing, is the 25% deposit and other upfront fees. Some expats have redrawn equity from other properties or set themselves savings goals to fund these costs.
So what are the Risks? -You lose your job Find another job and use gratuity funds for mortgage repayments. -Return home You could sell the property or rent it (expected rental 85,000 AED pa) and pay extra 1,417 AED monthly above the rental income. The rental option has been preferred as rental income
- Interest Rate Risk It is a low interest rate environment presently but over time interest rates may rise. We recommend when budgeting, allow a 2% differential for the next few years. Expats usually prefer a fixed term rate for 3 or 5 years which provides certainty for mortgage repayments over that fixed term. This strategy is NOT a get rich quick scheme, but a proven strategy to accumulate equity in property primarily using rental funds and as a result is ultimately a way of forced saving. AFB Global Mortgage Consultants are independent mortgage consultants who source the best solution that suits your needs for both UAE and Australian mortgages. For any questions please call +971 4 4229663 or +971 50 8496165 Dubai - United Arab Emirates - Issue 8
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PLAN FOR YOUR FAMILIES BACK TO CONTENT PAGE
THAT HAS BEEN TRANSFERRED TO A QROPS, QNUPS OR SIPP SINCE 2006 EVEN IF IT HAS BEEN COMPLETED IN THIS CURRENT YEAR
I
n 2006 QROPS (Qualified Recognised Overseas Pension Scheme) was born and the UK legislation known as the “freedom of capital movement” began. Since then the transfer of UK pension assets by expatriates into either SIPPS or QROPS has become increasingly popular due to a number of benefits when doing so, including; investment flexibility and tax efficiency. Initially the QROPS providers (the trustees) opened their products and service to those with substantial existing pension values, with a minimum value around £250,000. In the coming years this threshold decreased and more commonly found today is both QROPS and QROPS Lite (first launched in 2011) versions, QROPS Lite for pension transfer values less than around £100,000. Since 2006, QROPS and pension transfers in
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general have changed in many ways, from; legislation, jurisdictions (opening and closing); restrictions to cost. QROPS advise experts can help you understand the potential fees you may be experiencing with your existing pension transfer and discover how much you may be able to save in comparison. You could save thousands of pounds on a yearly basis! If you haven’t already transferred your pension and you are considering doing so, we can also provide you with information on how to go about it in the most efficient way that could potentially save you money and give your pension funds the maximum potential of growth. To find out more, simply request more information on www.globalportfolios.co.uk and quote expatmoney.
PLAN FOR YOUR FAMILIES BACK TO CONTENT PAGE
The main advantage of the Global Benefits Europe products are: • Fully online quotations, including payments and sign up • up to £260,000/$400,000 cover with no medical requirements (dependent on residence location) • Accident, Accidental Death and disability cover available as an additional rider. • Anually Renewable • Designed for expats that travel and relocate. • Cover up to age 70. • No difference in premium for smoker & Non smokers. GET A QUOTE TODAY Just go to the site www.expatslifeinsurance.com/expatmoney CLICK ON CLIENT GUIDE Enter all details and click ‘Generate Quote’. If you are happy with the quote click ‘Buy Now’ and complete the online application. Dubai - United Arab Emirates - Issue 8
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RELOCATING MADE SIMPLE, 4 QUOTES, YOU CHOOSE
THE BONUS IS THAT WE WILL SAVE YOU TIME AND MONEY
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he weather is starting to heat up, Ramadan is around the corner, another end of school year beckons and I have to start my training rides out in Al Qudra even earlier to beat the increasing heat, so it must mean summer is rapidly approaching. In the Moving and Relocation industry the June and July months are the most active time of year
Quote Expatmoney Derek Garlick
for people leaving UAE, many are returning home and others are moving onto a new assignment. So to beat the rush and the added stress my advice is to start to organise you move now. The first thing you should do is to obtain 3-4 quotations for your move cost. There’s plenty of choice out there so how do you decide which companies to call? Well that’s where we come in, at Expat Moves, all you need to do is visit our web site, spend less than 2 minutes completing some simple information, we will then call you to discuss the details and within 24 hours we will organize either an in home survey for you or provide you with some costs. We won’t drown you in information or companies, we will only provide a maximum of 4 companies to choose from and they are all very good quality experienced providers! The added bonus is that we will save you time and money Remember, start the process now, as the basic economic principles apply: when the demand increases unfortunately so do the prices, and of course the early bird catches the worm!!
Email Derek@expatmoves.com
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LET THE EXPAT MOVE TEAM help you ease that stress of relocating
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Dubai - United Arab Emirates - Issue 8
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FC EXCHANGE
Why FC Exchange?
EXCHANGE RATES MOVE FAST, BUT DOES YOUR BANK? Exchange rates move fast, but does your bank? Making international money transfers can be very expensive. Bank fees and commissions combined with exchange rate fluctuations could result in you losing thousands. Banks often considered impersonal and unresponsive, for many years, have been turning a tidy profit from overseas money transfers. However, if you want to beat the banks, potentially saving thousands on your overseas money transfers, the best option is FC Exchange. For over ten years, FC Exchange has been helping Quote Expatmoney individuals and businesses Daniel Wray avoid losing money on their overseas money transfers. Established in 2005, we are fully authorised by the FCA (Financial Conduct Authority) as an E-money institution (FRN:900205), a standard above many in the industry and have achieved success through providing the very best rates and a committed focus Managing Director on customer service. We have Private Client Division transacted over ÂŁ5 billion in Email international money transfers expatmoney@fcexchange.com for over 25,000 clients. 58
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Whether, for one-off payments such as buying or selling an overseas property or regular payments such as pensions, monthly bills, repatriating salaries or investment dividends, you will almost always get more for your money by using FC Exchange.
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the fees mount up. So, if you are making regular international transfers, you could save as much as £758 a year on fees alone.
Service is important too. FC Exchange takes the hassle out of money transfers, delivering jargon-free guidance every step of the way, helping you to determine the best time to make your transfer so that you can benefit from the dramatic fluctuations in exchange rates. Each customer gets a dedicated currency specialist who will assist you personally.
How can FC Exchange offer a better deal?
Banks often add a considerable margin to the exchange rates and historically charge a fee for the transfer, usually somewhere between £10 and £40, significantly reducing the amount of foreign currency received. Moreover, if you are making regular monthly payments,
With larger transfers, the difference between the cheapest and most expensive exchange rates can run into thousands of pounds. FC Exchange can save up to 5 percent compared to the high street banks. FC Exchange makes their money on the difference between the rate they buy currency and the rate they sell currency to the consumer. We buy billions each year in the ‘wholesale’ foreign exchange markets and so can pass on these savings to the consumer. For example, on a €100,000 transfer, you can make a saving of £3,268 or even more compared to using the high street banks. How much does an international money transfer of 100,000 euros really cost?*
£75,971
Client saving £3,268 £79,239
High Street Banks
*Based on an exchange rate comparison 31/12/15
Protect against currency market fluctuations Where we have the biggest impact is by helping protect consumers against adverse currency movements. Volatile currency markets can result in people becoming exposed to considerable financial risk without even realising it. Consumers can remove this risk by locking into an exchange rate for up to two years into the future, before transferring the funds. You will then know exactly how much it will cost and how much you will receive. Don’t delay, speak to an expert about your requirements as soon as possible. To speak to your personal international money transfer expert call +44 (0)20 7989 0000, email expatmoney@fcexchange.com or visit www.fcexchange.com. Dubai - United Arab Emirates - Issue 8
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ORGANISATIONS BACK TO CONTENT PAGE
T
he Dubai Business Women Council (DBWC) hosted its annual gala dinner on Wednesday evening at the Zabeel Ladies Club. The event was attended by the DBWC board members, supporting partners and members, all of whom have played an integral part of the council’s ongoing growth, achievements and ability to support the business women community in Dubai and the greater UAE.
About DBWC: Established in 2002, under the umbrella of the Dubai Chamber of Commerce and Industry, the Dubai Business Women Council is the official representative organisation for business women, both professionals and entrepreneurs, in the Emirate of Dubai. Building awareness, educating, promoting opportunities and enhancing positive change in the community towards the acceptance of women in business is at the heart of the DBWC’s belief in empowering women and motivating them to be productive members of the society and economy.
During the event, Dr Raja Al Gurg delivered an inspiring speech on the council’s objectives and future vision which encourages the growth of the council and its mission to nourish more female talent and support their business goals with more events, training workshops and collaborations. The DBWC also recognized its strategic partners through an awards ceremony during which mentors, contributors and accelerators were awarded for their ongoing contribution to the business women community in Dubai.
The ‘Network Majlis’ events are hosted monthly by the DBWC in order to provide information about the latest knowledge, skills and best practices for women entrepreneurs and leaders. For more information about DBWC and their recent activities, visit www.dbwc.ae. Log on to the Council’s Facebook page www.facebook.com/pages/Dubai-BusinessWoman-Council-DBWC/146645812070341 or the DBWC Twitter page www.twitter.com/DBWC_UAE Dubai - United Arab Emirates - Issue 8
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EXPATLIFE TEAM
“TALENT WINS GAMES, BUT TEAMWORK AND INTELLIGENCE WIN CHAMPIONSHIPS.” MICHAEL JORDAN
Bowling Bowling brings lots of fun to any group event, it’s the perfect blend of competition and individual skill. After many busy hours sat behind a desk, the Expat team enjoyed a few relaxing hours away from the pressures of work.
From Left: Derry, Karen, Aliya, Imran, Ali, Bhupendra, Farhan Kan, Rikki, Jacquie & D
The experience has provided some good memories to keep everyone going when the onset of looming deadlines can make work a little stressful. A good time was had by all.
Birthdays A really good excuse to eat cake! There is always time to stop for the ceremonial cake cutting, sweet treats are a naughty indulgence but one that has been adopted without exception here at Expat Life.….
Eid Night Out A delightful meal with time to chat with work colleagues. What better way to enjoy a few hours of relaxation than around the dinner table with friends.
F Dere
New Recruit Katie Gibson has joined the ExpatLife team as Client Account Manager. With a wealth of experience in the field of Customer Services, working in a diverse range of industries from Hairdressing to Holidays Katie can now add Magazine Publishing to her portfolio. Katie has lived in UAE with her family for 5 years and has a full understanding of the life here. “All its trials & tribulations far out way the wonderful life that the UAE can offer” says Katie “I wish ExpatLife magazine, with all its useful tips, advice and information was around 5 years ago. My transition would have been much easier with all the help it has to offer.” From Left: Derry & Rikki (Office)
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From Left: Imran, Craig, Karen, Derry, Rikki & Ali (Mauritius)
Farhan, Derek (Iftar Lal Qila)
From Left: ALi, Tawfiq, Derek, Farhan, Aliya & Karen (Aliya Birthday)
Tawfiq (Dubai Garden Centre)
From Left: Farhan khan, Lovely, Farhan, Imran, Aliya (Dubai Garden Centre)
From Left: Bhupendra, Farhan Khan, Farhan, Rikki, ek, Derry, Karen, Imran, Aliya & Tawfiq (Christmas)
From Left: Karen & Katie (F1 Abu Dhabi)
From Left: Farhan Khan, Farhan & Bhupendra (Office)
From Left: Aliya, Derry, Ali, Frahan Khan & Tawfiq (Bowling Centre)
Clockwise Top Left: Farhan, Ali, Aliya, Derry, Karen, Rikki, Farhan Khan, Tawfiq , Imran & Bhupendra (Cinema)
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EVENTS APRIL - AUGUST 2016
THE RIPE FOOD & CRAFT FAIR
THE SOUND OF MUSIC
Held until 29th April on every Friday at Zabeel Park with free admission
Your chance to see this award winning musical until 16th April 2016
Contact: +971 4 380 7602
Venue: Madinat Theatre Prices start at 200 AED for further details please visit the website www.madinatjumeirah.com
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TANGO FESTIVAL
RAMADAN MARKET
From 18th to 21st May, 2016
Helping you celebrate the holy month of Ramadan, this famous market is based at TWTC and runs from Thursday, 23rd June - Saturday, 2nd July 2016
The Meydan Hotel is hosting this evening event from 8pm – 12am Admission: 350 AED Contact: +971 50 622 3679
Admission: Adults (12 and above) - 10 AED, Children (5 to 12) - 5 AED, Infants go free Contact: +971 4 388 5191
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DUBAI ART SEASON
EYEDEX
Over 2 months of culture until 30th April 2016
Early Learning Exhibition – helps you make the right choice for your child
Showing Dubai’s growing importance in the global art scene. Contact: +971 600 5 600 00
13th to 14th May, 2016 11:00 AM - 6:00 PM Conrad Dubai Admission: Free Admission Contact: +971 50 892 5092
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DUBAI SPORTS WORLD
MODHESH WORLD - DWTC
Indoor sporting activity is the order of the day during the heat of the summer.
Family entertainment for those hot summer months from Saturday, 25th June - Saturday, 27th August 2016
Sunday, 5th June - Saturday, 27th August 2016 Dubai World Trade Centre Online Registration: www.dubaisportsworld.ae Contact: +971 4 306 4000
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Local and International Storage & Vehicle Transport Household Services
4 Easy Steps 1. Go to our website www.expatmoves.com 2. Complete our online form & choose your perferred companies 3 We call & provide you quotes from your chosen companies 4. You contact your preferred company to accept & the deal is done!
(971) 04 338 9525 www.facebook.com/expatmoves www.expatmoves.com