Studio Martelli - Doing Business in Dubai - English Version by Giovanni Battista Martelli

DOING BUSINESS IN DUBAI A GUIDE FOR THE ITALIAN ENTREPRENEUR

by Studio Martelli & Partners

TABLE OF CONTENTS SS Why invest in Dubai 5 SS Whoâ&#x20AC;&#x2122;s who 7 SS Customs and Traditions 9 The importance of language 9

The five pillars of Islam

Respecting social norms

Attire

SS United Arab Emirates 14

Dubai

SS Economic policy and development agencies 16

Dubai Strategic Plan 2015

Dubai Department of Economic Development (DED)

Dubai Foreign Investment Office (DUBAI FDI)

Dubai SME

SS Trading system

The legal forms for businesses

General Partnership Company

Public Joint Stock Company (PJSC)

Private Shareholding Company (PSC)

Joint Venture (Consortium Company)

Limited Liability Company (LLC)

The procedure to open an LLC

Branch or Representative Office of Foreign Companies

Companies operating in Health Care

Branch or subsidiary? A legal analysis

SS Dubai Free Zones 28 SS Customs procedures 30

Importing and exporting goods

Import and export in Free Zones

SS Taxation system 32

Tax legislation in Dubai

Convention against double taxation

SS Judicial system in Dubai 52 SS The Healthcare Sector in Dubai 54

The UAE regulation for the pharmaceutical industry

The Dubai Health Authority (DHA)

Dubai Healthcare City

Dubai Biotechnology & Research Park (Dubiotech)

SS Studio Martelli & partners 60

Contacts

" ‫" السالم عليكم‬ As-Salamu alaykum Peace be upon you

WHY INVEST IN DUBAI Dubai enjoys one of the highest per capita incomes in the world, government policies that allow full repatriation of profits and capital, no income tax and no corporate tax. I like to think of Dubai as fertile land in continuous evolution, which does not only feed on modernism, luxury, finance and technology but also on tradition and culture. Ultimately, it is a complete and complex ecosystem which is booming and capable of bearing so much fruit. But there is more to this. In fact, Dubai is the privileged opening for anyone who looks to the East: it is strategically located at the centre of the Middle East, overlooking the sea, only three hours by air away from a market the Indian market to be precise - with 1.3 billion potential consumers. That is why a multitude of international investors and companies of all sizes continue to choose it every year, and increasingly by the Italians. However, Dubai, and the United Arab Emirates in general can offer their very best to those who know the rules inside out and knows how to comply with them. Dubai rewards those who not only master the legal, fiscal and economic aspects but also those based purely on human relationships and cultural activities. This little guide stems from just that: to be a means of knowledge, a small manual for Italian entrepreneurs. With the hope that it will become a key that will open new doors to the future for many of its readers. Enjoy your reading. Dr. Giovanni Battista Martelli

Flag of United Arab Emirates

Flag of the Emirate of Dubai

WHOâ&#x20AC;&#x2122;S WHO HH Sheikh Khalifa Bin Zayed Al Nahyan President of the United Arab Emirates, Ruler of Abu Dhabi.

HH Sheikh Mohammed Bin Rashid Al Maktoum UAE Prime Minister and Vice President, Ruler of Dubai

HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum Crown Prince of Dubai, Chairman of the Executive Council for Dubai Government

CUSTOMS AND TRADITIONS RESPECTING SOCIAL NORMS In general, Islam gives great importance to the concept of decency and modesty when people of the opposite sex interact. The Quran requires the faithful, both men and women, to "lower their gaze" in the presence of a person of the opposite sex who is not part of the close circle of relatives who are considered members of the family. It goes without saying that even the Western traveller, especially when outside the protected areas of tourism, can not consider disregarding this code of conduct. Therefore, better avoid showing affection in public, however, it is acceptable for a couple to hold hands. It is also best to avoid showing too much familiarity between men; in many Islamic countries homosexuality is indeed considered illegal. If contact is made with a Muslim woman, it is good practice not to behave in an over-friendly manner. You should avoid shaking hands unless you are specifically urged to do so. Dress code falls into the basic category of decency. Islamic morals always require the woman to maintain a modest attitude in public. It may therefore be offensive to wear tight-fitting, low-cut or too short clothing that reveal the bodily shape. Another typical error of the Western traveller is to photograph everything and everyone indiscriminately, without ever asking permission. It is strictly forbidden to photograph and record airports, military sites, police officers and/or public offices in Arab countries. Conceptually, Islam deems all activities that could compromise the health and proper functioning of our body to be illegal. Alcohol consumption is strictly forbidden in some countries and pretty much tolerated in others. However, it is advisable not to drink alcohol in public places.

THE FIVE PILLARS OF ISLAM The foundation of Muslim life: faith, prayer, obligatory charity, fasting during the month of Ramadan and the pilgrimage to Mecca for those who are capable.

Faith There is no God but Allah and Muhammad is His Prophet.

Prayer Salat is the name of the obligatory prayers which are recited five times a day and are a direct link between the believer and God. Prayers are said at dawn, noon, midafternoon, sunset and nightfall in order to follow the rhythm of the entire day. Those who visit the Arab world are struck by the importance of prayer in people's everyday lives.

Zakat One of the fundamental principles of Islam is that all things belong to God and therefore our possessions are purified by setting aside a portion of them for the needy. Each Muslim calculates his own zakat individually. In general, this involves the payment of 2.5% of one's capital each year.

Fasting Every year, during the month of Ramadan, all Muslims fast from sunrise to sundown, abstaining from food, drink and sexual intercourse. Even though fasting is very healthy, it is mainly done for selfpurification purposes.

The pilgrimage The annual pilgrimage to Mecca - the Hajj is a must for all those who are able to fulfil it both physically and economically. About two million believers from every part of the world come to Mecca every year and this, among other things, represents a unique meeting between people of different nationalities. The end of the pilgrimage is marked by a feast - Eid al-Adha - which is celebrated with prayers and the exchange of gifts within the various Muslim communities. This event together with that of Eid al-Fitr, when the end of Ramadan is celebrated, are the two most important religious feasts of the Muslim calendar.

THE IMPORTANCE OF LANGUAGE " ‫" السالم عليكم‬

" ‫"حالل‬

As-Salamu alaykum Peace be upon you

Halal Licit

" ‫" و عليكم السالم‬ Alaykum as-Salam Peace upon you The Prophet said: "get used to greeting each other by saying Assalamu aleikum"

" ‫" ‬إن شاء الله‬ In šā{87}ʾ Allāh God willing Refers to the hope of a believer that an event will happen in the future.

In Arabic, the word means all that is allowed in Islam, as opposed to harām, forbidden. Therefore, the concept includes behaviour, the way of speaking, attire, conduct and standards in the field of nutrition.

" ‫"حرام‬ Harām Forbidden It is used in Islam for any thing, situation or behaviour prohibited by the Islamic faith. The prohibitions include adultery, foul language, deception, theft and corruption; the latter also with reference to the world of business. With reference to food, alcohol and pork. The Quran specifically prohibits credit from being granted in order to earn money and interest from loans is equivalent to usury, which is one of the most significant in the Muslim religion. Prohibition in finance in the Muslim world is bypassed with formulas that differ in form but are identical in substance, such as sharing profits, which must be "Sharia'ah compliant". Therefore, behaviour, the way of speaking, attire, conduct and standards in the field of nutrition.

ATTIRE Although it is sufficiently westernised, the original population of the UAE is quite conservative with regard to their dressing style; all the locals wear traditional Arab clothing (except on special occasions).

Male attire The kandura is a tunic that reaches ankle length. It generally has a pocket at the top left and is sewn in a way for the air to circulate smoothly so as to cool the body. It is generally made of white cotton (especially in summer and in very hot places); in winter, the kandura is also worn in colourful variations, mostly in darker shades and can also be made of wool or other warmer fabric. An over-tunic (coat type) can be worn over the kandura, called Bisht, djellaba or aba, generally dark in colour and worn for formal occasions (a kind of dress uniform); The men generally cover their heads with a keffiyeh, a kind of rectangular scarf, folded into a triangle and wrapped around the head in various styles. This also protects the head from the direct sun rays and allows the face to be covered during sandstorms. Ghutrah generally indicates the summer white version, which is common in the UAE and also a bit in all the Arab countries or chequered white and red, which is more common in Saudi Arabia. The keffiyeh can be held in place on the head with a double black band (a sort of 8-shape folded back on itself to form a double circle), which is called agal. Some men wear a taqiyah under the keffiyeh, a kind of Muslim prayer cap worn for the head to breathe better (sometimes it is also perforated).

Female attire The abaya is a female garment used in some Muslim countries, mainly in the Persian Gulf. It is a long lightweight black cloak that covers the entire body except the head, the feet and the hands. It is customary to use another garment to cover the head, which varies according to the country. Niqab covers all the head except for the eyes, which is mainly used in Saudi Arabia and Oman, where often black gloves used to cover the hands are also matched with a simple black veil, which covers only the hair in more moderate countries like the United Arab Emirates.

UNITED ARAB EMIRATES The UAE is a federation of seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah e Fujairah. Arabic is the official language, although English is widely spoken, together with Hindi and Urdu. Before 1971, they were known as the Trucial States, with reference to a truce imposed by the British in the 19th century to some Arab sheikhs who did not contrast and indeed favoured piratical activities aimed at the ships transiting in their sea. The official religion is Islam.

Population

According to the National Bureau of Statistics of the UAE, the estimated population is equal to 8.26 million including the local population, which is estimated to be around 1 million inhabitants.

Government

A Federation with delegated powers to the central Government of the Emirates. Other powers are exercised by the "Rulers" of the individual emirates. The Federal National Council is a Member of the central legislative role.

Currency

Fixed conversion rate US$ 1.00 = AED 3.67 1 AED is composed of 100 fils

Legal System

Combination of Shari'a (Islamic law) and civil legislation.

Economy

The United Arab Emirates are one of the most developed in the MENA. The Emirates have the fifth largest oil reserves in the world. In 2011, the GDP per capita was estimated at USD 48,500 which is 12th in the world rankings. There are no taxes on companies or individuals. Customs duties are equal to approximately 5%.

DUBAI Introduction The first mention of Dubai is in 1095, and the earliest settlement known as Dubai dates back to 1799. Dubai was formally established in 1833 by HH Sheikh Maktoum bin Buti Al Maktoum and remained under the control of Al Maktoums when the United Kingdom took over the protection of Dubai in 1892. Its geographical location is an important centre for trade. Since the oil extraction in the area is relatively low compared to neighbour countries (representing 2% of the total United Arab Emirates), the economy has focused on the services sector, thereby promoting construction and functional development of the city, the former distinguished by the of Western-style urban standards and the former by a modern system of commercial, financial and social (education, health) services, while the industrial sector (mechanics, plastics) remained relatively obscure. The services sector records a steady progress thanks to tourism (the Emirates hosts several shows, exhibitions, conferences and sporting events of international level and for trade purposes). Dubai International Airport is a stopover for airlines linking Europe to India and South East Asia.

ECONOMIC POLICY AND DEVELOPMENT AGENCIES The political economy of Dubai is based on the preservation and respect for the freedom to practice any kind of business and to provide all services. There are no restrictions on imports and exports, except for some minor limitations. The Government of Dubai is planning a long-term economic strategy. The expectation is to create a roadmap for economic progress of the Emirate by establishing a common framework, aligning all policies and development plans and involving the private sector in its implementation. The initiative is based on the principles set by the Dubai Strategic Plan 2015.

DUBAI STRATEGIC PLAN 2015 Since the United Arab Emirates were established, Dubai has developed a distinct identity as a modern and dynamic emirate. The Government of Dubai has set the development of the strategic plan on five areas: economic development; social development; infrastructure, land and environment; security, justice and safety; excellence in government policy. The government has adopted a set of guiding principles for the various sectors that compose Dubai Strategic Plan 2015: SS SS SS SS SS SS SS SS SS SS SS SS

Adoption of the principles of free market economics Innovation Speed â&#x20AC;&#x2039;â&#x20AC;&#x2039;and accuracy in the execution of a project Privileged relationship with private sector partners Protection of national identity, culture and lifestyle Development of national human resources Promotion of social justice and equality Provision of international level infrastructure Protection of the environment Transparency Financial performance Social responsibility

DUBAI DEPARTMENT OF ECONOMIC DEVELOPMENT (DED) The Department of Economic Development has the responsibility of implementing the economic and commercial policy of Dubai. The Department provides business licenses and conducts the necessary studies to encourage and promote the private sector. DED supports the environment for sustainable economic development to improve the economic well-being and prosperity of Dubai and the United Arab Emirates, developing and improving economic policy and legislation, providing efficient services to investors, local and international businesses and to support the growth of key sectors. DED aims to ensure communications are consistent, relevant and timely to traders through automation, on-line services and streamlining processes.

DUBAI FOREIGN INVESTMENT OFFICE (DUBAI FDI) Dubai FDI is a section of the DED and is committed to set Dubai as an international hub for foreign investment. Dubai FDI aims to reach out to potential investors through a network of global support and collaboration with the local, federal and private investment promotion agencies. The FDI assists in identifying specific sectoral opportunities, providing contacts via a network governmental and non-governmental stakeholders. The FDI has built a growing network of international investment promotion agencies and business facilitators to reach investors around the world, enabling them to be leaders in the development of Dubai.

DUBAI SME In 2002, Dubai SME has been incorporated as an agency within the Department of Economic Development. It offer resources and expertise for the development of small and mediumsized enterprises on the territory. SMEs are the basis of the success of the business community in Dubai. Dubai SME offers services to stimulate innovation, excellence and entrepreneurial development through initiatives and tools made available to entrepreneurs. In 2011, the Dubai SME100 initiative was launched, a ranking system for the most innovative and promising companies in the country, aimed at attracting the attention of international investors to entrepreneurial excellence in Dubai.

TRADING SYSTEM International manufacturers and exporters may freely conduct business with importers and traders based in Dubai. This may be suitable for low-volume trade. However, for a consistent business relationship, overseas companies may want to consider a more stable form of representation. Business practices in the UAE are in line with international standards, technical specifications must be supplied complete with the CIF prices (Cost, Insurance and Freight). The United Arab Emirates are are WTO members. Only importers who have an appropriate trade license can import into the United Arab Emirates. Prior to 1984, each emirate had autonomous procedures that regulated foreign business operations. Federal Law No. 8 of 1984 and its amendment by Federal Law No. 13 of 1988 - the so-called Commercial Companies Law - makes it mandatory that companies must be wholly owned by UAE nationals or citizens themselves must possess at least 51% of the share capital, while the remaining 49% may belong to foreign entities.

THE LEGAL FORMS FOR BUSINESSES General Partnership Company

General Partnership Companies are intended only for citizens of the United Arab Emirates because the partners are liable for the debts of the company with all their assets. It cannot be applied to foreigners because they hold most of their assets abroad.

It consists of a company formed by two or more partners who are jointly and severally liable for all obligations of the business.

Public Joint Stock Company (PJSC) A Public Joint Stock Company is a company similar a UK Public Limited Company or a German Aktiengesellschaft.

In such societies, the liability of a shareholder is limited by the number of shares held. The minimum capital required to form a Public Joint Stock Company is AED 10 million. Among other requirements for a PJSC to be formed there is the preparation of a contract between the founders, a prospectus or invitation for public subscription supported by a comprehensive business plan or feasibility study certified by an auditor, due diligence and a memorandum and articles of association. A PJSC must have at least 10 founders and its management should be entrusted to a Board of Directors formed by a minimum of 3 to a maximum of 15 persons whose term of office shall not exceed 3 years. The Chairman and the majority of the Directors must be citizens of the United Arab Emirates. In addition, at least 51% of the shares of the PJSC must be held by UAE nationals. The founders may hold only 45% of the share capital and 65% must be offered to the public. The law stipulates that a company engaged in banking, insurance or financial activities should be a Public Joint Stock Company.

Private Shareholding Company (PSC) A privately owned company consists of no less than 3 persons.

Joint Venture (Consortium Company) A Joint Venture is a type of company where 2 or more partners agree to share the profits or losses of one or more commercial enterprises.

Unlike the Public Joint Stock Company, a private corporation cannot invite the public to subscribe for its shares. The minimum share capital required to set up a private shareholding company is AED 2,000,000. The Chairman and the majority of the Directors in a Private Shareholding Company must be citizens of the United Arab Emirates.

A Joint Venture contract can be written and does not require a public contract. However, if the Joint Venture is disclosed to third parties, all partners are jointly and severally liable. The existence of the Joint Venture may be proven by any test method.

Limited Liability Company (LLC) A limited liability company (LLC) is the most common form of commercial company formed in Dubai to undertake commercial activities.

A limited liability company can be formed by a minimum of 2 and a maximum of 50 persons whose liability is limited to the shares and the capital of the company. The minimum holding of United Arab Emirates nationals is 51%. The profit or loss distribution can be rebalanced through shareholder agreements and the responsibility for the management of an LLC can be given to national partners as well as foreign partners or third parties. The shares of such a company are not open for public subscription and tradable shares cannot be issued. The LLC may be granted licenses to engage in a wide range of commercial activities, except for the banking, insurance and financial sectors. An LLC can be preferred for a joint venture between a foreign party and an Emirates party (UAE national partner) if both parties have a common business objective to be achieved in the UAE.

The procedure to open a LLC SS Obtain the initial approval for the name and business from the Department of Economic Development (DED) SS Obtain approval from the relevant Ministry/Department if the business is of a particular nature. SS Drafting the Memorandum of Association (MoA) of the company and notarisation. SS Define the location of an office in a commercial building with an attestation by a qualified Real Estate Agency. SS Obtain the necessary approval from Dubai Municipality. SS Submit the application and initial approval together with a certified copy of the Memorandum of Association, the rental contract, etc, to the DED. SS Once the legal department reviews the documentation, the Company name will be registered in the Register of Companies. SS Memorandum of Association published in the Bulletin of the Ministry of Economy. SS The Department of Economic Development (DED) must then issue the license. SS Registration of the Company with the Ministry of Labour and Immigration Department. SS Registration with the Customs Department and obtaining the Customs Code.

Branch or Representative Office of Foreign Companies Article 313 of the company law allows a foreign company to exercise its main business in the UAE by opening a branch or a representative office.

The difference between the two is that a foreign company that opens a branch in the UAE may freely exercise the activities for which the license is granted, whereas a representative office may only promote products and services provided by the mother company. As opposed to a foreign branch, the representative office may not carry out business activities. The main condition for a representative office or a foreign branch to be opened in the UAE is to appoint a Service Agent, physical or legal, based in the UAE. The foreign company must submit the following documents in order to obtain the necessary approvals for the branch to be registered in Dubai: SS Articles of Association SS Certificate of Incorporation SS Updated Certificate of Incorporation which proves the existence of the mother company SS Minutes of the meeting that approves the opening of the branch and appoints the manager SS Notarised power of attorney appointing the manager SS Additional documentation will be required by the relevant authorities according to the business sector.

Companies operating in Health Care The Dubai Health Authority (DHA) was established in 2007 to oversee the health in Dubai, with the commitment to strengthen a dynamic, efficient and innovative sector.

The DHA grants licenses to all healthcare facilities, for example for the set up of hospitals, medical clinics, specialist clinics and licenses for health professionals. Companies and professionals must comply with various regulations, procedures and codes of conduct in order to obtain a license. After having achieved the requirements as per the DHA request and the initial approval, the investor can complete the Company registration and obtain the final license from the DED. The Government allows a Limited Liability Company (LLC) to be formed, such as a legal structure suitable for activities related to health care to be practised.

DUBAI FREE ZONES Set up a trading company in a free zone may be an attractive option for foreign investors and businesses. The Free Zones help stimulate the economy by attracting direct foreign investment, creating jobs, increasing non-oil exports, encouraging the set up of new businesses by attracting knowledge, expertise and technology to the country.

Main characteristics of the Free Zones SS SS SS SS

100% foreign ownership 100% customs duty exemption on imports and exports 100% repatriation of capital and profits No corporate tax or personal income tax guaranteed from 15 to 50 years, depending on the area SS No restrictions on the employment of employees

At the moment there are various Free Zones in Dubai, however, more are expected. The main ones are:

Dubai Airport Free Zone

Dubai Cars and Automotive Zone (DUCAMZ) or Dubai Auto Zone

Dubai Design District - D3

Dubai Healthcare City

Dubai International Academic City

Dubai Internet City

Dubai International Financial Centre

Dubai Knowledge Village

Dubai Media City

Dubai Gold and Diamond Park

Dubai Multi Commodities Centre (DMCC)

Dubai Silicon Oasis (DSO)

International Media Production Zone

Jebel Ali Free Zone

JLT Free Zone

CUSTOMS PROCEDURES The Dubai Customs requires simple procedures for the customs transit of goods, with procedures in line with international and regional laws, in accordance with the best practices adopted at international level.

IMPORTING AND EXPORTING GOODS Imports for the local market

The goods are imported into the local market from other countries against the payment of customs duty or duty-free depending on the case.

Imports to be re-exported

The goods may be imported into the country in order to be re-exported to other countries. The importer has to pay customs duty in the form of a deposit which will be refunded upon presentation of proof that the goods have been re-exported (within 18 months).

Temporary admission

The goods can be imported from abroad to be used in exhibitions, seasonal markets, similar events or in construction projects and scientific research and must be returned in the same condition in which they were imported.

Export

No customs duty is required when goods are purchased or manufactured locally.

IMPORTING AND EXPORTING IN THE FREE ZONES General provisions

SS The importer must have obtained a valid importer code from the Dubai Customs. SS The goods must conform with the business described in the company license. SS The goods must reach the free zone within 72 hours from the date of the customs declaration. SS The goods must not be opened, modified or distributed prior to reaching the free zone. SS The goods must be checked as they enter the free zone or are transferred to the stores.

Imports from the Free Zones into UAE/GCC

This type of operation is performed to allow companies operating in the Free Zones to sell their goods to local businesses in the UAE or GCC countries. Customs duty will be applied to the good in accordance with current rates.

Imports to be Re-exported from the Free Zones (FZ Transit Out)

This type of operation is performed to allow Free Zone companies to sell their goods to local businesses in the UAE operating with valid business licenses based on an import for re-export mechanism. This process guarantees the local importer a derogation period of 180 days to export the goods purchased from the Free Zone companies. A customs deposit is required equivalent to the rate imposed on the invoice value. The deposit is repaid entirely or partially if proof of export is provided within the assigned period of time for this type of operation.

TAXATION SYSTEM In the absence of a federal regulation, taxation in the UAE is entrusted to decision-making autonomy of the individual emirates that form it. There are taxation laws in force in the Emirates of Abu Dhabi, Dubai and Sharjah, which establish a general taxation for companies. For example, an income tax is expected from Dubai with a decree in 1969 (Dubai Income Ordinance of 1969 and Dubai income tax decree and its amendment 1970). These regulations do not apply. The only areas of application of tax in the UAE are the Oil & Gas sector (up to 55%), banking and financial sector (up to 20%) and hotel sector (up to 15%), as well as some indirect taxes applied by the Municipality and on immigration. Basically no personal or corporate taxation exists.

LEGAL SYSTEM IN DUBAI An Introduction The Islamic Shari'a is the main guide and source of law in Dubai. However, principles of civil law are adopted, similar Egyptian law. The flow of regional and international, commercial and industrial businesses in Dubai and the United Arab Emirates over the past 30 years has led to various forms of federal codes of law being adopted and implemented. Some of these federal codes apply both in Dubai and other emirates, dealing with civil and

commercial law, civil procedure, corporate law, intellectual property, immigration, maritime, industrial, banking and labour law. The Dubai Government has enacted various laws and decrees that mainly regulate the operations of the various local commercial entities. Although the federal constitution of the UAE allows each emirate to have its own judicial authority, only Dubai and Ras Al Khaimah have adopted legal systems that differ from the Federal Judicial Authority of the United Arab Emirates. Dubai has its own independent courts (and judges) who are not part of the Federal Judicial Authority of the United Arab Emirates. The Courts of Dubai primarily apply federal law, company law, the Civil Code, as well as the laws and decrees issued by the Ruler of Dubai, where federal law is absent or silent. The judicial system of Dubai includes a Court of First Instance, a Court of Appeal and Supreme Court, divided into civil and criminal sections and a section relating to Shariâ&#x20AC;&#x2122;a law. The section related to Shariâ&#x20AC;&#x2122;a deals with civil matters for Muslims, mainly concerning family matters such as divorce and inheritance. Even non-Muslims are obliged to respect the Shari'a law in Dubai and should behave accordingly. Dubai also has an employment tribunal that deals exclusively with disputes between employers and workers, and a Court that deals exclusively with Real Estate. The cases treated in Dubai are treated as a unified bench or with one Judge. Moreover, unlike Anglo-Saxon jurisdictions, no precedent system exists in Dubai. However, the judgements of some higher courts are published to provide useful interpretation elements for the future.

STUDIO MARTELLI & PARTNERS Studio Martelli & Partners was founded in 1959 by Domenico Martelli. Later, with the addition of Giovanni Battista Martelli - lawyer, it specialises in the Corporate sector, moving towards business consultancy, tax planning and enterprise internationalisation. The structure of the law firm was further expanded with the addition of Dr. Anna Maria Tripodi as Senior Partner, specialising in Criminal Law, Corporate Compliance and Fashion Law. Currently, Studio Martelli & Partners has head offices in the Italian cities of Rome and Milan, and offices in Dubai. Today the firm is a commercial player that flanks businesses.

How we work

Studio Martelli & Partners has decided to work on a success fee or percentage fee, based on the results obtained, with regards to the implementation of the corporate business, working closely with the company until the target is reached. In relation to services: SS Internationalisation SS Establishment of foreign companies, corporate strategic planning SS Enterprise networks SS Funding to enterprises SS Research and support in international tendering procedures the firm works on predetermined billing, capped fee, in relation to the activities it performs.

What we do

The firm's mission is to provide professional, competent and efficient support, attentive to the real needs of the Customer. Expertise in taxation, corporate matters and the experience gained allows us to provide advice and develop ad hoc strategies for corporate management based on excellence. Accuracy and personalisation of the service offered, makes Studio Martelli & Partners not just a simple law and consultancy firm, but rather a law boutique.

OUR SERVICES Internationalisation Studio Martelli & Partners is able to provide the best support to companies that decide to embark on a path of internationalisation, offering its expertise in the field of international business management and ensuring companies the following services: SS SS SS SS SS SS SS SS SS SS

legal assistance at all stages of the internationalisation process assessment of the company's potential for internationalisation international contracts consultancy for customs identification and selection of strategic partners development of business plans, feasibility studies and strategic business plans establishment of local companies, branches or representative offices international tax, duties and customs support joint ventures, mergers and acquisition operations completion of target missions

The firm drives Italian companies towards foreign markets, putting them in contact with local business partners of a private or institutional nature and oversees the establishment of relations. The companies are encouraged to establish a direct business to business rapport, where the Firm has the role of facilitator in the transaction of liaisons between enterprises

International tender invitations Studio Martelli & Partners assists companies: SS Identification of international tender invitations; SS Participation support in tender invitations; SS Support with compliance requirements relating to tenders

Enterprise Networks Our in-depth knowledge of the legal instrument of business networks allows us to flank companies who wish to join with the aim of increasing their competitiveness and innovativeness (while also keeping their trade individuality) taking care of: SS analysing the competitiveness of the company and the factors contributing to improvement of the individual enterprise; SS identifying and promoting contacts with other companies potentially interested in the establishment of the Network; SS preparing a network program and a network contract between the companies identified; SS overseeing the signing of the contract on behalf of the participants; SS managing the network enterprise, as an executive body; SS locating ad hoc funding for the established/establishing network

Funding to enterprises We plan effective business solutions also taking care to identify the most appropriate forms of finance for the implementation of projects, supporting business in the credit line access procedure:

Private Funding

Public Funding

SS Private Equity SS Mini-bond SS Venture Capital

SS European Funds SS Regional Funding

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