UAE Laws and Legal Support

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Questions and Answers

What is the minimum invested capital required for establishing a company in Mainland, according to the 'Make Fortune' product range?

  • $3,500 USD
  • $50,000 AED
  • No minimum capital is required
  • $80,000 AED (correct)

Which type of visa under the 'Make Fortune' range requires an equivalent monthly income of $3,500 USD?

  • Digital Nomad Visa (correct)
  • Freelancer Visa
  • Golden Visa
  • Investor Visa

Under the 'Make Fortune' product range, what is the minimum salary requirement for a sponsor to apply for a Sponsor Visa for their family?

  • 30,000 AED
  • 5,000 AED (correct)
  • 750,000 AED
  • 3,500 AED

Which of the following is a service provided under the 'Opening Companies' category?

<p>Mainland (B)</p> Signup and view all the answers

A company seeks assistance with ongoing compliance and regulatory requirements. Which package would address these needs?

<p>Accounting Service (A)</p> Signup and view all the answers

Which service helps businesses navigate the complexities of Value Added Tax (VAT) regulations?

<p>Accounting Service (D)</p> Signup and view all the answers

A high-skilled employee is interested in obtaining a Golden Visa. What is the minimum basic monthly salary they must earn to qualify, according to bank statements for the past 2 years?

<p>30,000 AED (C)</p> Signup and view all the answers

An individual wants to register their company for Corporate Tax (CT). Which service package should they select?

<p>Tax Support (A)</p> Signup and view all the answers

Which of the following falls under the 'Real Law' product range?

<p>Liquidation of company (D)</p> Signup and view all the answers

Under which circumstance might someone seek assistance with FTA portal updates?

<p>When dealing with VAT (B)</p> Signup and view all the answers

A client who wants to ensure their business complies with anti-money laundering regulations should seek assistance with which service?

<p>AML (C)</p> Signup and view all the answers

A company needs to determine if they are required to participate in the Wage Protection System (WPS). Which service would be most helpful?

<p>Accounting Services (D)</p> Signup and view all the answers

What is required to obtain a golden visa upon real estate?

<p>Cost of real estate 2,000,000 AED (A)</p> Signup and view all the answers

Under the 'Real Law' product range, what service assists in determining the distribution of assets after someone's death?

<p>Drafting a will of inheritance. (A)</p> Signup and view all the answers

A business deal requires a detailed examination of a proposed agreement. Which service should they utilize?

<p>Agreement Analysis (C)</p> Signup and view all the answers

A business is developing its online presence. Which service would help them establish legal terms and conditions for their website users?

<p>Drafting user agreements and privacy policies (B)</p> Signup and view all the answers

Which of the options is part of accounting process?

<p>Personal consultation with senior accountant and Registration as a VAT payer (C)</p> Signup and view all the answers

What is the service of Small Business Relief?

<p>Support for registration (D)</p> Signup and view all the answers

In the context of AML compliance, what does the acronym KYC stand for?

<p>Know Your Customer (D)</p> Signup and view all the answers

A company is facing scrutiny regarding its adherence to AML/CFT regulations. Which service would provide assistance in addressing AML/CFT compliance inquiries?

<p>AML/CFT interrogation assistance (B)</p> Signup and view all the answers

Flashcards

Digital Nomad Visa (UAE)

A visa for remote workers, valid for 1 year, requiring proof of a $3,500/month income and a valid employment contract.

Sponsor Visa (UAE)

Allows residents to sponsor family members (spouse, children, parents) provided they have adequate housing and a minimum salary of 5000 AED.

Golden Visa (UAE)

Long-term residence visa available to investors, entrepreneurs, and specialized talents.

Real Estate Visa (UAE)

2-year visa based on real estate investment of at least 750,000 AED or 2,000,000 AED.

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Excise Tax

A tax system applied to specific goods, such as tobacco and energy drinks.

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VAT Registration support

Support in registering for value-added tax to comply with regulations.

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Company Liquidation

The process of closing down a company, involving legal and administrative procedures.

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Mainland vs. Freezone setup cost

UAE mainland requires a larger capital than a free zone for company formation.

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Employee Quota

Required for hiring employees.

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Trademark Registration

This needs to be done if you trade?

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Study Notes

  • Product range includes "Real Law" and "Make Fortune."

Real Law

  • Includes Demo with options for 1 month, 1 year

Make Fortune

UAE VISA (Residence permit)

  • Employee: Requires company quotas for hiring
  • Investor: Requires minimum share capital, 80k if the company is in Mainland, 50k if in a free zone
  • Legal advice
  • Contract Drafting
  • Contract analysis and verification
  • Tender document development
  • Development of a licensing agreement
  • Development of a turnkey share transfer agreement
  • Development of a User Agreement and Privacy Policy for the website
  • Drawing up a will for inheritance
  • Power of attorney

Visa Types

  • Digital Nomad (1 year): Requires income of $3500/month, bank statements as proof, and an employment contract with a company
  • Sponsor visa: Husband/wife, kids, parents. Requires sponsor to have housing, salary of 5000+ dirhams, legalized documents, processing time 5-7 business days.
  • Talent visa
  • Retirement visa
  • Freelancer visa
  • Real estate visa: 2 years, property cost is 750,000 AED, Golden visa applicable for 2,000,000 AED property

Company Formation

  • Mainland
  • Free zone

Liquidation of company

Trademark Registration

Golden Visa

  • Real estate investment (2,000,000 AED)
  • Talent visa (Nominations, awards, international exhibitions, recognitions)
  • Highly qualified employee (Salary > 30,000 AED/month, supported by 2 years of bank statements, legalized diploma + equivalency)
  • Corporate (DMCC, Meydan, IFZA, ADGM, DIFC, Hamriyah, JAFZA, RAKEZ)
  • Personal
  • Offshore

Opening a Bank Account

Accounting Services

  • Financial statements
  • Accounting and preliminary reports
  • Statement of cash flow
  • Amendments to the FTA portal
  • VAT

VAT

  • Registration as a VAT payer
  • Personal consultation with a senior accountant (1 hour)
  • VAT return filing
  • Exempt certificate acquisition
  • Employee payroll management
  • Monthly monitoring of the VAT threshold
  • Registration in the Wage Protection System (WPS)
  • Personal chat with a senior accountant
  • Transaction recording
  • Corporate tax

Corporate Tax

  • Registration as a corporate tax payer
  • Obtaining a tax resident certificate (individual / legal entity)
  • Filing of corporate tax returns
  • Individual solutions to your issues in accordance with the laws of the UAE
  • Excise tax

Excise Tax

  • Registration for excise tax
  • Filing excise tax returns
  • Small Business Relief
  • AML

AML

  • Support for registration
  • GOAML company audit
  • Preparation of AML/CFT reports
  • Assistance in developing policies
  • KYC questionnaire compilation
  • Consultation on AML/CFT surveys
  • Provision of a Russian-speaking specialist

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