Dubai continues to demonstrate its commitment to global investors
Following the recent announcement of our new global compliance offering – Waystone Compliance Solutions, formed from a merger of four compliance service providers, we are pleased to share a recent update from the Middle East where our colleagues at CCL Compliance are based. They have been providing compliance and regulatory services there for over 15 years and were the first specialist compliance consultancy to set-up in the Dubai International Financial Centre (“DIFC”), in 2006. In 2017 they opened their Abu Dhabi Global Market (“ADGM”) office, and in 2019, a third UAE office ‘onshore’.
How to Set Up in the DIFC & ADGM
In a move to reduce the cost of doing business and provide a further boost to economic growth in Dubai, H.H Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Chairman of the Executive Council of Dubai issued directives in June this year to reduce government-related procedures for doing business by 30%.
Following these directives, it was announced recently that the target has been exceeded, with a 61% reduction of government-related procedures for doing business in Dubai. At the same time, it was also announced that the ‘Invest in Dubai’ platform has led to a 95% reduction in commercial licencing requirements. Dubai is keen to unlock new opportunities for investors by reducing business procedures and by adapting to changes and emerging economic trends. These latest announcements, combined with the success of the ‘Invest in Dubai’ platform, launched last February, enable foreign investment and provide investors with the opportunity to launch their businesses swiftly and effectively in Dubai, using a centralised portal for commercial licencing and where government permits and approvals can be obtained for businesses that do not require regulatory approval.
These changes are part of the wider vision of Vice President and Prime Minister of the UAE and Ruler of Dubai, H.H Sheikh Mohammed bin Rashid Al Maktoum to consolidate Dubai’s status as a global investment and business destination. Post lockdown, it was also a strategic move to accelerate economic recovery and enhance Dubai’s status as a business hub.
In Dubai, the strong partnership between the public and the private sector and the ease of conducting business is seen as key to attracting businesses and enhancing the investment environment, reinforcing Dubai’s position as a leading, global financial and entrepreneurial hub.
In the wider region, and with a similar vision, the UAE recently announced its ‘United Global Emirates’ global media and economic campaign in September. Launched by H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the visionary leader noted that the new drive aims to secure the UAE’s position as one of the strongest global economies over the next 50 years. The UAE’s ability to keep pace with global economic change means it has become one of the most active economic and investment hubs around the world today and with a COVID-19 vaccination rate of over 90%, it is an increasingly open and navigable place to do business following COVID-19 restrictions. As the UAE enters a new phase of growth, the country has positioned itself as an ideal destination for living, working, and investing.
How Can Waystone Compliance Help?
These latest positive developments in both Dubai and more widely within the UAE mean that now is an opportune time to set up and obtain a financial services licence within the region.
CCL Compliance, a Waystone Group Company, has been operating in the UAE since 2006. It has a long and successful track record of regulatory licensing applications in the region. This year, it celebrated helping its 250th client becoming authorised in the UAE, making it well placed to assist businesses wishing to set up in the region. It assists clients in the following ways:
- DIFC & ADGM – It will advise, coordinate and project manage your regulatory licence application from start to finish, give you clear guidance and keep you up to date with each stage of the process.
- It provides all the compliance policies, procedures, systems and controls needed to meet the regulatory requirements, specific to both the DIFC and the ADGM as well as establishing your company for you in the financial free zone. Its documentation will provide your business with a robust compliance foundation.
- Post authorisation, its highly-experienced consultants can provide ongoing compliance advice, training, independent monitoring reviews and, where necessary, act as your Compliance Officer, Money Laundering Reporting Officer and/or Data Protection Officer on an outsourced basis.
For more information, please reach out to them directly or read more in our guides to setting up your business in the DIFC or the ADGM. Contact us today to learn more about our compliance solutions in Dubai.