Dubai: The UAE is considering the ‘possibility’ of integrating free zone licenses in the country with the emirates’ Departments of Economic Development. Doing so could help with ‘exchange’ of expertise among free zones and the economic departments, creating an integrated database for the operation of these free zones.
Another unified database is for company registrars of private sector enterprises. Doing so would scale up the UAE’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regimes. Under review is a workflow of the operational plan for company registrars, which would thus raise transparency on the ‘Ultimate Beneficial Owner’.
The national database thus created would ensure ‘accuracy and quality of information of all companies in the UAE, unifying the procedures of economic licenses for investors and businessmen in the country and achieving the highest compliance with AMLCFT measures in place’.
A team has also been formed to oversee the impact of implementing a corporate tax when it comes to federal fees.
These measures were outlined at seventh meeting of the Economic Integration Committee this year, which was chaired by Abdulla Bin Touq Al Marri, UAE Minister of Economy. These meetings assume significance given the rapid tightening up of laws under AML, as well as the proposed new economic laws for the country. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, also attended.
Dubai: The UAE is considering the ‘possibility’ of integrating free zone licenses in the country with the emirates’ Departments of Economic Development. Doing so could help with ‘exchange’ of expertise among free zones and the economic departments, creating an integrated database for the operation of these free zones.
Another unified database is for company registrars of private sector enterprises. Doing so would scale up the UAE’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regimes. Under review is a workflow of the operational plan for company registrars, which would thus raise transparency on the ‘Ultimate Beneficial Owner’.
The national database thus created would ensure ‘accuracy and quality of information of all companies in the UAE, unifying the procedures of economic licenses for investors and businessmen in the country and achieving the highest compliance with AMLCFT measures in place’.
A team has also been formed to oversee the impact of implementing a corporate tax when it comes to federal fees.
These measures were outlined at seventh meeting of the Economic Integration Committee this year, which was chaired by Abdulla Bin Touq Al Marri, UAE Minister of Economy. These meetings assume significance given the rapid tightening up of laws under AML, as well as the proposed new economic laws for the country. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, also attended.