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GOAML Registration

As of 27 June 2019, all reporting entities in the United Arab Emirates are required to submit various types of informational reports, such as suspicious transaction reports (STRs), to the UAE Financial Intelligence Department using the “goAML” portal. This initiative was developed by the United Nations Office on Drugs and Crime (UNODC).

It is your obligatory duty under the Federal Decree Law 20 of 2018 and Article 20(2) of Cabinet Decision No. (10) of 2019, to have procedures in place to report Suspicious Transactions to manage anti-money laundering (“AML) and counter terrorist financing (“CFT”).

The financial intelligence units of UAE intend to use “goAML” as a means for gathering regulatory reporting information, and for allowing reporting entities and law enforcement authorities to quickly, securely and confidentially analyze and share information that can help identify criminal activity.

The introduction of such a system will enable the FID to:
• Ensure that the UAE’s financial system stays relevant and effective in the fight against money laundering and terrorism financing;
• Enable the FID to collaborate more effectively with various stakeholders such as reporting entities, supervisory bodies and law enforcement agencies
• It will be easier to manage a reporting entity’s registration information
• Failed reporting will be simplified by requiring the user to only re-submit the remediated failed report
• The ‘Message Board’ function gives the user the ability to communicate with the FID in a centralized manner
• Users will be able to track online all reporting related requests and responses between a reporting entity and the FID

The “GOAML” registration will be mandatory for a specific commercial activity
 Brokers and Real Estate Agents
 Dealers in Precious Metals and Precious Stones
 Independent Accountants
 Providers of Corporate services

Prepare the below documents before the registration
 Authorization letter from the institution you represent (download the form).
 A copy of the passport, resident VISA, Emirates ID.
 A copy of the commercial trade license (for companies).
 Download the “Google Authenticator” application on the phone. (This application contains the password for
the SACM protection system, which is a password that changes every minute)

There are two stages to successfully complete the goAML Registration:
 The first stage: the registration stage in the protection system (SACM) of goAML portal.
 The second stage is the registration stage in the goAML system.

Grace period for establishments’ compliance to these measures has been extended till March 31, 2021. Failure to register on goAML may result in severe penalties invoked by the ministry of Economy. We therefore urge you to treat this notice as a matter of priority and complete your application to ensure access to the goAML system.

For further clarifications you may contact us on +971 65 74 8665 and our team would be glad to assist.

by shashinasiri


Business
Israel and UAE Strike Historic Deal to Normalize Relations

A new peace agreement was signed between Israel and the United Arab Emirates (UAE) on August 13, 2020.

In a surprise statement by US President Donald Trump, who helped broker it, the countries called the accord “historic” and a breakthrough towards peace.

Until now, Israel has had no diplomatic relations with Gulf Arab countries.

President Trump called the deal between Prime Minister Netanyahu and Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan "a truly historic moment". It marks only the third Israel-Arab peace deal since Israel's declaration of independence in 1948, after Egypt and Jordan.

“Now that the ice has been broken, I expect more Arab and Muslim countries will follow the United Arab Emirates,” US president told reporters in the Oval Office, saying there would be a signing ceremony at the White House.

Further, Salem Mohammed Al Zaabi, Director of the International Security Cooperation Department at the Ministry of Foreign Affairs and International Cooperation, emphasised that the main goal of the peace treaty is to establish economic and scientific relations in the fields of technology, mainly artificial intelligence (AI), health and education.

This implies that both countries, Israel and United Arab Emirates, will exchange ambassadors, establish embassies, and open direct flights. Emirati billionaire Khalaf Al Habtoor, who owns one of the U.A.E.’s largest conglomerates Al Habtoor Group, said he has launched talks with Israir Airlines Ltd., a domestic Israeli carrier, to open direct commercial flights.

Opening direct ties between two of the Middle East’s most advanced economies will definitely transform both regions by increasing economic growth and enhance technological innovations where people could expect for more business relations and opportunities between the two countries.

by shashinasiri


Business
Tips to Start a Business in UAE

With the upcoming global events in U.A.E., this would be a good time to invest in or start a business in U.A.E. The present government of U.A.E. is encouraging people around the world to invest and start businesses by offering many concessions, benefits, and support in many ways. With many other conveniences, the government now offers long-term visas for investors of businesses to expand the economy of U.A.E.

Keep in mind when structuring a business in the U.A.E. it is a must to ensure whether the form of business entity has all requisite licenses to perform its desired commercial activities. As per U.A.E. Commercial Companies Law 2015 (as amended) (the “CCL”), it requires a UAE national (an Emirati national or company wholly owned by Emirati nationals) to own 51% of the share capital. This foreign ownership restriction applies to companies registered as limited liability companies under the CCL and licensed by the Department of Economic Development.

Many foreign investors wish to avoid a local shareholding in the structure. The easiest options to avoid such complications is to establish your business in a free-zone jurisdiction and achieve 100% foreign ownership.

With 100% foreign ownership, the next step would be to develop and maintain a profitable business. Building a strong business plan that has been structured based on a good understanding of the market, identifying and knowing your competitor and their activities, determining how your product or service will fit into the current market conditions, and understanding the profitability of your business will help you to plan and grasp an idea about your current and future business objectives and goals.

Given below are 5 tips to successfully entering the UAE market

  1. Perform a rich and detailed market research.

  2. Based on your market research develop a plan for your business.

  3. Understand the different commercial structures in UAE and identify the most appropriate/suitable commercial structure for your business.

  4. Be aware of laws and regulations.

  5. Build your online presence and market your business properly.

We believe that by following our tips, you may successfully enter and manage your business in UAE. You could also get in touch with our Eagle Eye professional team to help you establish and maintain your business profitably. Start your U.A.E. success story with us.

Please feel free to contact our agents, we would be glad to assist.

Our main mission is to make your dream business reality in U.A.E.

by shashinasiri


Business
Tips for Investing in Dubai

Property has been one of the most desirable investments globally for the past 25 years and it is certain that the Dubai real estate market offers some of the most attractive rental yields in the world. If you are considering investing in properties in Dubai, this blog will provide you with an overall idea about the real estate market in Dubai.

Acquiring properties is a great way to build wealth and generate income. However, to yield the highest possible returns from the properties, there are many factors to consider when investing in Dubai real estate market.

Why Should You Invest in Dubai?

The city offers higher rental yields than many other mature real estate markets around the world. On average, investors can achieve gross rental yields of between 5-9%.

Property prices per square foot are lower compared to many other cities in the world, making Dubai one of the most affordable locations to own prime real estate.

New visa laws linked to property investment enable investors to gain a residence visa subject to certain rules and regulations.

> For properties valued above AED 1 million, a person may be entitled to a 2-year residency visa.

> For properties valued above AED 5 million, a person may be entitled to a 5-year residency visa.

> For properties valued above AED 10 million, a person may be entitled to a 10-year residency visa.

> The absence of property taxes and stamp duties in U.A.E. will create and promote a highly attractive investment environment for investors.

Dubai Skyscrapers

Things to Consider When Selecting An Investment Property

A strong return on investment (ROI) is the ultimate objective of an investor when investing in property. Given below are some of the factors that could influence ROI:

• Location of the property

• Facilities and amenities available in the community, including proximity to transport, education, childcare etc.

• Quality of living

• Maintenance costs of the property

• Size of the property

• Market conditions and timing of purchase

• Interest rates

Where to Invest for High ROI

During the beginning of 2019, Dubai Silicon Oasis (DSO) offered the highest gross returns of 9.5% for apartments. Followed by Meydan and DAMAC Hills, offering gross rental yields of 9.3% and 8.9% respectfully, again for apartments.

For villa and townhouse communities, Town Square yielded the strongest gross returns at 7.8%, followed by The Springs (6.6%), Reem – Mira (6.4%) and Mudon (6.3%).

Ongoing Property vs. Completed Property

Investing in ongoing property and ready property have its own pros and cons. Everyone’s financial situation and management of risk is unique, and as such, it is important to identify and understand the risks between these two types.

Pros of Buying Ongoing Property

• Buyers generally receive a price advantage due to the fact that the property is under- construction and the price would be significantly less than the completed properties.

• High probability for price increasement of the property upon the completion and handover.

• Initial deposits start from 5-10% and developers offer highly attractive, flexible payment plans to promote and attract investors.

Pros of Buying Ongoing Property

• Downward movement of the property market will result in the property being valued at less than the initial purchase price.

• There is always the risk of projects being cancelled or completed after their scheduled date.

Cons of Buying Completed Property

• In line with UAE Central Bank regulations, the minimum deposit required for expatriate owning a completed property valued at less than AED 5 million is 25% and 20% for Emirates.

• If obtaining a mortgage to finance your purchase, it is important to take into consideration the turnaround time of your chosen bank.

• There has never been a better time to invest in Dubai. If you are looking to invest in affordable prime real estate under credible and reputed developers, please contact our experts and we will provide you with the best, most reliable solution in the market, depending on your requirement, and assuring you a profitable yield.

Click here to get started now.

by shashinasiri


Business
UAE Shines in Anti-Virus Protection Measure

Desperate times call for desperate measures

In the midst of a crisis, there are various people and nations who strive forward, displaying amazing and unbelievable improvements despite all odds. These people can take on any challenge or adapt to any specific changes.

Handling of the coronavirus in United Arab Emirates’ has been extremely impressive, thanks to the country’s adoption of an excellent mechanism to monitor and detect new cases, with a high readiness to deal with health emergencies, government efficiency and speed of response to developments.

U.A.E was ranked first in the Middle East, and tenth in the world, in the safety from the COVID-19, according to an updated list issued by the non-profit “Deep Knowledge” group, concerned with healthcare and artificial intelligence.

The UAE surpassed developed countries, such as Singapore, Canada, Norway, Finland, the Netherlands, the United Kingdom, and the United States. This assessment is based on six top-level categories (Quarantine Efficiency, Government Efficiency of Risk Management, Monitoring and Detection, Health Readiness, Regional Resilience and Emergency Preparedness).

The UAE has achieved 125 points in the quarantine efficiency, 162.64 in the government efficiency of risk management, 142.35 monitoring and detection of COVID-19 cases, 72.32 in the health readiness, 99.87 in the country vulnerability of regional crisis and 121.25 in the emergency preparedness with a total score of 723.35.

His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, launched the National Home Testing Programme for People of Determination, for UAE citizens and residents, to ensure all segments of the community have adequate access to testing facilities.

The programme supports and complements the efforts of the drive-through testing facility for COVID- 19 and accredited testing centers nationwide. Arrangements have also been made for people, who are unable to easily reach the testing centers, to undergo home testing. This applies especially those who are unable to move normally or who are unable to express or have difficulty communicating with others.

On the business front, the UAE Ministry of Economy has announced the reduction of fees associated with as many as 94 services provided to individuals, companies, and the business sector. Fee reductions span a range of services, particularly those related to innovation, business activities, investment, production, trade, import and export activities.

The UAE also remains steadfast in its commitment to cooperating with other countries to bolster global efforts to curb the virus’ spread. Its international position flows from its much-cherished belief that the world is like a family where one member should take care of the other.

by shashinasiri