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United Arab Emirates
UAE is one of the most convenient jurisdictions for innovation and investment in the world. Being one of the most liberal countries in the Gulf, it provides a gateway to the key Middle Eastern economic centers. The country continues to be increasingly important and attractive for business expansion and relocation.
We are a strong international firm providing a full suite of services and harnessing a multidisciplinary approach to both domestic and multinational clients located at the very centre of Dubai – the Dubai Marina Terrace Tower.
Our team boasts both international and local expertise and has a healthy combination of long-standing and new clients. We have an impressive track record of delivering successful outcomes for clients in Oil and Gas, Energy, Metals and Mining, Financial Services and IT sector.
Our recent projects
Our team provided comprehensive advisory services and support on various issues related to the activities of a major international Group in the field of maritime transportation services, including preparing a transfer pricing methodology for key types of transactions; elaborating an approach to preparing a country report, master file, and local file; analysis of compliance with economic substance regulations in the UAE; creating an approach to restructuring and the effective operation of the structure involving the UAE, Marshall Islands, Qatar and other jurisdictions; and corporate tax and VAT analyses of planned transactions in the UAE.
As part of a turnkey project for one of our clients the Tenet Tax and Legal team made a significant contribution to finalising local corporate tax legislation in the UAE. Our proposals to amend this legislation were recognised by the legislator in an updated version of a Ministry of Finance decision to apply a 0% corporate tax rate for free zone companies dealing in trading.
The Tenet team developed the holding and operating structure of a large international group of companies dealing in a clothing and accessories retail business which was planning to expand its business into new jurisdictions. The team supported the Group in the process of planning, creating, and starting the operations of new companies in the UAE and Turkey. Following our work the Group successfully launched operations in new jurisdictions, including the opening of retail stores under its brand in the UAE.
The Tenet team assisted a major trader in the UAE to structure the largest transaction connected with the conclusion of a profit-sharing agreement on the transportation and trading of oil products. Our team conducted a comprehensive analysis, including the tax, legal, and accounting implications and risks in the UAE of entering into such an agreement for both parties.
The Tenet team analysed the requirements for establishing a hotel business in the UAE in the mainland and selected free zones, including the hotel classification procedure (the number of stars awarded to a hotel) and analysing the tax implications of such activity in the UAE.
The Tenet team has conducted a large number of due diligence and M&A assistance projects for companies in the IT, Financial, Medical, and other sectors.
The Tenet team prepared an analysis of the corporate tax implications of the activities of a group of ship-owning companies (over 10) carrying out various operations, starting with chartering ships and providing transportation services and ending with organising transatlantic cruises.
