Raju Menon with H.E. Vipul, Consul General of India to Dubai and H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber. Kreston Menon Launch and “25 Years in UAE” Celebrations

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The Government of UAE has announced yet another investor friendly iheb\r'� Ma^� g^p� ehg`&m^kf� oblZ� iheb\r� ]^\eZk^]� k^\^gmer%� pbee� ]^Ûgbmêr�attract more entrepreneurs and exceptional talents to the UAE and thus _nkma^k�\^f^gm�N:>�l�ihlbmbhg�Zl�ma^�fhlm�ik^_^kk^]�bgo^lmf^gm�]^lmbgZmbhg�in the region. The proposed long-term visa for outstanding students will ensure a vibrant local talent pool of young professionals specializing in the technologies for tomorrow.

:l� ma^bk� lihnl^l� Zg]� \abe]k^g� Zk^� Zelh� [^g^Ûmm^]%� fZgr� l\b^gmblml� Zg]�specialists will be encouraged to make UAE their workplace and home. My colleague, Pushpakaran who heads Kreston Menon Corporate Services provides more details in this newsletter.

A.H. Balaji, Partner – Kreston ME Consulting in his article “Changing the landscape of Internal Audit”, describes how disruptions caused by technology and growing competition to be the industry leader have brought to the fore, key questions regarding value creation, effectiveness and relevance of internal audit. He explains how the Internal Audit process have transformed from a typical checklist-based conventional approach

EDITOR’S NOTE

to a more sophisticated, comprehensive and risk-based audit.

Ma^� ÛgZg\bZe� liZ\^� aZl� \aZg`^]� lb`gbÛ\Zgmer� bg� ma^� iZlm� ]^\Z]^� pbma� ma^� ^f^k`^g\^� h_� g^p� m^\agheh`b^l� Zg]�increased competition in the marketplace. In the previous edition of the Kreston Menon News, I had highlighted the bfiZ\m�h_�:kmbÛ\bZe�Bgmêeb`^g\^�hg�[nlbg^ll^l%�pabe^�bg�mabl�^]bmbhg�B�Zf�mZedbg`�Z[hnm�ahp�?bgm^\a�bl�\aZg`bg`�ma^�way we bank. In an interesting article on the challenges and opportunities technology brings to businesses, Jikku Zldl�Z�i^kmbg^gm�jn^lmbhg��Bl�m^\agheh`r�bg�rhnk�]kbo^k�l�l^Zm8

Embracing openness and collaboration will be the key to success in this era of disruption!

CA. Raju Menon

Kreston Menon News 2

Kreston Menon Partners with the Chief Guest, H.E. Sami Al Qamzi, Director General of Dubai Department of Economic Development, H.E. Vipul, Consul General of India to Dubai and Liza Robbins, CEO of Kreston International at the Kreston Menon Launch and “25 Years in UAE” Celebrations.

Raju Menon, Chairman & Managing Partner and Girija Menon, Partner of Kreston Menon with the Chief Guest, H.E. Sami Al Qamzi, Director General of Dubai Department of Economic Development at the event.

Raju Menon with H.E. Vipul, Consul General of India to Dubai and H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber.

Kreston Menon Launch and “25 Years in UAE” Celebrations

KM NEWS .indd 2 4/24/19 10:40 AM

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BackgroundThe inadequacy of system to cater to business needs, issues regarding integrity and robustness of data generation (MIS), the absence of management strategy for monitoring risks, lack of control over the operational process, ambiguity over policy and procedures and issues so galore.

The above situations appear familiar? Indeed, these are common challenges that plague many businesses regionally and globally. Conventional belief laid emphasis RQ�DFKLHYLQJ�EXVLQHVV�UHVXOWV�DQG�FDVK�LQÁRZV��UHOHJDWLQJ�the need to address pressing issues. Mounting challenges of varied nature posed by new economic order have made compelling reasons for businesses to introspect, to improve HIÀFLHQFLHV�� LGHQWLI\�DQG�PDQDJH� ULVNV�� FRQWURO� OHDNDJHV��rationalize costs etc. With matters of risks, control and governance gaining priority, many businesses are viewing internal audit as an important tool to achieve its dynamic objectives.

This article is an effort to shed light on the new approach used in internal audits that has led to increasing acceptance of internal audit activity as an investment that provides D�UHWXUQ� WR�DQ�HQWLW\�DQG�QRW� MXVW� UHÁHFW�DV�D�FRVW�RQ� WKH�income statement.

About Internal AuditInternal Audit as a concept is exhaustive, but broadly refers to an activity carried out by independent professionals to assess whether an entity’s process and controls are adequately designed and are operating effectively, EXVLQHVV� ULVNV� DUH� HIIHFWLYHO\� LGHQWLÀHG� DQG� PDQDJHG��ZKHWKHU�UHVRXUFHV�DUH�HIÀFLHQWO\�XWLOL]HG�HWF��%DVHG�RQ�WKH�REVHUYDWLRQV� DQG� ÀQGLQJV�� VROXWLRQV� DQG� VXJJHVWLRQV� IRU�improvements are provided in the form of a report to the team entrusted with governance.

The process areas covered under internal audit activity can be extensive but generally includes inter-alia, review of RSHUDWLRQDO�DQG�ÀQDQFLDO�IXQFWLRQV�RI�DQ�HQWLW\��2SHUDWLRQV��Procurement, Finance and Accounts, Human Resources,

Information Technology etc.). Depending on the size of the entity, complexity of operations and the objectives to be achieved, approach to internal audit could assume the form of review, by covering different functions over a period. Alternatively, it may involve review of the design of all the functions at a time, backed by follow-up reviews. Dividing the scope into various functions, covered over a period, facilitates specialized focus on the department’s HIÀFLHQF\� LQ� DFKLHYLQJ� IXQFWLRQDO� REMHFWLYHV� DV� ZHOO� DV�entity’s objectives.

Evolving Internal Audit ApproachThere has been a paradigm shift in the expectations of businesses from the internal audit activity. Growing business competition, disruptions caused by advancement in technology and the desire and vision to be the industry leader by clients have brought to the fore, key questions regarding value creation, effectiveness and relevance of internal audit. This entailed an objective response by the internal audit fraternity, transforming the activity from a typical checklist-based conventional approach to a more sophisticated, comprehensive and risk-based audit. Erstwhile ApproachTraditional internal audit approach involved an overall review of process and controls for compliance to HVWDEOLVKHG� SURFHGXUHV� IURP� ÀQDQFLDO� DFFRXQWLQJ�treatment perspective. Also, the earlier approaches had greater focus on transactional accuracy and compliance with approved procedures.

7KLV�� WR� D� ODUJH� GHJUHH�� LJQRUHG� DQ\� VLJQLÀFDQW� LPSDFW�of risks arising from operational, market and regulatory factors of the business. As a result, the traditional approach UHGXFHG�WKH� LQWHUQDO�DXGLW� WR�D�PHUH�IDXOW�ÀQGLQJ�DFWLYLW\�drawing lesser participation from the client management.

New Approach to Internal AuditWith the advent of the renowned concept of Enterprise Risk Management (ERM) Framework, a model developed by Committee of Sponsoring Organization of the Treadway Commission (COSO) for evaluating the risk management practice of an entity, coverage under internal audit has evolved into a more holistic and objective-based approach.

CA. A.H. BalajiPartnerKreston ME [email protected]

Continued to Page 11

Knowing you. 3

INTERNAL AUDITChanging the landscape of

KM NEWS .indd 3 4/24/19 10:40 AM

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GQÉ° à°S d °ShC’G ô° dG ƒà°ùjô[email protected]

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Mankind and InventionsMankind has always found solutions to the problems at hand RU�KDYH�LQYHQWHG�ZD\V�WR�PDNH�WKHLU�OLIH�HDVLHU��%H�LW�IURP�WKH�SULPLWLYH�DJH�ZKHQ�ÀUH�ZDV�LQYHQWHG�RU�UDWKHU�GLVFRYHUHG��RU�the invention of the wheel which revolutionized the world.

There are many enthralling stories of inventions like the HOHFWULFDO�EXOE��DHURSODQHV�DQG�PRWRU� FDUV��%XW� ,�ZRXOG� OLNH�to draw your attention to more than couple of thousands of years ago, when King Hieron engaged hundreds of people to launch Syracusia, a 55 meters long ship, which can rival the most luxurious modern cruises like RMS Queen Mary 2 or the Harmony of the Seas. Despite the physical labour of hundreds, they couldn’t get the vessel into the sea. That was when Archimedes who proclaimed, “Give me a place to stand and I will move the world” came into the picture. He built a pulley system that allowed him to single-handedly move the ship and set it on to the path for many voyages across the oceans.

Financial Services and TechnologyArchimedes managed to invent and use technology to solve a problem, and today we have advanced technology to help XV�PDNH�ÀQDQFLDO�VHUYLFHV�PRUH�HIÀFLHQW�DQG�HIIHFWLYH��7KDW�technological backbone is called Fintech.

In the 1970s, automated teller machines (ATMs) changed the way people banked. Later, credit cards and internet changed the way people purchase goods and services. Then, it was the penetration of smartphones that radically changed the way consumers interact with business. Today, Fintech is changing the way people do business.With the increased use of smart phones and the development of appropriate interactive tools and platforms, Fintech has captured the market, offering products and solutions for which

banks once claimed that there can be no substitution such as e-payments and online trading.

While Fintech companies were initially viewed as a competitor E\�EDQNV��WKH�WZR�DUH�QRZ�EHQHÀWWLQJ�IURP�ZRUNLQJ�WRJHWKHU��7KH�:RUOG�5HWDLO� %DQNLQJ�5HSRUW� VD\V��SHUFHQW�RI�EDQNV�and 75 percent of Fintechs expect to partner with banks in the near future.

7RGD\�� )LQWHFK�GLVUXSWRUV� DUH� FKDQJLQJ� WKH� IDFH�RI�ÀQDQFLDO�services. For every aspect of transactions - be it lending, credit, SD\PHQWV� DQG� LQVXUDQFH� �� EDQNV� DQG� WUDGLWLRQDO� ÀQDQFLDO�institutions are either partnering with Fintech companies or developing their own solutions.

Integrating Fintech & Banking Application Programming Interface (API) is driving this evolution. Once a jargon only used by technical experts, APIs are becoming part of our everyday vocabulary as they provide more capabilities and opportunities for Fintech companies DQG� ÀQDQFLDO� LQVWLWXWLRQV� WR� ZRUN� WRJHWKHU� DQG� VHUYH� WKHLU�customers better.

In an era, where institutions strive to be customer-focused and want to create a superior customer experience this technology ensures simple, frictionless experiences for their customers.

Open banking allows banks to share data with third-party companies or applications securely and in real time, using $3,V��7KH�HPHUJHQFH�RI�$3,V�DQG�2SHQ�%DQNLQJ�KDV�FKDQJHG�the image of traditional banking being slow by providing fast and secure banking experience for the customer.

TRENDS TO WATCH

New RegulationsPayment Services Directive 2.0 (PSD2) is the legislation made to create a single market for payments in the European Union and is considered as a giant step to ensure more protection to customer data. PSD2 will end the monopoly of banks on their customer’s data. It will allow merchants like Amazon, to

Changing theway you bank

CA. Raju MenonChairman & Managing PartnerKreston [email protected]


FINTECH

KM NEWS .indd 4 4/24/19 10:40 AM

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Technology is impacting everyone’s life directly or indirectly in today’s world. The selection of this topic is made carefully to ensure that the importance is conveyed while not putting any of the readers in panic mode.

One of the major challenges for businesses in today’s world is the failure to cope up with the emerging technologies. Let me share two classic examples which are often used to describe how two of the biggest super companies in WKHLU�UHVSHFWLYH�ÀHOGV�KDYH�ORVW�LWV�OHDGHUVKLS�EHFDXVH�WKH\�were not willing to or could not embrace new technologies. .RGDN�� ZKLFK� RQFH� GRPLQDWHG� WKH� SKRWRJUDSKLF� ÀOP�market succumbed to technology as it could not move into the digital world. Nokia is another classic example of digital disruption which lost its leadership in the mobile phone segment as it could not adapt itself to effectively meet the user’s expectations. Nokia had a market share of 49% in worldwide mobile sales in 2007 and today it is less than 1%.

How can technology help businesses?Adopting the latest technology such as Robotic Process Automation (RPA), the businesses could automate the mundane, repetitive, high volume and rule-based tasks. Removing these responsibilities from employees’ workload would mean that they can focus on tasks that are yielding higher productivity levels across the organization.

)XUWKHUPRUH��XVLQJ�$UWLÀFLDO�,QWHOOLJHQFH��$,��ZRXOG�KHOS�LQ�processing, handling and analyzing large amounts of data IDU� PRUH� HIÀFLHQWO\� DQG� XWLOL]LQJ� LW� WR� FUHDWH� PHDQLQJIXO�business inference and insights. As a result, the chances of HUURUV�ZRXOG�EH�PLQLPL]HG�DQG�ÀUPV�FDQ�JHW�PRUH�DFFXUDWH�insights into various areas of business including sales, operations, supply chain and more. Also, the information gathered can be used by the businesses to augment their offerings and services to clients.

In years to come, the values of clients will be tested even more on following fronts: brand recognition, agility to change, speed of change and innovation.

Challenges faced by businesses in adopting to new changesIt can be a bit daunting and overwhelming for businesses to invest in change, especially in technology. With the array of technological applications in the market, the fear of choosing the wrong tools and differentiative feedback by peers may push back clients from shifting towards new technologies. Another challenge for businesses can be integrating the latest technology with the existing systems as sometimes latest technologies do not integrate with older information systems and hence requiring a complete revamping of the technology’s architecture. With the surge in cyber-crimes throughout the world, taking necessary steps to secure the data would also be a challenge for businesses.

Apart from the technological challenge which the businesses may face would be the resistance from the employees towards change as they might become wary of their individual jobs.

Reinventing business in the digital era

Jikku LukeSenior ManagerMMJS [email protected]

Technology in thedriver’s seat?


KM NEWS .indd 6 4/24/19 10:40 AM

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9JCě�KS�ěJG�ROĚG�OH�%ONSTĚěKNI�ĂRMS!As the times change the expectations of clients have DOVR�FKDQJHG��DQG�LW� LV� LPSRUWDQW�IRU�D�FRQVXOWLQJ�ÀUP�WR�understand the clients’ long term vision.

Considering the complexity involved in the recent technological developments, it will be imperative for clients to turn to consultants or advisors in order to help them navigate the steps that lie ahead.

Clients would require support and insight to help them understand the effects of technology both today and in twenty years’ time so that they can plan the transitions. With WKH�EX]]�ZRUGV�VXFK�DV�$,��&U\SWR��%ORFNFKDLQ��53$�EHLQJ�used more in recent times, it is important for a business to understand what is relevant and how to be futuristic in its approach. Without clear guidance and understanding, adopting any of the new technology is a disaster waiting to happen.

&RQVXOWLQJ�ÀUPV�ZLOO�SOD\�D�FULWLFDO�UROH�LQ�JXLGLQJ�WKH�FOLHQWV�in selecting these disruptive technologies and implementing them. The role of consultants would not be restricted to explaining the technological changes to clients but also include steering them towards the best platform and designing the appropriate vehicle to get them there. The potential market opportunity to create value (and share in that value creation) could be huge.

What is MMJS doing in Technology?$V� D� FRQVXOWLQJ� ÀUP�� XQGHUVWDQGLQJ� WKH� FKDQJLQJ�technological framework and taking actions at an appropriate time will determine the relevance of their role in the future as advisors. MMJS Consulting, a group entity of Kreston Menon was formed with a vision to be driven by two major factors that is knowledge and technology.

As a testimony to this, MMJS has partnered with FTA approved VATeGenie (tax engine) to revolutionize the VAT compliance process in the GCC. Clients using multiple VRXUFH� V\VWHPV� DQG� KDYLQJ� XQVWUXFWXUHG� GDWD� ÀQG� LW�H[WUHPHO\�FKDOOHQJLQJ�WR�ÀOH�WKHLU�WD[�UHWXUQV��

The preparation and review of tax returns are manually done which increases the chances of human error and WKLV� FDQ� HDVLO\� EH� ÀOWHUHG� WKURXJK� ORJLFV� DQG� DOJRULWKPV�embedded in VATeGenie with minimal human support. VATeGenie combines MMJS’ tax consulting expertise and advancement in technology to become a disruptive solution and a true value add for businesses.

MMJS has also partnered with CCH Tagetik to develop applications and automation tools for IFRS implementations, budgeting, reporting etc. Internal Audit (IA) and Statutory $XGLW��6$��DUH�YHU\�ULSH�IRU�GLVUXSWLRQ�DQG�DV�D�ÀUP�GULYHQ�by technology, we have started working on how RPA can be used to perform IA and SA.

While above are some of the examples of technology driven solution, there are many others which the team at MMJS is working in the background with a single goal of adding true value to the clients and their businesses.

ConclusionAs can be inferred from above, although the impact of these emerging technologies is profound, the real impact LV�\HW�WR�EH�IXOO\�XQGHUVWRRG��%XVLQHVVHV�VKRXOG�ZRUN�ZLWK�consultants to achieve the common goal i.e. to remain FRPSHWLWLYH� LQ� WKLV� IDVW�SDFHG� HFRQRP\�� &RQVXOWLQJ� ÀUPV�should embrace different skills and equip themselves to be able to advise and support the businesses. We believe that with the right support, businesses can make immeasurable returns out of these changes and disruptive innovation.

At MMJS we have embraced technology to be in our driver’s seat and are aligned to our vision of becoming a technology company that provides consulting services. Who is in your drivers’ seat?

Knowing you. 7

“Without clear guidance and understanding, adopting to any of the new technology is a disaster waiting to happen.”

“MMJS has partnered with ?M:� Ziikho^]� O:M^@^gb^� !mZq�^g`bg^"� mh� kôhenmbhgbs^� ma^� O:M�compliance process in the GCC.”

“At MMJS we have embraced m^\agheh`r� mh� [^� bg� hnk� ]kbo^k�l�seat and are aligned to our vision of becoming a technology company that provides consulting services.”

KM NEWS .indd 7 4/24/19 10:40 AM

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Established in 1988, Ajman Free Zone (AFZ) offers outstanding investment opportunities to both local and foreign businessmen and investors. We provide progressive infrastructure and top-of-the-line facilities to foster competitive privileges allowing companies to realize their full potential.

Ajman Free Zone has revolutionized the business sector of the United Arab Emirates (UAE) through its immense initiative in Ajman’s industrial expansions. AFZ’s strategic location enables an ultimate accessibility to seaports, airports and to an international road network that enables AFZ to serve and connects with its neighboring countries.Ajman Free Zone is a haven for all investors and business start-ups from around the world as it offers a complete range of custom-made business solutions for DOO� LWV� VWDNHKROGHUV�� úWV� XQZDYHULQJ� LQWHJULW\�� FUHGLELOLW\��creativity, and innovation are what put AFZ onto the PDS�RI�PDUNHG�H[FHOOHQFH�� úW�FRQWLQXRXVO\� WKULYHV� LQ� WKH�fast-paced economic evolution and adapts to the ever-changing rules and regulations of the country.

Supported by our strong fundamental values, and driven by our purpose, AFZ is designed to be the ultimate business destination in the Gulf region extending its service throughout the western and eastern markets. AFZ is committed to creating a lasting legacy for future generations by delivering a sustainable business environment for investors combined with growth and prosperity of the local community.

Ajman Free Zone is committed to creating attractive and sustainable investment opportunities for future JHQHUDWLRQV�WR�SRVLWLYHO\�UHÁHFW�RQ�WKH�GHYHORSPHQW�DQG�growth of the local community. The region includes more than 8000 registered companies whose activities range from general trade, e-commerce, services and industrial companies.

Our Commitment to InnovationAs part of Ajman Vision 2021 and the greater UAE Vision 2030, the Free Zone has become more future focused and is investing heavily in diversifying its portfolio in areas VXFK� DV� DGYDQFHG� WHFKQRORJ\�� DUWLÀFLDO� LQWHOOLJHQFH� DQG�nano- technology, as well as education, health and retail.

These new target sectors and partnerships aim to not only attract new businesses but equally important, create a dynamic and holistic environment for the Emirate of Ajman, that has greater access to international markets and a bigger opportunity for collaboration.

Our commitment to innovation is central to all of our operations; most importantly, it enables our investor EXVLQHVVHV�WR�HQMR\�FRQYHQLHQFH�DQG�KLJK�HIÀFLHQF\�IURP�the moment they decide to establish their company here. We recently launched a new and innovative mobile app to make business management easier and faster, at an event attended by Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of the Free Zone. The newly-launched app will reduce the time and effort it takes for business owners to obtain a new license or to renew a current license, and to make online payments, amongst other features.

The new app will assist the Ajman Free Zone business community to manage their companies via their smart mobile phones. The app boasts a number of features including new license requests, renewal of the existing OLFHQVH�� QRWLÀFDWLRQ� DOHUWV� DQG� VDIH� SD\PHQW� SURFHVVHV��


AJMAN FREE ZONE1ėGRKNI�1TěSěCNFKNI�$TSKNGSSand Investment Opportunitiesfor more than 3 Decades

Fatma Mohammed SalemDirector General -ActingAjman Free [email protected]

KM NEWS .indd 8 4/24/19 10:40 AM

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The introduction of it follows the launch of a revamped and user-friendly website at the end of last year aimed at enhancing the users’ experience, and it forms part of a larger endeavor by Ajman Free Zone to innovate digital services.

Ajman Free Zone is also working closely with the Global Innovation Academy (GIA) to ensure its personnel EHFRPH� FHUWLÀHG� LQQRYDWLRQ� SUDFWLWLRQHUV�� 7KH� *,$� LV�an international knowledge power-house committed to spreading innovation culture through research, design and development of world-class competency-based modular training and learning programs leading WR�WKH�FHUWLÀFDWLRQ�RI�SUDFWLWLRQHUV��DV�ZHOO�DV�WKH�OLFHQVLQJ�of innovation trainers, assessors and consultants.

5JOVECSKNI�$GNGĂěS�#DROCF�CNF�Cě�*OMG6KRZFDVLQJ�WKH�P\ULDG�EHQHÀWV�RI�HVWDEOLVKLQJ�D�EXVLQHVV�here to an international audience is a crucial part of our mission. Earlier this year, senior representatives of Ajman Free Zone attended the 25th edition of The Partnership 6XPPLW�LQ�0XPEDL�DQG�%RVFR�FRQIHUHQFH�DW�0RVFR��6W��3HWHUVEXUJ�DQG�VKRZFDVHG� WKH�PDQ\�EHQHÀWV� IRU� ,QGLDQ�and global investors of locating their businesses in the Emirate.

$)=� KDV� ORFDOO\� SDUWLFLSDWHG� DW� )XWXUH� %XLOG� �� DV� D�strategic partner and number of other local conferences. Ajman free zone has a permanent location at Dubai Trade Center to provide information to investors and highlight the great opportunities and preferential advantages.

Modern Business OperationsAjman Free Zone offers a variety of options for investors such as modern warehouses ranging from 100 square PHWHUV�DQG�RIÀFHV�RI�DOO�VL]HV�DQG�W\SHV�LQFOXGLQJ�VKDUHG�RIÀFHV��EXVLQHVV�FHQWHU�DQG�IUHHODQFHU�OLFHQVH�

The practicalities of business operation is an area to which we have given great consideration. We have recently entered into an agreement with Al Zorah, one of Ajman’s leading developers, which sees us managing a state of the DUW�%XVLQHVV�&HQWUH�RIIHULQJ�XS�RIÀFH�SUHPLVHV�WR�LQYHVWRUV�ZKR� FDQ� EHQHÀW� IURP� ZHOO�DSSRLQWHG� DFFRPPRGDWLRQ�and a range of excellent support services.

For businesses within the wholesale and retail trades, China Mall offers a superb opportunity. This Chinese Merchandise Procurement Centre is the third largest transfer center after Singapore and Hong Kong. (VWDEOLVKHG� LQ� �� LW� EHQHÀWWHG� IURP� DQ� H[WHQVLRQ� LQ�2015 and now boasts over 1600 outlets representing a variety of merchandise sectors including textiles, hardware, appliances and home décor items.

AWARD WINNINGThrough Ajman Free Zone’s consistency, transparency and reliability as a leading business service provider, have managed to secure numerous recognitions and awards locally and internationally from various entities.

FURTHER INFORMATION:For further information on Ajman Free Zone, please visit the website: www.afz.ae

Knowing you. 9

KM NEWS .indd 9 4/24/19 10:40 AM

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The UAE Government has decided to grant investors a ten-year residency visa, as well as to grant residency visas of up WR��\HDUV�IRU�VSHFLDOLVWV�LQ�WKH�PHGLFDO��VFLHQWLÀF��UHVHDUFK�DQG�WHFKQLFDO�ÀHOGV��DQG�IRU�VFLHQWLVWV�DQG�FUHDWLYH�WDOHQWV�of culture and arts, including their spouses and children. The decision aims to maintain the position of the UAE as an optimal business environment.

Investors7KH�GHFLVLRQ�GHÀQHV�WZR�FDWHJRULHV�RI�LQYHVWRUV��,QYHVWRUV�in a property of a value of 5 million dirhams or more will be JUDQWHG�D�UHVLGHQFH�IRU�ÀYH�\HDUV��DQG�LQYHVWRUV�LQ�SXEOLF�investments through a deposit, an established company, business partnership of 10 million dirhams or more, or a total investment of not less than 10 million dirhams in all areas mentioned as long as non-real estate investments are not less than 60per cent of the total investment, will be granted a renewable residency visa every 10 years.

Conditions to be met• The amount invested should be wholly owned by the investor and not loaned and should be proven by supporting documents.• Investment retention for at least 3 years��$�VWDQGDUG�ÀQDQFLDO�OLDELOLW\�ZLWK�D�ÀQDQFLDO�VROYHQF\� not exceeding Dh10 million• The long-term visa could also be extended to include business partners, provided that each partner contributes Dh10 million, the spouse and the children, as well as one executive director and one advisor.• The decision allows investors to enter the country for a six-month period, multiple entry, to apply for the long-term visa requirements.

EntrepreneursThe decision also includes the terms to grant long-term visa to two categories of entrepreneurs - those having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the FRXQWU\��(QWUHSUHQHXUV�ZLOO�EH�JUDQWHG�D�ÀYH�\HDU�YLVD�ZLWK�a possibility for upgrading to an investor’s visa provided they meet the requirements.

7KH� EHQHÀWV� RI� WKH� HQWUHSUHQHXULDO� YLVD� LQFOXGH�entrepreneurs, partners, three executive directors, spouse and children. The entrepreneur is allowed entry into the country for six months, multi-entry visa period, with renewal for another six months.

Other Categories1. The decision further extends to grant a 10-year visa for VSHFLDOL]HG�WDOHQWV�DQG�UHVHDUFKHUV�LQ�WKH�ÀHOGV�RI�VFLHQFH�and knowledge for doctors, specialists, scientists, inventors, DV�ZHOO�DV�FUHDWLYH�LQGLYLGXDOV�LQ�WKH�ÀHOG�RI�FXOWXUH�DQG�DUW��

All categories are required to have a valid employment FRQWUDFW�LQ�VSHFLDOLVHG�ÀHOGV�RI�SULRULW\�LQ�WKH�8$(��DQG�WKH�FRQGLWLRQV�IRU�HDFK�FDWHJRU\�DUH�GHÀQHG�DV�IROORZV�

Criterion for doctors and specialists [requires at least 2 of the conditions mentioned below]

• Holder of a PhD degree from one of the top 500 universities in the world��+ROGHU�RI�DQ�DZDUG�RU�FHUWLÀFDWHV�RI�DSSUHFLDWLRQ�IRU� the work in the applicant’s jurisdiction��&RQWULEXWLRQ�WR�D�PDMRU�VFLHQWLÀF�UHVHDUFK�UHODWHG�WR� the work of the applicant��3XEOLVKHG�DUWLFOHV�RU�VFLHQWLÀF�ERRNV�LQ�GLVWLQJXLVKHG��SXEOLFDWLRQV�LQ�WKH�ÀHOG�RI�ZRUN�RI�WKH�DSSOLFDQW• Membership in an organisation related to the work of the applicant, which requires excellent work to accept membership• A PhD degree in addition to 10-year professional ��H[SHULHQFH�LQ�WKH�DSSOLFDQW·V�ÀHOG�RI�ZRUN�• Specialisation in areas of priority to the UAE (additional requirement for the doctor)

2. Creative Individuals in Culture and Art – who have been accredited by the Ministry of Culture and Knowledge Development

3. Inventors – who obtained a patent of value added to UAE’s economy with the approval of the Ministry of Economy

4. Exceptional Talents – Those who have exceptional talents WKDW� DUH� GRFXPHQWHG� E\� SDWHQWV� RU� VFLHQWLÀF� UHVHDUFK�published in world-class journals

5. Executives – Owners of leading, well-known and internationally recognized companies, holders of high academic achievement, professional experience, and position (eg, an engineer in a rare specialty with a university degree and working in a private company in the UAE)

6. Outstanding students – The decision also includes provisions for granting a 5-year visa to outstanding students with a grade of at least 95 per cent in public secondary schools in public and private schools, and a distinction of at least 3.75 GPA upon graduation from universities within DQG� RXWVLGH� WKH� FRXQWU\�� %HQHÀWV� LQFOXGH� IDPLOLHV� RI� WKH�outstanding students.

Pushpakaran K ParambathPartnerKreston Menon Corporate [email protected]

Long Term Visa for Investors & Entrepreneurs Industry Update


KM NEWS .indd 10 4/24/19 10:40 AM

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The information conveyed in the newsletter are the individual opinions of the respective authors and is not the combined opinion of Kreston MenonDISCLAIMER


+DPUL\DK�)UHH�=RQHELOB Office No. E2-115 G-08, Hamriyah Free ZoneP.O. Box 50821, UAE, T +971 6 575 8899F +971 6 575 8896 | [email protected]

'0&&P.O. Box 55535Dubai, UAE, T +971 4 276 2233F +971 4 422 1680 | [email protected]

.,=$'Kizad Free Zone OfficesKizad HQ, Abu Dhabi, UAE, T +971 2 677 2727F +971 2 677 3737 | [email protected]

5DV�$O�.KDLPDK403, Emirates Islamic Bank Building, Al NakheelP.O. Box 28981, Ras Al Khaimah, UAE, T +971 7 226 1007F +971 7 226 1009 | [email protected]

-HEHO�$OL1214-1215, 12th Floor, JAFZA ONE, P.O. Box 61136,Jebel Ali Free Zone, Dubai, UAE, T +971 4 887 1727F +971 4 881 3229 | [email protected]

'XEDL�$LUSRUW�)UHH�=RQH��'$)=�429 - 5EA, East Wing, Dubai Airport Free ZoneP.O. Box 371076, Dubai, UAE, T +971 4 609 1019F +971 4 609 1020 | [email protected]

'XEDLLevel 15, Lake Central, Marasi Drive, Business BayP.O. Box 55535, Dubai, UAE, T +971 4 276 2233F +971 4 422 1680 | [email protected]

$EX�'KDEL705, Abu Dhabi Plaza Tower, Hamdan StreetP.O. Box 31616, Abu Dhabi, UAE, T +971 2 677 2727F +971 2 677 3737 | [email protected]

6KDUMDK203, Liberty Al Soor Building,P.O. Box 5199, Sharjah, UAE, T +971 6 575 8899F +971 6 575 8896 | [email protected]

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Raju Menon with H.E. Vipul, Consul General of India to Dubai and H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber. Kreston Menon Launch and “25 Years in UAE” Celebrations