COUNTRY PROFILE OF UNITED ARAB EMIRATES

OTHER RELEVANT INFORMATION

COMMERCIAL POLICIES

Free-Trade Zones: There are certain free-trade zones in the country which offer duty-free importation of needed equipment.

Exchange Controls: There are no foreign exchange restrictions or controls. Profits, capital, interest, dividends, royalties, and personal savings all may be freely repatriated.

FOREIGN INVESTMENT

Foreign investment is actively encouraged by the UAE government. Particularly favored are those investments which aid in the development and diversification of the economy. 

Generally, UAE firms enter into joint ventures with foreign firms. The local firm may be responsible for the land, capital, expertise, labor permits, and other necessary in-country preparation. Incentives are available in the form of tax preferences, and financial support for ventures which are UAE majority-controlled.

INTELLECTUAL PROPERTY RIGHTS

The UAE is not party to any international patent, copyright, or trademark convention to which the United States is a member. A series of draft intellectual property laws, the first in the UAE to specifically protect trademark, copyright and patent rights, were approved by the UAE Federal Cabinet in 1992.

TAXATION

Corporate taxes exist, though only oil-producing companies and branches of foreign banks are responsible for these taxes. There are no personal income taxes, and there are no indirect taxes excluding certain customs duties and taxes imposed on hotel services and property rental.

REGULATORY AGENCIES

The regulatory environment in the country is extremely liberal. The government makes a conscious effort not to inhibit commerce through regulatory policies on foreign investment or trade. The major regulatory authorities in the country are:

* The UAE Central Bank, which controls the country's monetary policy. * The Ministry of Economy and Trade, which oversees foreign investment and importation of goods.

 
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