Demonstrating adequate presence in the United Arab Emirates
2.3 There is also an exemption for a company that has demonstrated to the satisfaction of the Registrar to have adequate presence in the United Arab Emirates, having regard to, among other things,
(i) the company’s assets, turnover and employees in the United Arab Emirates*,
(ii) he company’s governance, policies and procedures**, and
(iii) any rules made by the Board or guidance issued by the Registrar in this regard.
*In order to demonstrate to the Registrar that the company has sufficient assets, turnover and employees, please see below a non-exhaustive list of documents or information required by the Registrar:
• Copies of the current valid commercial licenses (or similar document) issued by the local relevant regulatory authorities of operational legal entities currently operating in the UAE.
• Copies of the latest audited accounts of the operational entities in the UAE or elsewhere.
• List of the company’s assets– physical assets, buildings, machinery, factories.
• Information on the number of employees employed by the company and annual turnover per company per financial year.
• Copies of the current ‘establishment card’ (also known as ‘immigration card’) of each operating legal entity along with the list of the UAE residency visas issued for each legal entity/commercial license holder.
• The organization structure for each operating legal entity clearly demonstrating governance structure and number of full time employees in each operating entity within the group chart.
• Links to the company’s website where information on the board of directors and board committee can be found. Alternatively, please provide information indicating board of directors’ composition and board committees’ structure, including members of the committees, governance of the decisions and reporting lines within the structure.
• A detailed description of the resources available in the compliance and/or in-house legal department or company secretarial division indicating the number of full time employees, along with their professional qualifications and roles held.
• Any other information which may demonstrate that the company holds substantial assets.
**In order to demonstrate to the Registrar the company’s gov ernance, policies and procedures, please see below non-exhaustive list of documents or information required by the Registrar:
• Business ethics policy;
• Corporate Governance policy or statement/structure;
• Compliance policy;
• Bribery and corruption policy;
• Economic substance policy;
• Risk management policy;
• Anti Money Laundering Policy;
• Others (please specify).
as well as evidence of monitoring and compliance with such policies and procedures.