If your company is concerned by the regulation on economic substance, we offer you a personalized outsourcing package to respond to it.
This service is offered by our Dubai company which justifies all the conditions required to meet it.
What do we offer?
To meet the obligation of economic substance, it is authorized by law to call on a subcontractor (“outsourcing”) meeting the following conditions (in accordance with article 6 – Requirement to meet Economic Substance Test of the law ):
– The subcontractor must be located in the Emirates (offices, staff and expenses in the Emirates);
– The subcontractor must carry out the activity concerned by law (Core Income Generating Activities – CIGA);
– The subcontractor must have sufficient human resources and expenses;
– The subcontractor must not multiply specified resources with several customers.
We meet all these conditions via our company located in Dubai. We have offices on site (located at Jumeirah Lakes Towers), dedicated staff for this outsourcing activity and we can of course justify operating expenses (electricity, telephone, administrative supplies, insurance, etc.).
We offer our customers a personalized package to meet these conditions.
Our package includes the following:
1. Completion of the required tasks (manage the stock, take orders, provide services, enter accounting entries, bank reconciliation, etc.).
2. Drafting of the minutes of the Boards of Directors (board meetings – concerns the manager or directors of the company) and General Meetings (Annual General Meeting – concerns the partner (s) of the company) to take decisions decisions and give their instructions to the subcontractor.
3. Provision of a meeting room (with water and coffee) for the Board meetings when the manager, directors and / or associates come to Dubai.
4. Archiving of minutes on site.
5. Assistance in drafting the report and transmission to the concerned Authority.
This package is billed according to 2 elements:
1. Number of hours of work required. We invoice in installments of 4 hours per week (minimum 4 hours per week, no maximum), 12-month contract. From AED 100 per hour.
2. Number of meetings in Dubai: AED 1,050 per meeting.
3. Assistance with the report and its transmission: AED 1,890 per report.
The provision of a meeting room and the archiving of minutes are included in the costs related to the number of meetings (no additional invoicing).
Example for a company requiring 8 hours per week + 2 meetings per year:
1. 8h per week x 52 weeks x AED 105 = AED 43,680
2. 2 meetings per year x AED 1,050 = AED 2,100
3. 1 report per year: AED 1,890
Total: AED 47,670 per year.