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DOWNLOAD PDF"class="material with-radius">DOWNLOAD PDF">Breitling is a well-known brand of luxury watches founded in Switzerland in 1884 as a company producing chronometers and watchmaker tools. Today it specializes in tech watches (it is an official provider for the Air Force) and in wrist chronographs.

It has boutiques and retailers worldwide (there are 4 boutiques in Dubai alone) and it targets a high-end market. It is therefore well regarded among the Persian Gulf countries, which have one of the highest per capita incomes in the world (Qatar, Kuwait, United Arab Emirates, Saudi Arabia etc.).
An Emirati company, already a client of mine, sensed an opportunity in Bahrain, where the brand was suffering from lack of visibility and decline in market share and could be due for a relaunch.

This company turned to my legal office to invest in this relaunching operation that involved two players:

  • the client, the Emirati company wanting to invest in the brand and in its relaunching in the Bahraini market;
  • the partner in Bahrain.

The unincorporated type of joint venture wouldn’t make sense in this case, since the objective of the initiative was to market a product over the long term.

What we did was to build a joint venture agreement where the business model was set out as the establishment and capitalization of a new company formed by the Bahraini partner and by our client with the objective of distributing and marketing the Breitling brand in Bahrain.

This agreement was made up of:

  • the main agreement, which determined the joint venture objectives, the clauses regulating the functioning of the corporate bodies, the joint venture duration and the forms of dispute resolution;
  • the operational agreements, which defined practical aspects of the partnership, such as involvement and funding arrangement of the Emirati partner (my client), guarantees in favor of the Emirati partner, governance with the necessary majorities to make decisions, and the protocols regulating who did what.

It was a well-structured operation, which, just a few months later, turned out to be a success.

The Emirati partner already had a lot of know-how in the luxury watch sector and was already familiar with the specific marketing for this product.

For its part, the Bahraini partner knew the country’s market very well, had useful business connections, and believed strongly in the venture.

This is really the ideal situation for the professional who brings together the parties.

My job was to identify the most suitable partner in Bahrain, define the most appropriate corporate form, determine the contractual relations protecting my client as much as possible and, in general, provide the company with the most solid framework to achieve the expected sales performance

If your objective is to do business in Dubai and you want to understand all the opportunities, get in touch.

"class="material with-radius">Breitling is a well-known brand of luxury watches founded in Switzerland in 1884 as a company producing chronometers and watchmaker tools. Today it specializes in tech watches (it is an official provider for the Air Force) and in wrist chronographs.

It has boutiques and retailers worldwide (there are 4 boutiques in Dubai alone) and it targets a high-end market. It is therefore well regarded among the Persian Gulf countries, which have one of the highest per capita incomes in the world (Qatar, Kuwait, United Arab Emirates, Saudi Arabia etc.).
An Emirati company, already a client of mine, sensed an opportunity in Bahrain, where the brand was suffering from lack of visibility and decline in market share and could be due for a relaunch.

This company turned to my legal office to invest in this relaunching operation that involved two players:

  • the client, the Emirati company wanting to invest in the brand and in its relaunching in the Bahraini market;
  • the partner in Bahrain.

The unincorporated type of joint venture wouldn’t make sense in this case, since the objective of the initiative was to market a product over the long term.

What we did was to build a joint venture agreement where the business model was set out as the establishment and capitalization of a new company formed by the Bahraini partner and by our client with the objective of distributing and marketing the Breitling brand in Bahrain.

This agreement was made up of:

  • the main agreement, which determined the joint venture objectives, the clauses regulating the functioning of the corporate bodies, the joint venture duration and the forms of dispute resolution;
  • the operational agreements, which defined practical aspects of the partnership, such as involvement and funding arrangement of the Emirati partner (my client), guarantees in favor of the Emirati partner, governance with the necessary majorities to make decisions, and the protocols regulating who did what.

It was a well-structured operation, which, just a few months later, turned out to be a success.

The Emirati partner already had a lot of know-how in the luxury watch sector and was already familiar with the specific marketing for this product.

For its part, the Bahraini partner knew the country’s market very well, had useful business connections, and believed strongly in the venture.

This is really the ideal situation for the professional who brings together the parties.

My job was to identify the most suitable partner in Bahrain, define the most appropriate corporate form, determine the contractual relations protecting my client as much as possible and, in general, provide the company with the most solid framework to achieve the expected sales performance

If your objective is to do business in Dubai and you want to understand all the opportunities, get in touch.

">And when a client comes to me because he/she did one of these three (or four) things, he/she is generally in real trouble, as the problems have compromised business functioning and efficiency, with obvious negative consequences on profits and competitiveness.

For example, if I don’t regulate the relationship with a vendor to whom I have outsourced the production of a good or the execution of a service, in case of delays, interruptions, inefficiencies or failure to deliver the good or service, I will have to incur extraordinary costs, such as:

  • costs related to the investment of corporate time and resources in order to solve the problem amicably — phone calls, emails, meetings with the counterparty;
  • costs of the external advisors to solve the problem technically — lawyers, accountants, etc.;
  • “personal costs”, related to the family environment which suffers from the concerns the entrepreneur inevitably takes home.

Given that a company produces dozens, hundreds or thousands of commercial relationships, if the entrepreneur doesn’t bother to regulate all of them through ad hoc contracts drafted by a qualified professional, problems and unexpected circumstances can arise quickly and the entrepreneur can end up lost in a maze of conflicts.

I’m referring to everything related to business: from tenancy contracts, to leasing agreements, to contracts with suppliers, with clients, to contractor and subcontractor.

A qualified professional is capable of drafting a tailor made contract, solid in its essential parts, such as:

  • the contracting parties: it’s not about filling in the blanks of a preprinted form by typing the corporate name, the address and the VAT number, but about correctly identifying the entity representing the party and verifying the power of the legal representative;
  • the object of the contract: on this point it is necessary to make a distinction between two different legal systems, common law and civil law. In the first case, the two parties negotiate by means of an independent and self-contained contract, meaning that its provisions are not subject to supplements from codes of law. On the other hand, in civil law countries, like Italy, the contract I draw up is automatically supplemented by civil law rules, which can be suspendable or not. If I put in the contract a mandatory clause, that is against the law, it will be declared void and replaced by rule of law. One of the most crucial things is to determine the object of the contract correctly, since it determines itself the applicable legislative provisions;
  • the obligations of the parties: in this case it is fundamental to make clear and regulate not only the primary provision but also the ancillary ones, by determining their economic value and if they are or aren’t covered in the general compensation of the contract.

These are just some of the points that are extremely important to regulate in a contract.

Many other elements – of differing nature and complexity – need to be taken into consideration and tackled on-a-case-by-case basis with a view to finalizing a tailored contract with appropriate measures avoiding conflicts between the parties as much as possible. 

Does the contract have an economic value? 

It certainly does, but unfortunately its perception in a business setting is weak and, alas, the lawyer is often seen only as an extra cost.

People prefer to invest in the resolution of commercial problems, rather than in their prevention.

And yet, we only need to apply a simple saying, which, if it’s true for everyday life, is even more so in business: “prevention is better than cure”.

If you want a more detailed explanation of the subject, go read the next post.

"class="material with-radius">And when a client comes to me because he/she did one of these three (or four) things, he/she is generally in real trouble, as the problems have compromised business functioning and efficiency, with obvious negative consequences on profits and competitiveness.

For example, if I don’t regulate the relationship with a vendor to whom I have outsourced the production of a good or the execution of a service, in case of delays, interruptions, inefficiencies or failure to deliver the good or service, I will have to incur extraordinary costs, such as:

  • costs related to the investment of corporate time and resources in order to solve the problem amicably — phone calls, emails, meetings with the counterparty;
  • costs of the external advisors to solve the problem technically — lawyers, accountants, etc.;
  • “personal costs”, related to the family environment which suffers from the concerns the entrepreneur inevitably takes home.

Given that a company produces dozens, hundreds or thousands of commercial relationships, if the entrepreneur doesn’t bother to regulate all of them through ad hoc contracts drafted by a qualified professional, problems and unexpected circumstances can arise quickly and the entrepreneur can end up lost in a maze of conflicts.

I’m referring to everything related to business: from tenancy contracts, to leasing agreements, to contracts with suppliers, with clients, to contractor and subcontractor.

A qualified professional is capable of drafting a tailor made contract, solid in its essential parts, such as:

  • the contracting parties: it’s not about filling in the blanks of a preprinted form by typing the corporate name, the address and the VAT number, but about correctly identifying the entity representing the party and verifying the power of the legal representative;
  • the object of the contract: on this point it is necessary to make a distinction between two different legal systems, common law and civil law. In the first case, the two parties negotiate by means of an independent and self-contained contract, meaning that its provisions are not subject to supplements from codes of law. On the other hand, in civil law countries, like Italy, the contract I draw up is automatically supplemented by civil law rules, which can be suspendable or not. If I put in the contract a mandatory clause, that is against the law, it will be declared void and replaced by rule of law. One of the most crucial things is to determine the object of the contract correctly, since it determines itself the applicable legislative provisions;
  • the obligations of the parties: in this case it is fundamental to make clear and regulate not only the primary provision but also the ancillary ones, by determining their economic value and if they are or aren’t covered in the general compensation of the contract.

These are just some of the points that are extremely important to regulate in a contract.

Many other elements – of differing nature and complexity – need to be taken into consideration and tackled on-a-case-by-case basis with a view to finalizing a tailored contract with appropriate measures avoiding conflicts between the parties as much as possible. 

Does the contract have an economic value? 

It certainly does, but unfortunately its perception in a business setting is weak and, alas, the lawyer is often seen only as an extra cost.

People prefer to invest in the resolution of commercial problems, rather than in their prevention.

And yet, we only need to apply a simple saying, which, if it’s true for everyday life, is even more so in business: “prevention is better than cure”.

If you want a more detailed explanation of the subject, go read the next post.

">
Let’s start with the real estate sector.

There is no shortage of people who are interested in investing in real estate in the Emirates, and particularly in Dubai.

Developers are very aware of this, and in response they are building ever more incredible and luxurious projects at a rapid pace.

Just as an example: I received a request to examine a sales contract for the purchase of a property in a luxurious floating resort.

Hidden in this lengthy contract of 60 pages were more than a few “tricks”. It was drafted in this manner with the very objective of confusing the buyer.

For starters, what first caught my eye was that my client was not buying a real estate, but a cabin on a ship.

This “resort” was in reality a floating ship. Through a wily use of words, ambiguity reigns.

And not only that.

The developer promised a 100% ROI (return on investment); in truth, somewhere in the middle of the 60 pages, the contract indicated the real percentages: 4% the first year, 5% the second year, up to a maximum of 12%.

The most incredible clause was related to payment.

My client was supposed to pay 20% of the price within 30 days of the signing of the contract, but the developer would send her the contract proposal only afterwards, within 60 days!

Obviously, during this time, my client was supposed to pay the subsequent installments.

Moreover, my client was given the opportunity to pay the whole sum in advance with a 10% discount without, however, having the slightest idea about the location of the real estate – of the cabin, actually! – she would buy: if inside or outside, if a fore or an aft cabin, if up or down.

In other words, a totally blind purchase, for not exactly an inconsequential amount of money.

But there’s more: if my client hadn’t accepted and agreed to sign the contract, she would have lost the down payment (of 20%) as a penalty!

Real estate investments in the Emirates are mostly, in fact, six-figure investments.

I will give you another example.

I was asked to examine another sales contract to buy a property in a building to be constructed in front of the Burj Khalifa [LM2] in Dubai for an amount of EUR 1 million.

In the usual 60-page contract, there’s a clause declaring that the developer is even entitled to transfer the funds received by the investor to any other project the developer is involved in.

In practice, I believe I’m buying real estate in Dubai and instead I end up being owner of something I haven’t chosen in a part of the world I haven’t chosen.

Luckily, I checked this client’s contract in advance and so I could contest the clause and get it removed.

Instead, unfortunately, it‘s often the case that investors seized with the excitement that this country conveys and with the promises of easy money sign contracts without even realizing what they are getting into.

In the next post I will focus on some corporate examples.

If you need advice about this subject, get in touch.

"class="material with-radius">Dubai real estateLet’s start with the real estate sector.

There is no shortage of people who are interested in investing in real estate in the Emirates, and particularly in Dubai.

Developers are very aware of this, and in response they are building ever more incredible and luxurious projects at a rapid pace.

Just as an example: I received a request to examine a sales contract for the purchase of a property in a luxurious floating resort.

Hidden in this lengthy contract of 60 pages were more than a few “tricks”. It was drafted in this manner with the very objective of confusing the buyer.

For starters, what first caught my eye was that my client was not buying a real estate, but a cabin on a ship.

This “resort” was in reality a floating ship. Through a wily use of words, ambiguity reigns.

And not only that.

The developer promised a 100% ROI (return on investment); in truth, somewhere in the middle of the 60 pages, the contract indicated the real percentages: 4% the first year, 5% the second year, up to a maximum of 12%.

The most incredible clause was related to payment.

My client was supposed to pay 20% of the price within 30 days of the signing of the contract, but the developer would send her the contract proposal only afterwards, within 60 days!

Obviously, during this time, my client was supposed to pay the subsequent installments.

Moreover, my client was given the opportunity to pay the whole sum in advance with a 10% discount without, however, having the slightest idea about the location of the real estate – of the cabin, actually! – she would buy: if inside or outside, if a fore or an aft cabin, if up or down.

In other words, a totally blind purchase, for not exactly an inconsequential amount of money.

But there’s more: if my client hadn’t accepted and agreed to sign the contract, she would have lost the down payment (of 20%) as a penalty!

Real estate investments in the Emirates are mostly, in fact, six-figure investments.

I will give you another example.

I was asked to examine another sales contract to buy a property in a building to be constructed in front of the Burj Khalifa [LM2] in Dubai for an amount of EUR 1 million.

In the usual 60-page contract, there’s a clause declaring that the developer is even entitled to transfer the funds received by the investor to any other project the developer is involved in.

In practice, I believe I’m buying real estate in Dubai and instead I end up being owner of something I haven’t chosen in a part of the world I haven’t chosen.

Luckily, I checked this client’s contract in advance and so I could contest the clause and get it removed.

Instead, unfortunately, it‘s often the case that investors seized with the excitement that this country conveys and with the promises of easy money sign contracts without even realizing what they are getting into.

In the next post I will focus on some corporate examples.

If you need advice about this subject, get in touch.

">

What do you have to do at this point?
You’re obliged to go to your lawyer to seek advice. And you can’t help but wonder if it wouldn’t have been wiser and cheaper to spend money upfront, with a contract in hand drawn up by a professional, rather than turn to him only when the problem has come up.

Recently an acquaintance of mine in Dubai, who was sued in Italy, asked for my advice. He was sued for breach of a preliminary sales contract of real estate in a well-known destination in Northern Italy.
What happened?
In short, he undertook to sell his real estate but later he changed his mind, thinking that “this is what we do in Dubai” (which is absolutely not true) and he didn’t understand why the counterparty couldn’t accept the idea of simply searching for a different property.
Now, he will find himself caught up in a dispute that will last years. He will also have to pay the legal fees.

What I want to stress is that lawyers don’t have to be called in only when you get involved in a dispute, but are necessary ahead of time, in order to avoid more serious troubles later.

If you need legal qualified assistance for your business, get in touch.

"class="material with-radius">

What do you have to do at this point?
You’re obliged to go to your lawyer to seek advice. And you can’t help but wonder if it wouldn’t have been wiser and cheaper to spend money upfront, with a contract in hand drawn up by a professional, rather than turn to him only when the problem has come up.

Recently an acquaintance of mine in Dubai, who was sued in Italy, asked for my advice. He was sued for breach of a preliminary sales contract of real estate in a well-known destination in Northern Italy.
What happened?
In short, he undertook to sell his real estate but later he changed his mind, thinking that “this is what we do in Dubai” (which is absolutely not true) and he didn’t understand why the counterparty couldn’t accept the idea of simply searching for a different property.
Now, he will find himself caught up in a dispute that will last years. He will also have to pay the legal fees.

What I want to stress is that lawyers don’t have to be called in only when you get involved in a dispute, but are necessary ahead of time, in order to avoid more serious troubles later.

If you need legal qualified assistance for your business, get in touch.

"> So, why turn to a lawyer?  

When an Italian entrepreneur reaches out to me, he/she often explains his/her idea and from that idea I build an investment, which has an impact from both a legal and a fiscal point of view.

It’s on the legal side the entrepreneur is in more need of support, as on the fiscal side he/she is likely to have received some advice from the accountant in Italy.
Most of the time the information is incomplete but, once the investment is set up, I also firm up fiscal issues, connecting the entrepreneur with the best local accountant for the job using my extensive network.

The first advice for business internalization should be legal advice, though, because the Italian entrepreneur is required to enter into a number of contracts with the local partner, which will have to be drawn up or reviewed by a lawyer capable of representing and safeguarding the entrepreneur.
The experience of a lawyer can be significant even in the very early stages of the operation.
I’ve often received an entrepreneur presenting a business idea, which was most of the time a non-structured, do-it-yourself idea.

By the end of the entrepreneur’s first meeting with me and my team, that idea was transformed into something else, as the realization hit that the initial planning was wrong, that it was not embedded into an overall framework or it didn’t take into account the possible effects an entrepreneurial initiative in the Emirates can have on the other Gulf markets.

A good professional whose mission is to accompany and assist the entrepreneur along his/her start up journey in the Emirates plays a specific role, which unfolds step by step as follows:

  1. listen to the entrepreneur’s indications and needs, make a preliminary analysis and convert them into an operational framework, outlining the most effective way to enter the market (strategy planning);
  2. connect the entrepreneur with the professionals dealing with each and every aspects of the operation; not only the fiscal one, as mentioned before, but also — for example — the tasks relating to market research and the business plan (solution design);
  3. examine and adjust the business plan, if it was designed by the entrepreneur autonomously, in light of costs and expenses he/she wasn’t aware of;
    advise on areas relating to governance;
  4. obtain the license, draw up commercial contracts;
  5. follow up, or, in other words, make sure that what the entrepreneur is doing in the market is in full observance of local legislation.

If you are looking for a competent professional to start your business in Dubai, get in touch.

"class="material with-radius"> So, why turn to a lawyer?  

When an Italian entrepreneur reaches out to me, he/she often explains his/her idea and from that idea I build an investment, which has an impact from both a legal and a fiscal point of view.

It’s on the legal side the entrepreneur is in more need of support, as on the fiscal side he/she is likely to have received some advice from the accountant in Italy.
Most of the time the information is incomplete but, once the investment is set up, I also firm up fiscal issues, connecting the entrepreneur with the best local accountant for the job using my extensive network.

The first advice for business internalization should be legal advice, though, because the Italian entrepreneur is required to enter into a number of contracts with the local partner, which will have to be drawn up or reviewed by a lawyer capable of representing and safeguarding the entrepreneur.
The experience of a lawyer can be significant even in the very early stages of the operation.
I’ve often received an entrepreneur presenting a business idea, which was most of the time a non-structured, do-it-yourself idea.

By the end of the entrepreneur’s first meeting with me and my team, that idea was transformed into something else, as the realization hit that the initial planning was wrong, that it was not embedded into an overall framework or it didn’t take into account the possible effects an entrepreneurial initiative in the Emirates can have on the other Gulf markets.

A good professional whose mission is to accompany and assist the entrepreneur along his/her start up journey in the Emirates plays a specific role, which unfolds step by step as follows:

  1. listen to the entrepreneur’s indications and needs, make a preliminary analysis and convert them into an operational framework, outlining the most effective way to enter the market (strategy planning);
  2. connect the entrepreneur with the professionals dealing with each and every aspects of the operation; not only the fiscal one, as mentioned before, but also — for example — the tasks relating to market research and the business plan (solution design);
  3. examine and adjust the business plan, if it was designed by the entrepreneur autonomously, in light of costs and expenses he/she wasn’t aware of;
    advise on areas relating to governance;
  4. obtain the license, draw up commercial contracts;
  5. follow up, or, in other words, make sure that what the entrepreneur is doing in the market is in full observance of local legislation.

If you are looking for a competent professional to start your business in Dubai, get in touch.

">In these cases, choosing not to launch a joint venture with a local partner from the very beginning of the initiative wasted time and, above all, money (including incorporation of the company, office, administrative costs, salary of the General Manager, etc.).

Now, let’s look at the other option: organizing with a local partner, through a joint venture.

In my experience, the local partner often turns out to be the most appropriate solution, but the next question is: what local partner is best to choose?

Approaching a reliable Emirati is critical to the success or failure of the whole venture, especially if the investor is not already introduced in the market.

What can happen?

For instance, my Emirati partner might sponsor not only my company, but also other companies.

When this happens, it often means that this person has a problem – for example, the non-renewal of a license – on one of them. This problem automatically affects the licenses of all the other companies associated with this person.

The most serious consequence for the foreign entrepreneur is that the Resident Visa for the employees or the renewal of the license is halted.

Let’s get back to our basic questions.

The second question is: is it best to choose an active partner or a silent partner?

The basic difference is that the first is an active sponsor who gives real help to enter the market, while the second merely receives a yearly remuneration (remember: the 49-51% formula is mandatory to work in Mainland).

Even in this case one must be careful and not to fall in easy traps, like those of people promising overnight success upon payment of tens of thousands of Euro.
I remember, in fact, a client coming to my office in an attempt to recover a huge investment made to a local company that promised to unlock the Dubai market for her upon establishment of a company.

Result: after a year she obtained a license for an offshore company established in Jebel Ali (a free zone located 35 km south-west of Dubai). But this license was completely useless to her since it couldn’t be used to commercialize within the country.

And to add insult to injury: this license cost little more than 2,000 Euro for the first year, while the remuneration to the Emirati company amounted to 100,000 Euro!

And, finally, the third basic question: what guarantees does the entrepreneur have that the partner will truly get the foreign company into the market and achieve the expected results?

This is a question that has a twofold answer.

First, the guarantee can be given by the professional who assists the entrepreneur along the process of internationalization.
Generally this person has a network of reliable contacts who have already worked successfully with the professional in the past.
Together with this professional, the entrepreneur can conduct a thorough market analysis and choose the most suitable type of local partner or company type or whether to set up in free zone.

My recommendation is always to invest more at the start, not only in terms of money, but also of time.
Second, well, the guarantee of achieving the expected results is given by a mix of factors, some predictable and maneuverable, others unpredictable (the known entrepreneurial risk).

Among the predictable factors are: the assistance of a reliable professional; the implementation of a project and a strategy which are well studied, structured and complete under all points of view (legal, fiscal etc.); and, last but not least, determination, commitment and perseverance by the entrepreneur. A venture like this is complex, but can offer great satisfaction to the committed entrepreneur.

Do you have further questions about business in Dubai? Get in touch and I will reply directly or in another post.

"class="material with-radius">In these cases, choosing not to launch a joint venture with a local partner from the very beginning of the initiative wasted time and, above all, money (including incorporation of the company, office, administrative costs, salary of the General Manager, etc.).

Now, let’s look at the other option: organizing with a local partner, through a joint venture.

In my experience, the local partner often turns out to be the most appropriate solution, but the next question is: what local partner is best to choose?

Approaching a reliable Emirati is critical to the success or failure of the whole venture, especially if the investor is not already introduced in the market.

What can happen?

For instance, my Emirati partner might sponsor not only my company, but also other companies.

When this happens, it often means that this person has a problem – for example, the non-renewal of a license – on one of them. This problem automatically affects the licenses of all the other companies associated with this person.

The most serious consequence for the foreign entrepreneur is that the Resident Visa for the employees or the renewal of the license is halted.

Let’s get back to our basic questions.

The second question is: is it best to choose an active partner or a silent partner?

The basic difference is that the first is an active sponsor who gives real help to enter the market, while the second merely receives a yearly remuneration (remember: the 49-51% formula is mandatory to work in Mainland).

Even in this case one must be careful and not to fall in easy traps, like those of people promising overnight success upon payment of tens of thousands of Euro.
I remember, in fact, a client coming to my office in an attempt to recover a huge investment made to a local company that promised to unlock the Dubai market for her upon establishment of a company.

Result: after a year she obtained a license for an offshore company established in Jebel Ali (a free zone located 35 km south-west of Dubai). But this license was completely useless to her since it couldn’t be used to commercialize within the country.

And to add insult to injury: this license cost little more than 2,000 Euro for the first year, while the remuneration to the Emirati company amounted to 100,000 Euro!

And, finally, the third basic question: what guarantees does the entrepreneur have that the partner will truly get the foreign company into the market and achieve the expected results?

This is a question that has a twofold answer.

First, the guarantee can be given by the professional who assists the entrepreneur along the process of internationalization.
Generally this person has a network of reliable contacts who have already worked successfully with the professional in the past.
Together with this professional, the entrepreneur can conduct a thorough market analysis and choose the most suitable type of local partner or company type or whether to set up in free zone.

My recommendation is always to invest more at the start, not only in terms of money, but also of time.
Second, well, the guarantee of achieving the expected results is given by a mix of factors, some predictable and maneuverable, others unpredictable (the known entrepreneurial risk).

Among the predictable factors are: the assistance of a reliable professional; the implementation of a project and a strategy which are well studied, structured and complete under all points of view (legal, fiscal etc.); and, last but not least, determination, commitment and perseverance by the entrepreneur. A venture like this is complex, but can offer great satisfaction to the committed entrepreneur.

Do you have further questions about business in Dubai? Get in touch and I will reply directly or in another post.

">https://www.difc.ae/business/laws-regulations/legal-database/.

Companies registered or that will be registered in the future in the DIFC are required to comply with the new regime. Get in touch using our contacts below: we are ready to assist you with any further questions or need you may have in connection with the new DIFC company Laws. LIMITED LIABILITY COMPANY ABOLISHED Under the new regime, only companies limited by shares, public or private, are authorized to operate in the DIFC.

LTD OR PLC The name of a private company limited by shares must now end with the ‘Limited’ or ‘Ltd.’ The name of a public company limited by shares must end in “Public Limited Company” or “PLC”.
DIRECTORS’ DUTIES STRENGTHENED. The former is any subject that determines the purposes and means of the processing of personal data, the latter is any subject that processes personal data on behalf of a data controller.

Download  LegalUpdate-003-difc

"class="material with-radius">https://www.difc.ae/business/laws-regulations/legal-database/.

Companies registered or that will be registered in the future in the DIFC are required to comply with the new regime. Get in touch using our contacts below: we are ready to assist you with any further questions or need you may have in connection with the new DIFC company Laws. LIMITED LIABILITY COMPANY ABOLISHED Under the new regime, only companies limited by shares, public or private, are authorized to operate in the DIFC.

LTD OR PLC The name of a private company limited by shares must now end with the ‘Limited’ or ‘Ltd.’ The name of a public company limited by shares must end in “Public Limited Company” or “PLC”.
DIRECTORS’ DUTIES STRENGTHENED. The former is any subject that determines the purposes and means of the processing of personal data, the latter is any subject that processes personal data on behalf of a data controller.

Download  LegalUpdate-003-difc

">To read the full article, Download now

If you wish to have a multi jurisdiction comparative overview, please refer to http://– https://www.irglobal.com/download-report-acc

"class="material with-radius">To read the full article, Download now

If you wish to have a multi jurisdiction comparative overview, please refer to http://– https://www.irglobal.com/download-report-acc

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">IR Global presents in the publication “International Deal Making”.                                                                                                                         

Key considerations when assessing a target company for acquisition, including the due diligence process and key sales contract clauses.

Paoletti Law Group is a global legal and business services firm advising clients across the Middle East, EU countries and the rest of the world.                                          

They provide value adding and cost-effective solutions for national and multinational businesses in a wide range of sectors including corporate domestic and cross border transactions, finance, new technologies, construction, and oil & gas. Headquartered in UAE, the firm maintains offices in Rome and Shanghai, and grants its clients access to a worldwide network with operational desks in key jurisdictions around the world.

Tips for completing a successful

cross-border acquisition

Find the right partner in the jurisdiction you want to operate in. Previous demonstrated experience with M&A is essential. Transactional lawyers, as such, are not necessarily the right advisor for a complex M&A case.

Have a post-closing plan in place. This is more for the client to prepare, but it is desirable that we as lawyers teach the client that the due diligence process and even the transaction itself are only the starting point. These are delicate negotiations that could take weeks or even months to complete after the deal is closed.

Don’t lose sight of the resources and costs involved. Due diligence can easily become an endless process in complex projects. Costs should be carefully estimated and agreed before work starts.

Read all

"class="material with-radius">IR Global presents in the publication “International Deal Making”.                                                                                                                         

Key considerations when assessing a target company for acquisition, including the due diligence process and key sales contract clauses.

Paoletti Law Group is a global legal and business services firm advising clients across the Middle East, EU countries and the rest of the world.                                          

They provide value adding and cost-effective solutions for national and multinational businesses in a wide range of sectors including corporate domestic and cross border transactions, finance, new technologies, construction, and oil & gas. Headquartered in UAE, the firm maintains offices in Rome and Shanghai, and grants its clients access to a worldwide network with operational desks in key jurisdictions around the world.

Tips for completing a successful

cross-border acquisition

Find the right partner in the jurisdiction you want to operate in. Previous demonstrated experience with M&A is essential. Transactional lawyers, as such, are not necessarily the right advisor for a complex M&A case.

Have a post-closing plan in place. This is more for the client to prepare, but it is desirable that we as lawyers teach the client that the due diligence process and even the transaction itself are only the starting point. These are delicate negotiations that could take weeks or even months to complete after the deal is closed.

Don’t lose sight of the resources and costs involved. Due diligence can easily become an endless process in complex projects. Costs should be carefully estimated and agreed before work starts.

Read all

">
 

This is a video that describes the steps you need to know in order to use your personal portal where you can view all the information related to your relation with Paoletti Law Group.
On your portal you can view :

– Recent happenings
– Due payments
– Invoices
– Documents 
– Project details and status of progress
– Updating KYC
– Expenses 
– Activities 
– Receipts 

You will also be able to print and download your invoices, receipts and you can upload and view all your documents, and be in direct contact with the Firm through Chatter.

Please take a moment to watch the video.

If you have any comments, please feel free to share with us.

"class="material with-radius">
 

This is a video that describes the steps you need to know in order to use your personal portal where you can view all the information related to your relation with Paoletti Law Group.
On your portal you can view :

– Recent happenings
– Due payments
– Invoices
– Documents 
– Project details and status of progress
– Updating KYC
– Expenses 
– Activities 
– Receipts 

You will also be able to print and download your invoices, receipts and you can upload and view all your documents, and be in direct contact with the Firm through Chatter.

Please take a moment to watch the video.

If you have any comments, please feel free to share with us.

">

With recent data protection legislation across different jurisdictions, companies are now being held to account regarding their use of personal data. Will this result in a more litigious culture for companies and what does this mean for boards?

The UAE is an international hub interconnected with the rest of the world and capable of attracting great investments thanks to the different and various foreign direct investment policy and incentives that have been launched in the past few years. The UAE has not yet adopted a data protection law, but has taken the European GDPR as a case study to draft its own data protection law, which we all hope it will adopt soon. Dubai International Financial Center and Abu Dhabi Global Market have both adopted a data protection framework consistent with the EU and international standards.

To read our contribution

Download
"class="material with-radius">

With recent data protection legislation across different jurisdictions, companies are now being held to account regarding their use of personal data. Will this result in a more litigious culture for companies and what does this mean for boards?

The UAE is an international hub interconnected with the rest of the world and capable of attracting great investments thanks to the different and various foreign direct investment policy and incentives that have been launched in the past few years. The UAE has not yet adopted a data protection law, but has taken the European GDPR as a case study to draft its own data protection law, which we all hope it will adopt soon. Dubai International Financial Center and Abu Dhabi Global Market have both adopted a data protection framework consistent with the EU and international standards.

To read our contribution

Download
">SESSION ONE
Can force majeure justify a suspension
of performance or the unilateral imposition
of new deadlines or cancellations of purchase orders?

SESSION TWO
Does the COVID-19 crisis and possible
breach of international contracts fundamentally
alter assumptions surrounding risk
allocation, supply chains and access to markets?

SESSION THREE
Where a contract does not contain a force majeure clause,
how simple is it for parties to consider the doctrine of frustration?
In which jurisdiction would this apply?

Please click the button to read our contribution

#IRPUBLICATIONS

 

"class="material with-radius">SESSION ONE
Can force majeure justify a suspension
of performance or the unilateral imposition
of new deadlines or cancellations of purchase orders?

SESSION TWO
Does the COVID-19 crisis and possible
breach of international contracts fundamentally
alter assumptions surrounding risk
allocation, supply chains and access to markets?

SESSION THREE
Where a contract does not contain a force majeure clause,
how simple is it for parties to consider the doctrine of frustration?
In which jurisdiction would this apply?

Please click the button to read our contribution

#IRPUBLICATIONS

 

">

“Despite these uncertain times, expanding overseas can be a key driver for future growth for an ambitious business. International expansion can breathe new life into a company, drive huge value and set it on a path of continued success.”

“IR Global members across the world address questions that help businesses to survive and thrive as they establish themselves in different jurisdictions. From tax to corporate governance, our members take you to a journey that can help you understand how to expand your business internationally – with little or no pain.”

 

CHECK OUT how THOMAS PAOLETTI answered these questions:

  1. What are the main government incentives available in your jurisdiction to attract multinationals and FDI Investments?
  2. What Industries do you feel there are opportunities in for international investors/ businesses in your jurisdiction? What factors do you think contribute to inward investment?
  3. Why is it important to hire a local firm to support international expansion? How can you help smooth the process for your clients and overcome common pitfalls?

**Get some exciting TIPS for successful expansion in United Arab Emirates

Click the link below to read the full publication

Click Here

 

"class="material with-radius">

“Despite these uncertain times, expanding overseas can be a key driver for future growth for an ambitious business. International expansion can breathe new life into a company, drive huge value and set it on a path of continued success.”

“IR Global members across the world address questions that help businesses to survive and thrive as they establish themselves in different jurisdictions. From tax to corporate governance, our members take you to a journey that can help you understand how to expand your business internationally – with little or no pain.”

 

CHECK OUT how THOMAS PAOLETTI answered these questions:

  1. What are the main government incentives available in your jurisdiction to attract multinationals and FDI Investments?
  2. What Industries do you feel there are opportunities in for international investors/ businesses in your jurisdiction? What factors do you think contribute to inward investment?
  3. Why is it important to hire a local firm to support international expansion? How can you help smooth the process for your clients and overcome common pitfalls?

**Get some exciting TIPS for successful expansion in United Arab Emirates

Click the link below to read the full publication

Click Here

 

">
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