The United Arab Emirates is a Middle-East country situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf. It is bordered by Oman and Saudi Arabia, and the Persian Gulf. The state shares maritime borders with Iraq, Kuwait, Bahrain, Qatar, and Iran. The United Arab Emirates comprising of seven emirates Abu Dhabi (capital), Dubai, Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah covering an area of 32,278 square miles. It has an estimated population of 9.2 million. The country has an average life expectancy of seventy-five years. The United Arab Emirates has the world's highest migration rate, about 21.71. The majority of the population is composed of expatriates. The highest number of migrants is of Indian origin followed by Pakistan, Bangladesh, Sri Lanka, and other South-east Asian nations. Emiratis and other Arabs form less than half of the total population. In recent years, UAE has drawn a number of immigrants from Europe, North America, Asia,
The Dirham denoted by the ISO 4217 code AED is the official currency of the United Arab Emirates. It is normally abbreviated as DH or Dhs. The dirham is subdivided into 100 fils. It was adopted as the national currency in December 1971, replacing the Qatar and Dubai riyal. Arabic is the officially recognized language of the UAE spoken by the majority of the population. Islam is the dominant and the official state religion of the United Arab Emirates.
The country is grouped under the category of very high Human Development in Human development report 2015. Petroleum, natural gas, and oil are the major drivers of the economy. UAE has the sixth-largest oil reserves in the world. Foreign trade also adds to the revenues. The major imports are: machinery, manufactured goods, and transportation equipment; while the principal exports include dates, crude oil, and natural gas. The International Monetary Fund classifies the United Arab Emirates as a high-income developing economy. Japan, Thailand, Pakistan, Iran, United States, and India are the major trading partners.
Commercial Law applicable:
The Federal Commercial Companies Law No.2 of 2015, fully enforced in 2016, regulates business in the U.A.E. The Law stipulates a company shall take one of the following forms and is either wholly owned by the nationals or at least to the extent of 51% of the share capital.
Exception for the above are in case the company:
The basic requirement for all business activity is one of the following three categories of licenses
These licenses are issued from the economic department/ministries.
Benefits of forming a company in Free Zone