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Chinese tourists to Dubai can now benefit from instant VAT refund capabilities at Dubai Airports via the We Tax Refund on the WeChat Mini Program, launched by Chinese tech giant, Tencent, and international payments service provider, Planet.

With the support of Dubai's Department of Tourism and Commerce Marketing (Dubai Tourism), the new integrated service provides a seamless and secure way for visitors to instantly claim back their tax on purchases they have made while visiting the emirate, and further supports the Department's ongoing 'China Readiness' strategy to grow and maintain the emirate's share in a key source market.

Visitors will receive their tax refunds instantly at the airport via the WeChat app in the local RMB currency and will receive a notification once the refund has been issued.

Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing (DCTCM) said: "Our ongoing mandate is to provide seamless tourist experiences to all our visitors, and our support of key industry partners such as Tencent and Planet allows the city to offer increased ease of travel as we diversify our portfolio of critical touchpoints. With the dynamic 'We Tax Refund' platform, we hit yet another milestone within our 'China Readiness' strategy.

The city continues to welcome an increased number of Chinese visitors with positive 12 per cent year-on-year growth and cementing 650,000 Chinese tourists within the first eight months of the year.

Source:-https://www.khaleejtimes.com/business/vat-in-uae/new-vat-refund-initiative-to-benefit-thousands-in-dubai

Dubai on Monday launched a virtual company licence which will cost Dh850 for a year, a senior official said. 

"I would like to announce the launch of the virtual commercial licence. The first of its kind, the licence is granted without residence visa in Dubai. The initiative corresponds to the 50-year charter announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to ensure Dubai's sustainability and prosperity," said Sami Al Qamzi, director-general of Department of Economic Development in Dubai.

The virtual licence costs Dh850 ($233) for one year which includes a Dh200 startup fee for sole proprietorship and Dh650 for the licence. While two-year licence will cost $411 (Dh1,508) and $589 (Dh2,161) for three years.

Virtual companies are registered in Dubai to individuals who don't reside in the UAE and the owner of the companies must be nationals or tax residents of certain countries. Residents of around 120 countries can obtain the virtual commercial licence with whom the UAE has signed double-taxation avoidance agreements. The emirate aims to have 100,000 companies in the virtual city. However, the licence will not automatically guarantee physical access to the UAE - be it in the form of a business or visitor or resident visa to any of the company's partners or employees.

"Dubai Government authorities are working on a simplified visa process for the holders of virtual company licence. A virtual company licence doesn't automatically guarantee a business bank account in the UAE and it will at the discretion of the commercial banks. However, we can facilitate access to account opening process," the Dubai Virtual Commercial City says on its website.

Virtual companies are allowed to undertake selected professional activities including services related to printing and advertising; computer programming, consultancy and related activities; and design activities.

Al Qamzi forecast that Dubai economy will grow 2.1 per cent in 2019 but the growth will spike next year to 3.8 per cent but stabilise again at 2.8 per cent in 2021, hence boosting investor confidence further.

"Dubai Economy along with its agencies is confidently taking the Emirate to new level of sustainable growth. Over the past five years, Dubai has consistently remained among the most attractive cities for foreign direct investment, offering opportunities in new economic sectors," Al Qamzi said while addressing the Dubai Investment Week conference on Monday.

Dr Raed Safadi, chief economic advisor, Dubai Economy, said the emirate will continue to outpace global growth and those of advanced economies in the next couple of years on the back of Expo 2020 and developments related to the exhibition. He noted that these estimates have been made after taking in account the uncertainties of Brexit, global trade war and forecasts for the current oil prices. Post Expo 2020, he revealed that Dubai's growth will be driven by initiatives to be announced by the government under Dubai's 50-year charter.

"First charter will be announced in early 2020. Charter will come to up with higher skills, higher digital technology adoption, more use of artificial intelligence and blockchain," he said while addressing the Dubai Investment Week.

Henrik Von Scheel, Originator of the Industry 4.0, Von Scheel AG, praised the Dubai and its rulers for its growth-oriented policies. "For me, Dubai and UAE are the pillars and frontiers that can take the lead. I have not seen a country that has capability to do. The future looks bright but my hope is very much on the UAE. Political leaders want to do right things but their hands are tied. The UAE is the only one that can take lead. You must stop copying and start thinking, do strategic things. You can be leader of innovation for the next 600 years."

Source-https://www.khaleejtimes.com/business/global/dubai-launches-virtual-licence--

The UAE will accelerate its efforts more aggressively in the coming months to welcome talents from across the globe as it intends to offer its innovative entrepreneurial test-bed for its startup ecosystem, and for global startups to expand in the region.

The Expo2020 Dubai will be a great platform for exchanging and sharing knowledge, which will pave the way for various avenues to innovation in the tech world.

Global accelerators, venture capitalists, and mentors are already in the region scouting for the best deals and enthusiastic to be part of the UAE's historic growth. US-based 500 Startups - a venture capital firm with presence in 74 countries - is very optimistic that the Expo 2020 Dubai mega event will bring leaders and innovators from around the world to the heart of the emirate, creating an immense opportunity for cross-pollination and serendipity in the region.

Courtney Powell, chief operating officer, 500Startups, said: "The UAE startup ecosystem is rapidly accelerating. I've met fantastic founders building exciting businesses whose impact will be felt even beyond the UAE. I've also had the privilege of meeting leaders in Dubai and Abu Dhabi, and it's clear that there's support for making the UAE a world leader in tech and innovation are at the highest levels."

500 Startups has invested in over 2,300 companies worldwide, approximately 150 of which are from the Mena region, and 30 plus investments in Dubai alone. As the most active early stage venture capital firm in the world, as reported by Pitchbook.

"We know the market well and are excited about investing further in the region and collaborating with premier partners in the UAE to see even greater success," said Powell. "500 Startups does not look at the UAE as simply a place to invest in from afar. We have deep partnerships here. Abu Dhabi Financial Group is an anchor investor in our flagship global fund which invests in the top companies from our 14 regional funds around the world. Over the next few months, we're scouting for the best locations and partnerships in the region to further increase our on-the-ground presence and get even more involved with the ecosystem."

Another global accelerator Techstars with a network of 1,600 companies with a market cap of $17 billion under Techstars accelerator portfolio has already consolidated its operations in Dubai.

Vijay Tirathrai, managing director, Techstars, said: "The Expo will be a stimulus for innovation, and opportunity for start-ups looking for inspiration and potential for collaboration with nations around the world. It also will help start-ups forming smart partnerships with larger corporations and governmental agencies to showcase their technologies for to demonstrate proof of concept."

The UAE is now a vibrant start-up ecosystem with an increased number of accelerators and corporate innovation programmes being launched. For instance Techstars, has just launched its second accelerator at Hub71 in Abu Dhabi.

"In the UAE we have seen an all time number of deals and funding valuations raised by start-ups thus far in 2019. The crowning moment in UAE has also seen a historic liquidation event with the $3 billion Careem deal. This augurs well for budding entrepreneurs who have become more confident of both local investor community and increasingly foreign interests in UAE start-ups," said Tirathrai.

Techstars is launching their second accelerator programme in UAE which will commence in January 2020 at the Hub71 in Abu Dhabi. Backed by Mubadala Investment company, the programme will have a broad sector interest, such as ICT, energy, healthcare, petrochemicals, cyber security for example. Start-ups which uses AI, Machine Learning, Blockchain, IOT, Robotics, and AR/VR technological use cases will be of interest. Techstars aims to make 10 new investments by January 2020.

In terms of funding, Magnitt reported that 2018 saw a record number of 366 startup deals across the Mena region with the UAE accounting for the biggest share of funding (70 per cent of the total funding). The UAE remained the largest recipient of startup funding in the first half of 2019 with 26 per cent of the total number of deals and 66 per cent of the total investment amount in Mena. Around 130 institutions invested in Mena-based startups in H1 2019, up 30 per cent from H1 2018. In addition, 30 per cent of them came from outside the Mena region.

Walid Hanna, founder and CEO, Middle East Venture Partners (MEVP), said: "With its supportive environment and world-class infrastructure, the UAE has developed the most advanced tech ecosystem in the Mena region and attracted a favorable concentration of entrepreneurs, angel investors, incubators, accelerators and VC funds.With the large investments taking place recently, the pace and size of exits has also accelerated compared to previous periods with Souq, Careem, Namshi and others."

The Expo 2020 will inevitably draw attention to the startup ecosystem in Dubai and the UAE as a whole. The event is expected to bring in 25 million visitors and startups will therefore get access to a large number of organisations which will be attending Expo2020 - this will be a once in a lifetime opportunity for sourcing global clients and business partners. In addition, there will be initiatives that incentivize innovation under the umbrella of the global summit such as Expo Live, a $100 million initiative that will deploy a combination of grants, challenge prizes and knowledge-sharing events focused on the universal drivers of progress.

Source:-https://www.khaleejtimes.com/business/local/global-vcs-bullish-on-expo2020-dubai