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Final Presentation

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radhika kumarf
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31 views4 pages

Final Presentation

Uploaded by

radhika kumarf
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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SLIDES: 3,4,5,6- RK

7,8 – MC
9,10,11- SHUBHAM
12 – REQ. AND RULES – RK
POLICIES AND LAWS- SHUBHAM
13- MC
14- MC
15- RK

Slide 1:
Hi sir and ma’am,
Thank you once again for having us.
So as discussed last time, today me and my team are going to present the final area of our
research.

Slide 3: Just to give all those present here a quick recap-


Our top was Compliance updates in UAE Mainland and DIFC which was focused on determining
- How the need for increased transparency is changing the business environment ,
- what opportunities and challenges for did it present to the businesses within the
region and
- the impact of the global pandemic on the regulations.

Slide 4: so today we will cover the following areas-


Research Methodology
Data Collected
Interpretation Of The Data
Analysis
Conclusion
Recommendation

Slide 5:
The research objectives that we had set included: conducting a detailed analysis of the
regulatory and compliance frameworks, and how the need for increased transparency impacted
businesses.
To add to this- we also wanted to determine the impact of AML laws on businesses within the
UAE- namely the DIFC and Freezones.

Slide 6:
Setting up businesses in the UAE has always been considered to have multiple benefits
because of its tax - free environment where there are no personal gains or income taxes.
There is a major divide between the onshore sectors and offshore sectors which is a result of
the multiple Freezones within the emirate.
Each economic activity is separately regulated by both the seven emirates as well as the
federal government. The ideology of Dubai is based on trust making It a preferable location
for many businessmen and women. This basic ideology also makes the region a strategic
location which is diversified with wide import requirements. The regions are been known to
hold the highest international standards, expediting efficiency, quality and service.

About BEPS: Base Erosion and Profit Sharing:

BEPS aims at plugging the loopholes in the existing tax rules which allows multinationals to
artificially shift profits to a low or no tax jurisdiction.

Why BEPS?
the main motive of BEPS Included:

1) Updating the existing tax systems which were formed decades ago, keeping in mind the
brick and mortar frame of business, but now they no longer stand relevant due to the
existence of Digitalization, globalization and interconnectivity of businesses into multiple
jurisdictions.
2) They focus on increasing the transparency, ensuring greater exchange of information
from tax payers to tax authorities and between the tax authorities.
3) They want to provide an environment where income is taxed in a country where
economic value is created and not where profits have been shifted by some contractual
means.

Over to Muskan –

Slide 7 – MC
Slide 8 – MC

Slide 9
Slide 10
Slide 11

Slide 12:
Requirement:
As a result of the UAE’s regulatory environment being mostly driven by banks and other
financial markets due to the presence of multi jurisdictional companies within the region, there
is an increased focus on technology and innovation, cross-border compliance, culture of risk
within the companies and focus on planning/budgeting .

Dubai being young and new to the world of compliance, it is still determining the best practices
and setting out frameworks that companies must follow, be it new entrants looking to enter the
market or be it existing companies looking at shifting their business models.
Hence, there is a requirement for companies to ensure they build strong compliance teams,
they conduct much more detailed KYC’s to determine the sources of funds, purpose of any wire
transfers, constantly identifying any new regulations and ensuring they keep records of all
reports.

Rules:
Due to the presence of regulated as well as unregulated companies within the region, the
compliance regimes are much more robust where it is mandated to ensure the roles and
responsibilities of the MLRO(who is the money laundering reporting officer) is clearly laid out.
Hence, in order to incorporate compliance regimes within the organizations, businesses which
are set up here, need to make sure they are aware of the consequences of non compliance.

Slide 14: MC
Slide 15: recommendations: RK
Hence, in conclusion-
When considering the pandemic and the over all business environment, it is clear and evident
that the market holds great opportunities,

Hence: businesses within the region should ensure they use compliance as a way of driving
their business and not consider it a hinderance- this would mean getting an in depth
undersanding of what the regulations actually. As regulators, there should be an increased
focus on determining the risks which are specific to the region specially considering new
events- such as israili borders opening up leading to increased investments, resulting in
increased risks which should be clearly analysed,
gaining more input from consultants and experts thereby providing more information to
companies
due to the increased dependency on technology they should share more information on cyber
threats that the companies may be exposed to.
Companies within the region should hence incorporate in their budget the fees for traning their
employees to handle such regulations and ensure standards, processes and procedures are
clearly adhered to.

Lastly, when considering the ease of doing businesses and the impact of the need for increased
transparency, as mentioned earler, these are regulatons and laws which are implemented from
a more global perspective, hence, having strict measures is only a way to protect busineses and
to ensure a more sustainable growth for companies.
Regulators and Institutions share a common goal, which is to ensure growth and development
within the region- and regulations and compliances are only a way to achieve that – specially in
the long run.

With that we would like to thank you for presenting us with this wonderful opportunity that
involved great learning and gave us that chance to gain a deeper understanding of the
environment that will some day directly impact us.
We would like to thank all our mentors and you sir, for the great insights we got during our
initial preparation process.

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