Issue #1: Gustavo Mirabal in Dubai – United Arab Emirates
It is an ordinary day at the DIFC (Dubai International Financial Center). Hundreds of European, Asian and Russian companies converge in a privileged place for architecture, economy and laws. Well, at Dubai International Financial Center, the laws that underpin economic relations are different. For this reason and for all the things we will tell you, Gustavo Mirabal invests in the future in Dubai, United Arab Emirates.
As a state within another state, the Dubai International Financial Center has its own laws. Laws that, by the way, result in the copy of the legislation of one of the pioneer countries in economic freedom, United Kingdom. Dubai, United Arab Emirates to achieve the objective set of being a regional-international financial center decided to “build from the grassroots.” This meant applying to its free zone legislation completely independent of the rest of the Arab Emirates. We will talk about this in more detail later.
That is why Gustavo Mirabal being an expert lawyer in finance and taxes decided to make the bet of his life. He understood that the “international finance building” that was “built” in Dubai had solid foundations and took the initiative. It’s been almost a month since Gustavo Mirabal opened his office in Dubai, United Arab Emirates and today we want to tell you his reasons.
The economy of Dubai, United Arab Emirates.
Dubai became famous for its large revenues via oil. But at present these are not the most important income. Dubai has become a regional hub for transport, logistics and finance. The implementation of laws copied from the United Kingdom provides the necessary legal certainty for the attraction of foreign investments. That is why Emirates Group emerged in Dubai to provide services of travel agencies, airlines, cargo handling and transportation, among others. Emirates Group was directed by Sir Maurice Flanagan.
With the leadership of this British businessman and the resources of the government of Dubai they turned Dubai into a regional connection point. Likewise, its expansion has led it to be a connection between the European and Asian continents. Emirates Group is an example of what good legislation and respect for investments can do for national development.
And the most important thing is that several of the offices of the companies that make up the Emirates Group are in the DIFC. Emirates as the flagship airline of the Emirates Group is in all the Top 10 of the best airlines of 2019. It is an example of how to transform a service-based economy.
Below we can see a video about the Emirates training center to give the best service.
Currently the oil industry represents 1% of Dubai GDP. On the other hand, aviation represents 30% of GDP. With this we can confirm the importance of the transformation of Dubai. Dubai is one of the growing regional leaders. Its economy is growing at a ratio of 2 to 3% of GDP. As we can see Gustavo Mirabal is clear that he has his future in Dubai.
More about the Dubai International Financial Center or DIFC.
Gustavo Mirabal Castro chose the Dubai International Financial Center to open his office because of its privileged legal framework. Its legal framework is of the first order worldwide for having copied “market leaders”. But also its legal framework is exclusive to this area of the Emirate. As we explained earlier, this gives him and his clients great advantages. Legal security and low taxes, a successful combination.
The Dubai International Financial Center is basically a financial district with its own legal system. The legal system of the DIFC is the same one used in the United Kingdom and the laws of the Arab Emirates do not apply. Even in cases whose own legislation copied from the United Kingdom contains certain legal loopholes, the direct use of UK legislation is authorized. All legislation is made public in English and is also compatible with the guidelines of the European Union.
This is a point that will be affected by Brexit and will have to be addressed in due course. In a previous article Gustavo Mirabal told us about some considerations to prepare for Brexit. Later we are likely to address the influence of Brexit in the legation of Dubai.
All these circumstances provide the investor with the legal certainty necessary to secure their investments. But if this were not enough, the DIFC sets a tax rate of 0%. Basically we are facing the “Duty free” of the international financial zones. All these measures were established to make Dubai become a financial center of reference. In this way Dubai every day depends less on oil, despite having immense oil reserves.
The opening of Gustavo Mirabal’s office in Dubai
On September 5, 2019, Gustavo Mirabal’s office in Dubai was inaugurated in an intimate event. The event integrated the team of new professionals and clients to get to know each other and enter into trust. A modern and sober office at the same time very consistent with the style of Dubai.
The Dubai office represents a commitment to the internationalization of Gustavo Mirabal. The office becomes a new company that will articulate strategic alliances around the world. This is how Mirabal And Associates emerges as a globalized integrating face for its international clients. Among these strategic alliances, it will coordinate with Mirabal & Asociados and with Lisal Enterprises Limited. This will allow to give the best advice at the local level with a global look.
Functions of the Gustavo Mirabal Castro Office in Dubai, United Arab Emirates
The modest 500 square meter office will allow you to focus on certain branches of law such as:
- Family Office for managing large family assets
- Capital management of people and companies
- Tax advice
- Investment Property
- Comprehensive capital management
Mirabal And Associates is an MFO (Multi-Family Office) established in one of the places with the greatest tax advantages, Dubai. The economic push of Dubai not only makes it an ideal place to be advised, but it is also ideal for establishing your investments. Basically it is the version of the Glocal in the legal field. For those who do not know the term, Glocal commonly refers to “think globally and act locally.” In this way you can establish which will be the best locations to establish companies, residence and capital management. Likewise it is clear the local context for relevant advice.
Why Dubai specifically?
One of the points that also made the location of the office in Dubai relevant is the ease of visa. The tax advantages of Dubai add to the ease of obtaining travel authorization papers. This allows privileged access to European, Asian and Russian financial and capital markets. In short, the points that made Gustavo Mirabal intuit the future in Dubai were:
- Being an air connection point between the Middle East, Europe and Asia makes it a relevant accessibility site.
- Likewise, legal certainty that represents a legal framework identical to that of the United Kingdom is key to investments.
- A group of lawyers with the best training, brought from the most advanced countries in economic management to fill positions in Dubai.
- An own arbitration center where disputes are resolved in accordance with international law
- Absolute tax advantages. Any company that sees its future in Dubai has 40 years insured with zero taxes
- Possibility of repatriating or displacing 100% of the capital generated in Dubai.
As we can see, Dubai was not an option, it was “the only option.” Its privileged location, legislation and tax advantages make Dubai a place to invest. Likewise, all this makes Mirabal And Associates your best alternative as an advisor because they have their eyes on the future.
Sources:
https://en.wikipedia.org/wiki/Dubai_International_Financial_Centre
https://en.wikipedia.org/wiki/Dubai
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