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Dubai, UAE: The launch of the Dubai FDI Monitor by Dubai's Department for Economic Development at the 6th Annual Investment Meeting (AIM) last week, highlights the need for a monitoring framework for local nominee partnerships, according to Links Group, the UAE's leading provider of commercial facilitation and advisory services.
"The Dubai FDI Monitor analyses FDI flows in an effort to promote the investment landscape to investors. With the government looking to foreign investment as a means of growing non-oil sectors, instilling confidence in the country's Commercial Companies Law and local ownership restrictions also warrants attention," said John Martin St.Valery, Founding Partner, Links Group.
"A monitoring framework for corporate nominee partnerships would enhance the region's attractiveness as an FDI destination. Implementing a process which ensures the highest levels of transparency between the corporate nominee and client, is likely to bolster market confidence among foreign companies who expect corporate governance standards and due diligence policies to be of a level mandated by their own government and company boards.
"Specifically, transparency concerning the commercial robustness of a corporate nominee and its local partner is of utmost importance. The key duty of the local owners within the corporate nominee vehicle is to ensure that it has sufficient financial strength and reserves to protect the entire portfolio if another company was to default.
"The introduction of a monitoring framework that is registered and approved by the relevant government authorities to conduct a 'checking' system when a corporate nominee service is registered would mitigate a current barrier to entry for foreign companies. It is in the interest of all stakeholders to fully protect business ownership and control to further develop the UAE into a diversified and thriving economy.
"As the country's legislative environment becomes more efficient and aligned with international arbitration standards, we expect investment flow into the country will gather significant momentum over the next few years."
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About Links Group
Established in 2002, Links Group partners, protects & enables foreign companies to enter and exit the UAE and Qatar markets while protecting their status as business owners. It advises corporations and individuals on how best to structure a legal commercial presence in the Middle East that protects their ownership interests and affords clear succession planning.
Links Group is the first company of its kind to be endorsed by the Government of Dubai through a strategic alliance with the Foreign Investment Office (FDI) of the Dubai Economic Department and provides an unrivalled portfolio of corporate services including nominee local partnerships, corporate administration and government liaison support.
The Links Group difference is that foreign companies work with a highly structured board as their local partner as opposed to an unknown individual. This structure provides foreign businesses with a corporate entity to act as their nominee, local partner, shareholder or sponsor, thereby minimising the risks associated with appointing an unknown individual nominee and satisfying corporate governance requirements.
Links Group has an untarnished track record with 300 clients, who represent combined annual revenues of over USD 5bn to their respective economies. Links Group is also recognised as a Dubai SME 100 company, a ranking of the top performing SMEs in the emirate, and an Arabian 500 company.
www.linksgroup.com
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© Press Release 2016
