The Sovereign Group is uniquely placed to assist corporate clients in the Middle East with specialist reward, incentive and retention solutions, including both international pension plans (IPPs), international savings plans (ISPs) and end of service gratuity (EOSG) arrangements.
Sovereign has a large domestic presence in the Middle East with offices in Dubai, Abu Dhabi and Bahrain and it provides various services to corporate clients in the region. In respect of the provision of IPPs, ISPs and EOSG arrangements, Guernsey and the Isle of Man are widely recognised as the preferred jurisdictions in this specialist field and with fully licensed and regulated pension licensees in both Guernsey and the Isle of Man, Sovereign is able to offer its clients access to these services, underpinned by experienced administration teams in both Guernsey and the Isle of Man and with the added benefit of on-the ground support available from the locally based teams operating in Dubai, Abu Dhabi and Bahrain respectively.
In order to best serve the Middle Eastern market, Sovereign has developed specific product and service offerings as described below:
End Of Service Gratuity Schemes
Sovereign provides its corporate clients with access to a tiered EOSG scheme that aims to deliver a tailored solution specific to an employer’s needs and to suit a range of budgets.
|Off-balance sheet funds to cover future EOSG liabilities||Y||Y||Y|
|Off-balance sheet funds to cover past EOSG liabilities||Y||Y||Y|
|Option for Employee savings||X||Y||Y|
|Option for Employer savings to match employee contributions||X||X||Y|
|Option for Employer to offer Shares||X||X||Y|
|Establishment Costs||USD $7,500||USD $10,000||USD $12,500|
|Ongoing Annual Costs||USD $5,000||$7,500||$10,000|
Sovereign engages a leading Guernsey Law firm, with extensive experience in the UAE and specifically in respect of end of service gratuities, to undertake the preparation of the relevant legal documents and agreements for the EOSG plan. Sovereign then provides ongoing trust and administration services.